Derivative Financial Instruments

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the GAAP criteria for hedge accounting, but which have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts on a full mark-to-market basis and report the related gains or losses in currency exchange losses (gains) in the consolidated statement of income. At December 31, 2015, the notional amount of open forward contracts was $58.6 million and the unrealized loss on these contracts was $0.2 million. All open forward contracts will mature during the first quarter of 2016.

The following table presents the balance sheet location and fair value of assets and liabilities associated with derivative financial instruments.

	December 31,
(In thousands)	2015		2014
Derivatives not designated as hedging instruments:
Foreign exchange contracts: other current liabilities	$	581	$	429
Foreign exchange contracts: other current assets	401		34

The following table presents the income statement location and impact of derivative financial instruments:

(In thousands)	Income Statement Location	Loss Recognized in Income
		Year ended December 31,
		2015		2014
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Currency exchange loss	$	2,187	$	2,002