Financial Instruments

We are exposed to certain risks related to our ongoing business operations. From time to time, we may choose to use derivative instruments to manage certain risks related to foreign currency exchange rates and interest rates.

During the first half of 2015 and 2014, we entered into various foreign currency forwards and a cross-currency option related to intercompany transactions denominated in a foreign currency. These forwards and option allow us to manage our foreign currency exposure with respect to the Euro, the Indian Rupee, the Pound Sterling, the Norwegian Krone, the Swedish Krona, and the Australian Dollar. The duration of these contracts generally ranges from one to three months, and we are generally entering into new contracts on a monthly basis. We have not elected hedge accounting for these derivatives.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands)
Cross-currency option	$	(84	)	$	—		$	(84	)	$	—
Foreign currency forward contracts	(827		)	(27		)	1,645			312
Total realized and unrealized gain (loss) on derivatives	$	(911	)	$	(27	)	$	1,561		$	312

These gains and losses are included in "other expense, net" on the Consolidated Statements of Operations. Each forward and the option is recognized as either an asset or liability on our Consolidated Balance Sheets at fair value and is presented in either "prepaid expenses and other current assets" or "other accrued expenses and liabilities," as applicable. All cash flows associated with these forward instruments are classified as operating cash flows in our Consolidated Statement of Cash Flows.

The following table summarizes our outstanding foreign currency forward contracts at June 30, 2015:



Currency Purchased Forward		Currency Sold Forward		Maturity Date

NOK	29,400,000	EUR	3,369,666	7/31/2015
USD	13,100,000	EUR	11,750,987	7/31/2015
USD	1,300,000	GBP	826,656	7/31/2015
EUR	1,250,000	GBP	887,750	7/31/2015
AUD	2,000,000	EUR	1,381,884	7/31/2015
EUR	1,800,000	SEK	16,642,260	7/31/2015
INR	450,965,235	USD	7,050,000	7/31/2015
INR	178,245,750	EUR	2,500,000	7/31/2015

Per our cross-currency option, we have the option to deliver $12 million U.S. dollars to the counterparty in exchange for Euros at a fixed exchange rate of approximately 0.89 Euros to one U.S. dollar. This cross-currency option expires on July 31, 2015.