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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Aggregate Notional Principal Amounts of Outstanding Derivative Financial Instruments with Related Balance Sheet Exposure

The following table presents the aggregate notional principal amounts of outstanding derivative financial instruments together with the related balance sheet exposure:

		Notional principal  amounts (Note a)								Balance sheet exposure asset (liability) (Note b)
		As of December 31, 2012				As of September 30, 2013				As of December 31, 2012				As of September 30, 2013
Foreign exchange forward contracts denominated in:
United States Dollars (sell) Indian Rupees (buy)		$	1,706,000			$	1,472,000			$	(160,432	)		$	(269,392	)
United States Dollars (sell) Mexican Peso (buy)			8,400				12,300				306				(422	)
United States Dollars (sell) Philippines Peso (buy)			58,800				56,850				2,237				(1,723	)
Euro (sell) United States Dollars (buy)			79,501				45,134				(420	)			(1,836	)
Euro (sell) Hungarian Forints (buy)			9,968				5,598				(10	)			51
Euro (sell) Romanian Leu (buy)			64,870				63,689				(645	)			1,433
Japanese Yen (sell) Chinese Renminbi (buy)			26,214				29,573				1,451				2,046
Pound Sterling (sell) United States Dollars (buy)			92,165				74,149				(2,494	)			(2,791	)
Australian Dollars (sell) United States Dollars (buy)			60,626				59,450				(3,424	)			1,943
										$	(163,431	)		$	(270,691	)

(a) Notional amounts are key elements of derivative financial instrument agreements but do not represent the amount exchanged by counterparties and do not measure the Company’s exposure to credit or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instruments agreements.

(b) Balance sheet exposure is denominated in U.S. Dollars and denotes the mark-to-market impact of the derivative financial instruments on the reporting date.

Fair Value of Derivative Instruments and Location in Financial Statements

The fair value of the derivative instruments and their location in the Company’s financial statements are summarized in the table below:

		Cash flow hedges								Non-designated
		As of December 31, 2012				As of September 30, 2013				As of December 31, 2012				As of September 30, 2013
Assets
Prepaid expenses and other current assets		$	6,972			$	4,790			$	1,742			$	318
Other assets		$	1,931			$	1,660			$	—			$	—
Liabilities
Accrued expenses and other current liabilities		$	60,229			$	99,486			$	1,417			$	11,402
Other liabilities		$	112,430			$	166,571			$	—			$	—

Cash Flow Hedges, Gains (Losses) Recorded as Component of Other Comprehensive Income (Loss) or Other Comprehensive Income

In connection with cash flow hedges, the gains (losses) recorded as a component of other comprehensive income (loss), or OCI, and the related tax affect are summarized below:

		Three months ended September 30, 2012												Three months ended September 30, 2013												Nine months ended September 30, 2012												Nine months ended September 30, 2013
		Before- Tax amount				Tax (Expense) or Benefit				Net of tax Amount				Before- Tax amount				Tax (Expense) or Benefit				Net of tax Amount				Before- Tax amount				Tax (Expense) or Benefit				Net of tax Amount				Before- Tax amount				Tax (Expense) or Benefit				Net of tax Amount
Opening balance		$	(255,562	)		$	90,440			$	(165,122	)		$	(207,373	)		$	73,239			$	(134,134	)		$	(203,006	)		$	71,125			$	(131,881	)		$	(163,756	)		$	59,070			$	(104,686	)
Net gains (losses) reclassified into statement of income on completion of hedged transactions			(15,813	)			5,390				(10,423	)			(23,185	)			8,759				(14,426	)			(22,654	)			7,643				(15,011	)			(44,070	)			17,061				(27,009	)
Changes in fair value of effective portion of outstanding derivatives, net			99,280				(35,676	)			63,604				(75,420	)			27,031				(48,389	)			39,883				(14,108	)			25,775				(139,922	)			49,502				(90,420	)
Gain (loss) on cash flow hedging derivatives, net			115,093				(41,066	)			74,027				(52,235	)			18,272				(33,963	)			62,537				(21,751	)			40,786				(95,852	)			32,441				(63,411	)
Closing balance as of September 30		$	(140,469	)		$	49,374			$	(91,095	)		$	(259,608	)		$	91,511			$	(168,097	)		$	(140,469	)		$	49,374			$	(91,095	)		$	(259,608	)		$	91,511			$	(168,097	)

Gains (Losses) Recorded as Component of Other Comprehensive Income (Loss) or Other Comprehensive Income

The gains or losses recognized in other comprehensive income (loss) and their effect on financial performance are summarized below:-

Derivatives in Cash Flow Hedging Relationships		Amount of Gain (Loss)  recognized in OCI on Derivatives (Effective Portion)								Location of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion)		Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion)																Location of Gain (Loss) recognized in Income on Derivatives (Ineffective Portion  and Amount excluded from Effectiveness Testing)		Amount of Gain (Loss) recognized in income on Derivative (Ineffective Portion and Amount excluded from Effectiveness Testing)
		Nine months ended  September 30,										Three months ended  September 30,								Nine months ended  September 30,										Three months ended September 30,								Nine months ended September 30,
		2012				2013						2012				2013				2012				2013						2012				2013				2012				2013
Forward foreign exchange contracts		$	39,883			$	(139,922	)		Revenue		$	(1,144	)		$	2,590			$	(3,587	)		$	5,957			Foreign exchange (gains) losses, net		$	—			$	—				—				—
										Cost of revenue			(11,614	)			(20,801	)			(15,025	)			(40,417	)
										Selling, general and administrative expenses			(3,055	)			(4,974	)			(4,042	)			(9,610	)
		$	39,883			$	(139,922	)				$	(15,813	)		$	(23,185	)		$	(22,654	)		$	(44,070	)				$	—			$	—			$	—			$	—

Non designated Hedges

Derivatives not designated as hedging instruments		Location of (Gain) Loss recognized in Statement of Income on Derivatives		Amount of (Gain) Loss recognized in Statement of Income on  Derivatives
				Three months ended September 30,								Nine months ended September 30,
				2012				2013				2012				2013
Forward foreign exchange contracts (Note a)		Foreign exchange (gains) losses, net		$	(10,588	)		$	11,359			$	(9,002	)		$	20,944
				$	(10,588	)		$	11,359			$	(9,002	)		$	20,944

(a) These forward foreign exchange contracts were entered into to hedge the fluctuations in foreign exchange rates for recognized balance sheet items such as receivables and inter-company borrowings, and were not originally designated as hedges under FASB guidance on derivatives and hedging. Realized (gains) losses and changes in the fair value of these derivatives are recorded in foreign exchange (gains) losses, net in the consolidated statements of income.

X

- Definition

A table or schedule that identifies and provides pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments which includes a combination of the type of instrument, currency being hedged, notional amount, balance sheet exposure asset (liability), or other relevant item.

+ References

No definition available.

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X

- Definition

Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959



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-Name Accounting Standards Codification

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

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