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Derivative Financial Instruments | 3 Months Ended
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Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments As part of our currency exchange rate risk management strategy, we may 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 at fair value and report the related gains or losses in currency exchange gains or losses in the condensed consolidated statement of income. The notional amount of open forward contracts was $83.8 million and $75.3 million at March 31, 2017 and December 31, 2016, respectively. The following table presents the balance sheet location and fair value of assets associated with derivative financial instruments:
(In thousands) |  | March 31, 2017 |  | December 31, 2016
Derivatives not designated as hedging instruments: |  |  |  |
Foreign exchange contracts: other current liabilities |  | $ | 707 |  |  | $ | 258 |
Foreign exchange contracts: other current assets |  | 401 |  |  | 566 |
The following table presents the statement of income location and impact of derivative financial instruments:
|  |  |  | (Gain) Loss Recognized in Income
|  |  |  | Three Months Ended March 31,
(In thousands) |  | Statement of Income Location |  | 2017 |  | 2016
Derivatives not designated as hedging instruments: |  |  |  |
Foreign exchange contracts |  | Currency exchange gains |  | $ | (2,410 | ) |  | $ | (1,319 | )

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