Foreign Exchange Hedging Facility |
6 Months Ended |
|---|---|
Jun. 30, 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. On January 20, 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 matured on a monthly basis through June 30, 2016. Changes in the fair value of the hedges were 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 matured. During the three and six months ended June 30, 2016, the Company recorded losses of $157,000 and $325,000, respectively, on forward contracts that matured during the periods. No additional forward contracts were entered into during the three months ended June 30, 2016, and no such contracts were outstanding at June 30, 2016. |