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Derivative Instruments and Hedging Activities (Note)
12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedges, Assets [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative Instruments and Hedging Activities

As of December 31, 2013 and 2012, the Company had foreign currency forward contracts outstanding with a notional value of $127.9 million and $128.2 million, respectively, primarily in Australian dollars, euros, Mexican Pesos and U.S. dollars, which were not designated as hedges and had a weighted average remaining maturity of three days. Although the Company enters into foreign currency contracts to offset foreign currency exposure related to the notional value of money transfer transactions collected in currencies other than the U.S. dollar and, on occasion, short-term loans payable in currencies other than the U.S. Dollar, these contracts are not designated as hedges under ASC Topic 815, Derivatives and Hedging. This is mainly due to the relatively short duration of the contracts, typically 1 to 14 days, and the frequency with which the Company enters into them. Due to the short duration of the contracts and the Company’s credit profile, the Company is generally not required to post collateral with respect to its foreign currency forward contracts.
The required tabular disclosures for derivative instruments are as follows:
 
 
 
 
Gross Amount of Recognized Assets
 
Gross Amount of Offset in the Consolidated Balance Sheets
 
Net Amount of Assets Presented in the Consolidated Balance Sheets
(in thousands)
 
Consolidated Balance
Sheet Location
 
December 31, 2013
 
December 31, 2012
 
December 31, 2013
 
December 31, 2012
 
December 31, 2013
 
December 31, 2012
Foreign currency
 derivative contracts
 
Other Current Assets
 
$
96

 
$
177

 
$
(96
)
 
$
(142
)
 
$

 
$
35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amount of Recognized Liabilities
 
Gross Amount of Offset in the Consolidated Balance Sheets
 
Net Amount of Liabilities Presented in the Consolidated Balance Sheets
(in thousands)
 
Consolidated Balance
Sheet Location
 
December 31, 2013
 
December 31, 2012
 
December 31, 2013
 
December 31, 2012
 
December 31, 2013
 
December 31, 2012
Foreign currency
 derivative contracts
 
Other Current Liabilities
 
(178
)
 
(142
)
 
96

 
142

 
$
(82
)
 
$


 
 
 
 
Amount of Loss Recognized
in Income on Derivative
 
 
Location of Loss
Recognized in Income
on Derivative
 
Year Ended December 31,
(in thousands)
 
 
2013
 
2012
 
2011
Derivatives not designated as hedging instruments under ASC Topic 815
 
 
 
 
 
 
 
 
Foreign currency derivative contracts
 
Foreign currency exchange gain (loss), net
 
$
(850
)
 
$
(618
)
 
$
(23
)


See Note 17, Financial Instruments and Fair Value Measurements, for the determination of the fair values of derivatives.