Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.19.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk

As of June 30, 2019, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):

 

    Number of     Notional  
Interest Rate Derivative   Instruments     Amount  
Interest Rate Floors     1     $ 100,000  

The Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

The Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

Derivatives in Subtopic   Amount of Gain or (Loss)     Amount of Gain or (Loss)  
815-20 Hedging   Recognized in     Reclassified from Accumulated OCI  
Relationships   OCI on Derivative     into Income  
    Three Months Ended June 30,     Six Months Ended June 30,  
Derivatives in Cash Flow Hedging Relationships   2019     2018     2019     2018  
Interest Rate Products   $ 257     $ —     $ 257     $ —  
Total   $ 257     $ —     $ 257     $ —  
fair value of the Company's derivative financial instruments

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the balance sheet as of June 30, 2019 and December 31, 2018 (in thousands):

 

    Tabular Disclosure of Fair Values of Derivative Instruments  
    Derivatives Asset     Derivative Liabilities  
          Fair Value as of:        
Derivatives Not Designated as Hedging Instruments   June 30,
2019		     December 31,
2018		     June 30,
2019		     December 31,
2018		  
FX Forward Contracts                                
Balance Sheet Location   Other
Assets		     Other
Assets		     Other
Current
Liabilities		     Other
Current
Liabilities		  
Sell AUD/Buy USD Fwd Contract   $ —     $ 18     $ —     $ (1 )
Sell CAD/Buy USD Fwd Contract     8       121       (91 )     (4 )
Total   $ 8     $ 139     $ (91 )   $ (5 )

Effect of Derivative Instruments on the Income Statement

Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated

as Hedging Instruments for the Three and Six Months Ended June 30, 2019 and 2018

 

        Amount of Gain or (Loss)     Amount of Gain or (Loss)  
Derivatives Designated   Location of Gain or (Loss)   Recognized in Income     Recognized in Income  
as Hedging Instruments   Recognized in Income   Three Months Ended June 30,     Six Months Ended June 30,  
        2019     2018     2019     2018  
Swap   Other inc/(exp)   $ 1     $ —     $ 1     $ —  
Total       $ 1     $ —     $ 1     $ —  
                             
        Amount of Gain or (Loss)     Amount of Gain or (Loss)  
Derivatives Not Designated   Location of Gain or (Loss)   Recognized in Income     Recognized in Income  
as Hedging Instruments   Recognized in Income   Three Months Ended June 30,     Six Months Ended June 30,  
        2019     2018     2019     2018  
Sell AUD/Buy USD Fwd Contract   Other inc/(exp)   $ 4     $ 27     $ —     $ 38  
Sell CAD/Buy USD Fwd Contract   Other inc/(exp)     (71 )     123       (157 )     259  
Total       $ (67 )   $ 150     $ (157 )   $ 297  
total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions

The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at June 30, 2019 (in thousands):

 

    Recurring Fair Value Measurements  
    Quoted Prices in Active                                      
    Markets for Identical     Significant Other     Significant Unobservable              
    Assets and Liabilities     Observable Inputs     Inputs        
    at June 30,     at June 30,     at June 30,     Total Fair Value  
    (Level 1)     (Level 2)     (Level 3)     at June 30,  
    2019     2018     2019     2018     2019     2018     2019     2018  
Assets                                                                
Derivative Financial Instruments   $ —     $ —     $ 8     $ 122     $ —     $ —     $ 8     $ 122  
Liabilities                                                                
Derivative Financial Instruments   $ —     $ —     $ (91 )   $ (10 )   $ —     $ —     $ (91 )   $ (10 )