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Derivatives (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Primary Net Hedging Positions and Corresponding Fair Values

The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of September 30, 2018 and December 31, 2017:

		September 30, 2018
Currency Hedged (Buy/Sell)		Gross Notional Value				Fair Value(1)
U.S. Dollar/Japanese Yen		$	40,004			$	1,143
U.S. Dollar/South Korean Won			56,628				759
U.S. Dollar/Euro			23,678				612
U.S. Dollar/U.K. Pound Sterling			10,001				314
U.S. Dollar/Taiwan Dollar			18,777				263
Total		$	149,088			$	3,091

		December 31, 2017
Currency Hedged (Buy/Sell)		Gross Notional Value				Fair Value(1)
U.S. Dollar/Japanese Yen		$	70,175			$	(233	)
U.S. Dollar/South Korean Won			79,672				(3,799	)
U.S. Dollar/Euro			26,140				(1,047	)
U.S. Dollar/U.K. Pound Sterling			12,104				(337	)
U.S. Dollar/Taiwan Dollar			20,831				(614	)
Total		$	208,922			$	(6,030	)

⁽¹⁾ Represents the receivable (payable) amount included in the consolidated balance sheet.

Summary of Fair Value Amounts of Company's Derivative Instruments

The following table provides a summary of the fair value amounts of the Company’s derivative instruments:

Derivatives Designated as Hedging Instruments		September 30, 2018				December 31, 2017
Derivative assets:
Foreign exchange contracts(1)		$	3,434			$	168
Foreign currency interest rate hedge(2)			8,539				6,179
Derivative liabilities:
Foreign exchange contracts(1)			(343	)			(6,198	)
Total net derivative asset designated as hedging instruments		$	11,630			$	149

⁽¹⁾ The derivative asset of $3,434 and $168 as of September 30, 2018 and December 31, 2017, respectively, related to foreign exchange contracts and is classified in other current assets in the consolidated balance sheet. The derivative liability of $(343) and $(6,198) as of September 30, 2018 and December 31, 2017, respectively, is classified in other current liabilities in the consolidated balance sheet. These foreign exchange contracts are subject to a master netting agreement with one financial institution. However, the Company has elected to record these contracts on a gross basis in the balance sheet.

⁽²⁾ The interest rate hedge assets of $8,539 and $6,179 as of September 30, 2018 and December 31, 2017, respectively, are classified in other assets in the consolidated balance sheet.

Summary of Gains (Losses) on Derivatives Designated as Cash Flow Hedging Instruments

The following table provides a summary of the gains (losses) on derivatives designated as cash flow hedging instruments:

		Three Months Ended September 30,								Nine Months Ended September 30,
Derivatives Designated as Cash Flow Hedging Instruments		2018				2017				2018				2017
Forward exchange contracts:
Net gain (loss) recognized in OCI(1)		$	212			$	(220	)		$	10,357			$	(4,462	)
Net gain (loss) reclassified from accumulated OCI into income(2)		$	306			$	(1,360	)		$	(4,882	)		$	(1,842	)

⁽¹⁾ Net change in the fair value of the effective portion classified in OCI.

⁽²⁾ Effective portion classified in cost of products for the three and nine months ended September 30, 2018 and 2017. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.

Summary of (Losses) Gains on Derivatives Not Designated as Cash Flow Hedging Instruments

The following table provides a summary of the (losses) gains on derivatives not designated as hedging instruments:

		Three Months Ended September 30,								Nine Months Ended September 30,
Derivatives Not Designated as Hedging Instruments		2018				2017				2018				2017
Forward exchange contracts:
Net (loss) gain recognized in income(1)		$	(111	)		$	(877	)		$	12			$	(2,559	)

⁽¹⁾ The Company enters into foreign exchange contracts to hedge against changes in the balance sheet for certain subsidiaries to mitigate the risk associated with certain foreign currency transactions in the ordinary course of business. These derivatives are not designated as hedging instruments and gains or losses from these derivatives are recorded immediately in other (expense) income.

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