Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v3.8.0.1
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Notional Amount of Outstanding Derivatives
The following table presents the gross notional amount of outstanding derivative instruments (in thousands):
 
 
December 31,
 
 
2017
 
2016
Derivative instruments designated as cash flow hedges:
 
 
 
 
Currency forward contracts
 
$
448,448

 
$
206,000

Derivative instruments not designated as hedges:
 
 
 
 
Currency forward contracts
 
231,161

 
184,940

Balance Sheet Classification and Fair Value of Derivative Instruments
The following table presents the balance sheet classification and fair value of derivative instruments (in thousands):
 
 
 
December 31,
 
Balance Sheet Classification
 
2017
 
2016
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
Currency forward contracts
Prepaid expenses and other current assets
 
$
1,648

 
$
9,805

Currency forward contracts
Other non-current assets
 
335

 
1,969

Derivative instruments in liability positions:
 
 
 
 
 
Currency forward contracts
Accrued liabilities
 
9,336

 
106

Currency forward contracts
Other long-term liabilities
 
3,820

 
—

Derivative instruments not designated as hedges:
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
Currency forward contracts
Prepaid expenses and other current assets
 
683

 
1,361

Derivative instruments in liability positions:
 
 
 
 
 
Currency forward contracts
Accrued liabilities
 
1,229

 
180

Effect and Classification of Derivative Instruments
The following table presents the effect and classification of derivative instruments for the years ended December 31, 2017, 2016 and 2015 (in thousands):
 
 
 
For the Year Ended
 December 31,
 
Statement Of Operations Classification
 
2017
 
2016
 
2015
Currency Forward Contracts:
 
 
 
 
 
 
 
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
 
Gain (loss) recognized in other comprehensive income, net of tax
—
 
$
(15,862
)
 
$
583

 
$
9,791

Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion
Cost of sales
 
1,195

 
(724
)
 
15,446

Loss reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance
Cost of sales
 
—

 
(24
)
 
—

Gain reclassified from accumulated other comprehensive income to income for the effective portion
Net sales
 
144

 
115

 
385

Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Cost of sales
 
2,843

 
1,240

 
(209
)
Loss reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance
Other non-operating expense
 
(178
)
 
—

 
—

Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Net sales
 
6

 
1

 
(30
)
Derivative instruments not designated as hedges:
 
 
 
 
 
 
 
Gain (loss) recognized in income
Other non-operating expense
 
(3,943
)
 
2,739

 
2,838