v2.4.0.8
Financial Instruments (Tables)
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12 Months Ended |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The fair value of outstanding derivative contracts recorded as assets and liabilities on the Consolidated Balance Sheets at December 31, 2013 and 2012 was as follows: | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | (in thousands) | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | | | | | | | | | | Derivatives designated as hedging instruments: | | | Other current assets | | $ | 40 |
| | Other current liabilities | | $ | 17 |
| Cross currency interest rate swaps | | Other assets | | 26,001 |
| | Other liabilities | | 13,410 |
| Total derivatives designated as hedging instruments | | | | $ | 26,041 |
| | | | $ | 13,427 |
| | | | | | | | | | Derivatives not designated as hedging instruments: | | | Other current assets | | $ | 1,216 |
| | Other current liabilities | | $ | 3,267 |
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| | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | (in thousands) | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | | | | | | | | | | Derivatives designated as hedging instruments: | Cross currency interest rate swaps | | Other assets | | $ | 39,058 |
| | Other liabilities | | $ | 14,346 |
| | | | | | | | | | Derivatives not designated as hedging instruments: | | | Other current assets | | $ | 853 |
| | Other current liabilities | | $ | 1,775 |
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
The effect of derivative instruments in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income during 2013, 2012 and 2011 was as follows: Derivatives Designated as Hedging Instruments | | | | | | | | | | | | | | | | | (In thousands) | | Amount of Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivative—Effective Portion | | Location of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion | | Location of Gain (Loss) Recognized in Income on Derivative—Ineffective Portion and Amount Excluded from Effectiveness Testing | Amount of Gain (Loss) Recognized in Income on Derivative—Ineffective Portion and Amount Excluded from Effectiveness Testing | | | | | $ | 48 |
| | Cost of services and products sold | $ | (8 | ) | | Cost of services and products sold | $ | (6 | ) | | Cross currency interest rate swaps | | 2,409 |
| | | — |
| | Cost of services and products sold | (12,061 | ) | (a) | | | $ | 2,457 |
| | | $ | (8 | ) | | | $ | (12,067 | ) | | | | | $ | (152 | ) | | Cost of services and products sold | $ | 270 |
| | | $ | — |
| | Cross currency interest rate swaps | | (4,748 | ) | | | — |
| | Cost of services and products sold | (13,384 | ) | (a) | | | $ | (4,900 | ) | | | $ | 270 |
| | | $ | (13,384 | ) | | | | | $ | 887 |
| | Cost of services and products sold | $ | 83 |
| | | $ | — |
| | Cross currency interest rate swaps | | 7,230 |
| | | — |
| | Cost of services and products sold | 7,642 |
| (a) | | | $ | 8,117 |
| | | $ | 83 |
| | | $ | 7,642 |
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| | (a) | These gains (losses) offset foreign currency fluctuation effects on the debt principal. |
Derivatives Not Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | Location of Gain (Loss) Recognized in Income on Derivative | | Amount of Gain (Loss) Recognized in Income on Derivative for the Twelve Months Ended December 31(a) | (In thousands) | | | 2013 | | 2012 | | 2011 | | | Cost of services and products sold | | $ | (10,463 | ) | | $ | (3,529 | ) | | $ | 7,238 |
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| | (a) | These gains (losses) offset amounts recognized in cost of service and products sold principally as a result of intercompany or third-party foreign currency exposures. |
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Schedule of Derivative Instruments |
The following table indicates the contractual amounts of the Company's cross currency interest rate swaps: | | | | | | | | | | | | Contractual Amounts | | Interest Rates | (In millions) | | | Receive | | Pay | Maturing 2018 | | $ | 250.0 |
| | Fixed U.S. dollar rate | | Fixed euro rate | Maturing 2020 | | 220.0 |
| | Fixed U.S. dollar rate | | Fixed British pound sterling rate | Maturing 2013 through 2017 | | 10.2 |
| | Floating U.S. dollar rate | | Fixed rupee rate |
| | | | | | | | | | | | | | (In thousands) | | Type | | U.S. Dollar Equivalent | | Maturity | | Recognized Gain (Loss) | British pounds sterling | | Sell | | $ | 26,931 |
| | January 2014 | | $ | (277 | ) | British pounds sterling | | Buy | | 1,976 |
| | January 2014 | | 15 |
| Euros | | Sell | | 248,943 |
| | January 2014 through July 2014 | | (335 | ) | Euros | | Buy | | 242,385 |
| | January 2014 through March 2014 | | (1,335 | ) | Other currencies | | Sell | | 12,708 |
| | January 2014 through July 2014 | | (134 | ) | Other currencies | | Buy | | 8,907 |
| | January 2014 through August 2014 | | 38 |
| Total | | | | $ | 541,850 |
| | | | $ | (2,028 | ) |
Included in the contracted amounts of foreign currency exchange forward contracts outstanding at December 31, 2013 are $121.2 million of foreign currency exchange forward contracts entered into by the Company under the Transition Services Agreement with Brand. The Company has recognized a $0.7 million mark-to-market liability associated with these foreign currency exchange forward contracts. | | | | | | | | | | | | | | (In thousands) | | Type | | U.S. Dollar Equivalent | | Maturity | | Recognized Gain (Loss) | British pounds sterling | | Sell | | $ | — |
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| | $ | — |
| British pounds sterling | | Buy | | 6,141 |
| | January 2013 through February 2013 | | 58 |
| Euros | | Sell | | 264,234 |
| | January 2013 through March 2013 | | (1,082 | ) | Euros | | Buy | | 116,618 |
| | January 2013 through February 2013 | | 187 |
| Other currencies | | Sell | | 2,811 |
| | January 2013 through March 2013 | | (15 | ) | Other currencies | | Buy | | 44,291 |
| | January 2013 | | (71 | ) | Total | | | | $ | 434,095 |
| | | | $ | (923 | ) |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
| | | | | | | | | | Level 2 Fair Value Measurements (In thousands) | | December 31 2013 | | December 31 2012 | Assets | | | | | | | $ | 1,256 |
| | $ | 853 |
| Cross currency interest rate swaps | | 26,001 |
| | 39,058 |
| Liabilities | | | | | | | 3,284 |
| | 1,775 |
| Cross currency interest rate swaps | | 13,410 |
| | 14,346 |
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table reconciles the beginning and ending balances for liabilities measured on a recurring basis using unobservable inputs (Level 3) for 2013: | | | | | | Level 3 Liabilities—Unit Adjustment Liability for the Twelve Months Ended December 31 (In thousands) | | 2013 | Balance at beginning of year | | $ | — |
| Recognition of unit adjustment liability | | 107,500 |
| Payments | | (2,123 | ) | Change in fair value to unit adjustment liability | | 966 |
| Balance at end of year | | $ | 106,343 |
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.
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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 pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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