Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v3.6.0.2
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2016
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,
 
 
2016
 
2015
Derivative instruments designated as cash flow hedges:
 
 
 
 
Currency forward contracts
 
$
206,000

 
$
161,000

Derivative instruments not designated as hedges:
 
 
 
 
Currency forward contracts
 
184,940

 
113,195

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
 
2016
 
2015
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
Currency forward contracts
Prepaid expenses and other current assets
 
$
9,805

 
$
5,394

Currency forward contracts
Other non-current assets
 
1,969

 
566

Derivative instruments in liability positions:
 
 
 
 
 
Currency forward contracts
Accrued liabilities
 
106

 
224

Derivative instruments not designated as hedges:
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
Currency forward contracts
Prepaid expenses and other current assets
 
1,361

 
1,328

Derivative instruments in liability positions:
 
 
 
 
 
Currency forward contracts
Accrued liabilities
 
180

 
1,693

Effect and Classification of Derivative Instruments
The following table presents the effect and classification of derivative instruments for the years ended December 31, 2016, 2015 and 2014 (in thousands):
 
 
 
For the Year Ended
 December 31,
 
Statement Of Operations Classification
 
2016
 
2015
 
2014
Currency Forward Contracts:
 
 
 
 
 
 
 
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
 
Gain recognized in other comprehensive income, net of tax
—
 
$
583

 
$
9,791

 
$
9,462

Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion
Cost of sales
 
(724
)
 
15,446

 
2,727

Loss reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance
Cost of sales
 
(24
)
 
—

 
—

Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion
Net sales
 
115

 
385

 
(27
)
Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Cost of sales
 
1,240

 
(209
)
 
(353
)
Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Net sales
 
1

 
(30
)
 
—

Derivative instruments not designated as hedges:
 
 
 
 
 
 
 
Gain recognized in income
Other non-operating expense
 
2,739

 
2,838

 
7,111