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Derivative Financial Instruments (Tables) - Orbitz | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2015 | Dec. 31, 2014
Entity Information [Line Items] |  |
Schedule of Notional Amounts of Outstanding Derivative Positions |
Notional Amount |  | Effective Date |  | Maturity Date |  | Fixed Interest Rate Paid |  | Variable Interest Rate Received
$100.0 million |  | August 29, 2014 |  | August 31, 2016 |  | 1.11% |  | One-month LIBOR
$100.0 million |  | August 29, 2014 |  | August 31, 2016 |  | 1.15% |  | One-month LIBOR
| At December 31, 2014, we had the following interest rate swaps outstanding that effectively converts $200.0 million of the term loan from a variable to a fixed interest rate. We pay a fixed interest rate on the notional amount and in exchange receive a variable interest rate based on the one-month LIBOR rate. The Company does not use derivatives for speculative or trading purposes.
Notional Amount |  | Effective Date |  | Maturity Date |  | Fixed Interest Rate Paid |  | Variable Interest Rate Received
$100.0 million |  | August 29, 2014 |  | August 31, 2016 |  | 1.11% |  | One-month LIBOR
$100.0 million |  | August 29, 2014 |  | August 31, 2016 |  | 1.15% |  | One-month LIBOR
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the location and fair value of derivative instruments on the Company’s Condensed Consolidated Balance Sheets.
|  |  | Fair Value Measurements as of
| Balance Sheet Location |  | June 30, 2015 |  | December 31, 2014
|  |  | (in thousands)
Interest rate swaps not designated as hedging instruments | Other non-current liabilities |  | $ | 1,608 |  |  | $ | 1,723 |
| The following table summarizes the location and fair value of our interest rate derivative instruments on the Company’s Consolidated Balance Sheet.
|  |  | Fair Value Measurement as of
| Balance Sheet Location |  | December 31, 2014
|  |  | (in thousands)
Interest rate swaps not designated as hedging instruments | Other non-current liabilities |  | $ | 1,723 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |  | The following table shows the market adjustments recorded during the year ended December 31, 2014:
| Gain in Other Comprehensive Income/(Loss) |  | (Loss) Reclassified from Accumulated OCI into Interest Expense (Effective Portion) | Gain/(Loss) Recognized in Income (Ineffective Portion and the Amount Excluded from Effectiveness Testing)
| 2014 |  | 2014 |  | 2014
|  |  | (in thousands) |
Interest rate swaps | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of the Changes in the Fair Value of Foreign Currency Contracts | The following table shows the fair value of our foreign currency hedges:
|  |  | Fair Value Measurements as of
| Balance Sheet Location |  | June 30, 2015 |  | December 31, 2014
|  |  | (in thousands)
Asset Derivatives: |  |  |  |  |  |  |
Foreign currency hedges | Other current assets |  | $ | — |  |  | $ | 4,275 |
Liability Derivatives: |  |  |  |  |  |  |
Foreign currency hedges | Other current liabilities |  | $ | 3,993 |  |  | $ | — |
The following table shows the changes in the fair value of our foreign currency contracts, which were recorded as losses in Selling, general and administrative expense in our Condensed Consolidated Statements of Operations:
| Three months ended June 30, |  | Six months ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (in thousands) |  | (in thousands)
Foreign currency hedges (a) | $ | (6,884 | ) |  | $ | (5,236 | ) |  | $ | (3,068 | ) |  | $ | (10,105 | )
(a) | We recorded transaction gains associated with the re-measurement and settlement of our foreign denominated assets and liabilities of $5.0 million and $4.1 million for the three months ended June 30, 2015 and 2014, respectively, and $0.4 million and $6.9 million for the six months ended June 30, 2015 and 2014, respectively. These transaction gains were included in Selling, general and administrative expense in our Condensed Consolidated Statements of Operations. The net impact of these transaction gains, together with the losses incurred on our foreign currency hedges, were losses of $1.8 million and $1.1 million for the three months ended June 30, 2015 and 2014, respectively, and $2.7 million and $3.2 million for the six months ended June 30, 2015 and 2014, respectively.
| The following table shows the fair value of our foreign currency hedges:
|  |  | Fair Value Measurements as of
| Balance Sheet Location |  | December 31, 2014
|  |  | (in thousands)
Asset Derivatives: |  |  |
Foreign currency hedges | Other current assets |  | $ | 4,275 |
Liability Derivatives: |  |  |  |
Foreign currency hedges | Other current liabilities |  | $ | — |
The following table shows the change in the fair value of our foreign currency contracts which were recorded as a gain/(loss) in Selling, general and administrative expense:
| Year Ended December 31,
| 2014
| (in thousands)
Foreign currency hedges (a) | $ | 6,813 |
(a) | We recorded transaction gains/(losses) associated with the re-measurement and settlement of our foreign denominated assets and liabilities of $(12.9) million, the year ended December 31, 2014. These transaction gains and losses were included in Selling, general and administrative expense in our Consolidated Statement of Operations. The net impact of these transaction gains and losses, together with the gains/(losses) incurred on our foreign currency hedges, were losses of $6.1 million for the year ended December 31, 2014.
Schedule of Offsetting Assets and Liabilities | The tables below show the gross and net amounts related to derivatives eligible for offset in the Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014. The gross asset amount of the derivative listed below is the maximum loss the Company would incur if the counterparties failed to meet their obligation.
| Gross Amounts of Recognized Liabilities |  | Gross Asset Recognized as an Offset |  | Net Liabilities (Assets)Included in the Condensed Consolidated Balance Sheets
| (in thousands)
June 30, 2015 | $ | 6,746 |  |  | $ | (1,145 | ) |  | $ | 5,601 |
December 31, 2014 | $ | 2,947 |  |  | $ | (5,499 | ) |  | $ | (2,552 | )
| The tables below show the gross and net information related to derivatives eligible for offset in the Consolidated Balance Sheet as of December 31, 2014. The gross asset amount of the derivative listed below is the maximum loss the Company would incur if the counterparties failed to meet their obligation.
| Gross Amount of Recognized Liabilities |  | Gross Amount Offset in the Consolidated Balance Sheet |  | Net Amount of Liabilities Presented in the Consolidated Balance Sheet
| (in thousands)
December 31, 2014 | $ | 2,947 |  |  | $ | (5,499 | ) |  | $ | (2,552 | )

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