Financial Instruments

We are exposed to certain risks related to our ongoing business operations. From time to time, we may choose to use derivative instruments to manage certain risks related to foreign currency exchange rates and interest rates.

During the nine months of 2015 and 2014, we entered into various foreign currency forwards and a cross-currency option related to intercompany transactions denominated in a foreign currency. These forwards and option allow us to manage our foreign currency exposure with respect to the Euro, the Indian Rupee, the Pound Sterling, the Norwegian Krone, the Swedish Krona, and the Australian Dollar. The duration of these contracts generally ranges from one to three months, and we are generally entering into new contracts on a monthly basis. We have not elected hedge accounting for these derivatives.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015			2014
	(In thousands)
Cross-currency option	$	27		$	—	$	(57	)	$	—
Foreign currency forward contracts	(340		)	317		1,304			629
Total realized and unrealized gain (loss) on derivatives	$	(313	)	$	317	$	1,247		$	629

These gains and losses are included in "other expense, net" on the Consolidated Statements of Operations. Each forward and the option is recognized as either an asset or liability on our Consolidated Balance Sheets at fair value and is presented in either "prepaid expenses and other current assets" or "other accrued expenses and liabilities," as applicable. All cash flows associated with these forward instruments are classified as operating cash flows in our Consolidated Statement of Cash Flows.

The following table summarizes our outstanding foreign currency forward contracts at September 30, 2015:



Currency Purchased Forward		Currency Sold Forward		Maturity Date

NOK	25,600,000	EUR	2,690,263	10/30/2015
USD	17,700,000	EUR	15,864,764	10/30/2015
USD	2,200,000	GBP	1,456,857	10/30/2015
EUR	5,750,000	GBP	4,253,793	10/30/2015
AUD	2,900,000	EUR	1,822,180	10/30/2015
EUR	1,900,000	SEK	17,765,950	10/30/2015
INR	494,936,328	USD	7,440,000	10/30/2015
INR	119,670,720	EUR	1,600,000	10/30/2015

Ciber did not have any open cross-currency options as of September 30, 2015.