XML 51 R22.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Financial Instruments | 12 Months Ended
--- | ---
Dec. 31, 2019
Investments, All Other Investments [Abstract] |
Financial Instruments | Note 15: Financial Instruments Foreign Currencies As a multinational business, the Company's transactions are denominated in a variety of currencies. When appropriate, the Company uses forward foreign currency contracts to reduce its overall exposure to the effects of currency fluctuations on its results of operations and cash flows. The Company's policy prohibits trading in currencies for which there are no underlying exposures and entering into trades for any currency to intentionally increase the underlying exposure. The Company primarily hedges existing assets and liabilities associated with transactions currently on its balance sheet, which are undesignated hedges for accounting purposes. As of December 31, 2019 and 2018, the Company had net outstanding foreign exchange contracts with net notional amounts of $183.3 million and $157.3 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one to three months from the time of purchase. Management believes that these financial instruments should not subject the Company to increased risks from foreign exchange movements because gains and losses on these contracts should offset losses and gains on the underlying assets, liabilities and transactions to which they are related. The following schedule summarizes the Company's net foreign exchange positions in U.S. dollars (in millions):
|  | As of December 31, |  |  |  |  |  |
|  | 2019 |  |  |  | 2018 |  |
|  | Buy (Sell) |  | Notional Amount |  | Buy (Sell) |  | Notional Amount
Japanese Yen |  | $ | 49.8 |  |  | $ | 49.8 |  |  | $ | 29.9 |  |  | $ | 29.9 |
Philippine Peso |  | 36.4 |  |  | 36.4 |  |  | 30.1 |  |  | 30.1 |
Malaysian Ringgit |  | 20.4 |  |  | 20.4 |  |  | — |  |  | — |
Chinese Yuan |  | 20.2 |  |  | 20.2 |  |  | 20.4 |  |  | 20.4 |
Korean Won |  | 18.1 |  |  | 18.1 |  |  | 20.8 |  |  | 20.8 |
Czech Koruna |  | 11.9 |  |  | 11.9 |  |  | 9.2 |  |  | 9.2 |
Euro |  | — |  |  | — |  |  | 13.1 |  |  | 13.1 |
Other currencies - Buy |  | 21.9 |  |  | 21.9 |  |  | 26.3 |  |  | 26.3 |
Other currencies - Sell |  | (4.6) |  |  | 4.6 |  |  | (7.5) |  |  | 7.5 |
|  | $ | 174.1 |  |  | $ | 183.3 |  |  | $ | 142.3 |  |  | $ | 157.3 |
Amounts receivable or payable under the contracts are included in other current assets or accrued expenses in the accompanying Consolidated Balance Sheets. For the years ended December 31, 2019, 2018 and 2017, realized and unrealized foreign currency transactions totaled a loss of $5.0 million, $8.0 million and $6.3 million, respectively. The realized and unrealized foreign currency transactions are included in other income and expenses in the Company's Consolidated Statements of Operations and Comprehensive Income. Cash Flow Hedges All derivatives are recognized on the balance sheet at their fair value and classified based on the instrument’s maturity date. Interest rate risk The Company uses interest rate swap contracts to mitigate its exposure to interest rate fluctuations. On February 25, 2019, the Company entered into interest rate swap agreements for notional amounts totaling $1.0 billion (effective as of December 31, 2019) and $750.0 million (effective as of December 31, 2020) with expiry dates of December 31, 2020 and December 31, 2021, respectively. The notional amounts of the interest rate swap agreements outstanding amounted to $1.0 billion as of December 31, 2019 and December 31, 2018, respectively. The Company performed effectiveness assessments and concluded that there was no ineffectiveness during the year ended December 31, 2019. Foreign currency risk The purpose of the Company's foreign currency hedging activities is to protect the Company from the risk that the eventual cash flows resulting from transactions in foreign currencies will be adversely affected by changes in exchange rates. The Company enters into forward contracts that are designated as foreign currency cash flow hedges of selected forecasted payments denominated in currencies other than U.S. dollars. The Company did not have outstanding derivatives for its foreign currency exposure designated as cash flow hedges as of December 31, 2019 and 2018. See Note 17: ''Changes in Accumulated Other Comprehensive Loss'' for the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive loss and the Company's Consolidated Statements of Operations and Comprehensive Income for the year ended December 31, 2019. Convertible Note Hedges The Company entered into convertible note hedges in connection with the issuance of the 1.00% Notes and 1.625% Notes. Other At December 31, 2019, the Company had no outstanding commodity derivatives, currency swaps or options relating to either its debt instruments or investments. The Company does not hedge the value of its equity investments in its subsidiaries or affiliated companies. The Company is exposed to credit-related losses if counterparties to hedge contracts fail to perform their obligations. As of December 31, 2019, the counterparties to the Company's hedge contracts are held at financial institutions which the Company believes to be highly rated, and no credit related losses are anticipated.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration