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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 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 $80.8 million and $75.3 million at June 30, 2017 and December 31, 2016, respectively.
The following table presents the condensed consolidated balance sheet location and fair value of assets associated with derivative financial instruments:
(In thousands)
 
June 30, 2017
 
December 31, 2016
Derivatives not designated as hedging instruments:
 
 
 
 
Foreign exchange contracts: other current liabilities
 
$
827

 
$
258

Foreign exchange contracts: other current assets
 
560

 
566


The following table presents the condensed consolidated statement of income location and impact of derivative financial instruments:
 
 
 
 
(Gain) Loss Recognized in Income
 
 
 
 
Six Months Ended June 30,
(In thousands)
 
Statement of Income Location
 
2017
 
2016
Derivatives not designated as hedging instruments:
 
 
 
 
Foreign exchange contracts
 
Currency exchange (gains) losses
 
$
(5,014
)
 
$
1,694