XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Derivatives | 9 Months Ended
--- | ---
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives We enter into short-duration foreign currency forward derivative contracts to reduce the risk of foreign currency fluctuations. We use these instruments to mitigate our exposure to non-local currency operating working capital. We record these contracts at fair value on our condensed consolidated balance sheets. Although the derivative contracts will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they are not formally designated as hedge contracts for hedge accounting treatment. Accordingly, any changes in the fair value of the derivative instruments during a period will be included in our condensed consolidated statements of operations. As of September 30, 2018 and December 31, 2017, we had the following foreign currency derivative contracts outstanding in U.S. dollars (in thousands):
|  | September 30, 2018
Derivative Contracts |  | Notional Amount |  | Contractual Exchange Rate |  | Settlement Date
Canadian dollar |  | $ | 4,307 |  |  | 1.3003 |  | 12/17/2018
Euro |  | 5,046 |  |  | 1.1734 |  | 12/17/2018
Norwegian krone |  | 6,207 |  |  | 8.2171 |  | 12/17/2018
Pound sterling |  | 13,136 |  |  | 1.3136 |  | 12/17/2018
|  | December 31, 2017
Derivative Contracts |  | Notional Amount |  | Contractual Exchange Rate |  | Settlement Date
Canadian dollar |  | $ | 6,226 |  |  | 1.2850 |  | 3/15/2018
Euro |  | 5,326 |  |  | 1.1836 |  | 3/15/2018
Norwegian krone |  | 6,212 |  |  | 8.3704 |  | 3/15/2018
Pound sterling |  | 6,039 |  |  | 1.3419 |  | 3/15/2018
The following table summarizes the location and fair value amounts of all derivative contracts in the condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017 (in thousands):
Derivatives not Designated as Hedging Instruments |  | Consolidated Balance Sheet Location |  | September 30, 2018 |  | December 31, 2017
Foreign currency contracts |  | Accounts payable and accrued liabilities |  | $ | (45 | ) |  | $ | (487 | )
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 |  | Nine Months Ended
|  |  |  | September 30, |  | September 30,
Derivatives not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Income on Derivative Contracts |  | 2018 |  | 2017 |  | 2018 |  | 2017
Unrealized gain (loss) on foreign currency contracts |  | Other income (expense), net |  | $ | (323 | ) |  | $ | 681 |  |  | $ | 442 |  |  | $ | (49 | )
Realized gain (loss) on foreign currency contracts |  | Other income (expense), net |  | 447 |  |  | (1,794 | ) |  | 572 |  |  | (2,346 | )
Total net gain (loss) on foreign currency contracts |  |  |  | $ | 124 |  |  | $ | (1,113 | ) |  | $ | 1,014 |  |  | $ | (2,395 | )
Our derivative transactions are governed through International Swaps and Derivatives Association master agreements. These agreements include stipulations regarding the right of offset in the event that we or our counterparty default on our performance obligations. If a default were to occur, both parties have the right to net amounts payable and receivable into a single net settlement between parties. Our accounting policy is to offset derivative assets and liabilities executed with the same counterparty when a master netting arrangement exists. The following table presents the gross and net fair values of our derivatives at September 30, 2018 and December 31, 2017 (in thousands):
|  | Derivative Asset Positions |  | Derivative Liability Positions
|  | September 30, 2018 |  | December 31, 2017 |  | September 30, 2018 |  | December 31, 2017
Gross position - asset / (liability) |  | $ | 64 |  |  | $ | — |  |  | $ | (109 | ) |  | $ | (487 | )
Netting adjustment |  | (64 | ) |  | — |  |  | 64 |  |  | — |
Net position - asset / (liability) |  | $ | — |  |  | $ | — |  |  | $ | (45 | ) |  | $ | (487 | )

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration