Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v2.4.1.9
Financial Instruments and Risk Management (Tables)
12 Months Ended
Dec. 31, 2014
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,
 
 
2014
 
2013
Derivative instruments designated as cash flow hedges:
 
 
 
 
Currency forward contracts
 
$
103,000

 
$
99,000

Derivative instruments not designated as hedges:
 
 
 
 
Currency forward contracts
 
128,000

 
109,000

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
 
2014
 
2013
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
 
Currency forward contracts
 
Prepaid expenses and other current assets
 
$
9,993

 
$
1,936

Currency forward contracts
 
Other non-current assets
 

 
24

Derivative instruments in liability positions:
 
 
 
 
 
 
Currency forward contracts
 
Accrued liabilities
 

 
872

Currency forward contracts
 
Other long-term liabilities
 

 
95

Derivative instruments not designated as hedges:
 
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
 
Currency forward contracts
 
Prepaid expenses and other current assets
 
2,754

 
2,956

Derivative instruments in liability positions:
 
 
 
 
 
 
Currency forward contracts
 
Accrued liabilities
 
924

 
280

Effect and Classification of Derivative Instruments
The following table presents the effect and classification of derivative instruments for the years ended December 31, 2014, 2013 and 2012 (in thousands):
 
 
 
 
For the Year Ended
 December 31,
 
 
Statement Of Operations Classification
 
2014
 
2013
 
2012
Currency Forward Contracts:
 
 
 
 
 
 
 
 
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
 
 
Gain recognized in other comprehensive income, net of tax
 
 
$
9,462

 
$
2,779

 
$
753

Gain reclassified from accumulated other comprehensive income to income for the effective portion
 
Cost of sales
 
2,727

 
5,721

 
5,908

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

 

 
441

Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 
Net sales
 
(27
)
 

 

Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 
Cost of sales
 
(353
)
 
(71
)
 
(40
)
Derivative instruments not designated as hedges:
 
 
 
 
 
 
 
 
Gain recognized in income
 
Other non-operating expense
 
7,111

 
8,824

 

Loss recognized in income
 
Selling, general and administrative expense
 

 

 
(1,841
)