DERIVATIVES AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES

NOTE 8: DERIVATIVES AND HEDGING ACTIVITIES

The fair value of the Company’s outstanding derivative instruments is as follows:

	As at December 31,
	2016		2017
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Foreign exchange forward contracts	$	6	$	—
Total	$	6	$	—

The Company recorded the fair value of derivative assets in “prepaid expenses and other accounts receivable” on the Company’s consolidated balance sheets.

The increase in unrealized gains recognized in “accumulated other comprehensive income (loss)” on derivatives, before tax effect, is as follows:

	Year ended December 31,
	2015		2016		2017
Derivatives designated as cash flow hedging instruments:
Foreign exchange option contracts	$	83	$	67	$	90
Foreign exchange forward contracts		94		91		93
	$	177	$	158	$	183

The net gains reclassified from “accumulated other comprehensive income (loss)” into income, are as follows:

	Year ended December 31,
	2015			2016			2017
Derivatives designated as cash flow hedging instruments:
Foreign exchange option contracts	$	(31	)	$	(67	)	$	(90	)
Foreign exchange forward contracts		(73	)		(94	)		(99	)
	$	(104	)	$	(161	)	$	(189	)

The Company recorded in cost of revenues and operating expenses, a net gain of $104, $161 and 189 during the years ended December 31, 2015, 2016 and 2017, respectively, related to its Hedging Contracts.