Derivative and Hedging Activities | 3 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Derivative and Hedging Activities [Abstract] | |
| Derivative and Hedging Activities |
Note 10 – Derivative and Hedging Activities The Company is exposed in the normal course of business to foreign currency risks that affect the Company’s assets, financial position, results of operations and cash flows. The primary exposure to foreign currency risk is forecasted transactions denominated in Pesos and Euros. The Company uses forward contracts to hedge the cost of operations in Pesos and committed transactions denominated in Euros. The Company does not use forward contracts for speculative or trading purposes. The Company held derivative financial instruments totaling $1.5 million in notional value and $0.1 million in fair value as of September 30, 2011. The Company accounts for these derivative financial instruments using cash-flow-hedge accounting treatment and recognizes the effective portion of the changes in fair value of the forward contracts as a component of “Accumulated other comprehensive loss, net” in the Company’s Consolidated Balance Sheets. As of September 30, 2011, the net unrealized gains on these contracts recorded in “Accumulated other comprehensive loss, net” was $0.4 million. In addition, the Company held derivative financial instruments totaling $4.4 million in notional value and $0.3 million in fair value as of September 30, 2011. These derivative financial instruments are not designated as cash-flow-hedges and the Company recognizes the changes in the fair value in “Other nonoperating income (expense), net” in the Company’s Consolidated Statements of Operations. For the period ended September 30, 2011, the Company recorded $0.3 million in “Other nonoperating income, net.” |