Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Details of Derivative Contracts

Details of derivative contracts as of June 30, 2017 are as follows (in thousands):

 

Date of transaction

  

Type of derivative

    Total notional amount     

Month of settlement

November 11, 2016

  

Zero cost collar

    $ 6,000     

July to August 2017

June 22, 2017

  

Zero cost collar

    $ 105,000     

September 2017 to February 2018

June 22, 2017

  

Forward

    $ 20,000     

September to December 2017

Details of derivative contracts as of December 31, 2016 are as follows (in thousands):

 

Date of transaction

    Type of derivative      Total notional amount      Month of settlement  

November 11, 2016

      Zero cost collar      $ 18,000        March to August 2017  

Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities

The fair values of the Company’s outstanding zero cost collar and forward contracts recorded as assets and liabilities as of June 30, 2017 and December 31, 2016 are as follows (in thousands):

 

Derivatives designated as hedging instruments:

         June 30,
2017		      December 31,
2016		  

Asset Derivatives:

         

Zero cost collars

    Other current assets    $ 2      $ —    

Liabilities Derivatives:

         

Zero cost collars

    Other current liabilities    $ 888      $ 453  

Liabilities Derivatives:

         

Forwards

    Other current liabilities    $ 73      $ —    
Offsetting of Derivative Asset and Liabilities

Offsetting of derivative assets and liabilities as of June 30, 2017 is as follows (in thousands):

 

As of June 30, 2017

    Gross amounts of
recognized
assets/liabilities		      Gross amounts
offset in the
balance sheets		      Net amounts of
assets/liabilities
presented in the
balance sheets		      Gross amounts not offset
in the balance sheets		     Net amount  
            Financial
instruments		      Cash collateral
pledged		    

Asset Derivatives:

                 

Zero cost collars

    $ 2      $ —        $ 2      $ —        $ —       $ 2  

Liabilities Derivatives:

                 

Zero cost collars

    $ 888      $ —        $ 888      $ —        $ (590 )    $ 298  

Liabilities Derivatives:

                 

Forwards

    $ 73      $ —        $ 73      $ —        $ —       $ 73  

 

Offsetting of derivative liabilities as of December 31, 2016 is as follows (in thousands):

 

As of December 31, 2016

    Gross amounts of
recognized
liabilities		      Gross amounts
offset in the
balance sheets		      Net amounts of
liabilities
presented in the
balance sheets		      Gross amounts not offset
in the balance sheets		     Net amount  
            Financial
instruments		      Cash collateral
pledged		    

Liabilities Derivatives:

                 

Zero cost collars

    $ 453      $ —        $ 453      $ —        $ (650 )    $ (197 ) 

Impact of Derivative Instruments on Consolidated Statement of Operations

The following table summarizes the impact of derivative instruments on the consolidated statement of operations for the three months ended June 30, 2017 and 2016 (in thousands):

 

Derivatives in ASC 815

Cash Flow
Hedging Relationships

    Amount of Gain (Loss)
Recognized in
AOCI on
Derivatives
(Effective Portion)		     Location of
Gain
Reclassified from
AOCI into
Statement of
Operations
(Effective Portion)		      Amount of Gain
Reclassified from
AOCI into
Statement of
Operations
(Effective Portion)		      Location of Loss
Recognized in
Statement of
Operations on
Derivative
(Ineffective
Portion)		      Amount of Loss
Recognized in
Statement of
Operations on
Derivatives
(Ineffective Portion)		  
     Three Months Ended
June 30,		            Three Months Ended
June 30,		             Three Months Ended
June 30,		  
     2017     2016            2017      2016             2017     2016  

Zero cost collars

    $ (1,620 )    $ (24 )      Net sales      $ 808      $ —          Other income, net      $ (368 )    $ (8 ) 

Forwards

    $ 26     $ —         Net sales      $ —        $ —          Other income, net      $ (99 )    $ —    
  

 

 

    

 

 

       

 

 

     

 

 

        

 

 

    

 

 

  

Total

    $ (1,594 )    $ (24 )       $ 808      $ —           $ (467 )    $ (8 ) 
  

 

 

    

 

 

       

 

 

     

 

 

        

 

 

    

 

 

  

The following table summarizes the impact of derivative instruments on the consolidated statement of operations for the six months ended June 30, 2017 and 2016 (in thousands):

 

Derivatives in ASC

815 Cash Flow Hedging

Relationships

    Amount of Gain
Recognized in
AOCI on
Derivatives
(Effective Portion)		      Location of
Gain
Reclassified from
AOCI into
Statement of
Operations
(Effective Portion)		      Amount of Gain
Reclassified from
AOCI into
Statement of
Operations
(Effective Portion)		      Location of Gain
(Loss)
Recognized in
Statement of
Operations on
Derivative
(Ineffective
Portion)		      Amount of Gain
(Loss)
Recognized in
Statement of
Operations on
Derivatives
(Ineffective Portion)		  
     Six Months Ended
June 30,		             Six Months Ended
June 30,		             Six Months Ended
June 30,		  
     2017      2016             2017      2016             2017     2016  

Zero cost collars

    $ 883      $ 41        Net sales      $ 1,305      $ —          Other income, net      $ 269     $ 34  

Forwards

    $ 26      $ —          Net sales      $ —        $ —          Other income, net      $ (99 )    $ —    
  

 

 

     

 

 

        

 

 

     

 

 

        

 

 

    

 

 

  

Total

    $ 909      $ 41         $ 1,305      $ —           $ 170     $ 34