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Derivatives and Hedging Instruments | 9 Months Ended
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Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging Instruments | Derivatives and Hedging Instruments The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment under the authoritative guidance for derivatives and hedging. Foreign Currency Exchange Contracts The Company has operations in foreign countries, which exposes the Company to foreign currency exchange rate fluctuations due to transactions denominated in foreign currencies. To mitigate this risk, the Company enters into derivative financial instruments, principally Indian rupee forward contracts, which are designated as cash flow hedges, to mitigate fluctuations in the cash payments of future forecasted transactions. The Company adjusts the level and use of derivatives as soon as practicable after learning that an exposure has changed and reviews all exposures and derivative positions on an ongoing basis. Gains and losses on cash flow hedges are recorded in other comprehensive income (“OCI”) until the hedged transaction is recorded in the consolidated financial statements. Once the underlying transaction is recorded in the consolidated financial statements, the Company reclassifies OCI on the derivative into earnings. If all or a portion of the forecasted transaction is cancelled, this would render all or a portion of the cash flow hedge ineffective and the Company would reclassify the ineffective portion of the hedge into earnings. The Company generally does not experience ineffectiveness of the hedge relationship and the accompanying consolidated financial statements do not include any such gains or losses. As of September 30, 2015, the total notional amount of the forward contracts to buy Indian rupees in exchange for U.S. dollars was $43.8 million. All of these outstanding contracts qualified for hedge accounting treatment. The Company estimates that approximately $0.5 million of net derivative gain included in OCI will be reclassified into earnings within the next 12 months. No gains or losses were reclassified from OCI into earnings as a result of forecasted transactions that failed to occur during the nine months ended September 30, 2015 and 2014. The Company does not enter into derivative instruments for trading or speculative purposes. The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):
| September 30, 2015 |  | December 31, 2014
Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency exchange contracts | Other liabilities |  | $ | (1,010 | ) |  | Other liabilities |  | $ | (1,037 | )
Foreign currency exchange contracts | Other assets |  | 715 |  |  | Other assets |  | 768 |
The following table summarizes the effects of derivatives in cash flow hedging relationships on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in thousands):
| Gain or (Loss) Recognized in OCI- Effective Portion |  | Location of Gain or (Loss) Reclassified from OCI into Income - Effective Portion |  | Gain or (Loss) Reclassified from OCI into Income - Effective Portion |  | Location of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing |  | Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing
| Three Months Ended September 30, |  |  |  | Three Months Ended September 30, |  |  |  | Three Months Ended September 30,
| 2015 |  | 2014 |  |  |  | 2015 |  | 2014 |  |  |  | 2015 |  | 2014
Foreign currency exchange contracts | $ | (670 | ) |  | $ | (429 | ) |  | Salaries and employee benefits |  | $ | (153 | ) |  | $ | (243 | ) |  | Other (expense) income |  | $ | — |  |  | $ | — |
Foreign currency exchange contracts | (126 | ) |  | (79 | ) |  | General and administrative expenses |  | (28 | ) |  | (46 | ) |  | Other (expense) income |  | — |  |  | — |
| Gain or (Loss) Recognized in OCI- Effective Portion |  | Location of Gain or (Loss) Reclassified from OCI into Income - Effective Portion |  | Gain or (Loss) Reclassified from OCI into Income - Effective Portion |  | Location of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing |  | Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing
| Nine Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |  |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  |  |  | 2015 |  | 2014 |  |  |  | 2015 |  | 2014
Foreign currency exchange contracts | $ | (593 | ) |  | $ | 2,215 |  |  | Salaries and employee benefits |  | $ | (468 | ) |  | $ | (818 | ) |  | Other (expense) income |  | $ | — |  |  | $ | — |
Foreign currency exchange contracts | 24 |  |  | 242 |  |  | General and administrative expenses |  | (75 | ) |  | (143 | ) |  | Other (expense) income |  | — |  |  | — |

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