Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v3.3.1.900
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2015
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,
 
 
2015
 
2014
Derivative instruments designated as cash flow hedges:
 
 
 
 
Currency forward contracts
 
$
161,000

 
$
103,000

Derivative instruments not designated as hedges:
 
 
 
 
Currency forward contracts
 
113,195

 
128,000

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
 
2015
 
2014
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
Currency forward contracts
Prepaid expenses and other current assets
 
$
5,394

 
$
9,993

Currency forward contracts
Other non-current assets
 
566

 
—

Derivative instruments in liability positions:
 
 
 
 
 
Currency forward contracts
Accrued liabilities
 
224

 
—

Derivative instruments not designated as hedges:
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
Currency forward contracts
Prepaid expenses and other current assets
 
1,328

 
2,754

Derivative instruments in liability positions:
 
 
 
 
 
Currency forward contracts
Accrued liabilities
 
1,693

 
924

Effect and Classification of Derivative Instruments
The following table presents the effect and classification of derivative instruments for the years ended December 31, 2015, 2014 and 2013 (in thousands):
 
 
 
For the Year Ended
 December 31,
 
Statement Of Operations Classification
 
2015
 
2014
 
2013
Currency Forward Contracts:
 
 
 
 
 
 
 
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
 
Gain recognized in other comprehensive income, net of tax
—
 
$
9,791

 
$
9,462

 
$
2,779

Gain reclassified from accumulated other comprehensive income to income for the effective portion
Cost of sales
 
15,446

 
2,727

 
5,721

Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion
Net sales
 
385

 
(27
)
 
—

Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Cost of sales
 
(209
)
 
(353
)
 
(71
)
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Net sales
 
(30
)
 
—

 
—

Derivative instruments not designated as hedges:
 
 
 
 
 
 
 
Gain recognized in income
Other non-operating expense
 
2,838

 
7,111

 
8,824