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Derivatives (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018:

		March 31, 2019
Currency Hedged (Buy/Sell)		Gross Notional Value				Fair Value(1)
U.S. Dollar/Japanese Yen		$	39,022			$	302
U.S. Dollar/South Korean Won			54,077				1,424
U.S. Dollar/Euro			20,146				916
U.S. Dollar/U.K. Pound Sterling			10,921				125
U.S. Dollar/Taiwan Dollar			19,836				403
Total		$	144,002			$	3,170

		December 31, 2018
Currency Hedged (Buy/Sell)		Gross Notional Value				Fair Value(1)
U.S. Dollar/Japanese Yen		$	43,770			$	(478	)
U.S. Dollar/South Korean Won			59,149				570
U.S. Dollar/Euro			23,515				688
U.S. Dollar/U.K. Pound Sterling			11,827				323
U.S. Dollar/Taiwan Dollar			21,133				214
Total		$	159,394			$	1,317

⁽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		March 31, 2019				December 31, 2018
Derivative assets:
Foreign exchange contracts(1)		$	3,492			$	2,485
Foreign currency interest rate hedge(2)			4,459				6,083
Derivative liabilities:
Foreign exchange contracts(1)			(322	)			(1,168	)
Total net derivative asset designated as hedging instruments		$	7,629			$	7,400

⁽¹⁾ The derivative assets of $3,492 and $2,485 as of March 31, 2019 and December 31, 2018, respectively, related to foreign exchange contracts and are classified in other current assets in the consolidated balance sheet. The derivative liabilities of $322 and $1,168 as of March 31, 2019 and December 31, 2018, respectively, are 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 foreign currency interest rate hedge assets of $4,459 and $6,083 as of March 31, 2019 and December 31, 2018, 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 March 31,
Derivatives Designated as Cash Flow Hedging Instruments		2019				2018
Forward exchange contracts:
Net gain recognized in OCI(1)		$	67			$	66
Net gain (loss) reclassified from accumulated OCI into income(2)		$	949			$	(2,539	)

⁽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 March 31, 2019 and 2018. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.

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

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

		Three Months Ended March 31,
Derivatives Not Designated as Hedging Instruments		2019				2018
Forward exchange contracts:
Net gain (loss) recognized in income(1)		$	57			$	(1,253	)

⁽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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