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Financial Instruments | 12 Months Ended
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Dec. 31, 2011
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. 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 $7.3 million of the amount in accumulated other comprehensive income at December 31, 2011 would be reclassified as expense to the statement of income during 2012 should foreign currency exchange rates and interest rates remain at December 31, 2011 levels. See Note 10, "Fair Value Measurement" for additional information. The location and fair values of derivative instruments designated as hedging instruments in the consolidated balance sheet are as follows:
|  | December 31, 2011 Fair Value |  |  | December 31, 2010 Fair Value |
|  | (Dollars in thousands) |
Asset derivatives: |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Other assets — current |  | $ | 204 |  |  | $ | 880 |
Total asset derivatives |  | $ | 204 |  |  | $ | 880 |
Liability derivatives: |  |  |  |  |  |  |  |
Interest rate swap: |  |  |  |  |  |  |  |
Derivative liabilities — current |  | $ | — |  |  | $ | 15,004 |
Other liabilities — noncurrent |  |  | — |  |  |  | 9,566 |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Derivative liabilities — current |  |  | 633 |  |  |  | 630 |
Total liability derivatives |  | $ | 633 |  |  | $ | 25,200 |
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, 2011, 2010 and 2009 are as follows:
|  | After Tax Gain/(Loss) Recognized in OCI |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (Dollars in thousands) |
Interest rate swap |  | $ | 8,330 |  |  | $ | 2,248 |  |  | $ | 10,484 |
Foreign exchange contracts |  |  | (325 | ) |  |  | (167 | ) |  |  | 5,504 |
Total |  | $ | 8,005 |  |  | $ | 2,081 |  |  | $ | 15,988 |
|  | Pre-Tax (Gain)/Loss Reclassified from AOCI into Income |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (Dollars in thousands) |
Interest rate swap: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 15,769 |  |  | $ | 17,331 |  |  | $ | 19,585 |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  |  | — |  |  |  | (540 | ) |  |  | 36 |
Cost of goods sold |  |  | (22 | ) |  |  | (3,516 | ) |  |  | 3,067 |
Selling, general and administrative expenses |  |  | — |  |  |  | — |  |  |  | (356 | )
Income from discontinued operations |  |  | (536 | ) |  |  | 105 |  |  |  | 19 |
Total |  | $ | 15,211 |  |  | $ | 13,380 |  |  | $ | 22,351 |
For the year ended December 31, 2011, there was no ineffectiveness related to the Company's derivatives. In 2011, the Company terminated its interest rate swap. At December 31, 2011, the Company had $7.0 million, net of tax, recorded in accumulated other comprehensive income ("AOCI") associated with this interest rate swap, which will be amortized as interest expense over the remaining life of the original term of the hedging designation that expires in September of 2012. See Note 8, "Borrowings" for additional information on the termination of the interest rate swap. The following table provides information regarding financial instruments activity included as part of accumulated other comprehensive income, net of tax:
|  | 2011 |  |  | 2010 |
|  | (Dollars in thousands) |
Balance at beginning of year |  | $ | (15,262 | ) |  | $ | (17,343 | )
Additions and revaluations |  |  | (1,491 | ) |  |  | (5,714 | )
Loss reclassified from AOCI into income |  |  | 9,604 |  |  |  | 7,762 |
Tax rate adjustment |  |  | (108 | ) |  |  | 33 |
Balance at end of period |  | $ | (7,257 | ) |  | $ | (15,262 | )
After-tax loss (gain) reclassified from AOCI into income with respect to the Company's terminated interest rate swap and forward rate contracts hedge results contributed approximately $10.0 and $(0.4) million, respectively, to the increase (decrease) in other comprehensive income for 2011 and approximately $10.8 and $(3.0) million, respectively, to the increase (decrease) in other comprehensive income for 2010.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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- Details
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