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Financial Instruments | 12 Months Ended
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Dec. 31, 2010
Financial Instruments [Abstract] |
Financial instruments | Note 9 — Financial instruments The Company uses derivative instruments for risk management purposes. Forward rate contracts are used to manage foreign currency transaction exposure and interest rate swaps are used to reduce exposure to interest rate changes. These derivative instruments are designated as cash flow hedges and are recorded on the balance sheet at fair market value. The effective portion of the gains or losses on derivatives are reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. Approximately $9.3 million of the amount in accumulated other comprehensive income at December 31, 2010 would be reclassified as expense to the statement of income during 2011 should foreign currency exchange rates and interest rates remain at December 31, 2010 levels. See Note 10, “Fair Value Measurement” for additional information. The location and fair values of derivative instruments designated as hedging instruments in the condensed consolidated balance sheet are as follows:
|  | December 31, 2010 |  |  | December 31, 2009 |
|  | Fair Value |  |  | Fair Value |
|  | (Dollars in thousands) |
Asset derivatives: |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Other assets — current |  | $ | 880 |  |  | $ | 1,356 |
Total asset derivatives |  | $ | 880 |  |  | $ | 1,356 |
Liability derivatives: |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |
Derivative liabilities — current |  | $ | 15,004 |  |  | $ | 15,849 |
Other liabilities — noncurrent |  |  | 9,566 |  |  |  | 12,258 |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Derivative liabilities — current |  |  | 630 |  |  |  | 860 |
Total liability derivatives |  | $ | 25,200 |  |  | $ | 28,967 |
The location and amount of the gains and losses for derivatives in cash flow hedging relationships that were reported in other comprehensive income (“OCI”), accumulated other comprehensive income (“AOCI”) and the consolidated statement of income for the years ended December 31, 2010 and 2009 are as follows:
|  | After Tax Gain/(Loss) |
|  | Recognized in OCI |
|  | 2010 |  |  | 2009 |
|  | (Dollars in thousands) |
Interest rate |  | $ | 2,248 |  |  | $ | 10,484 |
Foreign exchange |  |  | (167 | ) |  |  | 5,504 |
Total |  | $ | 2,081 |  |  | $ | 15,988 |
|  | Pre-Tax (Gain)/Loss Reclassified |
|  | from AOCI into Income |
|  | 2010 |  |  | 2009 |
|  | (Dollars in thousands) |
Interest rate contracts: |  |  |  |  |  |  |  |
Interest expense |  | $ | 17,331 |  |  | $ | 19,585 |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Net revenues |  |  | (189 | ) |  |  | 300 |
Cost of goods sold |  |  | (3,516 | ) |  |  | 3,067 |
Selling, general and administrative expenses |  |  | — |  |  |  | (356 | )
Income from discontinued operations |  |  | (246 | ) |  |  | (245 | )
Total |  | $ | 13,380 |  |  | $ | 22,351 |
For the year ended December 31, 2010, there was no ineffectiveness related to the Company’s derivatives. The following table provides financial instruments activity included as part of accumulated other comprehensive income, net of tax:
|  | 2010 |  |  | 2009 |
|  | (Dollars in thousands) |
Amount at beginning of year |  | $ | (17,343 | ) |  | $ | (33,331 | )
Dispositions |  |  | — |  |  |  | 467 |
Additions and revaluations |  |  | (5,714 | ) |  |  | 674 |
(Gain) loss reclassified from AOCI into Income |  |  | 7,762 |  |  |  | 14,343 |
Tax rate adjustment |  |  | 33 |  |  |  | 504 |
Amount at end of year |  | $ | (15,262 | ) |  | $ | (17,343 | )
After-tax (gain) loss reclassified from AOCI into income with respect to the Company’s interest rate swap and forward rate contracts hedge results contributed approximately $10.8 and $(3.0) million, respectively, to the increase in other comprehensive income for 2010 and approximately $12.3 and $2.0 million, respectively, to the increase in other comprehensive income for 2009.

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- Definition This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, 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 45 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 + Details
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