Derivative Financial Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 losses (gains) in the Condensed Consolidated Statement of Income. The notional amount of open forward contracts was $71.0 million and $124.7 million at June 30, 2018, and December 31, 2017, respectively.

The following table presents the Condensed Consolidated Balance Sheet location and fair value of assets and liabilities associated with derivative financial instruments:



(In thousands)	June 30, 2018		December 31, 2017
Derivatives not designated as hedging instruments:
Foreign exchange contracts: other current liabilities	$	25	$	314
Foreign exchange contracts: other current assets	106		840

The following table presents the Condensed Consolidated Statement of Income location and impact of derivative financial instruments:



		Loss (Gain) Recognized in Income
		Six Months Ended June 30,
(In thousands)	Statement of Income Location	2018		2017
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Currency exchange losses (gains), net	$	587	$	(5,014	)