Hedging Activities And Financial Instruments

3 Months Ended

Mar. 31, 2016

Hedging Activities And Financial Instruments [Abstract]

Hedging Activities And Financial Instruments

(7)  Hedging Activities and Financial Instruments

The Company conducts business in various countries using both the functional currencies of those countries and other currencies to effect cross border transactions. As a result, the Company is subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its balance sheet and those of its subsidiaries in order to reduce these risks. When appropriate, the Company enters into foreign currency contracts to hedge exposures arising from those transactions. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging,” and therefore, all gains and losses (realized or unrealized) are recognized in “Interest and other expense, net” in the condensed consolidated statements of operations and comprehensive income (loss). Depending on their fair value at the end of the reporting period, derivatives are recorded either in prepaid expenses and other current assets or in accrued liabilities on the condensed consolidated balance sheet.

There were no foreign currency contracts outstanding as of March 31, 2016 or December 31, 2015. 

For the quarters ended March 31, 2016 and 2015, the condensed consolidated statements of operations include a foreign currency transaction gain of $1,518 and a loss of$2,194, respectively.

For the quarters ended March 31, 2016 and 2015, the total impact of foreign currency translation on accumulated other comprehensive loss reflects a gain of $7,850 and a loss of$20,832, respectively.