Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedge Instruments

As of December 31, 2014, the Company had a total of 65 cash flow hedge instruments with maturity dates ranging from January 2015 to January 2016 as follows (in thousands):

	Notional Amount		Fair Value (1)		Accumulated other comprehensive income (loss) (2)
Derivative assets	$	281,055	$	8,404	$	8,480
Derivative liabilities		—		—		—
	$	281,055	$	8,404	$	8,480

(1) All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets.

(2) Included in the consolidated balance sheets within accumulated other comprehensive income (loss).

As of December 31, 2013, the Company had a total of 69 cash flow hedge instruments with maturity dates ranging from January 2014 to January 2015 as follows (in thousands):

	Notional Amount		Fair Value (1)			Accumulated other comprehensive income (loss) (2)
Derivative assets	$	127,968	$	2,102		$	2,107
Derivative liabilities		200,686		(3,855	)		(3,857	)
	$	328,654	$	(1,753	)	$	(1,750	)

(1) A total of $2,099 and $3 of derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets and other assets, respectively. A total of $3,818 and $37 of derivative liabilities related to cash flow hedges are included in the consolidated balance sheets within other current liabilities and other liabilities, respectively.

(2) Included in the consolidated balance sheets within accumulated other comprehensive income (loss).

Schedule of Fair Value of Derivative Instruments Recognized in Consolidated Balance Sheets

The following table presents the fair value of derivative instruments recognized in the Company’s consolidated balance sheets as of December 31, 2014 (in thousands):

	Gross Amounts		amounts offset in the balance sheet		Net amounts (1)		Gross amounts not offset  in the balance sheet (2)			Net
Assets:
Designated as hedging instruments:
Foreign currency forward contracts	$	8,404	$	—	$	8,404	$	—		$	8,404
Not designated as hedging instruments:
Embedded derivatives		9,182		—		9,182		—			9,182
Foreign currency forward and option contracts		5,153		—		5,153		(138	)		5,015
		14,335		—		14,335		(138	)		14,197
Additional netting benefit		—		—		—		(508	)		(508	)
	$	22,739	$	—	$	22,739	$	(646	)	$	22,093
Liabilities:
Designated as hedging instruments:
Foreign currency forward contracts	$	—	$	—	$	—	$	—		$	—
Not designated as hedging instruments:
Embedded derivatives		4		—		4		—			4
Economic hedges of embedded derivatives		390		—		390		—			390
Foreign currency forward and option contracts		416		—		416		(138	)		278
		810		—		810		(138	)		672
Additional netting benefit		—		—		—		(508	)		(508	)
	$	810	$	—	$	810	$	(646	)	$	164

(1) As presented in the Company’s consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

(2) The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default.

The following table presents the fair value of derivative instruments recognized in the Company’s consolidated balance sheets as of December 31, 2013 (in thousands):

	Gross Amounts		Gross amounts offset in the balance sheet		Net amounts (1)		Gross amounts not offset in the balance sheet (2)			Net
Assets:
Designated as hedging instruments:
Foreign currency forward contracts	$	2,102	$	—	$	2,102	$	(2,102	)	$	—
Not designated as hedging instruments:
Embedded derivatives		6,296		—		6,296		—			6,296
Foreign currency forward and option contra		177		—		177		(177	)		—
		6,473		—		6,473		(177	)		6,296
Additional netting benefit		—		—		—		—			—
	$	8,575	$	—	$	8,575	$	(2,279	)	$	6,296
Liabilities:
Designated as hedging instruments:
Foreign currency forward contracts		3,855		—		3,855		(2,102	)		1,753
Not designated as hedging instruments:
Embedded derivatives		115		—		115		—			115
Economic hedges of embedded derivatives		1,315		—		1,315		—			1,315
Foreign currency forward and option contracts		1,289		—		1,289		(177	)		1,112
Additional netting benefit		—		—		—		—			—
		2,719		—		2,719		(177	)		2,542
	$	6,574	$	—	$	6,574	$	(2,279	)	$	4,295

(1) As presented in the Company’s consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

(2) The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default.