Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

Details of derivative contracts as of June 30, 2018 are as follows (in thousands):

Date of transaction	Type of derivative	Total notional amount		Month of settlement
June 18, 2018	Zero cost collar	$	20,000	September 2018 to December 2018
June 18, 2018	Forward	$	40,000	September 2018 to December 2018
June 27, 2018	Zero cost collar	$	32,000	September 2018 to June 2019
June 27, 2018	Forward	$	58,000	September 2018 to June 2019

Details of derivative contracts as of December 31, 2017 are as follows (in thousands):

Date of transaction	Type of derivative	Total notional amount		Month of settlement
June 22, 2017	Zero cost collar	$	20,000	January 2018 to February 2018
September 28, 2017	Zero cost collar	$	54,000	January 2018 to June 2018
September 28, 2017	Forward	$	36,000	January 2018 to June 2018

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, 2018 and December 31, 2017 are as follows (in thousands):

Derivatives designated as hedging instruments:		June 30, 2018		December 31, 2017
Asset Derivatives:
Zero cost collars	Other current assets	$	—	$	2,827
Forward	Other current assets	$	—	$	2,352
Liability Derivatives:
Zero cost collars	Other current liabilities	$	684	$	—
Forward	Other current liabilities	$	1,911	$	—

Offsetting of Derivative Liabilities

Offsetting of derivative liabilities as of June 30, 2018 is as follows (in thousands):

As of June 30, 2018	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 received/ pledged
Liability Derivatives:
Zero cost collars	$	684	$	—	$	684	$	—	$	—	$	684
Forward	$	1,911	$	—	$	1,911	$	—	$	—	$	1,911

Offsetting of Derivative Assets

Offsetting of derivative assets as of December 31, 2017 is as follows (in thousands):

As of December 31, 2017	Gross amounts of recognized assets		Gross amounts offset in the balance sheets		Net amounts of assets 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	$	2,827	$	—	$	2,827	$	—	$	—	$	2,827
Forward	$	2,352	$	—	$	2,352	$	—	$	—	$	2,352

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, 2018 and 2017 (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,
	2018			2017				2018		2017			2018			2017
Zero cost collars	$	(1,009	)	$	(1,620	)	Net sales	$	865	$	808	Other income (expenses), net	$	(247	)	$	(368	)
Forwards	$	(861	)	$	26		Net sales	$	1,170	$	—	Other income (expenses), net	$	(1,385	)	$	(99	)
Total	$	(1,870	)	$	(1,594	)		$	2,035	$	808		$	(1,632	)	$	(467	)

The following table summarizes the impact of derivative instruments on the consolidated statement of operations for the six months ended June 30, 2018 and 2017 (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,
	2018			2017			2018		2017			2018			2017
Zero cost collars	$	(1,142	)	$	883	Net sales	$	2,191	$	1,305	Other income (expenses), net	$	(318	)	$	269
Forwards	$	(795	)	$	26	Net sales	$	2,450	$	—	Other income (expenses), net	$	(1,390	)	$	(99	)
Total	$	(1,937	)	$	909		$	4,641	$	1,305		$	(1,708	)	$	170