Financial Instruments

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

We are exposed to certain risks related to our ongoing business operations. From time to time, we may choose to use derivative instruments to manage certain risks related to foreign currency exchange rates and interest rates.

During the first quarter of 2015, we entered into various foreign currency forwards related to intercompany transactions denominated in a foreign currency. These forwards allow us to manage our foreign currency exposure with respect to the Euro, the Indian Rupee, the Pound Sterling, the Norwegian Krone, the Swedish Krona, and the Australian Dollar. The duration of these contracts generally ranges from one to three months and we are generally entering into new contracts on a monthly basis. We have not elected hedge accounting for these derivatives. During the first quarter of 2015 and 2014, respectively, we had a net gain on our foreign currency forward contracts of approximately $2.5 million and $0.3 million, respectively, which is included in "other expense, net" on the Consolidated Statement of Operations. Each forward is recognized as either an asset or liability on our Consolidated Balance Sheets at fair value and is presented in either "prepaid expenses and other current assets" or "other accrued expenses and liabilities," as applicable. All cash flows associated with these forward instruments are classified as operating cash flows in our Consolidated Statement of Cash Flows.

The following table summarizes our outstanding foreign currency forward contracts at March 31, 2015:



Currency Purchased Forward		Currency Sold Forward		Maturity Date

NOK	26,500,000	EUR	3,055,918	4/30/2015
NOK	14,000,000	EUR	1,612,272	4/7/2015
USD	8,700,000	EUR	8,097,543	4/30/2015
USD	6,000,000	EUR	5,584,512	4/30/2015
GBP	1,200,000	EUR	1,657,688	4/30/2015
AUD	2,000,000	EUR	1,417,033	4/30/2015
EUR	1,800,000	SEK	16,690,140	4/30/2015
INR	339,530,400	USD	5,400,000	4/30/2015
INR	112,188,960	USD	1,800,000	4/15/2015
INR	68,056,700	EUR	1,000,000	4/30/2015