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Derivatives (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Unsettled Purchased Foreign Currency Forward Contracts

As of September 30, 2019 and December 31, 2018, 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):

Outstanding Notional Amounts as of September 30, 2019
Buy Currency		Sell Currency		Foreign Amount			USD Amount			Average Contract Rate
Polish Zloty		US Dollar		243,500			63,679			0.2615
Indian Rupee		US Dollar		3,195,000			44,106			0.0139
Singapore Dollar		US Dollar		56,400			41,405			0.7341
British Pound Sterling		US Dollar		13,100			17,064			1.3026
Australian Dollar		US Dollar		19,000			13,312			0.7006
Swedish Krona		US Dollar		46,100			5,031			0.1081

Outstanding Notional Amounts as of December 31, 2018
Buy Currency		Sell Currency		Foreign Amount			USD Amount			Average Contract Rate
Polish Zloty		US Dollar		232,500			64,281			0.2765
Singapore Dollar		US Dollar		59,800			44,504			0.7442
British Pound Sterling		US Dollar		19,600			26,525			1.3533
Indian Rupee		US Dollar		2,880,000			39,956			0.0139
Australian Dollar		US Dollar		23,950			17,674			0.7379
Swedish Krona		US Dollar		48,250			5,678			0.1177
Brazilian Real		US Dollar		14,300			3,753			0.2615

Schedule of Outstanding Interest Rate Swaps

Interest rate swaps outstanding during the nine months ended September 30, 2019 and 2018 are as follows:

Notional Amount		Interest Rate Received		Interest Rate Paid		Effective Date		Maturity Date
Designated as Hedging Instrument
$750 million		1 month LIBOR(2)		1.65%		December 29, 2017		December 31, 2018
$1,350 million		1 month LIBOR(2)		2.27%		December 31, 2018		December 31, 2019
$1,200 million		1 month LIBOR(2)		2.19%		December 31, 2019		December 31, 2020
$600 million		1 month LIBOR(2)		2.81%		December 31, 2020		December 31, 2021
Not Designated as Hedging Instrument(1)
$750 million		1 month LIBOR(3)		2.61%		December 29, 2017		December 31, 2018
$750 million		1.67%		1 month LIBOR		December 29, 2017		December 31, 2018

______________________

(1) Subject to a 1% floor.

(2) Subject to a 0% floor.

(3)

As of February 22, 2017.

Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments

The estimated fair values of our derivatives designated as hedging instruments as of September 30, 2019 and December 31, 2018 are as follows (in thousands):

		Derivative Assets (Liabilities)
				Fair Value as of
Derivatives Designated as Hedging Instruments		Consolidated Balance Sheet Location		September 30, 2019				December 31, 2018
Foreign exchange contracts		Other accrued liabilities		$	(4,507	)		$	(4,285	)
Interest rate swaps		Prepaid expenses and other current assets		—				3,674
Interest rate swaps		Other assets, net		—				295
Interest rate swaps		Other accrued liabilities		(6,962		)		—
Interest rate swaps		Other noncurrent liabilities		(11,141		)		—
				$	(22,610	)		$	(316	)

Schedule of Effects of Derivative Instruments Net of Taxes on Other Comprehensive Income (Loss)

The effects of derivative instruments, net of taxes, on OCI for the three and nine months ended September 30, 2019 and 2018 are as follows (in thousands):

		Amount of (Loss) Gain Recognized in OCI on Derivative, Effective Portion
		Three Months Ended September 30,								Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships		2019				2018				2019				2018
Foreign exchange contracts		$	(5,072	)		$	(1,606	)		$	(4,761	)		$	(7,897	)
Interest rate swaps		(1,284		)		3,042				(16,178		)		12,018
Total		$	(6,356	)		$	1,436			$	(20,939	)		$	4,121

				Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships		Income Statement Location		Three Months Ended September 30,								Nine Months Ended September 30,
				2019				2018				2019				2018
	Foreign exchange contracts			Cost of revenue		$	981			$	1,558			$	4,547			$	(2,769	)
Interest rate swaps		Interest expense, net		53				848				(1,003		)		3,496
Total				$	1,034			$	2,406			$	3,544			$	727

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Derivatives designated as foreign currency hedges.

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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.

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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.

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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