Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedge Instruments

As ofDecember 31, 2015, the Company's cash flow hedge instruments had maturity dates ranging from January2016to December2017as follows (in thousands):

	Notional Amount		Fair Value (1)			Accumulated other comprehensive income (loss) (2)(3)
Derivative assets	$	367,330	$	16,027		$	34,578
Derivative liabilities	47,447		(813		)	(19,709		)
	$	414,777	$	15,214		$	14,869

__________________________

(1) All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

(2) Included in the consolidated balance sheets within accumulated other comprehensive income (loss).

(3) The Company recorded a net gain of $12,940 within accumulated other comprehensive income (loss) relating to cash flow hedges that will be reclassified to revenue and expenses as they mature over the next 12 months.

As of December 31, 2014, the Company's cash flow hedge instruments had maturity dates ranging from January 2015 to January 2016 as follows (in thousands):

	Notional Amount		Fair Value (1)		Accumulated other comprehensive income (loss)(2)
Derivative assets	$	281,055	$	8,404	$	8,480
Derivative liabilities	—		—		—
	$	281,055	$	8,404	$	8,480

__________________________

(1)All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets.

(2)Included in the consolidated balance sheets within accumulated other comprehensive income (loss).

Schedule of Fair Value of Derivative Instruments Recognized in Consolidated Balance Sheets

The following table presents the fair value of derivative instruments recognized in the Company’s consolidated balance sheets as of December 31, 2015 (in thousands):

	Gross Amounts		Gross amounts offset in the balance sheet		Net balance sheet amounts(1)		Gross amounts not offset in the balance sheet (2)			Net
Assets:
Designated as hedging instruments:
Foreign currency forward and option contracts	$	16,027	$	—	$	16,027	$	(813	)	$	15,214
Not designated as hedging instruments:
Embedded derivatives	8,926		—		8,926		—			8,926
Economic hedges of embedded derivatives	744		—		744		—			744
Foreign currency forward contracts	43,203		—		43,203		(34,577		)	8,626
	52,873		—		52,873		(34,577		)	18,296
Additional netting benefit	—		—		—		(9,512		)	(9,512		)
	$	68,900	$	—	$	68,900	$	(44,902	)	$	23,998
Liabilities:
Designated as hedging instruments:
Foreign currency forward and option contracts	$	813	$	—	$	813	$	(813	)	$	—
Not designated as hedging instruments:
Embedded derivatives	1,772		—		1,772		—			1,772
Economic hedges of embedded derivatives	417		—		417		—			417
Foreign currency forward contracts	76,923		—		76,923		(34,577		)	42,346
	79,112		—		79,112		(34,577		)	44,535
Additional netting benefit	—		—		—		(9,512		)	(9,512		)
	$	79,925	$	—	$	79,925	$	(44,902	)	$	35,023

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(1) As presented in the Company’s consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

(2) The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default.

The following table presents the fair value of derivative instruments recognized in the Company’s consolidated balance sheets as of December 31, 2014 (in thousands):

	Gross Amounts		Gross amounts offset in the balance sheet		Net amounts (1)		Gross amounts not offset in the balance sheet (2)			Net
Assets:
Designated as hedging instruments:
Foreign currency forward contracts	$	8,404	$	—	$	8,404	$	—		$	8,404
Not designated as hedging instruments:
Embedded derivatives	9,182		—		9,182		—			9,182
Foreign currency forward and option contracts	5,153		—		5,153		(138		)	5,015
	14,335		—		14,335		(138		)	14,197
Additional netting benefit	—		—		—		(508		)	(508		)
	$	22,739	$	—	$	22,739	$	(646	)	$	22,093
Liabilities:
Designated as hedging instruments:
Foreign currency forward contracts	$	—	$	—	$	—	$	—		$	—
Not designated as hedging instruments:
Embedded derivatives	4		—		4		—			4
Economic hedges of embedded derivatives	390		—		390		—			390
Foreign currency forward and option contracts	416		—		416		(138		)	278
	810		—		810		(138		)	672
Additional netting benefit	—		—		—		(508		)	(508		)
	$	810	$	—	$	810	$	(646	)	$	164

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(1) As presented in the Company’s consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

(2) The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default.