8. Foreign currency exchange contracts and hedging

As of December 31, 2017 and December 31, 2016, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $2,350 and $13,818, respectively, and $456 and $911, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to nine months, and had an unrealized loss of approximately $121, net of tax, during 2017, an unrealized gain of approximately $47, net of tax, during 2016, and an unrealized loss of approximately $14, net of tax, during 2015.

The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the years ended December 31, 2017 and December 31, 2016, the ineffective portion relating to these hedges was immaterial and the hedges remained effective through their respective settlement dates. As of December 31, 2017, the Company had eighteen designated hedges and three non-designated hedges. As of December 31, 2016, the Company had four designated hedges and two non-designated hedges.