Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CTSH | |
Entity Registrant Name | COGNIZANT TECHNOLOGY SOLUTIONS CORP | |
Entity Central Index Key | 1058290 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 610,517,593 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Financial Position (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $1,271.40 | $2,010.10 |
Short-term investments | 2,078.40 | 1,764.60 |
Trade accounts receivable, net of allowances of $31.5 and $36.9, respectively | 2,059.90 | 1,968.70 |
Unbilled accounts receivable | 388.2 | 324.6 |
Deferred income tax assets, net | 271.7 | 329.7 |
Other current assets | 336.9 | 352.6 |
Total current assets | 6,406.50 | 6,750.30 |
Property and equipment, net of accumulated depreciation of $895.1 and $852.1, respectively | 1,268 | 1,247.20 |
Goodwill | 2,403.60 | 2,413.60 |
Intangible assets, net | 928.4 | 953.7 |
Deferred income tax assets, net | 153.3 | 144.4 |
Other noncurrent assets | 223.6 | 209.7 |
Total assets | 11,383.40 | 11,718.90 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 181.4 | 145.7 |
Deferred revenue | 330.9 | 224.1 |
Short-term debt | 150 | 700 |
Accrued expenses and other current liabilities | 1,221.80 | 1,522.30 |
Total current liabilities | 1,884.10 | 2,592.10 |
Deferred revenue, noncurrent | 47.3 | 81 |
Deferred income tax liabilities, net | 237.3 | 251.7 |
Long-term debt | 925 | 937.5 |
Other noncurrent liabilities | 111.2 | 116.4 |
Total liabilities | 3,204.90 | 3,978.70 |
Commitments and contingencies (See Note 8) | ||
Stockholders' Equity: | ||
Preferred stock, $0.10 par value, 15.0 shares authorized, none issued | 0 | 0 |
Class A common stock, $0.01 par value, 1,000.0 shares authorized, 610.5 and 609.4 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 6.1 | 6.1 |
Additional paid-in capital | 607.2 | 555.6 |
Retained earnings | 7,684.50 | 7,301.60 |
Accumulated other comprehensive income (loss) | -119.3 | -123.1 |
Total stockholders’ equity | 8,178.50 | 7,740.20 |
Total liabilities and stockholders’ equity | $11,383.40 | $11,718.90 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Financial Position (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowances | $31.50 | $36.90 |
Property and equipment, accumulated depreciation | $895.10 | $852.10 |
Preferred stock, par value (in dollars per share) | $0.10 | $0.10 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, issued | 0 | 0 |
Class A common stock, par value (in dollars per share) | $0.01 | $0.01 |
Class A common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Class A common stock, shares issued | 610,500,000 | 609,400,000 |
Class A common stock, shares outstanding | 610,500,000 | 609,400,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenues | $2,911.40 | $2,422.30 |
Operating expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense shown separately below) | 1,727.20 | 1,432.40 |
Selling, general and administrative expenses | 610.8 | 485.4 |
Depreciation and amortization expense | 73.1 | 44.5 |
Income from operations | 500.3 | 460 |
Other income (expense), net: | ||
Interest income | 18 | 13.5 |
Interest expense | -5 | 0 |
Foreign currency exchange gains (losses), net | -2.2 | -1.2 |
Other, net | -0.5 | 0.9 |
Total other income (expense), net | 10.3 | 13.2 |
Income before provision for income taxes | 510.6 | 473.2 |
Provision for income taxes | 127.7 | 124.3 |
Net income | $382.90 | $348.90 |
Basic earnings per share | $0.63 | $0.57 |
Diluted earnings per share | $0.62 | $0.57 |
Weighted average number of common shares outstanding - Basic | 609.6 | 607.7 |
Dilutive effect of shares issuable under stock-based compensation plans | 4.3 | 5.2 |
Weighted average number of common shares outstanding - Diluted | 613.9 | 612.9 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $382.90 | $348.90 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | -40.8 | 1.5 |
Change in unrealized losses on cash flow hedges, net of taxes | 42.2 | 107 |
Change in unrealized gains and losses on available-for-sale securities, net of taxes | 2.4 | 0.5 |
Other comprehensive income (loss) | 3.8 | 109 |
Comprehensive income | $386.70 | $457.90 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $382.90 | $348.90 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 75.6 | 46.7 |
Provision for doubtful accounts | -4.9 | 1.7 |
Deferred income taxes | 29 | 36.3 |
Stock-based compensation expense | 45.8 | 35.8 |
Excess tax benefits on stock-based compensation plans | -7.5 | -5.9 |
Other | -5.1 | -9.8 |
Changes in assets and liabilities: | ||
Trade accounts receivable | -110.7 | -52.7 |
Other current assets | -41.4 | -24.4 |
Other noncurrent assets | -1 | -3.3 |
Accounts payable | 28.3 | 65.6 |
Other current and noncurrent liabilities | -201.7 | -281.6 |
Net cash provided by operating activities | 189.3 | 157.3 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -58 | -43.3 |
Purchases of investments | -719.7 | -779.3 |
Proceeds from maturity or sale of investments | 413.7 | 390.5 |
Business combinations, net of cash acquired | 0 | -1.6 |
Net cash (used in) investing activities | -364 | -433.7 |
Cash flows from financing activities: | ||
Issuance of common stock under stock-based compensation plans | 36.7 | 26.7 |
Excess tax benefits on stock-based compensation plans | 7.5 | 5.9 |
Repurchases of common stock | -38.4 | -39.1 |
Repayments of debt | -563.1 | 0 |
Net cash (used in) financing activities | -557.3 | -6.5 |
Effect of exchange rate changes on cash and cash equivalents | -6.7 | 5.9 |
(Decrease) in cash and cash equivalents | -738.7 | -277 |
Cash and cash equivalents, beginning of year | 2,010.10 | 2,213 |
Cash and cash equivalents, end of period | $1,271.40 | $1,936 |
Interim_Condensed_Consolidated
Interim Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Condensed Consolidated Financial Statements | Interim Condensed Consolidated Financial Statements |
The terms “Cognizant,” “we,” “our,” “us” and “the Company” refer to Cognizant Technology Solutions Corporation unless the context indicates otherwise. We have prepared the accompanying unaudited condensed consolidated financial statements included herein in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP, and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) included in our Annual Report on Form 10-K for the year ended December 31, 2014. In our opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year. | |
During the three months ended March 31, 2015, we repurchased 400,000 shares of our Class A common stock for $25.0 million, inclusive of fees and expenses, under our existing stock repurchase program approved by our Board of Directors. As of March 31, 2015, the remaining available balance under the Board authorization was $788.9 million. Additional stock repurchases were made in connection with our stock-based compensation plans, whereby company shares were tendered by employees for payment of applicable statutory tax withholdings. During the three months ended March 31, 2015, such repurchases totaled 217,014 shares at an aggregate cost of $13.4 million. | |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board, or FASB, issued a standard on revenue from contracts with customers. The new standard sets forth a single comprehensive model for recognizing and reporting revenue. The standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. The new standard will be effective for periods beginning on or after January 1, 2017. Early adoption is not permitted. The standard allows for two methods of adoption: the full retrospective adoption, which requires the standard to be applied to each prior period presented, or the modified retrospective adoption, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. We are currently evaluating the effect the new standard will have on our consolidated financial statements and related disclosures. | |
In April 2015, the FASB issued a standard related to the presentation of debt issuance costs. The standard requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by this standard. The amendment is effective on a retrospective basis for fiscal years, and interim periods within those years, beginning on or after January 1, 2016. The adoption of this standard will affect financial statement presentation only and is expected to have no effect on our financial condition or results of operations. | |
In April 2015, the FASB issued a standard providing guidance to customers in evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the standard requires the customer to account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer is required to account for the arrangement as a service contract. The amendments are effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2016. The Company is currently in the process of evaluating the impact of adoption of the standard on our consolidated financial statements. |
Shortterm_Investments
Short-term Investments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Short-term Investments | Short-term Investments | |||||||||||||||||||||||
Our short-term investments were as follows: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 545.6 | $ | 544.7 | ||||||||||||||||||||
Corporate and other debt securities | 371.2 | 358.6 | ||||||||||||||||||||||
Certificates of deposit and commercial paper | 263.6 | 4.6 | ||||||||||||||||||||||
Asset-backed securities | 220.1 | 220.1 | ||||||||||||||||||||||
Municipal debt securities | 108.8 | 112.8 | ||||||||||||||||||||||
Mutual funds | 22.4 | 21.9 | ||||||||||||||||||||||
Total available-for-sale investment securities | 1,531.70 | 1,262.70 | ||||||||||||||||||||||
Time deposits | 546.7 | 501.9 | ||||||||||||||||||||||
Total short-term investments | $ | 2,078.40 | $ | 1,764.60 | ||||||||||||||||||||
Our available-for-sale investment securities consist of U.S. dollar denominated investments primarily in U.S. Treasury notes, U.S. government agency debt securities, municipal debt securities, non-U.S. government debt securities, U.S. and international corporate bonds, certificates of deposit, commercial paper, debt securities issued by supranational institutions, mutual funds invested in fixed income securities, and asset-backed securities, including Government National Mortgage Association (GNMA) mortgage backed securities and securities backed by auto loans, credit card receivables, and other receivables. Our investment guidelines are to purchase securities which are investment grade at the time of acquisition. We monitor the credit ratings of the securities in our portfolio on an ongoing basis. | ||||||||||||||||||||||||
Available-for-Sale Investment Securities | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at March 31, 2015 were as follows: | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 543.9 | $ | 1.7 | $ | — | $ | 545.6 | ||||||||||||||||
Corporate and other debt securities | 370.1 | 1.2 | (0.1 | ) | 371.2 | |||||||||||||||||||
Certificates of deposit and commercial paper | 263.4 | 0.2 | — | 263.6 | ||||||||||||||||||||
Asset-backed securities | 219.9 | 0.3 | (0.1 | ) | 220.1 | |||||||||||||||||||
Municipal debt securities | 108.6 | 0.3 | (0.1 | ) | 108.8 | |||||||||||||||||||
Mutual funds | 24.3 | 0.2 | (2.1 | ) | 22.4 | |||||||||||||||||||
Total available-for-sale investment securities | $ | 1,530.20 | $ | 3.9 | $ | (2.4 | ) | $ | 1,531.70 | |||||||||||||||
The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at December 31, 2014 were as follows: | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 544.7 | $ | 0.4 | $ | (0.4 | ) | $ | 544.7 | |||||||||||||||
Corporate and other debt securities | 359 | 0.3 | (0.7 | ) | 358.6 | |||||||||||||||||||
Certificates of deposit and commercial paper | 4.6 | — | — | 4.6 | ||||||||||||||||||||
Asset-backed securities | 220.4 | 0.1 | (0.4 | ) | 220.1 | |||||||||||||||||||
Municipal debt securities | 112.5 | 0.4 | (0.1 | ) | 112.8 | |||||||||||||||||||
Mutual funds | 23.9 | 0.3 | (2.3 | ) | 21.9 | |||||||||||||||||||
Total available-for-sale investment securities | $ | 1,265.10 | $ | 1.5 | $ | (3.9 | ) | $ | 1,262.70 | |||||||||||||||
The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of March 31, 2015: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 47.1 | $ | — | $ | — | $ | — | $ | 47.1 | $ | — | ||||||||||||
Corporate and other debt securities | 45.7 | (0.1 | ) | — | — | 45.7 | (0.1 | ) | ||||||||||||||||
Asset-backed securities | 77.1 | (0.1 | ) | 3.5 | — | 80.6 | (0.1 | ) | ||||||||||||||||
Municipal debt securities | 34.5 | (0.1 | ) | — | — | 34.5 | (0.1 | ) | ||||||||||||||||
Mutual funds | — | — | 21.2 | (2.1 | ) | 21.2 | (2.1 | ) | ||||||||||||||||
Total | $ | 204.4 | $ | (0.3 | ) | $ | 24.7 | $ | (2.1 | ) | $ | 229.1 | $ | (2.4 | ) | |||||||||
The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of December 31, 2014: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 256.9 | $ | (0.4 | ) | $ | — | $ | — | $ | 256.9 | $ | (0.4 | ) | ||||||||||
Corporate and other debt securities | 229.7 | (0.7 | ) | — | — | 229.7 | (0.7 | ) | ||||||||||||||||
Certificates of deposit and commercial paper | 3.7 | — | — | — | 3.7 | — | ||||||||||||||||||
Asset-backed securities | 151.9 | (0.3 | ) | 2.8 | (0.1 | ) | 154.7 | (0.4 | ) | |||||||||||||||
Municipal debt securities | 28 | (0.1 | ) | — | — | 28 | (0.1 | ) | ||||||||||||||||
Mutual funds | — | — | 20.7 | (2.3 | ) | 20.7 | (2.3 | ) | ||||||||||||||||
Total | $ | 670.2 | $ | (1.5 | ) | $ | 23.5 | $ | (2.4 | ) | $ | 693.7 | $ | (3.9 | ) | |||||||||
The unrealized losses for the above securities as of March 31, 2015 and December 31, 2014 are primarily attributable to changes in interest rates. As of March 31, 2015, we do not consider any of the investments to be other-than-temporarily impaired. The gross unrealized gains and losses in the above tables were recorded, net of tax, in accumulated other comprehensive income (loss). | ||||||||||||||||||||||||
The contractual maturities of our fixed income available-for-sale investment securities as of March 31, 2015 are set forth in the following table: | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Due within one year | $ | 316.2 | $ | 316.4 | ||||||||||||||||||||
Due after one year up to two years | 479.5 | 480.7 | ||||||||||||||||||||||
Due after two years up to three years | 473.7 | 475.4 | ||||||||||||||||||||||
Due after three years up to four years | 16.6 | 16.7 | ||||||||||||||||||||||
Asset-backed securities | 219.9 | 220.1 | ||||||||||||||||||||||
Fixed income available-for-sale investment securities | $ | 1,505.90 | $ | 1,509.30 | ||||||||||||||||||||
Asset-backed securities were excluded from the maturity categories because the actual maturities may differ from the contractual maturities since the underlying receivables may be prepaid without penalties. Further, actual maturities of debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. | ||||||||||||||||||||||||
Proceeds from sales of available-for-sale investment securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Proceeds from sales of available-for-sale investment securities | $ | 181.8 | $ | 179 | ||||||||||||||||||||
Gross gains | $ | 0.4 | $ | 0.4 | ||||||||||||||||||||
Gross losses | (0.1 | ) | — | |||||||||||||||||||||
Net realized gains on sales of available-for-sale investment securities | $ | 0.3 | $ | 0.4 | ||||||||||||||||||||
Accrued_Expenses_And_Other_Cur
Accrued Expenses And Other Current Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses And Other Current Liabilities | Accrued Expenses and Other Current Liabilities | |||||||
Accrued expenses and other current liabilities were as follows: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Compensation and benefits | $ | 623.5 | $ | 906.8 | ||||
Income taxes | 30.1 | 23.8 | ||||||
Professional fees | 91.6 | 82.7 | ||||||
Travel and entertainment | 33.6 | 35 | ||||||
Customer volume incentives | 197.5 | 192.1 | ||||||
Derivative financial instruments | 65.8 | 97.3 | ||||||
Other | 179.7 | 184.6 | ||||||
Total accrued expenses and other current liabilities | $ | 1,221.80 | $ | 1,522.30 | ||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Debt | ||||||||
On November 20, 2014, we entered into a credit agreement with a commercial bank syndicate providing for a $1,000.0 million unsecured term loan and a $750.0 million unsecured revolving credit facility. The term loan was used to pay a portion of the cash consideration in connection with the 2014 acquisition of TZ US Parent, Inc., or TriZetto. The revolving credit facility is available for general corporate purposes. The term loan and the revolving credit facility both mature on November 20, 2019. As of March 31, 2015 and December 31, 2014, we had notes outstanding under the revolving credit facility of $100.0 million and $650.0 million, respectively. We are required under the credit agreement to make scheduled quarterly principal payments on the term loan. | |||||||||
Short-term Debt | |||||||||
The following summarizes our short-term debt balances as of: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(in millions) | |||||||||
Notes outstanding under revolving credit facility | $ | 100 | $ | 650 | |||||
Term loan - current maturities | 50 | 50 | |||||||
Total short-term debt | $ | 150 | $ | 700 | |||||
Long-term Debt | |||||||||
The following summarizes our long-term debt balances as of: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(in millions) | |||||||||
Term loan, due 2019 | $ | 975 | $ | 987.5 | |||||
Less: current maturities | (50.0 | ) | (50.0 | ) | |||||
Long-term debt, net of current maturities | $ | 925 | $ | 937.5 | |||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Income Taxes | Income Taxes | |||||
Our Indian subsidiaries, collectively referred to as Cognizant India, are primarily export-oriented and are eligible for certain income tax holiday benefits granted by the government of India for export activities conducted within Special Economic Zones, or SEZs, for periods of up to 15 years. Our Indian profits ineligible for SEZ benefits are subject to corporate income tax at the rate of 33.99%. In addition, all Indian profits, including those generated within SEZs, are subject to the Minimum Alternative Tax, or MAT, at the current rate of approximately 21.0%, including surcharges. Any MAT paid is creditable against future Indian corporate income tax, subject to limitations. | ||||||
Our effective income tax rates were as follows: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Effective income tax rate | 25 | % | 26.3 | % | ||
For the 2015 and 2014 periods, the principal difference between our effective income tax rates and the U.S. federal statutory rate is the effect of the Indian tax holiday and earnings taxed in countries that have lower rates than the United States. In 2015, our effective income tax rate decreased primarily due to discrete tax benefits recorded in 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
We measure our cash equivalents, investments and foreign exchange forward contracts at fair value. The authoritative guidance defines fair value as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. | ||||||||||||||||
The fair value hierarchy consists of the following three levels: | ||||||||||||||||
• | Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 – Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. | |||||||||||||||
• | Level 3 – Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | |||||||||||||||
The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2015: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 96.9 | $ | — | $ | — | $ | 96.9 | ||||||||
Time deposits | — | 20.1 | — | 20.1 | ||||||||||||
Certificates of deposit and commercial paper | — | 47.4 | — | 47.4 | ||||||||||||
Total cash equivalents | 96.9 | 67.5 | — | 164.4 | ||||||||||||
Short-term investments: | ||||||||||||||||
Time deposits | — | 546.7 | — | 546.7 | ||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Treasury and agency debt securities | 431.4 | 114.2 | — | 545.6 | ||||||||||||
Corporate and other debt securities | — | 371.2 | — | 371.2 | ||||||||||||
Certificates of deposit and commercial paper | — | 263.6 | — | 263.6 | ||||||||||||
Asset-backed securities | — | 220.1 | — | 220.1 | ||||||||||||
Municipal debt securities | — | 108.8 | — | 108.8 | ||||||||||||
Mutual funds | — | 22.4 | — | 22.4 | ||||||||||||
Total available-for-sale investment securities | 431.4 | 1,100.30 | — | 1,531.70 | ||||||||||||
Total short-term investments | 431.4 | 1,647.00 | — | 2,078.40 | ||||||||||||
Derivative financial instruments - foreign exchange forward contracts: | ||||||||||||||||
Other current assets | — | 12.9 | — | 12.9 | ||||||||||||
Accrued expenses and other current liabilities | — | (65.8 | ) | — | (65.8 | ) | ||||||||||
Other noncurrent assets | — | 8 | — | 8 | ||||||||||||
Other noncurrent liabilities | — | (12.6 | ) | — | (12.6 | ) | ||||||||||
Total | $ | 528.3 | $ | 1,657.00 | $ | — | $ | 2,185.30 | ||||||||
The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2014: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 176.5 | $ | — | $ | — | $ | 176.5 | ||||||||
Commercial paper | — | 7.4 | — | 7.4 | ||||||||||||
Total cash equivalents | 176.5 | 7.4 | — | 183.9 | ||||||||||||
Short-term investments: | ||||||||||||||||
Time deposits | — | 501.9 | — | 501.9 | ||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Treasury and agency debt securities | 426.8 | 117.9 | — | 544.7 | ||||||||||||
Corporate and other debt securities | — | 358.6 | — | 358.6 | ||||||||||||
Certificates of deposit and commercial paper | — | 4.6 | — | 4.6 | ||||||||||||
Asset-backed securities | — | 220.1 | — | 220.1 | ||||||||||||
Municipal debt securities | — | 112.8 | — | 112.8 | ||||||||||||
Mutual funds | — | 21.9 | — | 21.9 | ||||||||||||
Total available-for-sale investment securities | 426.8 | 835.9 | — | 1,262.70 | ||||||||||||
Total short-term investments | 426.8 | 1,337.80 | — | 1,764.60 | ||||||||||||
Derivative financial instruments - foreign exchange forward contracts: | ||||||||||||||||
Other current assets | — | 2.7 | — | 2.7 | ||||||||||||
Accrued expenses and other current liabilities | — | (97.3 | ) | — | (97.3 | ) | ||||||||||
Other noncurrent assets | — | 3.9 | — | 3.9 | ||||||||||||
Other noncurrent liabilities | — | (10.0 | ) | — | (10.0 | ) | ||||||||||
Total | $ | 603.3 | $ | 1,244.50 | $ | — | $ | 1,847.80 | ||||||||
We measure the fair value of money market funds and U.S. Treasury securities based on quoted prices in active markets for identical assets and therefore classify these assets as Level 1. The fair value of commercial paper, certificates of deposit, U.S. government agency securities, municipal debt securities, U.S. and international corporate bonds and foreign government debt securities is measured based on relevant trade data, dealer quotes, or model driven valuations using significant inputs derived from or corroborated by observable market data, such as yield curves and credit spreads. We measure the fair value of our asset-backed securities using model driven valuations based on significant inputs derived from or corroborated by observable market data such as dealer quotes, available trade information, spread data, current market assumptions on prepayment speeds and defaults and historical data on deal collateral performance. The value of the mutual funds invested in fixed income securities is based on the net asset value, or NAV, of the fund, with appropriate consideration of the liquidity and any restrictions on disposition of our investment in the fund. The carrying value of the time deposits approximated fair value as of March 31, 2015 and December 31, 2014. | ||||||||||||||||
We estimate the fair value of each foreign exchange forward contract by using a present value of expected cash flows model. This model calculates the difference between the current market forward price and the contracted forward price for each foreign exchange contract and applies the difference in the rates to each outstanding contract. The market forward rates include a discount and credit risk factor. The amounts are aggregated by type of contract and maturity. | ||||||||||||||||
During the three months ended March 31, 2015 and the year ended December 31, 2014, there were no transfers among Level 1, Level 2, or Level 3 financial assets and liabilities. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||||||||
In the normal course of business, we use foreign exchange forward contracts to manage foreign currency exchange rate risk. The estimated fair value of the foreign exchange forward contracts considers the following items: discount rate, timing and amount of cash flow and counterparty credit risk. Derivatives may give rise to credit risks from the possible non-performance by counterparties. Credit risk is generally limited to the fair value of those contracts that are favorable to us. We have limited our credit risk by entering into derivative transactions only with highly-rated global financial institutions, limiting the amount of credit exposure with any one financial institution and conducting ongoing evaluation of the creditworthiness of the financial institutions with which we do business. In addition, all the assets and liabilities related to our foreign exchange forward contracts set forth in the below table are subject to International Swaps and Derivatives Association, or ISDA, master netting arrangements or other similar agreements with each individual counterparty. These master netting arrangements generally provide for net settlement of all outstanding contracts with the counterparty in the case of an event of default or a termination event. We have presented all the assets and liabilities related to our foreign exchange forward contracts on a gross basis, with no offsets, in our accompanying unaudited condensed consolidated statements of financial position. There is no financial collateral (including cash collateral) posted or received by us related to our foreign exchange forward contracts. | |||||||||||||||||||
The following table provides information on the location and fair values of derivative financial instruments included in our unaudited condensed consolidated statement of financial position as of: | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Designation of Derivatives | Location on Statement of | Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Financial Position | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Cash Flow Hedges – Designated as hedging instruments | |||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 12.8 | $ | — | $ | 0.7 | $ | — | ||||||||||
Other noncurrent assets | 8 | — | 3.9 | — | |||||||||||||||
Accrued expenses and other current liabilities | — | 62.4 | — | 97.2 | |||||||||||||||
Other noncurrent liabilities | — | 12.6 | — | 10 | |||||||||||||||
Total | 20.8 | 75 | 4.6 | 107.2 | |||||||||||||||
Other Derivatives – Not designated as hedging instruments | |||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 0.1 | — | 2 | — | ||||||||||||||
Accrued expenses and other current liabilities | — | 3.4 | — | 0.1 | |||||||||||||||
Total | 0.1 | 3.4 | 2 | 0.1 | |||||||||||||||
Total | $ | 20.9 | $ | 78.4 | $ | 6.6 | $ | 107.3 | |||||||||||
Cash Flow Hedges | |||||||||||||||||||
We have entered into a series of foreign exchange forward contracts that are designated as cash flow hedges of Indian rupee denominated payments in India. These contracts are intended to partially offset the impact of movement of exchange rates on future operating costs and are scheduled to mature each month during 2015, 2016, 2017, and 2018. Under these contracts, we purchase Indian rupees and sell U.S. dollars. The changes in fair value of these contracts are initially reported in the caption “Accumulated other comprehensive income (loss)” in our consolidated statements of financial position and are subsequently reclassified to earnings in the same period the hedge contract matures. As of March 31, 2015, we estimate that $40.7 million, net of tax, of the net losses related to derivatives designated as cash flow hedges recorded in accumulated other comprehensive income (loss) is expected to be reclassified into earnings within the next 12 months. | |||||||||||||||||||
The notional value of our outstanding contracts by year of maturity and the net unrealized (loss) included in accumulated other comprehensive income (loss) for such contracts were as follows as of: | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
2015 | $ | 990 | $ | 1,320.00 | |||||||||||||||
2016 | 1,020.00 | 720 | |||||||||||||||||
2017 | 750 | 420 | |||||||||||||||||
2018 | 150 | — | |||||||||||||||||
Total notional value of contracts outstanding | $ | 2,910.00 | $ | 2,460.00 | |||||||||||||||
Net unrealized (loss) included in accumulated other comprehensive income (loss), net of taxes | $ | (44.5 | ) | $ | (86.7 | ) | |||||||||||||
Upon settlement or maturity of the cash flow hedge contracts, we record the related gain or loss, based on our designation at the commencement of the contract, with the hedged Indian rupee denominated expense reported within cost of revenues and selling, general and administrative expenses. Hedge ineffectiveness was immaterial for all periods presented. | |||||||||||||||||||
The following table provides information on the location and amounts of pre-tax (losses) on our cash flow hedges for the three months ended March 31: | |||||||||||||||||||
(Increase) Decrease in | Location of Net Derivative | Net (Loss) Reclassified | |||||||||||||||||
Derivative | (Losses) Reclassified | from Accumulated Other | |||||||||||||||||
Losses Recognized | from Accumulated Other | Comprehensive Income (Loss) | |||||||||||||||||
in Accumulated Other | Comprehensive Income (Loss) | into Income | |||||||||||||||||
Comprehensive Income (Loss) | into Income | (effective portion) | |||||||||||||||||
(effective portion) | (effective portion) | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||||
Cash Flow Hedges – Designated as hedging instruments | |||||||||||||||||||
Foreign exchange forward contracts | $ | 34.7 | $ | 86.3 | Cost of revenues | $ | (11.2 | ) | $ | (33.5 | ) | ||||||||
Selling, general and administrative expenses | (2.5 | ) | (6.8 | ) | |||||||||||||||
Total | $ | (13.7 | ) | $ | (40.3 | ) | |||||||||||||
The activity related to the change in net unrealized (losses) on our cash flow hedges included in accumulated other comprehensive income (loss) is presented in Note 9. | |||||||||||||||||||
Other Derivatives | |||||||||||||||||||
We use foreign exchange forward contracts, which have not been designated as hedges, to hedge balance sheet exposure to certain monetary assets and liabilities denominated in currencies other than the functional currency of our foreign subsidiaries. Contracts outstanding as of March 31, 2015 are scheduled to mature in 2015. Realized gains or losses and changes in the estimated fair value of these derivative financial instruments are recorded in the caption "Foreign currency exchange gains (losses), net" in our consolidated statements of operations. | |||||||||||||||||||
Additional information related to our outstanding contracts is as follows: | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Notional | Market Value | Notional | Market Value | ||||||||||||||||
(in millions) | |||||||||||||||||||
Contracts to purchase U.S. dollars and sell: | |||||||||||||||||||
Indian rupees | $ | 160 | $ | (3.3 | ) | $ | 160 | $ | 1.8 | ||||||||||
Euros | 14.3 | (0.1 | ) | 24.4 | 0.2 | ||||||||||||||
British pounds | — | — | 17.9 | — | |||||||||||||||
Australian dollars | 9.7 | $ | 0.1 | 9.6 | (0.1 | ) | |||||||||||||
Canadian dollars | 4.3 | — | 3.7 | — | |||||||||||||||
Total | $ | 188.3 | $ | (3.3 | ) | $ | 215.6 | $ | 1.9 | ||||||||||
The following table provides information on the location and amounts of realized and unrealized pre-tax gains and losses on our other derivative financial instruments for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||
Location of Net (Losses) on | Amount of Net (Losses) on Derivative Instruments | ||||||||||||||||||
Derivative Instruments | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Other Derivatives – Not designated as hedging instruments | Foreign currency exchange gains (losses), net | ||||||||||||||||||
Foreign exchange forward contracts | $ | (1.8 | ) | $ | (8.4 | ) | |||||||||||||
The related cash flow impacts of all of our derivative activities are reflected as cash flows from operating activities. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies |
We are involved in various claims and legal actions arising in the ordinary course of business. We accrue a liability when a loss is considered probable and the amount can be reasonably estimated. In the opinion of management, the outcome of any existing claims and legal or regulatory proceedings, if decided adversely, is not expected to have a material adverse effect on our business, financial condition, results of operations and cash flows. Additionally, many of our engagements involve projects that are critical to the operations of our customers’ business and provide benefits that are difficult to quantify. Any failure in a customer’s systems or our failure to meet our contractual obligations to our clients, including any breach involving a customer’s confidential information or sensitive data, or our obligations under applicable laws or regulations could result in a claim for substantial damages against us, regardless of our responsibility for such failure. Although we attempt to contractually limit our liability for damages arising from negligent acts, errors, mistakes, or omissions in rendering our services, there can be no assurance that the limitations of liability set forth in our contracts will be enforceable in all instances or will otherwise protect us from liability for damages. Although we have general liability insurance coverage, including coverage for errors or omissions, there can be no assurance that such coverage will cover all types of claims, continue to be available on reasonable terms or will be available in sufficient amounts to cover one or more large claims, or that the insurer will not disclaim coverage as to any future claim. The successful assertion of one or more large claims against us that exceed or are not covered by our insurance coverage or changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have a material adverse effect on our business, results of operations, financial condition and cash flows. | |
In the normal course of business and in conjunction with certain client engagements, we have entered into contractual arrangements through which we may be obligated to indemnify clients or other parties with whom we conduct business with respect to certain matters. These arrangements can include provisions whereby we agree to hold the indemnified party and certain of their affiliated entities harmless with respect to third-party claims related to such matters as our breach of certain representations or covenants, or out of our intellectual property infringement, our gross negligence or willful misconduct or certain other claims made against certain parties. Payments by us under any of these arrangements are generally conditioned on the client making a claim and providing us with full control over the defense and settlement of such claim. It is not possible to determine the maximum potential amount under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Historically, we have not made payments under these indemnification agreements and therefore they have not had any impact on our operating results, financial position, or cash flows. However, if events arise requiring us to make payment for indemnification claims under our indemnification obligations in contracts we have entered, such payments could have material impact on our business, results of operations, financial condition and cash flows. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Changes in accumulated other comprehensive income (loss) by component were as follows for the three months ended March 31, 2015: | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effect | Amount | ||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments: | ||||||||||||
Beginning balance | $ | (34.8 | ) | $ | — | $ | (34.8 | ) | ||||
Change in foreign currency translation adjustments | (40.8 | ) | — | (40.8 | ) | |||||||
Ending balance | $ | (75.6 | ) | $ | — | $ | (75.6 | ) | ||||
Unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||
Beginning balance | $ | (2.4 | ) | $ | 0.8 | $ | (1.6 | ) | ||||
Net unrealized gains arising during the period | 4.2 | (1.7 | ) | 2.5 | ||||||||
Reclassification of net (gains) to Other, net | (0.3 | ) | 0.2 | (0.1 | ) | |||||||
Net change | 3.9 | (1.5 | ) | 2.4 | ||||||||
Ending balance | $ | 1.5 | $ | (0.7 | ) | $ | 0.8 | |||||
Unrealized gains (losses) on cash flow hedges: | ||||||||||||
Beginning balance | $ | (102.6 | ) | $ | 15.9 | $ | (86.7 | ) | ||||
Net unrealized gains arising during the period | 34.7 | (3.7 | ) | 31 | ||||||||
Reclassifications of losses to: | ||||||||||||
Cost of revenues | 11.2 | (2.0 | ) | 9.2 | ||||||||
Selling, general and administrative expenses | 2.5 | (0.5 | ) | 2 | ||||||||
Net change | 48.4 | (6.2 | ) | 42.2 | ||||||||
Ending balance | $ | (54.2 | ) | $ | 9.7 | $ | (44.5 | ) | ||||
Accumulated other comprehensive income (loss): | ||||||||||||
Beginning balance | $ | (139.8 | ) | $ | 16.7 | $ | (123.1 | ) | ||||
Other comprehensive income (loss) | 11.5 | (7.7 | ) | 3.8 | ||||||||
Ending balance | $ | (128.3 | ) | $ | 9 | $ | (119.3 | ) | ||||
Changes in accumulated other comprehensive income (loss) by component were as follows for the three months ended March 31, 2014: | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effect | Amount | ||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments: | ||||||||||||
Beginning balance | $ | 24 | $ | — | $ | 24 | ||||||
Change in foreign currency translation adjustments | 1.5 | — | 1.5 | |||||||||
Ending balance | $ | 25.5 | $ | — | $ | 25.5 | ||||||
Unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||
Beginning balance | $ | (0.4 | ) | $ | 0.1 | $ | (0.3 | ) | ||||
Net unrealized gains arising during the period | 1.1 | (0.4 | ) | 0.7 | ||||||||
Reclassification of net (gains) to Other, net | (0.4 | ) | 0.2 | (0.2 | ) | |||||||
Net change | 0.7 | (0.2 | ) | 0.5 | ||||||||
Ending balance | $ | 0.3 | $ | (0.1 | ) | $ | 0.2 | |||||
Unrealized gains (losses) on cash flow hedges: | ||||||||||||
Beginning balance | $ | (354.9 | ) | $ | 54.9 | $ | (300.0 | ) | ||||
Unrealized gains arising during the period | 86.3 | (13.4 | ) | 72.9 | ||||||||
Reclassifications of losses to: | ||||||||||||
Cost of revenues | 33.5 | (5.2 | ) | 28.3 | ||||||||
Selling, general and administrative expenses | 6.8 | (1.0 | ) | 5.8 | ||||||||
Net change | 126.6 | (19.6 | ) | 107 | ||||||||
Ending balance | $ | (228.3 | ) | $ | 35.3 | $ | (193.0 | ) | ||||
Accumulated other comprehensive income (loss): | ||||||||||||
Beginning balance | $ | (331.3 | ) | $ | 55 | $ | (276.3 | ) | ||||
Other comprehensive income (loss) | 128.8 | (19.8 | ) | 109 | ||||||||
Ending balance | $ | (202.5 | ) | $ | 35.2 | $ | (167.3 | ) | ||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
Our reportable segments are: | ||||||||
• | Financial Services, which includes customers providing banking/transaction processing, capital markets and insurance services; | |||||||
• | Healthcare, which includes healthcare providers and payers as well as life sciences customers, including pharmaceutical, biotech and medical device companies; | |||||||
• | Manufacturing/Retail/Logistics, which includes consumer goods, manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services; and | |||||||
• | Other, which is an aggregation of industry segments each of which, individually, represents less than 10% of consolidated revenues and segment operating profit. The Other reportable segment includes our information, media and entertainment services, communications and high technology operating segments. Our sales managers, account executives, account managers and project teams are aligned in accordance with the specific industries they serve. | |||||||
Our chief operating decision maker evaluates the company’s performance and allocates resources based on segment revenues and operating profit. Segment operating profit is defined as income from operations before unallocated costs. Generally, operating expenses for each operating segment have similar characteristics and are subject to the same factors, pressures and challenges. However, the economic environment and its effects on industries served by our operating segments may affect revenue and operating expenses to differing degrees. Expenses included in segment operating profit consist principally of direct selling and delivery costs as well as a per seat charge for use of the development and delivery centers. Certain selling, general and administrative expenses, excess or shortfall of incentive compensation for delivery personnel as compared to target, stock-based compensation expense, a portion of depreciation and amortization and the impact of the settlements of our cash flow hedges are not allocated to individual segments in internal management reports used by the chief operating decision maker. Accordingly, such expenses are excluded from segment operating profit and are separately disclosed as “unallocated” and adjusted only against our total income from operations. Additionally, management has determined that it is not practical to allocate identifiable assets by segment, since such assets are used interchangeably among the segments. | ||||||||
Revenues from external customers and segment operating profit, before unallocated expenses, for the Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other reportable segments were as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Revenues: | ||||||||
Financial Services | $ | 1,161.10 | $ | 1,023.70 | ||||
Healthcare | 879.1 | 615.9 | ||||||
Manufacturing/Retail/Logistics | 548.9 | 511.9 | ||||||
Other | 322.3 | 270.8 | ||||||
Total revenue | $ | 2,911.40 | $ | 2,422.30 | ||||
Segment Operating Profit: | ||||||||
Financial Services | $ | 347.4 | $ | 347.9 | ||||
Healthcare | 245.1 | 214.3 | ||||||
Manufacturing/Retail/Logistics | 181.3 | 181.7 | ||||||
Other | 92 | 89.6 | ||||||
Total segment operating profit | 865.8 | 833.5 | ||||||
Less: unallocated costs | 365.5 | 373.5 | ||||||
Income from operations | $ | 500.3 | $ | 460 | ||||
Geographic Area Information | ||||||||
Revenue and long-lived assets, by geographic area, are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Revenues: (1) | ||||||||
North America(2) | $ | 2,292.00 | $ | 1,836.20 | ||||
Europe(3) | 475.9 | 470.1 | ||||||
Rest of World (4) | 143.5 | 116 | ||||||
Total | $ | 2,911.40 | $ | 2,422.30 | ||||
As of | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Long-lived Assets: (5) | ||||||||
North America(2) | $ | 210.6 | $ | 188.3 | ||||
Europe | 29.1 | 29.8 | ||||||
Rest of World (4)(6) | 1,028.30 | 1,029.10 | ||||||
Total | $ | 1,268.00 | $ | 1,247.20 | ||||
________________ | ||||||||
-1 | Revenues are attributed to regions based upon customer location. | |||||||
-2 | Substantially all relates to operations in the United States. | |||||||
-3 | Includes revenue from operations in the United Kingdom of $285.1 million and $277.5 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||
-4 | Includes our operations in Asia Pacific, the Middle East and Latin America. | |||||||
-5 | Long-lived assets include property and equipment, net of accumulated depreciation and amortization. | |||||||
-6 | Substantially all of these long-lived assets relate to our operations in India. |
Interim_Condensed_Consolidated1
Interim Condensed Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | New Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board, or FASB, issued a standard on revenue from contracts with customers. The new standard sets forth a single comprehensive model for recognizing and reporting revenue. The standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. The new standard will be effective for periods beginning on or after January 1, 2017. Early adoption is not permitted. The standard allows for two methods of adoption: the full retrospective adoption, which requires the standard to be applied to each prior period presented, or the modified retrospective adoption, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. We are currently evaluating the effect the new standard will have on our consolidated financial statements and related disclosures. | |
In April 2015, the FASB issued a standard related to the presentation of debt issuance costs. The standard requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by this standard. The amendment is effective on a retrospective basis for fiscal years, and interim periods within those years, beginning on or after January 1, 2016. The adoption of this standard will affect financial statement presentation only and is expected to have no effect on our financial condition or results of operations. | |
In April 2015, the FASB issued a standard providing guidance to customers in evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the standard requires the customer to account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer is required to account for the arrangement as a service contract. The amendments are effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2016. The Company is currently in the process of evaluating the impact of adoption of the standard on our consolidated financial statements. |
Shortterm_Investments_Tables
Short-term Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Short-term investments | Our short-term investments were as follows: | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 545.6 | $ | 544.7 | ||||||||||||||||||||
Corporate and other debt securities | 371.2 | 358.6 | ||||||||||||||||||||||
Certificates of deposit and commercial paper | 263.6 | 4.6 | ||||||||||||||||||||||
Asset-backed securities | 220.1 | 220.1 | ||||||||||||||||||||||
Municipal debt securities | 108.8 | 112.8 | ||||||||||||||||||||||
Mutual funds | 22.4 | 21.9 | ||||||||||||||||||||||
Total available-for-sale investment securities | 1,531.70 | 1,262.70 | ||||||||||||||||||||||
Time deposits | 546.7 | 501.9 | ||||||||||||||||||||||
Total short-term investments | $ | 2,078.40 | $ | 1,764.60 | ||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains And Losses And Fair Value Of Investment Securities Available-For-Sale | The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at March 31, 2015 were as follows: | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 543.9 | $ | 1.7 | $ | — | $ | 545.6 | ||||||||||||||||
Corporate and other debt securities | 370.1 | 1.2 | (0.1 | ) | 371.2 | |||||||||||||||||||
Certificates of deposit and commercial paper | 263.4 | 0.2 | — | 263.6 | ||||||||||||||||||||
Asset-backed securities | 219.9 | 0.3 | (0.1 | ) | 220.1 | |||||||||||||||||||
Municipal debt securities | 108.6 | 0.3 | (0.1 | ) | 108.8 | |||||||||||||||||||
Mutual funds | 24.3 | 0.2 | (2.1 | ) | 22.4 | |||||||||||||||||||
Total available-for-sale investment securities | $ | 1,530.20 | $ | 3.9 | $ | (2.4 | ) | $ | 1,531.70 | |||||||||||||||
The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at December 31, 2014 were as follows: | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 544.7 | $ | 0.4 | $ | (0.4 | ) | $ | 544.7 | |||||||||||||||
Corporate and other debt securities | 359 | 0.3 | (0.7 | ) | 358.6 | |||||||||||||||||||
Certificates of deposit and commercial paper | 4.6 | — | — | 4.6 | ||||||||||||||||||||
Asset-backed securities | 220.4 | 0.1 | (0.4 | ) | 220.1 | |||||||||||||||||||
Municipal debt securities | 112.5 | 0.4 | (0.1 | ) | 112.8 | |||||||||||||||||||
Mutual funds | 23.9 | 0.3 | (2.3 | ) | 21.9 | |||||||||||||||||||
Total available-for-sale investment securities | $ | 1,265.10 | $ | 1.5 | $ | (3.9 | ) | $ | 1,262.70 | |||||||||||||||
Available-For-Sale Securities In A Continuous Unrealized Loss Position | The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of March 31, 2015: | |||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 47.1 | $ | — | $ | — | $ | — | $ | 47.1 | $ | — | ||||||||||||
Corporate and other debt securities | 45.7 | (0.1 | ) | — | — | 45.7 | (0.1 | ) | ||||||||||||||||
Asset-backed securities | 77.1 | (0.1 | ) | 3.5 | — | 80.6 | (0.1 | ) | ||||||||||||||||
Municipal debt securities | 34.5 | (0.1 | ) | — | — | 34.5 | (0.1 | ) | ||||||||||||||||
Mutual funds | — | — | 21.2 | (2.1 | ) | 21.2 | (2.1 | ) | ||||||||||||||||
Total | $ | 204.4 | $ | (0.3 | ) | $ | 24.7 | $ | (2.1 | ) | $ | 229.1 | $ | (2.4 | ) | |||||||||
The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of December 31, 2014: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
U.S. Treasury and agency debt securities | $ | 256.9 | $ | (0.4 | ) | $ | — | $ | — | $ | 256.9 | $ | (0.4 | ) | ||||||||||
Corporate and other debt securities | 229.7 | (0.7 | ) | — | — | 229.7 | (0.7 | ) | ||||||||||||||||
Certificates of deposit and commercial paper | 3.7 | — | — | — | 3.7 | — | ||||||||||||||||||
Asset-backed securities | 151.9 | (0.3 | ) | 2.8 | (0.1 | ) | 154.7 | (0.4 | ) | |||||||||||||||
Municipal debt securities | 28 | (0.1 | ) | — | — | 28 | (0.1 | ) | ||||||||||||||||
Mutual funds | — | — | 20.7 | (2.3 | ) | 20.7 | (2.3 | ) | ||||||||||||||||
Total | $ | 670.2 | $ | (1.5 | ) | $ | 23.5 | $ | (2.4 | ) | $ | 693.7 | $ | (3.9 | ) | |||||||||
Contractual Maturities Of Investments In Debt Securities Available-For-Sale | The contractual maturities of our fixed income available-for-sale investment securities as of March 31, 2015 are set forth in the following table: | |||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Due within one year | $ | 316.2 | $ | 316.4 | ||||||||||||||||||||
Due after one year up to two years | 479.5 | 480.7 | ||||||||||||||||||||||
Due after two years up to three years | 473.7 | 475.4 | ||||||||||||||||||||||
Due after three years up to four years | 16.6 | 16.7 | ||||||||||||||||||||||
Asset-backed securities | 219.9 | 220.1 | ||||||||||||||||||||||
Fixed income available-for-sale investment securities | $ | 1,505.90 | $ | 1,509.30 | ||||||||||||||||||||
Gross Gains (Losses) Realized On Sales, Maturities And Other Securities Transactions Related To Investment Securities | Proceeds from sales of available-for-sale investment securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Proceeds from sales of available-for-sale investment securities | $ | 181.8 | $ | 179 | ||||||||||||||||||||
Gross gains | $ | 0.4 | $ | 0.4 | ||||||||||||||||||||
Gross losses | (0.1 | ) | — | |||||||||||||||||||||
Net realized gains on sales of available-for-sale investment securities | $ | 0.3 | $ | 0.4 | ||||||||||||||||||||
Accrued_Expenses_And_Other_Cur1
Accrued Expenses And Other Current Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities were as follows: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Compensation and benefits | $ | 623.5 | $ | 906.8 | ||||
Income taxes | 30.1 | 23.8 | ||||||
Professional fees | 91.6 | 82.7 | ||||||
Travel and entertainment | 33.6 | 35 | ||||||
Customer volume incentives | 197.5 | 192.1 | ||||||
Derivative financial instruments | 65.8 | 97.3 | ||||||
Other | 179.7 | 184.6 | ||||||
Total accrued expenses and other current liabilities | $ | 1,221.80 | $ | 1,522.30 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Short-term Debt | Short-term Debt | ||||||||
The following summarizes our short-term debt balances as of: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(in millions) | |||||||||
Notes outstanding under revolving credit facility | $ | 100 | $ | 650 | |||||
Term loan - current maturities | 50 | 50 | |||||||
Total short-term debt | $ | 150 | $ | 700 | |||||
Summary of Long-term Debt | Long-term Debt | ||||||||
The following summarizes our long-term debt balances as of: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(in millions) | |||||||||
Term loan, due 2019 | $ | 975 | $ | 987.5 | |||||
Less: current maturities | (50.0 | ) | (50.0 | ) | |||||
Long-term debt, net of current maturities | $ | 925 | $ | 937.5 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Schedule Of Effective Income Tax Rates | Our effective income tax rates were as follows: | |||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Effective income tax rate | 25 | % | 26.3 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2015: | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 96.9 | $ | — | $ | — | $ | 96.9 | ||||||||
Time deposits | — | 20.1 | — | 20.1 | ||||||||||||
Certificates of deposit and commercial paper | — | 47.4 | — | 47.4 | ||||||||||||
Total cash equivalents | 96.9 | 67.5 | — | 164.4 | ||||||||||||
Short-term investments: | ||||||||||||||||
Time deposits | — | 546.7 | — | 546.7 | ||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Treasury and agency debt securities | 431.4 | 114.2 | — | 545.6 | ||||||||||||
Corporate and other debt securities | — | 371.2 | — | 371.2 | ||||||||||||
Certificates of deposit and commercial paper | — | 263.6 | — | 263.6 | ||||||||||||
Asset-backed securities | — | 220.1 | — | 220.1 | ||||||||||||
Municipal debt securities | — | 108.8 | — | 108.8 | ||||||||||||
Mutual funds | — | 22.4 | — | 22.4 | ||||||||||||
Total available-for-sale investment securities | 431.4 | 1,100.30 | — | 1,531.70 | ||||||||||||
Total short-term investments | 431.4 | 1,647.00 | — | 2,078.40 | ||||||||||||
Derivative financial instruments - foreign exchange forward contracts: | ||||||||||||||||
Other current assets | — | 12.9 | — | 12.9 | ||||||||||||
Accrued expenses and other current liabilities | — | (65.8 | ) | — | (65.8 | ) | ||||||||||
Other noncurrent assets | — | 8 | — | 8 | ||||||||||||
Other noncurrent liabilities | — | (12.6 | ) | — | (12.6 | ) | ||||||||||
Total | $ | 528.3 | $ | 1,657.00 | $ | — | $ | 2,185.30 | ||||||||
The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2014: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 176.5 | $ | — | $ | — | $ | 176.5 | ||||||||
Commercial paper | — | 7.4 | — | 7.4 | ||||||||||||
Total cash equivalents | 176.5 | 7.4 | — | 183.9 | ||||||||||||
Short-term investments: | ||||||||||||||||
Time deposits | — | 501.9 | — | 501.9 | ||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Treasury and agency debt securities | 426.8 | 117.9 | — | 544.7 | ||||||||||||
Corporate and other debt securities | — | 358.6 | — | 358.6 | ||||||||||||
Certificates of deposit and commercial paper | — | 4.6 | — | 4.6 | ||||||||||||
Asset-backed securities | — | 220.1 | — | 220.1 | ||||||||||||
Municipal debt securities | — | 112.8 | — | 112.8 | ||||||||||||
Mutual funds | — | 21.9 | — | 21.9 | ||||||||||||
Total available-for-sale investment securities | 426.8 | 835.9 | — | 1,262.70 | ||||||||||||
Total short-term investments | 426.8 | 1,337.80 | — | 1,764.60 | ||||||||||||
Derivative financial instruments - foreign exchange forward contracts: | ||||||||||||||||
Other current assets | — | 2.7 | — | 2.7 | ||||||||||||
Accrued expenses and other current liabilities | — | (97.3 | ) | — | (97.3 | ) | ||||||||||
Other noncurrent assets | — | 3.9 | — | 3.9 | ||||||||||||
Other noncurrent liabilities | — | (10.0 | ) | — | (10.0 | ) | ||||||||||
Total | $ | 603.3 | $ | 1,244.50 | $ | — | $ | 1,847.80 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Location And Fair Values Of Derivative Financial Instruments In Our Condensed Consolidated Statements Of Financial Position | The following table provides information on the location and fair values of derivative financial instruments included in our unaudited condensed consolidated statement of financial position as of: | ||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Designation of Derivatives | Location on Statement of | Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Financial Position | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Cash Flow Hedges – Designated as hedging instruments | |||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 12.8 | $ | — | $ | 0.7 | $ | — | ||||||||||
Other noncurrent assets | 8 | — | 3.9 | — | |||||||||||||||
Accrued expenses and other current liabilities | — | 62.4 | — | 97.2 | |||||||||||||||
Other noncurrent liabilities | — | 12.6 | — | 10 | |||||||||||||||
Total | 20.8 | 75 | 4.6 | 107.2 | |||||||||||||||
Other Derivatives – Not designated as hedging instruments | |||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 0.1 | — | 2 | — | ||||||||||||||
Accrued expenses and other current liabilities | — | 3.4 | — | 0.1 | |||||||||||||||
Total | 0.1 | 3.4 | 2 | 0.1 | |||||||||||||||
Total | $ | 20.9 | $ | 78.4 | $ | 6.6 | $ | 107.3 | |||||||||||
Net unrealized (loss) included in accumulated other comprehensive income (loss) | The notional value of our outstanding contracts by year of maturity and the net unrealized (loss) included in accumulated other comprehensive income (loss) for such contracts were as follows as of: | ||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
2015 | $ | 990 | $ | 1,320.00 | |||||||||||||||
2016 | 1,020.00 | 720 | |||||||||||||||||
2017 | 750 | 420 | |||||||||||||||||
2018 | 150 | — | |||||||||||||||||
Total notional value of contracts outstanding | $ | 2,910.00 | $ | 2,460.00 | |||||||||||||||
Net unrealized (loss) included in accumulated other comprehensive income (loss), net of taxes | $ | (44.5 | ) | $ | (86.7 | ) | |||||||||||||
Notional value of outstanding contracts by year of maturity | The notional value of our outstanding contracts by year of maturity and the net unrealized (loss) included in accumulated other comprehensive income (loss) for such contracts were as follows as of: | ||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
2015 | $ | 990 | $ | 1,320.00 | |||||||||||||||
2016 | 1,020.00 | 720 | |||||||||||||||||
2017 | 750 | 420 | |||||||||||||||||
2018 | 150 | — | |||||||||||||||||
Total notional value of contracts outstanding | $ | 2,910.00 | $ | 2,460.00 | |||||||||||||||
Net unrealized (loss) included in accumulated other comprehensive income (loss), net of taxes | $ | (44.5 | ) | $ | (86.7 | ) | |||||||||||||
Location And Amounts Of Pre-Tax Gains (Losses) on Cash Flow Hedges | The following table provides information on the location and amounts of pre-tax (losses) on our cash flow hedges for the three months ended March 31: | ||||||||||||||||||
(Increase) Decrease in | Location of Net Derivative | Net (Loss) Reclassified | |||||||||||||||||
Derivative | (Losses) Reclassified | from Accumulated Other | |||||||||||||||||
Losses Recognized | from Accumulated Other | Comprehensive Income (Loss) | |||||||||||||||||
in Accumulated Other | Comprehensive Income (Loss) | into Income | |||||||||||||||||
Comprehensive Income (Loss) | into Income | (effective portion) | |||||||||||||||||
(effective portion) | (effective portion) | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||||
Cash Flow Hedges – Designated as hedging instruments | |||||||||||||||||||
Foreign exchange forward contracts | $ | 34.7 | $ | 86.3 | Cost of revenues | $ | (11.2 | ) | $ | (33.5 | ) | ||||||||
Selling, general and administrative expenses | (2.5 | ) | (6.8 | ) | |||||||||||||||
Total | $ | (13.7 | ) | $ | (40.3 | ) | |||||||||||||
Additional Information Related To Outstanding Contracts Not Designated As Hedging Instruments | Additional information related to our outstanding contracts is as follows: | ||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Notional | Market Value | Notional | Market Value | ||||||||||||||||
(in millions) | |||||||||||||||||||
Contracts to purchase U.S. dollars and sell: | |||||||||||||||||||
Indian rupees | $ | 160 | $ | (3.3 | ) | $ | 160 | $ | 1.8 | ||||||||||
Euros | 14.3 | (0.1 | ) | 24.4 | 0.2 | ||||||||||||||
British pounds | — | — | 17.9 | — | |||||||||||||||
Australian dollars | 9.7 | $ | 0.1 | 9.6 | (0.1 | ) | |||||||||||||
Canadian dollars | 4.3 | — | 3.7 | — | |||||||||||||||
Total | $ | 188.3 | $ | (3.3 | ) | $ | 215.6 | $ | 1.9 | ||||||||||
Location And Amounts Of Pre-Tax Gains (Losses) On Derivative Financial Instruments Not Designated As Hedges | The following table provides information on the location and amounts of realized and unrealized pre-tax gains and losses on our other derivative financial instruments for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||
Location of Net (Losses) on | Amount of Net (Losses) on Derivative Instruments | ||||||||||||||||||
Derivative Instruments | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Other Derivatives – Not designated as hedging instruments | Foreign currency exchange gains (losses), net | ||||||||||||||||||
Foreign exchange forward contracts | $ | (1.8 | ) | $ | (8.4 | ) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component were as follows for the three months ended March 31, 2015: | |||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effect | Amount | ||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments: | ||||||||||||
Beginning balance | $ | (34.8 | ) | $ | — | $ | (34.8 | ) | ||||
Change in foreign currency translation adjustments | (40.8 | ) | — | (40.8 | ) | |||||||
Ending balance | $ | (75.6 | ) | $ | — | $ | (75.6 | ) | ||||
Unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||
Beginning balance | $ | (2.4 | ) | $ | 0.8 | $ | (1.6 | ) | ||||
Net unrealized gains arising during the period | 4.2 | (1.7 | ) | 2.5 | ||||||||
Reclassification of net (gains) to Other, net | (0.3 | ) | 0.2 | (0.1 | ) | |||||||
Net change | 3.9 | (1.5 | ) | 2.4 | ||||||||
Ending balance | $ | 1.5 | $ | (0.7 | ) | $ | 0.8 | |||||
Unrealized gains (losses) on cash flow hedges: | ||||||||||||
Beginning balance | $ | (102.6 | ) | $ | 15.9 | $ | (86.7 | ) | ||||
Net unrealized gains arising during the period | 34.7 | (3.7 | ) | 31 | ||||||||
Reclassifications of losses to: | ||||||||||||
Cost of revenues | 11.2 | (2.0 | ) | 9.2 | ||||||||
Selling, general and administrative expenses | 2.5 | (0.5 | ) | 2 | ||||||||
Net change | 48.4 | (6.2 | ) | 42.2 | ||||||||
Ending balance | $ | (54.2 | ) | $ | 9.7 | $ | (44.5 | ) | ||||
Accumulated other comprehensive income (loss): | ||||||||||||
Beginning balance | $ | (139.8 | ) | $ | 16.7 | $ | (123.1 | ) | ||||
Other comprehensive income (loss) | 11.5 | (7.7 | ) | 3.8 | ||||||||
Ending balance | $ | (128.3 | ) | $ | 9 | $ | (119.3 | ) | ||||
Changes in accumulated other comprehensive income (loss) by component were as follows for the three months ended March 31, 2014: | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effect | Amount | ||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments: | ||||||||||||
Beginning balance | $ | 24 | $ | — | $ | 24 | ||||||
Change in foreign currency translation adjustments | 1.5 | — | 1.5 | |||||||||
Ending balance | $ | 25.5 | $ | — | $ | 25.5 | ||||||
Unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||
Beginning balance | $ | (0.4 | ) | $ | 0.1 | $ | (0.3 | ) | ||||
Net unrealized gains arising during the period | 1.1 | (0.4 | ) | 0.7 | ||||||||
Reclassification of net (gains) to Other, net | (0.4 | ) | 0.2 | (0.2 | ) | |||||||
Net change | 0.7 | (0.2 | ) | 0.5 | ||||||||
Ending balance | $ | 0.3 | $ | (0.1 | ) | $ | 0.2 | |||||
Unrealized gains (losses) on cash flow hedges: | ||||||||||||
Beginning balance | $ | (354.9 | ) | $ | 54.9 | $ | (300.0 | ) | ||||
Unrealized gains arising during the period | 86.3 | (13.4 | ) | 72.9 | ||||||||
Reclassifications of losses to: | ||||||||||||
Cost of revenues | 33.5 | (5.2 | ) | 28.3 | ||||||||
Selling, general and administrative expenses | 6.8 | (1.0 | ) | 5.8 | ||||||||
Net change | 126.6 | (19.6 | ) | 107 | ||||||||
Ending balance | $ | (228.3 | ) | $ | 35.3 | $ | (193.0 | ) | ||||
Accumulated other comprehensive income (loss): | ||||||||||||
Beginning balance | $ | (331.3 | ) | $ | 55 | $ | (276.3 | ) | ||||
Other comprehensive income (loss) | 128.8 | (19.8 | ) | 109 | ||||||||
Ending balance | $ | (202.5 | ) | $ | 35.2 | $ | (167.3 | ) | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Revenues From External Customers And Segment Operating Profit | Revenues from external customers and segment operating profit, before unallocated expenses, for the Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other reportable segments were as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Revenues: | ||||||||
Financial Services | $ | 1,161.10 | $ | 1,023.70 | ||||
Healthcare | 879.1 | 615.9 | ||||||
Manufacturing/Retail/Logistics | 548.9 | 511.9 | ||||||
Other | 322.3 | 270.8 | ||||||
Total revenue | $ | 2,911.40 | $ | 2,422.30 | ||||
Segment Operating Profit: | ||||||||
Financial Services | $ | 347.4 | $ | 347.9 | ||||
Healthcare | 245.1 | 214.3 | ||||||
Manufacturing/Retail/Logistics | 181.3 | 181.7 | ||||||
Other | 92 | 89.6 | ||||||
Total segment operating profit | 865.8 | 833.5 | ||||||
Less: unallocated costs | 365.5 | 373.5 | ||||||
Income from operations | $ | 500.3 | $ | 460 | ||||
Revenues And Long-Lived Assets By Geographic Area | Revenue and long-lived assets, by geographic area, are as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Revenues: (1) | ||||||||
North America(2) | $ | 2,292.00 | $ | 1,836.20 | ||||
Europe(3) | 475.9 | 470.1 | ||||||
Rest of World (4) | 143.5 | 116 | ||||||
Total | $ | 2,911.40 | $ | 2,422.30 | ||||
As of | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Long-lived Assets: (5) | ||||||||
North America(2) | $ | 210.6 | $ | 188.3 | ||||
Europe | 29.1 | 29.8 | ||||||
Rest of World (4)(6) | 1,028.30 | 1,029.10 | ||||||
Total | $ | 1,268.00 | $ | 1,247.20 | ||||
________________ | ||||||||
-1 | Revenues are attributed to regions based upon customer location. | |||||||
-2 | Substantially all relates to operations in the United States. | |||||||
-3 | Includes revenue from operations in the United Kingdom of $285.1 million and $277.5 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||
-4 | Includes our operations in Asia Pacific, the Middle East and Latin America. | |||||||
-5 | Long-lived assets include property and equipment, net of accumulated depreciation and amortization. | |||||||
-6 | Substantially all of these long-lived assets relate to our operations in India. |
Interim_Condensed_Consolidated2
Interim Condensed Consolidated Financial Statements (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Existing Stock Repurchase Program [Member] | Common Class A [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Stock repurchased during period, shares | 400,000 |
Stock repurchased during period, value | $25 |
Remaining available balance under Board authorization for stock repurchases | 788.9 |
Stock-based compensation plan [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Stock repurchased during period, shares | 217,014 |
Stock repurchased during period, value | $13.40 |
Shortterm_Investments_Investme
Short-term Investments (Investments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investment securities | $1,531.70 | $1,262.70 |
Time deposits | 546.7 | 501.9 |
Short-term Investments, Total | 2,078.40 | 1,764.60 |
U.S. Treasury And Agency Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investment securities | 545.6 | 544.7 |
Corporate And Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investment securities | 371.2 | 358.6 |
Certificates of Deposit and Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investment securities | 263.6 | 4.6 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investment securities | 220.1 | 220.1 |
Municipal Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investment securities | 108.8 | 112.8 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investment securities | $22.40 | $21.90 |
Shortterm_Investments_Amortize
Short-term Investments (Amortized Cost, Gross Unrealized Gains And Losses And Fair Value Of Investment Securities Available-For-Sale) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $1,530.20 | $1,265.10 |
Unrealized Gains | 3.9 | 1.5 |
Unrealized Losses | -2.4 | -3.9 |
Fair Value | 1,531.70 | 1,262.70 |
U.S. Treasury And Agency Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 543.9 | 544.7 |
Unrealized Gains | 1.7 | 0.4 |
Unrealized Losses | 0 | -0.4 |
Fair Value | 545.6 | 544.7 |
Corporate And Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 370.1 | 359 |
Unrealized Gains | 1.2 | 0.3 |
Unrealized Losses | -0.1 | -0.7 |
Fair Value | 371.2 | 358.6 |
Certificates of Deposit and Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 263.4 | 4.6 |
Unrealized Gains | 0.2 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 263.6 | 4.6 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 219.9 | 220.4 |
Unrealized Gains | 0.3 | 0.1 |
Unrealized Losses | -0.1 | -0.4 |
Fair Value | 220.1 | 220.1 |
Municipal Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 108.6 | 112.5 |
Unrealized Gains | 0.3 | 0.4 |
Unrealized Losses | -0.1 | -0.1 |
Fair Value | 108.8 | 112.8 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24.3 | 23.9 |
Unrealized Gains | 0.2 | 0.3 |
Unrealized Losses | -2.1 | -2.3 |
Fair Value | $22.40 | $21.90 |
Shortterm_Investments_Availabl
Short-term Investments (Available-For-Sale Securities In A Continuous Unrealized Loss Position) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value available-for-sale securities Less than 12 Months | $204.40 | $670.20 |
Unrealized losses, available-for-sale securities, Less than 12 Months | -0.3 | -1.5 |
Fair value available-for-sale securities 12 Months or More | 24.7 | 23.5 |
Unrealized losses, available-for-sale securities, 12 Months or More | -2.1 | -2.4 |
Total Fair Value available-for-sale securities | 229.1 | 693.7 |
Unrealized losses, available-for-sale securities, Total | -2.4 | -3.9 |
U.S. Treasury And Agency Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value available-for-sale securities Less than 12 Months | 47.1 | 256.9 |
Unrealized losses, available-for-sale securities, Less than 12 Months | 0 | -0.4 |
Fair value available-for-sale securities 12 Months or More | 0 | 0 |
Unrealized losses, available-for-sale securities, 12 Months or More | 0 | 0 |
Total Fair Value available-for-sale securities | 47.1 | 256.9 |
Unrealized losses, available-for-sale securities, Total | 0 | -0.4 |
Corporate And Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value available-for-sale securities Less than 12 Months | 45.7 | 229.7 |
Unrealized losses, available-for-sale securities, Less than 12 Months | -0.1 | -0.7 |
Fair value available-for-sale securities 12 Months or More | 0 | 0 |
Unrealized losses, available-for-sale securities, 12 Months or More | 0 | 0 |
Total Fair Value available-for-sale securities | 45.7 | 229.7 |
Unrealized losses, available-for-sale securities, Total | -0.1 | -0.7 |
Certificates of Deposit and Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value available-for-sale securities Less than 12 Months | 3.7 | |
Unrealized losses, available-for-sale securities, Less than 12 Months | 0 | |
Fair value available-for-sale securities 12 Months or More | 0 | |
Unrealized losses, available-for-sale securities, 12 Months or More | 0 | |
Total Fair Value available-for-sale securities | 3.7 | |
Unrealized losses, available-for-sale securities, Total | 0 | |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value available-for-sale securities Less than 12 Months | 77.1 | 151.9 |
Unrealized losses, available-for-sale securities, Less than 12 Months | -0.1 | -0.3 |
Fair value available-for-sale securities 12 Months or More | 3.5 | 2.8 |
Unrealized losses, available-for-sale securities, 12 Months or More | 0 | -0.1 |
Total Fair Value available-for-sale securities | 80.6 | 154.7 |
Unrealized losses, available-for-sale securities, Total | -0.1 | -0.4 |
Municipal Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value available-for-sale securities Less than 12 Months | 34.5 | 28 |
Unrealized losses, available-for-sale securities, Less than 12 Months | -0.1 | -0.1 |
Fair value available-for-sale securities 12 Months or More | 0 | 0 |
Unrealized losses, available-for-sale securities, 12 Months or More | 0 | 0 |
Total Fair Value available-for-sale securities | 34.5 | 28 |
Unrealized losses, available-for-sale securities, Total | -0.1 | -0.1 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value available-for-sale securities Less than 12 Months | 0 | 0 |
Unrealized losses, available-for-sale securities, Less than 12 Months | 0 | 0 |
Fair value available-for-sale securities 12 Months or More | 21.2 | 20.7 |
Unrealized losses, available-for-sale securities, 12 Months or More | -2.1 | -2.3 |
Total Fair Value available-for-sale securities | 21.2 | 20.7 |
Unrealized losses, available-for-sale securities, Total | ($2.10) | ($2.30) |
Shortterm_Investments_Contract
Short-term Investments (Contractual Maturities Of Investments In Debt Securities Available-For-Sale) (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Amortized Cost | |
Due within one year | $316.20 |
Due after one year up to two years | 479.5 |
Due after two years up to three years | 473.7 |
Due after three years up to four years | 16.6 |
Asset-backed securities | 219.9 |
Amortized Cost | 1,505.90 |
Fair Value | |
Due within one year | 316.4 |
Due after one year up to two years | 480.7 |
Due after two years up to three years | 475.4 |
Due after three years up to four years | 16.7 |
Asset-backed securities | 220.1 |
Fair Value | $1,509.30 |
Shortterm_Investments_Gross_Ga
Short-term Investments (Gross Gains (Losses) Realized On Sales, Maturities And Other Securities Transactions Related To Investment Securities) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments [Abstract] | ||
Proceeds from sales of available-for-sale investment securities | $181.80 | $179 |
Gross gains | 0.4 | 0.4 |
Gross losses | -0.1 | 0 |
Net gains on sales of available-for-sale investment securities | $0.30 | $0.40 |
Accrued_Expenses_And_Other_Cur2
Accrued Expenses And Other Current Liabilities (Accrued Expenses And Other Current Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Compensation and benefits | $623.50 | $906.80 |
Income taxes | 30.1 | 23.8 |
Professional fees | 91.6 | 82.7 |
Travel and entertainment | 33.6 | 35 |
Customer volume incentives | 197.5 | 192.1 |
Derivative financial instruments | 65.8 | 97.3 |
Other | 179.7 | 184.6 |
Accrued Liabilities and Other Liabilities | $1,221.80 | $1,522.30 |
Debt_Additional_Disclosures_De
Debt - Additional Disclosures (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Nov. 20, 2014 |
In Millions, unless otherwise specified | |||
Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Principal amount of debt | $1,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 750 | ||
Notes outstanding under revolving credit facility | $100 | $650 |
Debt_Shortterm_Debt_Details
Debt - Short-term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Total short-term debt | $150 | $700 |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Notes outstanding under revolving credit facility | 100 | 650 |
Term Loan [Member] | ||
Short-term Debt [Line Items] | ||
Term loan - current maturities | $50 | $50 |
Debt_Longterm_Debt_Details
Debt - Long-term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of current maturities | $925 | $937.50 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Term loan, due 2019 | 975 | 987.5 |
Less: current maturities | -50 | -50 |
Long-term debt, net of current maturities | $925 | $937.50 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Incentive period for SEZs, years | 15 years |
Regular corporate income tax rate in India | 33.99% |
Current MAT rate | 21.00% |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Tax Rate) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 25.00% | 26.30% |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Details) (Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $164.40 | $183.90 |
Time deposits | 546.7 | 501.9 |
Available-for-sale investment securities | 1,531.70 | 1,262.70 |
Investments | 2,078.40 | 1,764.60 |
Total | 2,185.30 | 1,847.80 |
U.S. Treasury And Agency Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 545.6 | 544.7 |
Corporate And Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 371.2 | 358.6 |
Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 263.6 | 4.6 |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 220.1 | 220.1 |
Municipal Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 108.8 | 112.8 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 22.4 | 21.9 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 96.9 | 176.5 |
Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20.1 | |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7.4 | |
Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 47.4 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 96.9 | 176.5 |
Time deposits | 0 | |
Available-for-sale investment securities | 431.4 | 426.8 |
Investments | 431.4 | 426.8 |
Total | 528.3 | 603.3 |
Level 1 [Member] | U.S. Treasury And Agency Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 431.4 | 426.8 |
Level 1 [Member] | Corporate And Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Level 1 [Member] | Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Level 1 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Level 1 [Member] | Municipal Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 96.9 | 176.5 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 67.5 | 7.4 |
Time deposits | 546.7 | 501.9 |
Available-for-sale investment securities | 1,100.30 | 835.9 |
Investments | 1,647 | 1,337.80 |
Total | 1,657 | 1,244.50 |
Level 2 [Member] | U.S. Treasury And Agency Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 114.2 | 117.9 |
Level 2 [Member] | Corporate And Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 371.2 | 358.6 |
Level 2 [Member] | Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 263.6 | 4.6 |
Level 2 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 220.1 | 220.1 |
Level 2 [Member] | Municipal Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 108.8 | 112.8 |
Level 2 [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 22.4 | 21.9 |
Level 2 [Member] | Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20.1 | |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7.4 | |
Level 2 [Member] | Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 47.4 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Time deposits | 0 | |
Available-for-sale investment securities | 0 | |
Investments | 0 | |
Total | 0 | 0 |
Level 3 [Member] | U.S. Treasury And Agency Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Level 3 [Member] | Corporate And Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Level 3 [Member] | Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Level 3 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Level 3 [Member] | Municipal Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Level 3 [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, assets | 12.9 | 2.7 |
Other Current Assets [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, assets | 0 | |
Other Current Assets [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, assets | 12.9 | 2.7 |
Other Current Assets [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, assets | 0 | |
Accrued Expenses and Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, liabilities | -65.8 | -97.3 |
Accrued Expenses and Other Current Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, liabilities | 0 | |
Accrued Expenses and Other Current Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, liabilities | -65.8 | -97.3 |
Accrued Expenses and Other Current Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, liabilities | 0 | |
Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, assets | 8 | 3.9 |
Other Noncurrent Assets [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, assets | 0 | 0 |
Other Noncurrent Assets [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, assets | 8 | 3.9 |
Other Noncurrent Assets [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, assets | 0 | 0 |
Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, liabilities | -12.6 | -10 |
Other Noncurrent Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, liabilities | 0 | |
Other Noncurrent Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, liabilities | -12.6 | -10 |
Other Noncurrent Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, liabilities | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Cash flow hedge losses expected to be reclassified to earnings within the next 12 months | $40.70 |
Cash flow hedge ineffectiveness is immaterial | Hedge ineffectiveness was immaterial for all periods presented. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Location And Fair Values Of Derivative Financial Instruments In Our Consolidated Statement Of Financial Position) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets fair value | $20.90 | $6.60 |
Derivative liabilities fair value | 78.4 | 107.3 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets fair value | 20.8 | 4.6 |
Derivative liabilities fair value | 75 | 107.2 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets fair value | 12.8 | 0.7 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets fair value | 8 | 3.9 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities fair value | 62.4 | 97.2 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities fair value | 12.6 | 10 |
Other Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets fair value | 0.1 | 2 |
Derivative liabilities fair value | 3.4 | 0.1 |
Other Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets fair value | 0.1 | 2 |
Other Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities fair value | $3.40 | $0.10 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Notional Value Of Outstanding Cash Flow Hedge Contracts By Year Of Maturity And Net Unrealized (Loss) Gain Included In Accumulated Other Comprehensive Income) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ||||
Net unrealized (loss) included in accumulated other comprehensive income (loss), net of taxes | ($44,500,000) | ($86,700,000) | ($193,000,000) | ($300,000,000) |
Foreign Exchange Forward [Member] | ||||
Derivative [Line Items] | ||||
Net unrealized (loss) included in accumulated other comprehensive income (loss), net of taxes | -44,500,000 | -86,700,000 | ||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional value of contracts outstanding | 2,910,000,000 | 2,460,000,000 | ||
Foreign Exchange Forward, Maturity 2015 [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional value of contracts outstanding | 990,000,000 | 1,320,000,000 | ||
Foreign Exchange Forward, Maturity 2016 [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional value of contracts outstanding | 1,020,000,000 | 720,000,000 | ||
Foreign Exchange Forward, Maturity 2017 [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional value of contracts outstanding | 750,000,000 | 420,000,000 | ||
Foreign Exchange Forward, Maturity 2018 [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional value of contracts outstanding | $150,000,000 | $0 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Location And Amounts Of Pre-Tax Gains (Losses) On Cash Flow Hedge Derivatives Financial Instruments) (Details) (Cash Flow Hedging [Member], Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) | ($13.70) | ($40.30) |
Cost Of Revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) | -11.2 | -33.5 |
Selling, General and Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) | -2.5 | -6.8 |
Foreign Exchange Forward [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Increase (decrease) in Derivative Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss) (effective portion) | $34.70 | $86.30 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Other Derivatives) (Details) (Not Designated as Hedging Instrument [Member], Foreign Exchange Forward [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Notional | $188,300,000 | $215,600,000 |
Market Value | -3,300,000 | 1,900,000 |
Indian rupees | ||
Derivative [Line Items] | ||
Notional | 160,000,000 | 160,000,000 |
Market Value | -3,300,000 | 1,800,000 |
Euros | ||
Derivative [Line Items] | ||
Notional | 14,300,000 | 24,400,000 |
Market Value | -100,000 | 200,000 |
British pounds | ||
Derivative [Line Items] | ||
Notional | 0 | 17,900,000 |
Market Value | 0 | 0 |
Australia, Dollars | ||
Derivative [Line Items] | ||
Notional | 9,700,000 | 9,600,000 |
Market Value | 100,000 | -100,000 |
Canada, Dollars | ||
Derivative [Line Items] | ||
Notional | 4,300,000 | 3,700,000 |
Market Value | $0 | $0 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Location And Amounts Of Pre-Tax Gains (Losses) On Derivative Financial Instruments Not Designated As Hedges) (Details) (Not Designated as Hedging Instrument [Member], Foreign Exchange Forward [Member], Foreign Currency Exchange Gains (Losses), net [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Foreign Currency Exchange Gains (Losses), net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of net gains (losses) on derivative instruments | ($1.80) | ($8.40) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Schedule Of Changes In Accumulated Other Comprehensive Income (Loss) By Component) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Foreign Currency Translation Adjustment, Before Taxes [Roll Forward] | ||
Foreign currency translation adjustments, beginning balance, before tax | ($34.80) | $24 |
Change in foreign currency translation, before tax | -40.8 | 1.5 |
Foreign currency translation adjustments, ending balance, before tax | -75.6 | 25.5 |
Foreign Currency Translation Adjustment, Tax [Roll Forward] | ||
Foreign currency translation adjustment, beginning balance, tax | 0 | 0 |
Change in foreign currency translation, tax | 0 | 0 |
Foreign currency translation adjustment, ending balance, tax | 0 | 0 |
Foreign Currency Translation Adjustment, Net of Tax [Roll Forward] | ||
Foreign currency translation adjustments, beginning balance, net of tax | -34.8 | 24 |
Change in foreign currency translation, net of tax | -40.8 | 1.5 |
Foreign currency translation adjustments, ending balance, net of tax | -75.6 | 25.5 |
Available-for-sale Securities Adjustment, Before Taxes [Roll Forward] | ||
Unrealized gains (losses) on available-for-sale investment securities, beginning balance, before tax | -2.4 | -0.4 |
Unrealized (losses) gains arising on available-for-sale investment securities during the period, before tax | 4.2 | 1.1 |
Reclassification of (gains) to other, net on available-for-sale investment securities, before tax | -0.3 | -0.4 |
Net change on available-for-sale investment securities, before tax | 3.9 | 0.7 |
Unrealized gains (losses) on available-for-sale investment securities, ending balance, before tax | 1.5 | 0.3 |
Available-for-sale Securities Adjustment, Tax [Roll Forward] | ||
Unrealized gains (losses) on available-for-sale investment securities, beginning balance, tax | 0.8 | 0.1 |
Unrealized (losses) gains arising on available-for-sale investment securities during the period, tax | -1.7 | -0.4 |
Reclassification of (gains) to other, net on available-for-sale investment securities, tax | 0.2 | 0.2 |
Net change on available-for-sale investment securities, tax | -1.5 | -0.2 |
Unrealized gains (losses) on available-for-sale investment securities, ending balance, tax | -0.7 | -0.1 |
Available-for-sale Securities Adjustment, Net of Tax [Roll Forward] | ||
Unrealized gains (losses) on available-for-sale investment securities, beginning balance, net of tax | -1.6 | -0.3 |
Unrealized (losses) gains arising on available-for-sale investment securities during the period, net of tax | 2.5 | 0.7 |
Reclassification of (gains) to other, net on available-for-sale investment securities, net of tax | -0.1 | -0.2 |
Net change on available-for-sale investment securities, net of tax | 2.4 | 0.5 |
Unrealized gains (losses) on available-for-sale investment securities, ending balance, net of tax | 0.8 | 0.2 |
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Before Taxes [Roll Forward] | ||
Unrealized (losses) on cash flow hedges, beginning balance, before tax | -102.6 | -354.9 |
Unrealized (losses) arising on cash flow hedges during the period, before tax | 34.7 | 86.3 |
Net change on cash flow hedges, before tax | 48.4 | 126.6 |
Unrealized (losses) on cash flow hedges, ending balance, before tax | -54.2 | -228.3 |
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax [Roll Forward] | ||
Unrealized (losses) on cash flow hedges, beginning balance, tax | 15.9 | 54.9 |
Unrealized (losses) arising on cash flow hedges during the period, tax | -3.7 | -13.4 |
Net change on cash flow hedges, tax | -6.2 | -19.6 |
Unrealized (losses) on cash flow hedges, ending balance, tax | 9.7 | 35.3 |
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax [Roll Forward] | ||
Unrealized (losses) on cash flow hedges, beginning balance, net of tax | -86.7 | -300 |
Unrealized (losses) arising on cash flow hedges during the period, net of tax | 31 | 72.9 |
Net change on cash flow hedges, net of tax | 42.2 | 107 |
Unrealized (losses) on cash flow hedges, ending balance, net of tax | -44.5 | -193 |
Accumulated Other Comprehensive Income (Loss), Before Taxes [Roll Forward] | ||
Accumulated other comprehensive income (loss), beginning balance, before tax | -139.8 | -331.3 |
Other comprehensive income loss, before tax | 11.5 | 128.8 |
Accumulated other comprehensive income (loss), ending balance, before tax | -128.3 | -202.5 |
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss), beginning balance, tax | 16.7 | 55 |
Other comprehensive income loss, tax | -7.7 | -19.8 |
Accumulated other comprehensive income (loss), ending balance, tax | 9 | 35.2 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss), beginning balance, net of tax | -123.1 | -276.3 |
Other comprehensive income (loss) | 3.8 | 109 |
Accumulated other comprehensive income (loss), ending balance, net of tax | -119.3 | -167.3 |
Cost Of Revenues [Member] | ||
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Before Taxes [Roll Forward] | ||
Reclassifications of losses on cash flow hedges, before tax | 11.2 | 33.5 |
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax [Roll Forward] | ||
Reclassification of losses on cash flow hedges, tax | -2 | -5.2 |
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax [Roll Forward] | ||
Reclassification of losses on cash flow hedges, net of tax | 9.2 | 28.3 |
Selling, General and Administrative Expenses [Member] | ||
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Before Taxes [Roll Forward] | ||
Reclassifications of losses on cash flow hedges, before tax | 2.5 | 6.8 |
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax [Roll Forward] | ||
Reclassification of losses on cash flow hedges, tax | -0.5 | -1 |
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax [Roll Forward] | ||
Reclassification of losses on cash flow hedges, net of tax | $2 | $5.80 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment Reporting [Abstract] | |
Percentage of consolidated revenues and segment operating profit, less than 10% | 10.00% |
Segment_Information_Revenues_F
Segment Information (Revenues From External Customers And Segment Operating Profit) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenues | $2,911.40 | $2,422.30 |
Income from operations | 500.3 | 460 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,911.40 | 2,422.30 |
Income from operations | 865.8 | 833.5 |
Operating Segments [Member] | Financial Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,161.10 | 1,023.70 |
Income from operations | 347.4 | 347.9 |
Operating Segments [Member] | Healthcare [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 879.1 | 615.9 |
Income from operations | 245.1 | 214.3 |
Operating Segments [Member] | Manufacturing/Retail/Logistics [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 548.9 | 511.9 |
Income from operations | 181.3 | 181.7 |
Operating Segments [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 322.3 | 270.8 |
Income from operations | 92 | 89.6 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Less: unallocated costs | $365.50 | $373.50 |
Segment_Information_Revenues_A
Segment Information (Revenues And Long-Lived Assets By Geographic Area) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $2,911.40 | $2,422.30 | |
Long-lived Assets | 1,268 | 1,247.20 | |
North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 2,292 | 1,836.20 | |
Long-lived Assets | 210.6 | 188.3 | |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 475.9 | 470.1 | |
Long-lived Assets | 29.1 | 29.8 | |
United Kingdom [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 285.1 | 277.5 | |
Rest of World [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 143.5 | 116 | |
Long-lived Assets | $1,028.30 | $1,029.10 |