Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

6. DERIVATIVES AND HEDGING ACTIVITIES

The Company uses forward contracts to hedge a portion of its balance sheet re-measurement risk and to hedge certain planned foreign currency expenditures. As of June 30, 2016, the Company had outstanding foreign exchange contracts with maturities of up to seven months and aggregate notional values of $361 million (based on exchange rates as of June 30, 2016).  Unrealized gains and losses resulting from these contracts are recognized in other income (expense), net and partially offset corresponding foreign exchange gains and losses on the balances and expenditures being hedged. These instruments are not held for speculative or trading purposes and are not designated as hedges for hedge accounting and are marked to market each period through earnings.

The following table presents the balance sheet location and fair value of the Company’s derivatives:

		Fair Value of Asset (Liability)
	Balance Sheet Location	June 30, 2016			December31, 2015
Foreign currency contracts	Prepaid expenses and other current assets	$	712		$	1,051
Foreign currency contracts	Other accrued liabilities		(4,576	)		(5,945	)
Total derivatives not designated as    hedging instruments		$	(3,864	)	$	(4,894	)

The pretax impact of these foreign currency forward contracts, both matured and outstanding, on the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows:

Foreign Currency Forward Contracts	Location of Gain (Loss)	Gain (Loss) Recognized
Three Months Ended June 30, 2016	Other income (expense), net	$	(7,953	)
Three Months Ended June 30, 2015	Other income (expense), net	$	3,636
Six Months Ended June 30, 2016	Other income (expense), net	$	(6,789	)
Six Months Ended June 30, 2015	Other income (expense), net	$	(1,164	)