Cash America 2012 Annual Report Download - page 120
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95
Foreign Currency Exchange Risk
The Company periodically uses forward currency exchange contracts to minimize risk of foreign currency
exchange rate fluctuations in the United Kingdom and Australia. The Company’s forward currency exchange contracts
are non-designated derivatives. Any gain or loss resulting from these forward contracts is recorded as income or loss and
is included in “Foreign currency transaction gain (loss)” in the Company’s consolidated statement of income. The
following tables set forth, by each foreign currency hedged, the notional amounts of forward currency exchange
contracts as of December 31, 2012 and 2011, the total gains or losses recorded in 2012 and 2011, and sensitivity analysis
of hypothetical 10% declines in the exchange rates of the currencies (U.S. dollars in thousands).
Notional amount of
outstanding contracts
as of December 31,
2012
Gain/(loss)
recorded in
2012(a)
Sensitivity
Analysis (b)
British pound $ 92,571 $ (4,561) $ $6,043
Australian dollar 1,242 (233) 81
Total $ 93,813 $ (4,794) $ $6,124
Notional amount of
outstanding contracts
as of December 31,
2011
Gain/(loss)
recorded in
2011(a)
Sensitivity
Analysis (b)
British pound $ 77,364 $ 2,035 $ 5,010
Mexican peso - 1,303 -
Australian dollar 3,011 (179) 198
Total $ 80,375 $ 3,159 $ 5,208
(a)
a The gains (losses) on these derivatives substantially offset the (losses) gains on the hedged portion of foreign
intercompany balances.
(b)
a
a
a
Represents the decrease to net income attributable to the Company due to a hypothetical 10% strengthening of the foreign
currency against the U.S. dollar.