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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Currency Derivative Contracts
As of March 31, 2017 and December 31, 2016, we had the following foreign currency derivative contracts outstanding in U.S. dollars (in thousands):
 
 
March 31, 2017
 
 
Notional
 
Contractual
 
Settlement
Derivative Contracts
 
Amount
 
Exchange Rate
 
Date
Canadian dollar
 
$
5,785

 
1.3483
 
6/13/2017
Euro
 
5,657

 
1.0674
 
6/14/2017
Norwegian kroner
 
7,192

 
8.6204
 
6/14/2017
Pound sterling
 
5,958

 
1.2160
 
6/14/2017
 
 
December 31, 2016
 
 
Notional
 
Contractual
 
Settlement
Derivative Contracts
 
Amount
 
Exchange Rate
 
Date
Canadian dollar
 
$
4,553

 
1.3179
 
3/14/2017
Euro
 
4,753

 
1.0563
 
3/14/2017
Euro
 
2,558

 
1.0659
 
1/13/2017
Norwegian kroner
 
3,643

 
8.5101
 
3/14/2017
Pound sterling
 
3,908

 
1.2607
 
3/14/2017
Schedule of Fair Value by Balance Sheet Location
The following table summarizes the location and fair value amounts of all derivative contracts in the condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016 (in thousands):
Derivatives not Designated as Hedging Instruments
 
Consolidated Balance Sheet Location
 
March 31, 2017
 
December 31, 2016
Foreign currency contracts
 
Accounts receivable, net
 
$
—

 
$
146

Foreign currency contracts
 
Accrued and other current liabilities
 
(309
)
 
—
Impact of Derivatives Instruments on the Income Statement
The following table summarizes the location and amounts of the realized and unrealized gains and losses on derivative contracts in the condensed consolidated statements of operations (in thousands):
 
 
 
 
Three Months Ended
 
 
 
 
March 31,
Derivatives not Designated as Hedging Instruments
 
Location of Gain (Loss) Recognized in Income on Derivative Contracts
 
2017
 
2016
Unrealized gain (loss) on foreign currency contracts
Other income (expense)
 
$
(456
)
 
$
(974
)
Realized gain (loss) on foreign currency contracts
 
Other income (expense)
 
255

 
(714
)
Total net income (loss) on foreign currency contracts
 
 
 
$
(201
)
 
$
(1,688
)
Offsetting Assets
The following table presents the gross and net fair values of our derivatives at March 31, 2017 and December 31, 2016 (in thousands):
 
 
Derivative Asset Positions
 
Derivative Liability Positions
 
 
March 31, 2017
 
December 31, 2016
 
March 31, 2017
 
December 31, 2016
Gross position - asset / (liability)
 
$
—

 
$
181

 
$
(309
)
 
$
(35
)
Netting adjustment
 
—

 
(35
)
 
—

 
35

Net position - asset / (liability)
 
$
—

 
$
146

 
$
(309
)
 
$
—
Offsetting Liabilities
The following table presents the gross and net fair values of our derivatives at March 31, 2017 and December 31, 2016 (in thousands):
 
 
Derivative Asset Positions
 
Derivative Liability Positions
 
 
March 31, 2017
 
December 31, 2016
 
March 31, 2017
 
December 31, 2016
Gross position - asset / (liability)
 
$
—

 
$
181

 
$
(309
)
 
$
(35
)
Netting adjustment
 
—

 
(35
)
 
—

 
35

Net position - asset / (liability)
 
$
—

 
$
146

 
$
(309
)
 
$
—