Foreign Currency Exchange Contracts and Hedging
|12 Months Ended|
Dec. 31, 2016
|Derivative Instruments And Hedging Activities Disclosure [Abstract]|
|Foreign currency exchange contracts and hedging||
9. Foreign currency exchange contracts and hedging
As of December 31, 2016 and December 31, 2015, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $456 and $911 for 2016, respectively, and $0 and $5,686 for 2015, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to nine months, and have an unrealized gain of approximately $47, net of tax for 2016, and an unrealized loss of approximately $14, net of tax for 2015. The Company did not have any hedges during 2014.
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, 2016 and 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, 2016, the Company had four designated hedges and two non-designated hedges. As of December 31, 2015, the Company had twenty-four designated hedges.
The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
Reference 1: http://www.xbrl.org/2003/role/presentationRef