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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2015
Derivative Financial Instruments |
Derivative Financial Instruments | Note 13 — Derivative Financial Instruments The Company is exposed to financial market risks arising from changes in currency exchange rates. Changes in currency exchange rate changes could affect the Company’s foreign currency denominated monetary assets and liabilities and forecasted cash flows. We did not enter into any derivative transactions in 2015. In the past, the Company entered into monthly forward derivative contracts with the intent of mitigating a portion of this risk. The Company only used derivative financial instruments in the context of hedging and not for speculative purposes and had not designated its foreign exchange derivatives as hedges. Accordingly, changes in fair value from these contracts were recorded as “Other, net” in the Company’s Consolidated Statements of Operations. The fair value of these contracts was included in “Prepaid expenses and other current assets” in the Company’s Consolidated Balance Sheets. The Company executed derivative transactions with highly rated financial institutions to mitigate counterparty risk. The Company did not have any outstanding derivative contracts at December 31, 2015 and 2014. The following table shows the gains and (losses) from currency exchange derivatives during the years ended December 31, 2015, 2014, and 2013, which are included in “Other, net” in the Consolidated Statements of Operations:
|  |  | Year ended December 31, |
|  |  | 2015 |  |  |  | 2014 |  |  |  | 2013 |
|  |  | (in thousands) |
Foreign currency exchange forwards |  |  | $ | — |  |  |  | $ | (89 | ) |  |  | $ | 248 |
Foreign currency collar |  |  | — |  |  |  | (457 | ) |  |  | 906 |
Total |  |  | $ | — |  |  |  | $ | (546 | ) |  |  | $ | 1,154 |

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