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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2011
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS Derivative Contracts Not Designated as Hedged Instruments There were no derivative contracts not designated as hedged instruments as of December 31, 2011 and 2010. Derivative Contracts Designated as Hedged Instruments The Company held the following contracts designated as hedged instruments as of December 31, 2011 and 2010.
| December 31, 2011
| Notional | Latest
| Amount | Maturity
Foreign exchange contracts - Norwegian Kroners | 3,633 | September-12
Foreign exchange contracts - British Pounds | 1,632 | February-13
Foreign exchange contracts - Euros | 14,937 | February-13
Foreign exchange contracts - Swiss Francs | 24,225 | February-13
Foreign exchange contracts - Canadian Dollars | 9,141 | March-13
| December 31, 2010
| Notional | Latest
| Amount | Maturity
Foreign exchange contracts - Norwegian Kroners | 465 | January-11
Foreign exchange contracts - British Pounds | 415 | May-11
Foreign exchange contracts - Canadian Dollars | 3,965 | June-11
Foreign exchange contracts - Euros | 10,072 | December-11
Foreign exchange contracts - Swiss Francs | 15,835 | February-12
The Company accounts for these contracts as cash flow hedges and tests effectiveness by determining whether changes in the cash flow of the derivative offset, within a range, changes in the cash flow of the hedged item. For contracts that qualify as effective hedge instruments, the effective portion of gains and losses resulting from changes in fair value of the instruments are included in accumulated other comprehensive income and reclassified to sales in the period the underlying hedge item is recognized in earnings. $(346) and $(43) were reclassified to sales during the years ended December 31, 2011 and 2010, respectively. As of December 31, 2010, the Company reported an accumulated unrealized loss on hedging activities; net of $(237) in accumulated other comprehensive income. During the year ended December 31, 2011, the Company reported an adjustment to accumulated other comprehensive income of $743, as a result of the change in fair value of these contracts, resulting in an accumulated unrealized gain on hedging activities, net of $506 reported as of December 31, 2011 in accumulated other comprehensive income. The following table presents the balance sheet classification and fair value of derivative instruments as of December 31, 2011 and 2010:
| Classification |  | December 31, 2011 |  | December 31, 2010
Derivative instruments in asset positions: |  |  |  |  |
Prepaid and other current
Forward exchange contracts | assets | $ | 842 | $ | 1,346
Derivative instruments in liability positions: |  |  |  |  |
Accounts payable and
Forward exchange contracts | accrued liabilities | $ | 156 | $ | 1,387

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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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