Annual report pursuant to Section 13 and 15(d)

Foreign Currency Exchange Contracts and Hedging

v3.3.1.900
Foreign Currency Exchange Contracts and Hedging
12 Months Ended
Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Foreign currency exchange contracts and hedging

9. Foreign currency exchange contracts and hedging

As of December 31, 2015, the Company’s total non-designated derivative contracts had notional amounts totaling approximately $5,686. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to nine months, and have an unrealized loss of approximately $14, net of tax.

The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the year ended December 31, 2015, the ineffective portion relating to these hedges was immaterial and the hedges remained effective through their respective settlement dates. As of December 31, 2015, the Company had twenty-four designated hedges.