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Derivative Instruments | 12 Months Ended
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Dec. 31, 2011
Derivative Instruments [Abstract] |
Derivative Instruments | NOTE 12: Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk and interest rate risk. The Company currently mitigates certain foreign currency exchange rate risks with derivative instruments. The Company does not currently manage its interest rate risk with derivative instruments. The Company faces exposure to foreign currency exchange rate fluctuations, as a significant portion of its revenues, expenses, assets, and liabilities are denominated in currencies other than the functional currencies of the Company’s subsidiaries or the reporting currency of the Company, which is the U.S. Dollar. The Company faces two types of foreign currency exchange rate exposures:
• |  | transactional currency/functional currency exchange rate exposures from transactions that are denominated in currencies other than the functional currency of the subsidiary (for example, a U.S. Dollar receivable on the Company’s Irish subsidiary’s books for which the functional currency is the Euro), and
• |  | functional currency/reporting currency exchange rate exposures from transactions that are denominated in currencies other than the U.S. Dollar, which is the reporting currency of the Company.
The Company currently uses derivative instruments to provide an economic hedge against its transactional currency/functional currency exchange rate exposures. Forward contracts on currencies are entered into to manage the transactional currency/functional currency exposure of the Company’s Irish subsidiary’s accounts receivable denominated in U.S. dollars and intercompany receivables denominated in Japanese Yen. These forward contracts are used to minimize foreign currency gains or losses, as the gains or losses on these contracts are intended to offset the losses or gains on the underlying exposures. These forward contracts do not qualify for hedge accounting. Both the underlying exposures and the forward contracts are recorded at fair value on the Consolidated Balance Sheets and changes in fair value are reported as “Foreign currency loss” on the Consolidated Statements of Operations. The Company recorded net foreign currency losses of $504,000 in 2011, $328,000 in 2010, and $1,265,000 in 2009. As of December 31, 2011, the Company had the following outstanding forward contracts that were entered into to mitigate foreign currency exchange rate risk:
Currency |  | Amount |
U.S. Dollar/Euro |  |  | 3,790,000 U.S. Dollars |
Japanese Yen/Euro |  |  | 200,000,000 Japanese Yen |
Information regarding the fair value of the forward contracts outstanding as of December 31, 2011 and December 31, 2010 were as follows (in thousands):
|  | Asset Derivatives |  |  | Liability Derivatives |
| Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
|  |  | December 31, 2011 |  |  | December 31, 2010 |  |  |  | December 31, 2011 |  |  | December 31, 2010 |
Currency forward contracts |  | Prepaid expenses and other current assets |  | $ | 14 |  |  | $ | 83 |  |  | Accrued expenses |  | $ | 165 |  |  | $ | 125 |
Information regarding the effect of the forward contracts, net of the underlying exposures, on the Consolidated Statements of Operations for each of the periods presented were as follows (in thousands):
|  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Amount of Gain (Loss) Recognized In Income on Derivatives Year ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Currency forward contracts |  | Foreign currency gain (loss) |  |  | $34 |  |  | $ | 62 |  |  | $ | (526 | )

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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