Foreign Exchange Hedging Facility |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Foreign Exchange Hedging Facility | NOTE 5—FOREIGN EXCHANGE HEDGING FACILITY On December 9, 2011, the Company entered into a Foreign Exchange Trading Master Agreement and a Pledge Agreement (collectively, the “Trading Agreement”) with HSBC Bank USA (“HSBC”). Under the terms of the Trading Agreement, the Company and HSBC could enter into spot and/or forward foreign exchange transactions and/or foreign currency options. The Company used these derivative instruments to manage the foreign currency risk associated with its trade accounts receivable that were denominated in foreign currencies, primarily the Mexican Peso. In order to secure its obligations under the Trading Agreement, the Company deposited $1 million into a restricted account pursuant to a related pledge agreement. In February 2013, the Company elected to terminate the facility due to its limited use and the restricted cash deposit was returned to the Company’s general cash reserves. On January 14, 2016, the Company entered into an Agreement for Purchase and Sale of Foreign Securities (the “Agreement”) with Silicon Valley Bank (“SVB”). Under the Agreement, the Company and SVB can enter into foreign currency spot contracts, forward contracts, forward window contracts and options to manage the Company’s foreign currency risk. |