Derivatives (Tables)
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6 Months Ended |
Jun. 30, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Schedule of Unsettled Purchased Foreign Currency Forward Contracts |
As of June 30, 2015 and December 31, 2014, we had the following unsettled purchased foreign currency forward contracts that were entered into to hedge our operational exposure to foreign currency movements (in thousands, except for average contract rates): | | | | | | | | | | | | | | Outstanding Notional Amounts as of June 30, 2015 | Buy Currency | | Sell Currency | | Foreign Amount | | USD Amount | | Average Contract Rate | US Dollar | | Australian Dollar | | 6,270 |
| | $ | 4,970 |
| | 0.7927 |
| Australian Dollar | | US Dollar | | 2,740 |
| | $ | 2,103 |
| | 0.7675 |
| Euro | | US Dollar | | 14,000 |
| | 17,375 |
| | 1.2411 |
| British Pound Sterling | | US Dollar | | 20,300 |
| | 31,659 |
| | 1.5596 |
| Indian Rupee | | US Dollar | | 1,225,000 |
| | 18,671 |
| | 0.0152 |
| Polish Zloty | | US Dollar | | 186,000 |
| | 51,611 |
| | 0.2775 |
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| | | | | | | | | | | | | | Outstanding Notional Amounts as of December 31, 2014 | Buy Currency | | Sell Currency | | Foreign Amount | | USD Amount | | Average Contract Rate | US Dollar | | Australian Dollar | | 6,750 |
| | $ | 5,838 |
| | 0.8649 |
| Euro | | US Dollar | | 30,200 |
| | 38,777 |
| | 1.2840 |
| British Pound Sterling | | US Dollar | | 22,950 |
| | 37,343 |
| | 1.6271 |
| Indian Rupee | | US Dollar | | 1,205,000 |
| | 18,748 |
| | 0.0156 |
| Polish Zloty | | US Dollar | | 171,000 |
| | 52,821 |
| | 0.3089 |
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Schedule of Outstanding Interest Rate Swaps |
Interest Rate Swap Contracts—Interest rate swaps outstanding during the six months ended June 30, 2015 and 2014 are as follows: | | | | | | | | | | | | Notional Amount | | Interest Rate Received | | Interest Rate Paid | | Effective Date | | Maturity Date | Outstanding: | $750 million | | 1 month LIBOR(1) | | 1.48% | | December 31, 2015 | | December 30, 2016 | | $750 million | | 1 month LIBOR(1) | | 2.19% | | December 30, 2016 | | December 29, 2017 | | $750 million | | 1 month LIBOR(1) | | 2.61% | | December 29, 2017 | | December 31, 2018 | | | | | | | | | | | Matured: | $400 million | | 1 month LIBOR | | 2.03% | | July 29, 2011 | | September 30, 2014 | | $350 million | | 1 month LIBOR | | 2.51% | | April 30, 2012 | | September 30, 2014 |
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| | (1) | Subject to a 1% floor. |
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Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments |
The estimated fair values of our derivatives designated as hedging instruments as of June 30, 2015 and December 31, 2014 are as follows (in thousands): | | | | | | | | | | | | | | Derivative Assets (Liabilities) | | | | | Fair Value as of | Derivatives Designated as Hedging Instruments | | Consolidated Balance Sheet Location | | June 30, 2015 | | December 31, 2014 | Foreign exchange contracts | | Other accrued liabilities | | $ | (3,286 | ) | | $ | (8,475 | ) | Interest rate swaps | | Other accrued liabilities | | (1,758 | ) | | — |
| | | Other noncurrent liabilities | | (6,897 | ) | | (1,401 | ) | | | | | $ | (11,941 | ) | | $ | (9,876 | ) |
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Schedule of Effects of Derivative Instruments Net of Taxes on Other Comprehensive Income (Loss) |
The effects of derivative instruments, net of taxes, on OCI for the three and six months ended June 30, 2015 and 2014 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | | | Three Months Ended June 30, | | Six Months Ended June 30, | Derivatives in Cash Flow Hedging Relationships | | 2015 | | 2014 | | 2015 | | 2014 | Foreign exchange contracts | | $ | 1,292 |
| | $ | 410 |
| | $ | (3,045 | ) | | $ | 618 |
| Interest rate swaps | | (410 | ) | | — |
| | (4,749 | ) | | — |
| Total | | $ | 882 |
| | $ | 410 |
| | $ | (7,794 | ) | | $ | 618 |
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| | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Derivatives in Cash Flow Hedging Relationships | | Income Statement Location | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2015 | | 2014 | | 2015 | | 2014 | Foreign exchange contracts | | Cost of revenue | | $ | (3,462 | ) | | $ | 1,914 |
| | $ | (6,932 | ) | | $ | 3,597 |
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