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Derivative financial instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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, 2019				As of March 31, 2020						As of December 31, 2019					As of March 31, 2020
Foreign exchange forward contracts denominated in:
United States Dollars (sell) Indian Rupees (buy)		$	1,305,000			$	1,202,000					$	(5,740	)		$		(69,021	)
United States Dollars (sell) Philippines Peso (buy)			66,600				56,700						462					(137	)
Euro (sell) United States Dollars (buy)			122,337				158,283						4,135					6,536
Singapore Dollars (buy) United States Dollars (sell)			10,017				10,017						38					(511	)
Euro (sell) Romanian Leu (buy)			26,918				29,746						(314	)				(356	)
Japanese Yen (sell) Chinese Renminbi (buy)			29,350				22,029						(258	)				(452	)
Pound Sterling (sell) United States Dollars (buy)			9,089				6,822						383					699
Australian Dollars (sell) United States Dollars (buy)			35,972				2,300						1,924					253
United States Dollars (sell) Hungarian Font (buy)			20,500				19,500						162					(1,751	)
Hungarian Font (Sell) Euro (buy)			9,534				9,364						(157	)				397
Australian Dollars (sell) Indian Rupees (buy)			—				29,750						—					(90	)
Interest rate swaps (floating to fixed)			477,604				495,149						(3,565	)				(21,218	)
													(2,930	)				(85,651	)

(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, foreign exchange, interest rate or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. Notional amounts are denominated in U.S. dollars.

(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 Company’s 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, 2019				As of March 31, 2020				As of December 31, 2019				As of March 31, 2020
Assets
Prepaid expenses and other current assets		$	16,214			$	6,625			$	2,009			$	1,388
Other assets		$	3,086			$	1,189			$	—			$	—
Liabilities
Accrued expenses and other current liabilities		$	6,152			$	35,536			$	814			$	16,173
Other liabilities		$	17,273			$	43,144			$	—			$	—

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) (“OCI”), and the related tax effects are summarized below:

		Three months ended March 31,
		2019															2020
		Before Tax Amount				Tax (Expense) or Benefit*				Net of  tax Amount						Before Tax Amount					Tax (Expense) or Benefit*				Net of  tax Amount
Opening balance		$	(2,411	)		$	(5,524	)		$	(7,935	)				$		(4,126	)		$	(1,466	)		$	(5,592	)
Net gains (losses) reclassified into statement of income on completion of hedged transactions			3,193				(1,571	)			1,622							3,740				(961	)			2,779
Changes in fair value of effective portion of outstanding derivatives, net			18,402				(3,624	)			14,778							(63,000	)			12,674				(50,326	)
Gain (loss) on cash flow hedging derivatives, net			15,209				(2,053	)			13,156							(66,740	)			13,635				(53,105	)
Closing balance		$	12,798			$	(7,577	)		$	5,221					$		(70,866	)		$	12,169			$	(58,697	)

^*The tax (expense) benefit includes the effect of novating certain hedging instruments as part of an intercompany transfer.

Gains (Losses) Recognized in Other Comprehensive Income (Loss)

The Company’s gains or losses recognized in other comprehensive income (loss) and their effects on financial performance are summarized below: 

	Amount of Gain (Loss) recognized in OCI on Derivatives									Location of Gain (Loss)		Amount of Gain (Loss) reclassified from OCI into Statement of Income
Derivatives in	(Effective Portion)									reclassified		(Effective Portion)
Cash Flow		Three months ended								from OCI into			Three months ended
Hedging		March 31,								Statement of Income			March 31,
Relationships		2019				2020				(Effective Portion)			2019				2020
Forward foreign exchange contracts		$	20,583			$	(45,707	)		Revenue			$	973			$	2,032
Interest rate swaps			(2,181	)			(17,293	)		Cost of revenue				644				1,026
										Selling, general and administrative expenses				160				323
										Interest expense				1,416				359
		$	18,402			$	(63,000	)					$	3,193			$	3,740

There were no gains (losses) recognized in income on the ineffective portion of derivatives and excluded from effectiveness testing for the three months ended March 31, 2019 and 2020, respectively.

Non-designated Hedges

				Three months ended March 31,
Derivatives not designated as hedging instruments		Location of Gain (Loss)  recognized in Statement of Income on Derivatives		2019				2020
Forward foreign exchange contracts (Note a)		Foreign exchange gains (losses), net		$	3,660			$	(14,759		)
Forward foreign exchange contracts (Note b)		Foreign exchange gains (losses), net			—				3,963
				$	3,660			$	(10,796		)

(a) These forward foreign exchange contracts were entered into to hedge fluctuations in foreign exchange rates for recognized balance sheet items such as receivables and intercompany 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.

(b) These forward foreign exchange contracts were initially designated as cash flow hedges under ASC guidance on derivatives and hedging. These contracts were terminated because certain forecasted transactions were no longer expected to occur and therefore hedge accounting was no longer applied. Subsequently the realized gains (losses) 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.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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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

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