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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company transacts business in various foreign countries and is therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar amounts of revenues, costs, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, the Company enters into forward contracts to buy and sell foreign currency. By policy, the Company does not enter into these contracts for trading purposes or speculation. Counterparty default risk is considered low because the forward contracts that the Company enters into are over-the-counter instruments transacted with highly-rated financial institutions. The Company was not required to and did not post collateral as of June 30, 2018 or December 31, 2017. The Company’s derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets. The Company reports derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. Changes in fair value are recognized within ‘Foreign currency gains, net’ in the condensed consolidated statements of operations. For the condensed consolidated statements of cash flows, the Company classifies cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash provided by (used in) operating activities.’ Results of Derivative Activities The fair values of derivative assets and liabilities, net, all of which are classified as Level 2 and are reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets, were:
| June 30, 2018 |  | December 31, 2017
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
| (in thousands)
Forward foreign currency exchange contracts | $ | 2,439 |  |  | $ | (2,561 | ) |  | $ | 1,241 |  |  | $ | (1,647 | )
Netting of counterparty contracts | (2,439 | ) |  | 2,439 |  |  | (1,241 | ) |  | 1,241 |
Foreign currency forward contract derivatives | $ | — |  |  | $ | (122 | ) |  | $ | — |  |  | $ | (406 | )
The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
| June 30, 2018 |  | December 31, 2017
| Notional |  | Fair Value |  | Notional |  | Fair Value
| (in thousands)
Singapore Dollar | $ | 44,299 |  |  | $ | (1,036 | ) |  | $ | 73,455 |  |  | $ | 364 |
Euro | 26,207 |  |  | 342 |  |  | 37,718 |  |  | (122 | )
Japanese Yen | 39,860 |  |  | 578 |  |  | 30,688 |  |  | (89 | )
South Korean Won | 22,964 |  |  | 471 |  |  | 15,888 |  |  | (134 | )
British Pound Sterling | 48,318 |  |  | (114 | ) |  | 13,233 |  |  | 80 |
Other currencies | 65,351 |  |  | (363 | ) |  | 53,698 |  |  | (505 | )
Total | $ | 246,999 |  |  | $ | (122 | ) |  | $ | 224,680 |  |  | $ | (406 | )
Latest maturity date | July 2018 |  | January 2018
Amounts reported in ‘Foreign currency gains, net’ in the condensed consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts, and were:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (in thousands)
Foreign currency transaction gains (losses) | $ | (563 | ) |  | $ | (1,417 | ) |  | $ | 488 |  |  | $ | 1,794 |
Foreign currency forward exchange contracts gains (losses) | 846 |  |  | 1,579 |  |  | 866 |  |  | (1,356 | )
Foreign currency gains, net | $ | 283 |  |  | $ | 162 |  |  | $ | 1,354 |  |  | $ | 438 |

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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