| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
(14) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes amounts reclassified out of AOCI and their effect on the Company’s Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2018 and 2017.
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Condensed Consolidated |
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Three Months Ended March 31, |
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Statement of |
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Details about AOCI Components |
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2018 |
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2017 |
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Comprehensive Loss Classification |
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Gains (losses) on cash flow hedges: |
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Forward foreign currency exchange
contracts |
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$ |
(7,646 |
) |
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$ |
3,542 |
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Net product revenues |
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Forward foreign currency exchange
contracts |
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|
1,861 |
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|
|
(1,026 |
) |
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Operating expenses |
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Total gain (loss) on cash flow hedges |
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(5,785 |
) |
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|
2,516 |
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Gain (loss) on sale of available-for-sale
debt securities |
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— |
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3,252 |
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Other income |
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Income tax effect of the above |
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— |
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(1,181 |
) |
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Benefit from income taxes |
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Total gain (loss) on available-for-sale
debt securities |
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— |
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2,071 |
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$ |
(5,785 |
) |
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$ |
4,587 |
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Net loss |
The following tables summarize changes in the accumulated balances for each component of AOCI, including current period other comprehensive income (loss) and reclassifications out of AOCI for the three months ended March 31, 2018 and 2017.
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Three Months Ended March 31, 2018 |
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Unrealized Gains (Losses) on Cash Flow Hedges |
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Unrealized Gains (Losses) on Available-for-Sale Debt Securities |
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Foreign Currency Items |
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Total |
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AOCI balance at December 31, 2017 |
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$ |
(20,232 |
) |
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$ |
(2,722 |
) |
|
$ |
(7 |
) |
|
$ |
(22,961 |
) |
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Impact of change in accounting principle (1) |
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— |
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|
$ |
(586 |
) |
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— |
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|
$ |
(586 |
) |
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AOCI balance at January 1, 2018 |
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$ |
(20,232 |
) |
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$ |
(3,308 |
) |
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$ |
(7 |
) |
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$ |
(23,547 |
) |
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Other comprehensive income (loss) before
reclassifications |
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(9,226 |
) |
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(2,021 |
) |
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1 |
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(11,246 |
) |
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Less: net loss reclassified from AOCI |
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(5,785 |
) |
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— |
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— |
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(5,785 |
) |
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Tax effect |
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— |
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|
463 |
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— |
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|
463 |
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Net current-period other comprehensive income (loss) |
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(3,441 |
) |
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(1,558 |
) |
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1 |
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(4,998 |
) |
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AOCI balance at March 31, 2018 |
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$ |
(23,673 |
) |
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$ |
(4,866 |
) |
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$ |
(6 |
) |
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$ |
(28,545 |
) |
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(1) |
As of January 1, 2018, the Company early adopted the requirements of ASU 2018-02. The amount represents the reclassification from Accumulated Other Comprehensive Loss to Accumulated Deficit in the first quarter of 2018 related to the adoption of ASU 2018-02. See Note 4 for additional discussion. |
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Three Months Ended March 31, 2017 |
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Unrealized Gains (Losses) on Cash Flow Hedges |
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Unrealized Gains (Losses) on Available-for-Sale Debt Securities |
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Foreign Currency Items |
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Total |
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AOCI balance at December 31, 2016 |
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$ |
13,006 |
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|
$ |
(178 |
) |
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$ |
(12 |
) |
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$ |
12,816 |
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Other comprehensive income (loss) before
reclassifications |
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(4,199 |
) |
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|
1,567 |
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|
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(1 |
) |
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(2,633 |
) |
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Less: gain reclassified from AOCI |
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|
2,516 |
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3,252 |
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— |
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5,768 |
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Tax effect |
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— |
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|
605 |
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— |
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|
605 |
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Net current-period other comprehensive income (loss) |
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(6,715 |
) |
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(1,080 |
) |
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(1 |
) |
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(7,796 |
) |
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AOCI balance at March 31, 2017 |
|
$ |
6,291 |
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|
$ |
(1,258 |
) |
|
$ |
(13 |
) |
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$ |
5,020 |
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