XML 60 R40.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 10. Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following tables present the fair values of derivative instruments included in our consolidated balance sheets as of December 31, 2015 and 2014 (in thousands):
 
 
December 31, 2015
 
 
Prepaid Expenses and Other Current Assets
 
Other Current Liabilities
 
Other Liabilities
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Foreign exchange forward contracts
 
$
—

 
$
132

 
$
285

Cross-currency swap contract
 
—

 
6,909

 
13,835

Interest rate swap contract
 
—

 
16

 
—

Total derivatives designated as hedging instruments
 
$
—

 
$
7,057

 
$
14,120

 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 

 
 

Foreign exchange forward contracts
 
$
2,691

 
$
9,393

 
$
—

Total derivatives not designated as hedging instruments
 
$
2,691

 
$
9,393

 
$
—

Total derivative instruments
 
$
2,691

 
$
16,450

 
$
14,120

 
 
December 31, 2014
 
 
Prepaid Expenses and Other Current Assets
 
Other Current Liabilities
 
Other Liabilities
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Foreign exchange forward contracts
 
$
1,213

 
$
—

 
$
—

Cross-currency swap contract
 
—

 
2,996

 
8,995

Interest rate swap contract
 
—

 
164

 
46

Total derivatives designated as hedging instruments
 
$
1,213

 
$
3,160

 
$
9,041

 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 

 
 

Foreign exchange forward contracts
 
$
8,578

 
$
4,497

 
$
—

Total derivatives not designated as hedging instruments
 
$
8,578

 
$
4,497

 
$
—

Total derivative instruments
 
$
9,791

 
$
7,657

 
$
9,041
Offsetting Derivatives [Table Text Block]
The impact of offsetting balances associated with derivative instruments designated as hedging instruments is shown below (in thousands):
 
 
December 31, 2015
 
 
 
 
 
 
 
 
Gross Amounts Not Offset in Consolidated Balance Sheet
 
 
 
 
Gross Asset (Liability)
 
Gross Offset in Consolidated Balance Sheet
 
Net Amount Recognized in Financial Statements
 
Financial Instruments
 
Cash Collateral Pledged
 
Net Amount
Foreign exchange forward contracts
 
$
(417
)
 
—

 
(417
)
 
—

 
—

 
$
(417
)
Cross-currency swap contract
 
$
(20,744
)
 
—

 
(20,744
)
 
—

 
—

 
$
(20,744
)
Interest rate swap contract
 
$
(16
)
 
—

 
(16
)
 
—

 
—

 
$
(16
)
 
 
December 31, 2014
 
 
 
 
 
 
 
 
Gross Amounts Not Offset in Consolidated Balance Sheet
 
 
 
 
Gross Asset (Liability)
 
Gross Offset in Consolidated Balance Sheet
 
Net Amount Recognized in Financial Statements
 
Financial Instruments
 
Cash Collateral Pledged
 
Net Amount
Foreign exchange forward contracts
 
$
1,213

 
—

 
1,213

 
—

 
—

 
$
1,213

Cross-currency swap contract
 
$
(11,991
)
 
—

 
(11,991
)
 
—

 
—

 
$
(11,991
)
Interest rate swap contract
 
$
(210
)
 
—

 
(210
)
 
—

 
—

 
$
(210
)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) and our consolidated statements of operations for the years ended December 31, 2015, 2014, and 2013 (in thousands):
 
 
Foreign Exchange Forward Contracts
 
Interest Rate Swap Contract
 
Cross Currency Swap Contract
 
Total
Balance in accumulated other comprehensive income (loss) at December 31, 2012
 
$
8,980

 
$
(1,467
)
 
$
(8,031
)
 
$
(518
)
Amounts recognized in other comprehensive income (loss)
 
8,486

 
(30
)
 
(6,666
)
 
1,790

Amounts reclassified to net sales as a result of forecasted transactions being probable of not occurring
 
(13,115
)
 
—

 
—

 
(13,115
)
Amounts reclassified to earnings impacting:
 
 
 
 
 
 
 
 
Foreign currency (loss) gain, net
 
—

 
—

 
8,426

 
8,426

Interest expense, net
 
—

 
794

 
451

 
1,245

Balance in accumulated other comprehensive income (loss) at December 31, 2013
 
4,351

 
(703
)
 
(5,820
)
 
(2,172
)
Amounts recognized in other comprehensive income (loss)
 
1,769

 
12

 
(2,846
)
 
(1,065
)
Amounts reclassified to earnings impacting:
 
 
 
 
 
 
 
 
Cost of sales
 
501

 
—

 
—

 
501

Foreign currency (loss) gain, net
 
—

 
—

 
5,050

 
5,050

Interest expense, net
 
—

 
481

 
217

 
698

Balance in accumulated other comprehensive income (loss) at December 31, 2014
 
6,621

 
(210
)
 
(3,399
)
 
3,012

Amounts reclassified to net sales as a result of forecasted transactions being probable of not occurring
 
(1,295
)
 
—

 
—

 
(1,295
)
Amounts recognized in other comprehensive income (loss)
 
832

 
23

 
(9,219
)
 
(8,364
)
Amounts reclassified to earnings impacting:
 
 
 
 
 
 
 
 
Net sales
 
(487
)
 
—

 
—

 
(487
)
Cost of sales
 
(5,509
)
 
—

 
—

 
(5,509
)
Foreign currency (loss) gain, net
 
—

 
—

 
10,135

 
10,135

Interest expense, net
 
—

 
171

 
466

 
637

Balance in accumulated other comprehensive income (loss) at December 31, 2015
 
$
162

 
$
(16
)
 
$
(2,017
)
 
$
(1,871
)
Schedule of Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents amounts related to derivative instruments not designated as hedges affecting our consolidated statements of operations for the years ended December 31, 2015, 2014, and 2013 (in thousands):
 
 
 
 
Amount of Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments
 
Location of Gain (Loss) Recognized in Income
 
2015
 
2014
 
2013
Foreign exchange forward contracts
 
Foreign currency (loss) gain, net
 
$
(3,425
)
 
$
(8,066
)
 
$
6,063

Foreign exchange forward contracts
 
Cost of sales
 
12,422

 
13,240

 
(3,760
)
Foreign exchange forward contracts
 
Net sales
 
—

 
—

 
5,324
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
As of December 31, 2015 and 2014, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were as follows (notional amounts and U.S. dollar equivalents in millions):
 
 
December 31, 2015
Currency
 
Notional Amount
 
USD Equivalent
Indian rupee
 
INR1,290.0
 
$19.4
 
 
December 31, 2014
Currency
 
Notional Amount
 
USD Equivalent
Australian dollar
 
AUD 38.4
 
$31.5
Japanese yen
 
JPY1,223.2
 
$10.3
Schedule Of Notional Value Of Foreign Exchange Forward Derivatives [Table Text Block]
As of December 31, 2015 and 2014, the notional values of our foreign exchange forward contracts that do not qualify for hedge accounting were as follows (notional amounts and U.S. dollar equivalents in millions):
 
 
December 31, 2015
Transaction
 
Currency
 
Notional Amount
 
USD Equivalent
Purchase
 
Euro
 
€42.0
 
$45.9
Sell
 
Euro
 
€150.1
 
$164.0
Purchase
 
Australian dollar
 
AUD 41.1
 
$29.9
Sell
 
Australian dollar
 
AUD 89.0
 
$64.8
Purchase
 
Malaysian ringgit
 
MYR 61.4
 
$14.3
Sell
 
Malaysian ringgit
 
MYR 80.7
 
$18.8
Sell
 
Canadian dollar
 
CAD 4.5
 
$3.2
Sell
 
Japanese yen
 
JPY 8,448.7
 
$70.1
Purchase
 
British pound
 
GBP 11.1
 
$16.5
Sell
 
British pound
 
GBP 16.0
 
$23.7
Sell
 
Indian rupee
 
INR 8,939.0
 
$134.6
Purchase
 
South African rand
 
ZAR 41.1
 
$2.7
Sell
 
South African rand
 
ZAR 81.5
 
$5.3
 
 
December 31, 2014
Transaction
 
Currency
 
Notional Amount
 
USD Equivalent
Purchase
 
Euro
 
€91.1
 
$110.9
Sell
 
Euro
 
€92.4
 
$112.5
Purchase
 
Australian dollar
 
AUD 26.0
 
$21.3
Sell
 
Australian dollar
 
AUD 118.0
 
$96.7
Purchase
 
Malaysian ringgit
 
MYR 146.0
 
$41.7
Sell
 
Malaysian ringgit
 
MYR 93.6
 
$26.7
Purchase
 
Canadian dollar
 
CAD 0.7
 
$0.6
Sell
 
Canadian dollar
 
CAD 8.3
 
$7.1
Purchase
 
Japanese yen
 
JPY 244.6
 
$2.1
Sell
 
Japanese yen
 
JPY 2,322.1
 
$19.5
Purchase
 
British pound
 
GBP 1.4
 
$2.2
Sell
 
British pound
 
GBP 37.7
 
$58.6