Derivative Financial Instruments

3 Months Ended

Dec. 31, 2017

Derivative Instruments And Hedging Activities Disclosure [Abstract]

3. Derivative Financial Instruments

At December 31, 2017 and September 30, 2017, the Company’s Canadian subsidiary had CAN$32.7 million and CAD$26.1 million, respectively, of Canadian dollar denominated intercompany accounts payable owed to one of the Company’s U.S subsidiaries. In order to mitigate its exposure to movements in foreign currency rates between the U.S. dollar and Canadian dollar, the Company routinely enters into foreign currency forward contracts to hedge a portion of its exposure to changes in the value of the Canadian dollar. On December 29, 2017, the Company entered into a CAN$32.0 million 90-day hedge contract effective January 2, 2018 with a United States bank to reduce the impact on cash flows from movements in the Canadian dollar/U.S. dollar currency exchange rate, but has not been designated as a hedge for accounting purposes. The Company’s derivative instruments had no fair value as of December 31, 2017 and September 30, 2017.

The following table summarizes the Company’s gains on derivative instruments in the consolidated statements of operations for the three months ended December 31, 2017 and 2016 (in thousands):

		Three Months Ended
Derivative Instrument	Location	December 31, 2017		December 31, 2016
Foreign Currency Forward Contracts	Other Income (Expense)	$	158	$	72

Amounts in the above table include realized and unrealized derivative gains and losses.