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 three and six months of 2016 and 2015, we entered into various foreign currency forwards and a cross-currency option related to intercompany transactions denominated in a foreign currency. These forwards 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 June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
	(In thousands)
Cross-currency option	$	—	$	(84	)	$	—	$	(84	)
Foreign currency forward contracts	$	272	$	(827	)	441		1,645
Total realized and unrealized gain (loss) on derivatives	$	272	$	(911	)	$	441	$	1,561

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 June 30, 2016:



Currency Purchased Forward		Currency Sold Forward		Maturity Date

NOK	41,200,000	EUR	4,473,253	7/29/2016
EUR	747,004	USD	1,000,000	7/29/2016
EUR	11,100,000	GBP	8,661,110	7/29/2016
EUR	1,300,000	SEK	12,067,120	7/29/2016
INR	229,614,910	USD	3,400,000	7/29/2016
INR	334,635,755	EUR	4,450,000	7/29/2016
GBP	1,382,896	USD	2,100,000	7/29/2016