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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2013
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS The Company’s primary exchange rate risk management objective is to mitigate the uncertainty of anticipated cash flows attributable to changes in exchange rates. The Company primarily focuses on mitigating changes in cash flows resulting from sales denominated in currencies other than the U.S. dollar. The Company manages this risk primarily by using currency forward and option contracts. If the anticipated transactions are deemed probable, the resulting relationships are formally designated as cash flow hedges. At June 30, 2013, the Company’s derivative contracts had a remaining maturity of less than two years. The counterparty to these transactions had both long-term and short-term investment grade credit ratings. The maximum net exposure to the counterparty is generally limited to the aggregate unrealized loss of all contracts with that counterparty. At June 30, 2013 there was no such exposure to the counterparty. The Company’s exposure is limited to the aggregate unrealized gain of $1,044 on all contracts at June 30, 2013. However, the Company’s derivative counterparty has strong credit ratings and as a result, the Company does not require collateral to facilitate transactions. The Company held the following contracts designated as hedged instruments as of June 30, 2013 and December 31, 2012:
|  | June 30, 2013
|  | Notional |  | Latest
|  | Amount |  | Maturity
Foreign exchange contracts - Norwegian Kroners |  | 5,113 |  | February-14
Foreign exchange contracts - British Pounds |  | 932 |  | February-14
Foreign exchange contracts - Euros |  | 10,365 |  | February-14
Foreign exchange contracts - Swiss Francs |  | 14,582 |  | February-14
Foreign exchange contracts - Canadian Dollars |  | 6,295 |  | February-14
Foreign exchange contracts - Japanese Yen |  | 1,000,526 |  | February-15
|  | December 31, 2012
|  | Notional |  | Latest
|  | Amount |  | Maturity
Foreign exchange contracts - Norwegian Kroners |  | 7,131 |  | February-14
Foreign exchange contracts - British Pounds |  | 1,452 |  | February-14
Foreign exchange contracts - Euros |  | 17,186 |  | February-14
Foreign exchange contracts - Swiss Francs |  | 23,838 |  | February-14
Foreign exchange contracts - Canadian Dollars |  | 10,499 |  | February-14
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. $324 and $120 were reclassified to sales during the three months ended June 30, 2013 and 2012, respectively, and $495 and $121 were reclassified to sales during the six months ended June 30, 2013 and 2012, respectively. As of December 31, 2012, the Company reported an accumulated derivative instrument loss of $169. During the six months ended June 30, 2013, the Company reported an adjustment to accumulated other comprehensive income of $690, as a result of the change in fair value of these contracts and reclassifications to sales, resulting in an accumulated derivative instrument gain of $521 reported as of June 30, 2013. The following table presents the balance sheet classification and fair value of derivative instruments as of June 30, 2013 and December 31, 2012:
|  | Classification |  | June 30, 2013 |  | December 31, 2012
Derivative instruments in asset positions: |  |  |  |  |  |  |  |
Forward exchange contracts |  | Prepaid and other current assets |  | $ | 1,338 |  | $ | 680
Derivative instruments in liability positions: |  |  |  |  |  |  |  |
Forward exchange contracts |  | Accounts payable and accrued liabilities |  | $ | 294 |  | $ | 918

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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 Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 11: 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. 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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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