Cash America 2013 Annual Report Download - page 129
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104
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 consolidated statements of income. The following tables
set forth, by each foreign currency hedged, the notional amounts of forward currency exchange contracts as of
December 31, 2013 and 2012, the total gains or losses recorded in 2013 and 2012, 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,
2013
Gain/(loss)
recorded in
2013(a)
Sensitivity
Analysis (b)
British pound $ 76,760 $ (2,212) $ ($4,988)
Australian dollar 4,787 399 (313)
Total $ 81,547 $ (1,813) $ ($5,301)
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)
(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.