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Derivatives (Tables)
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3 Months Ended |
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Mar. 31, 2014
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| Derivative Instruments And Hedging Activities Disclosure [Abstract] |
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| Schedule of Unsettled Purchased Foreign Currency Forward Contracts |
As of March 31, 2014 and December 31, 2013, we had the
following unsettled purchased foreign currency forward contracts
that were entered into to hedge our operational exposure to foreign
currency movements (in thousands, except for average contract
rates):
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March 31, 2014 Outstanding Notional
Amount
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Buy Currency
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Sell Currency |
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Foreign
Amount |
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USD
Amount |
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Average Contract
Rate |
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US Dollar
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Australian Dollar |
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5,750 |
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$ |
5,151 |
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0.8958 |
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Euro
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US Dollar |
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16,350 |
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22,054 |
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1.3489 |
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British Pound Sterling
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US Dollar |
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20,300 |
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32,729 |
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1.6123 |
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Indian Rupee
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US Dollar |
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1,266,000 |
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19,647 |
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0.0155 |
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Polish Zloty
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US Dollar |
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115,750 |
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36,181 |
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0.3126 |
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December 31, 2013 Outstanding Notional
Amount
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Buy Currency
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Sell Currency |
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Foreign
Amount |
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USD
Amount |
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Average Contract
Rate |
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US Dollar
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Australian Dollar |
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5,625 |
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$ |
5,041 |
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0.8962 |
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Australian Dollar
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US Dollar |
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975 |
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996 |
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1.0215 |
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Euro
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US Dollar |
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12,800 |
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16,624 |
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1.2988 |
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British Pound Sterling
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US Dollar |
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18,450 |
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28,908 |
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1.5668 |
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Indian Rupee
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US Dollar |
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1,174,000 |
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18,593 |
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0.0158 |
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Polish Zloty
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US Dollar |
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170,400 |
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52,748 |
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0.3096 |
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| Schedule of Outstanding and Matured Interest Rate Swaps |
The table below includes the outstanding interest rate swaps as of
March 31, 2014. No interest rate swaps matured during the
three months ended March 31, 2014 and 2013.
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Notional
Amount |
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Interest Rate
Received |
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Interest
Rate Paid |
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Effective Date |
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Maturity Date |
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Outstanding:
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$ |
400 million |
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1 month LIBOR |
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2.03 |
% |
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July 29, 2011 |
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September 30, 2014 |
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$ |
350 million |
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1 month LIBOR |
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2.51 |
% |
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April 30, 2012 |
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September 30, 2014 |
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$750 million |
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| Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments |
The estimated fair values of our derivatives designated as hedging
instruments as of March 31, 2014 and December 31, 2013
are provided below (in thousands):
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Derivative Assets
(Liabilities) |
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Derivatives designated as
hedging instruments
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Fair Value as of |
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Balance Sheet Location |
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March 31, 2014 |
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December 31, 2013 |
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Foreign exchange contracts
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Prepaid expenses |
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$ |
3,609 |
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$ |
5,374 |
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| Schedule of Effects of Derivative Instruments Net of Taxes on Other Comprehensive Income (Loss) |
The effects of derivative instruments, net of taxes, on other
comprehensive income (loss) (“OCI”) for the three
months ended March 31, 2014 and 2013 are provided below (in
thousands):
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Derivatives in Cash Flow Hedging Relationships
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Amount of Gain (Loss) Recognized in
OCI on Derivative
(Effective Portion) |
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Three Months Ended March 31, |
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2014 |
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2013 |
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Foreign exchange contracts
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$ |
208 |
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$ |
(2,108 |
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Derivatives in Cash Flow Hedging
Relationships
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Income Statement
Location |
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Amount of Gain (Loss) Reclassified
from
Accumulated OCI into Income
(Effective Portion) |
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Three Months Ended March 31, |
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2014 |
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2013 |
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Foreign exchange contracts
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Cost of revenue |
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$ |
1,683 |
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$ |
577 |
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