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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | We forecast our net exposure in various receivables and payables to fluctuations in the value of various currencies, and we enter into foreign currency forward contracts to mitigate that exposure. We enter into approximately 20 foreign currency fair value hedges every month. As of September 30, 2017, we had entered into foreign currency forward contracts related to those balance sheet accounts with the following notional amounts (in thousands and in local currencies):
Currency | Symbol | Forward Notional Amount |
Euro | EUR | 21,801 |
British Pound | GBP | 1,128 |
Chinese Yuan Renminbi | CNY | 39,954 |
Mexican Peso | MXN | 17,537 |
Brazilian Real | BRL | 8,500 |
Australian Dollar | AUD | 4,599 |
Hong Kong Dollar | HKD | 11,000 |
Swiss Franc | CHF | 278 |
Swedish Krona | SEK | 6,007 |
Canadian Dollar | CAD | 1,968 |
Singapore Dollar | SGD | 3,585 |
Japanese Yen | JPY | 178,500 |
South Korean Won | KRW | 1,800,000 |
We enter into approximately 100 foreign currency cash flow hedges every month. As of September 30, 2017, we had entered into foreign currency forward contracts, which qualified as cash flow hedges, with the following notional amounts (in thousands and in local currencies):
Currency | Symbol | Forward Notional Amount |
Euro | EUR | 5,555 |
Swiss Franc | CHF | 1,088 |
Danish Krone | DKK | 7,775 |
British Pound | GBP | 2,550 |
Mexican Peso | MXN | 64,425 |
Swedish Krona | SEK | 10,805 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments on a gross basis is as follows (in thousands):
|  |  | Fair Value
|  | Balance Sheet Location | September 30, 2017 |  | December 31, 2016
Derivatives designated as hedging instruments |  |  |
Assets |  |  |  |  |
Interest rate swaps |  | Prepaid expenses and other assets (current) | $ | 79 |  |  | $ | — |
Interest rate swaps |  | Other assets (long-term) | 4,309 |  |  | 4,991 |
Foreign currency forward contracts |  | Prepaid expenses and other assets (current) | 646 |  |  | 116 |
Foreign currency forward contracts |  | Other assets (long-term) | 158 |  |  | 18 |
(Liabilities) |  |  |  |  |
Foreign currency forward contracts |  | Accrued expenses (current) | $ | (286 | ) |  | $ | (275 | )
Foreign currency forward contracts |  | Other long-term obligations | (96 | ) |  | (18 | )
Derivatives not designated as hedging instruments |  |  |
Assets |  |  |  |  |
Foreign currency forward contracts |  | Prepaid expenses and other assets (current) | $ | 485 |  |  | $ | 220 |
(Liabilities) |  |  |  |  |
Foreign currency forward contracts |  | Accrued expenses (current) | (210 | ) |  | (171 | )
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Derivative instruments designated as cash flow hedges had the following effects, before income taxes, on other comprehensive income and net earnings in our consolidated statements of income, consolidated statements of comprehensive income and consolidated balance sheets (in thousands):
| Amount of Gain/(Loss) recognized in OCI |  |  | Amount of Gain/(Loss) reclassified from AOCI
| Three Months Ended September 30, |  |  | Three Months Ended September 30,
| 2017 | 2016 |  |  | 2017 | 2016
Derivative instrument |  |  | Location in Statements of Income
Interest rate swaps | $ | 1 |  | $ | (256 | ) |  | Interest expense | $ | 96 |  | $ | (153 | )
Foreign currency forward contracts | 100 |  | — |  |  | Revenue | (101 | ) | — |
|  |  |  | Cost of goods sold | 250 |  | — |
Derivative Instruments, Gain (Loss) | The following gains/(losses) from these derivative instruments were recognized in our consolidated statements of income for the periods presented (in thousands):
|  |  |  | Three months ended September 30, |  | Nine months ended September 30,
|  |  |  | 2017 | 2016 |  | 2017 | 2016
Derivative Instrument |  | Location in Statements of Income |  |  |  |  |  |
Foreign currency forward contracts |  | Other income (expense) |  | $ | (1,459 | ) | $ | (76 | ) |  | $ | (4,150 | ) | $ | (222 | )

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
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