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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2013
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Effective April 1, 2010, in order to reduce the volatility of cash outflows that arise from changes in interest rates, the Company entered into two interest rate swap agreements. These interest rate swap agreements are intended to hedge the Company’s mortgage loan related to its headquarters facility in Middletown, Rhode Island by fixing the interest rates specified in the mortgage loan to 5.91% for half of the principal amount outstanding and 6.07% for the remaining half of the principal amount outstanding as of April 1, 2010 until the mortgage loan expires on April 16, 2019. As required by ASC Topic 815, Derivatives and Hedging, the Company records all derivatives on the balance sheet at fair value. As of September 30, 2013, the fair value of the derivatives is included in other accrued liabilities and the unrealized gain is included in accumulated other comprehensive income (loss). As of September 30, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
Interest Rate Derivatives | Notional (in thousands) |  | Asset (Liability) |  | Effective Date |  | Maturity Date |  | Index |  | Strike Rate
Interest rate swap | $ | 1,725 |  |  | (181 | ) |  | April 1, 2010 |  | April 1, 2019 |  | 1-month LIBOR |  | 5.91 | %
Interest rate swap | $ | 1,725 |  |  | (195 | ) |  | April 1, 2010 |  | April 1, 2019 |  | 1-month LIBOR |  | 6.07 | %
Hedges of Foreign Currency Risk As a result of the acquisition of Headland Media Limited on May 11, 2013, the Company inherited foreign currency forward contracts that Headland Media Limited owned and that were intended to hedge currency fluctuations between the British Pound and U.S. Dollar and the British Pound and the Euro. As the Company's functional currency is the U.S. dollar and the majority of Headland Media Limited's foreign currency forward contracts were designated to hedge the U.S. dollar, it is expected there will be no additional purchases of any of these contracts going forward. These outstanding foreign currency forward contracts qualify as cash flow hedges intended to offset the effect of exchange rate fluctuations on forecasted sales, all of which were deemed effective. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. For the three and nine months ended September 30, 2013, an immaterial amount was recognized in earnings. As of September 30, 2013, we estimated that $50 in net gains will be reclassified from accumulated other comprehensive income to earnings during the twelve months ending September 30, 2014. As of September 30, 2013, we had the following outstanding foreign currency forward contracts:
Notional (in millions) | Effective Date | Maturity Date | Index | Weighted-Average Strike Rate | Hedge Designation
0.5 USD | Various from October 2013 to December 2013 | Various from October 2013 to December 2013 | U.S. Dollar to GBP Exchange Rate | 1.58 USD | Designated
1.8 USD | Various from January 2014 to December 2014 | Various from January 2014 to December 2014 | U.S. Dollar to GBP Exchange Rate | 1.57 USD | Designated
0.12 EUR | Various from October 2013 to December 2013 | Various from October 2013 to December 2013 | Euro to GBP Exchange Rate | 1.24 EUR | Designated
0.48 EUR | Various from January 2014 to December 2014 | Various from January 2014 to December 2014 | Euro to GBP Exchange Rate | 1.16 EUR | Designated
The notional amounts above represent the total quantities we have outstanding over the remaining contracted periods.

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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. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 45 -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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