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Financial Derivatives (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Deferred Gains (Losses) and Related Taxes on Cash Flow Hedges

The deferred gains (losses) and related taxes on the Company’s cash flow hedges recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) in the accompanying Consolidated Balance Sheets are as follows (in thousands):

 

     December 31,  
     2015     2014  

Deferred gains (losses) in AOCI

    $ (558 )    $ (157 ) 

Tax on deferred gains (losses) in AOCI

      31        46   
  

 

 

    

 

 

  

Deferred gains (losses) in AOCI, net of taxes

    $ (527 )    $ (111 ) 
  

 

 

    

 

 

  

Deferred gains (losses) expected to be reclassified to “Revenues” from AOCI during the next twelve months

    $ (558 )   
  

 

 

    
Outstanding Foreign Currency Forward Contracts and Options

The Company had the following outstanding foreign currency forward contracts and options (in thousands):

 

     As of December 31, 2015      As of December 31, 2014  

Contract Type

    Notional
Amount in
USD		      Settle Through
Date		      Notional
Amount in
USD		      Settle Through
Date		  

Cash flow hedges:

            

Options:

            

Philippine Pesos

    $ 71,750         December 2016       $ 73,000         December 2015   

Forwards:

            

Costa Rican Colones

      34,500         November 2016         51,600         October 2015   

Romanian Leis

      —           —           10,414         December 2015   

Philippine Pesos

      —           —           9,000         March 2015   

Net investment hedges:

            

Forwards:

            

Euros

      63,470         March 2016         51,648         March 2016   

Non-designated hedges:

            

Forwards

      50,603         March 2016         64,541         March 2015   
Derivative Instruments Fair Value

The following tables present the fair value of the Company’s derivative instruments included in the accompanying Consolidated Balance Sheets (in thousands):

 

    Derivative Assets  
    December 31, 2015     December 31, 2014  
    Fair Value     Fair Value  

Derivatives designated as cash flow hedging instruments under ASC 815:

    

Foreign currency forward and option contracts (1)

   $ 544      $ 974   

Derivatives designated as net investment hedging instruments under ASC 815:

    

Foreign currency forward contracts (1)

     10,161        —     

Foreign currency forward contracts (2)

     —          4,060   
 

 

 

    

 

 

  
    10,705        5,034   

Derivatives not designated as hedging instruments under ASC 815:

    

Foreign currency forward contracts (1)

     257        515   
 

 

 

    

 

 

  

Total derivative assets

   $ 10,962      $ 5,549   
 

 

 

    

 

 

  
    Derivative Liabilities  
    December 31, 2015     December 31, 2014  
    Fair Value     Fair Value  

Derivatives designated as cash flow hedging instruments under ASC 815:

    

Foreign currency forward and option contracts (3)

   $ 396      $ 406   

Derivatives not designated as hedging instruments under ASC 815:

    

Foreign currency forward contracts (3)

     439        855   
 

 

 

    

 

 

  

Total derivative liabilities

   $ 835      $ 1,261   
 

 

 

    

 

 

  

 

(1)

Included in “Other current assets” in the accompanying Consolidated Balance Sheets.

 

(2)

Included in “Deferred charges and other assets” in the accompanying Consolidated Balance Sheets.

 

(3)

Included in “Other accrued expenses and current liabilities” in the accompanying Consolidated Balance Sheets.
Effect of the Company's Derivative Instruments

The following tables present the effect of the Company’s derivative instruments included in the accompanying Consolidated Financial Statements for the years ended December 31, 2015, 2014 and 2013 (in thousands):

 

    Gain (Loss)
Recognized  in AOCI
on Derivatives
(Effective Portion)		     Gain (Loss)
Reclassified  From Accumulated
AOCI Into “Revenues”
(Effective Portion)		     Gain (Loss)
Recognized  in “Revenues”
on Derivatives
(Ineffective Portion
and Amount
Excluded from Effectiveness
Testing)		  
    December 31,     December 31,     December 31,  
    2015     2014     2013     2015     2014     2013     2015     2014     2013  

Derivatives designated as cash flow hedging instruments under ASC 815:

                  

Foreign currency forward and option contracts

   $ 1,696      $ (2,787 )    $ (2,823 )    $ 2,138      $ (5,339 )    $ (666 )    $ 12      $ (3 )    $ 119   

Derivatives designated as net investment hedging instruments under ASC 815:

                  

Foreign currency forward contracts

     6,101        6,344        (1,720 )      —          —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Foreign currency forward and option contracts

   $ 7,797      $ 3,557      $ (4,543 )    $ 2,138      $ (5,339 )    $ (666 )    $ 12      $ (3 )    $ 119   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Gain (Loss) Recognized  in
“Other income (expense)”
on Derivatives		  
     December 31,  
     2015      2014     2013  

Derivatives not designated as hedging instruments under ASC 815:

        

Foreign currency forward contracts

    $ 1,374       $ (44 )    $ 4,216