Foreign Currency Exchange Contracts and Hedging
|9 Months Ended|
Sep. 30, 2017
|Derivative Instruments And Hedging Activities Disclosure [Abstract]|
|Foreign currency exchange contracts and hedging||
9. Foreign currency exchange contracts and hedging
As of September 30, 2017 and September 30, 2016, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $2,251 and $11,117, respectively, and $736 and $2,839, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to six months, and had an unrealized loss of approximately $145, net of tax, during the nine months ended September 30, 2017, and an unrealized gain of approximately $27, net of tax, during the nine months ended September 30, 2016.
The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the nine months ended September 30, 2017 and September 30, 2016, the ineffective portion relating to these hedges was immaterial and the hedges remained effective through their respective settlement dates. As of September 30, 2017, the Company had fifteen designated hedges and three non-designated hedges. As of September 30, 2016, the Company had fourteen designated hedges and four non-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