Foreign Exchange Hedging Facility |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Foreign Exchange Hedging Facility | NOTE 9. Foreign Exchange Hedging Facility On January 14, 2016, the Company entered into an Agreement for Purchase and Sale of Foreign Securities (the “FS Agreement”) with SVB. Under the FS 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. During the three months ended March 31, 2016, the Company entered into forward contracts designated as cash flow hedges to protect against the foreign currency exchange rate risk of the Mexican Peso inherent in its forecasted net sales and cash collections from customers in Mexico. The hedges mature on a monthly basis through June 30, 2016. Changes in the fair value of the hedges are initially recorded in accumulated other comprehensive loss as a separate component of stockholders’ equity in the Consolidated Balance Sheet and subsequently reclassified into earnings as other income (loss) on the Consolidated Statement of Operations and Comprehensive Income (Loss) in the period in which the hedge matures. During the three months ended March 31, 2016, the Company recorded a loss of $169,000 on forward contracts that matured during the period. At March 31, 2016, the fair value obligation of outstanding forward contracts of $263,000 was included in accrued expenses with the related loss amount remaining in accumulated other comprehensive loss. |