Derivatives

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

We use foreign currency forward contracts to mitigate foreign currency risk of certain assets and monetary liabilities denominated in foreign currencies. We do not enter into such contracts for trading or speculative purposes. These derivative instruments are not designated as hedging instruments.

As of December 31, 2019 and 2018, our foreign exchange forward contracts consisted of the following:

	December 31, 2019					December 31, 2018
	Notional Value		Fair Value (Level 2)		Balance Sheet Location	Notional Value		Fair Value (Level 2)		Balance Sheet Location
	(In thousands)
Japanese Yen	$	391,643	$	2,225	Other current assets	$	163,419	$	1,565	Other current assets
Korean Won	74,076		86		Other current assets	—		—		N/A
Total forward contracts	$	465,719	$	2,311		$	163,419	$	1,565

For the years ended December 31, 2019 and 2018, the derivatives resulted in a net gain of $0.1 million and $2.5 million, respectively, which were offset by the foreign currency losses associated with the underlying net liabilities. We did not enter into any derivatives in 2017.