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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Derivative Financial Instruments
As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting, but which have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts on a full mark-to-market basis and report the related gains or losses in currency exchange losses (gains) in the consolidated statement of income. At December 31, 2016, the notional amount of open forward contracts was $75.3 million and the unrealized gain on these contracts was $0.3 million. All open forward contracts will mature during the first quarter of 2017.
The following table presents the balance sheet location and fair value of assets and liabilities associated with derivative financial instruments.
 
December 31,
(In thousands)
2016
 
2015
Derivatives not designated as hedging instruments:
 
 
 
Foreign exchange contracts: other current liabilities
$
258

 
$
581

Foreign exchange contracts: other current assets
566

 
401


The following table presents the income statement location and impact of derivative financial instruments:
(In thousands)
Income Statement
Location
Loss
Recognized in Income
Year ended
December 31,
2016
 
2015
Derivatives not designated as hedging instruments:
 
 
 
 
Foreign exchange contracts
Currency exchange loss
$
6,675

 
$
2,187