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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2017
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. 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 Company executed derivative transactions with highly rated financial institutions to mitigate counterparty risk.

 

A summary of the foreign exchange derivatives outstanding on December 31, 2017 is as follows:

 

 

 

Fair Value

 

Maturity Dates

 

Notional Amount

 

 

 

(in thousands)

 

Foreign currency exchange forwards

 

$

—

 

January 2018

 

$
622

 

 

The Company did not have any outstanding derivative contracts at December 31, 2016.

 

The following table shows the gains and (losses) from currency exchange derivatives during the years ended December 31, 2017, 2016, and 2015, which are included in “Other, net” in the Consolidated Statements of Operations:

 

 

 

Year ended December 31,

 

 

 

2017

 

2016

 

2015

 

 

 

(in thousands)

 

Foreign currency exchange forwards

 

$
(6

)

$
219

 

$

—