v2.3.0.11

Derivatives | 6 Months Ended
--- | ---
Jun. 30, 2011
Derivative Instruments And Hedging Activities Disclosure Abstract |
Derivative Instruments And Hedging Activities Disclosure Text Block | 8. DERIVATIVES AND HEDGING ACTIVITIES The Company from time to time enters into derivative financial instruments, including interest rate exchange agreements ("Swaps") and interest rate collar agreements ("Collars"), to manage its exposure to fluctuations in interest rates. Hedge Accounting Treatment During the year ended December 31, 2008, the Company entered into interest rate derivative transactions in the aggregate no tional amount of $550.0 million which were designated as a hedge against the Company's variable rate senior debt. During the period of the hedging relationship, the Company's variable rate debt is expected to be greater than the notional amount of the derivative rate hedging transactions. These transactions are tied to the one-month Eurodollar London Interbank Offered Rate ("LIBOR") interest rate. Under a fixed rate swap, the Company pays a fixed rate on a notional amount to the counter-party, and the counter-party pays to the Company a variable rate on the notional amount equal to the Company's LIBOR borrowing rate. A C ollar establishes two separate agreements: an upper limit, or c ap, and a lower limit, or f loor, for the Company's LIBOR borrowing rate. During the six months ended June 30, 2011 and 2010, the Company had outstanding the aggregate notional amounts of $225.0 million and $475.0 million, respectively, of interest rate transactions that were hedged against the Company's variable rate senior debt. As of June 30, 2011, the Company had the following derivatives outstanding:
Type |  |  |  |  |  |  | Fixed |  |
Of |  | Notional |  | Effective |  | LIBOR |  | Expiration
Hedge |  | Amount |  | Date |  | Rate |  | Date
|  | (amounts |  |  |  |  |  |
|  | (in millions) |  |  |  |  |  |
Swap |  | $ | 125.0 |  | March 28, 2008 |  | 2.91% |  | September 28, 2011
Swap |  |  | 100.0 |  | May 28, 2008 |  | 3.62% |  | May 28, 2012
Total |  | $ | 225.0 |  |  |  |  |  |
The following tables include t hose derivatives that expired during the periods indicated:
Six Months Ended June 30, 2011
Type |  |  |  |  |  |  |  |  | Fixed |  |
Of |  | Notional |  | Effective |  |  |  | LIBOR |  | Expiration
Hedge |  | Amount |  | Date |  | Collar |  | Rate |  | Date
|  | (amounts |  |  |  |  |  |  |  |
|  | (in millions) |  |  |  |  |  |  |  |
Swap |  | $ | 150.0 |  | January 28, 2008 |  | n/a |  | 3.03% |  | January 28, 2011
Collar |  |  | 100.0 |  | February 28, 2008 | [ | Cap |  | 4.00% | ] | February 28, 2011
|  |  | Floor |  | 2.14%
|  |  | 250.0 |  |  |  |  |  |  |  |
Six Months Ended June 30, 2010
Type |  |  |  |  |  |  |  |  | Fixed |  |
Of |  | Notional |  | Effective |  |  |  | LIBOR |  | Expiration
Hedge |  | Amount |  | Date |  | Collar |  | Rate |  | Date
|  | (amounts |  |  |  |  |  |  |  |
|  | (in millions) |  |  |  |  |  |  |  |
Swap |  | $ | 75.0 |  | January 28, 2008 |  | n/a |  | 3.03% |  | January 28, 2010
The following is a summary of the gains (losses) related to the Company's cash flow hedges for the periods indicated:
|  | Six Months Ended
|  | June 30,
Description |  | 2011 |  | 2010
|  | (amounts in thousands)
Type of derivative designated as a cash flow hedge |  | Interest Rate |  | Interest Rate
Amount of gain (loss) recognized in other comprehensive income ("OCI") |  | $ | 8,135 |  | $ | 1,735
Location of gain (loss) reclassified from OCI to statement of operations |  | Interest Expense |  | Interest Expense
Amount of gain (loss) reclassified from OCI to statement of operations |  | $ | - |  | $ | -
Location of gain (loss) in statement of operations |  | Interest Expense |  | Interest Expense
Amount of gain (loss) in statement of operations due to ineffectiveness |  | $ | - |  | $ | -
|  | Three Months Ended
|  | June 30,
Description |  | 2011 |  |  | 2010
|  | (amounts in thousands)
Type of derivative designated as a cash flow hedge |  | Interest Rate |  | Interest Rate
Amount of gain (loss) recognized in OCI |  | $ | 6,146 |  | $ | 1,712
Location of gain (loss) reclassified from OCI to statement of operations |  | Interest Expense |  | Interest Expense
Amount of gain (loss) reclassified from OCI to statement of operations |  | $ | - |  | $ | -
Location of gain (loss) in statement of operations |  | Interest Expense |  |  | Interest Expense
Amount of gain (loss) in statement of operations due to ineffectiveness |  | $ | - |  | $ | -
T he gains and losses were recorded to the statement of comprehensive income (loss) as these derivatives qualified for hedge accounting treatment (s ee Note 14 for the net change in the fair value). The fair value of these derivatives was determined using observable market-based inputs (a L evel 2 measurement as described under Note 17) and the impact of the credit risk on a derivative's fair value (the creditworthiness of the transaction's counterparty for assets and the creditworthiness of the Company for liabilities). The Company does not expect to reclassify any portion of this amount to the statement of operations over the next twelve months. The following table presents the accumulated derivative gain (loss) recorded in the statements of other comprehensive income (loss) as of the periods indicated:
| Fair Value Of Accumulated
| Derivatives Outstanding
| June 30, |  | December 31,
| 2011 |  | 2010
| Assets (Liabilities)
| (amounts in thousands)
Beginning balance as of January 1 | $ | (7,277) |  | $ | (13,432)
Net unrealized gain (loss) on derivatives, net of taxes (benefit) |  | 8,135 |  |  | 6,155
Ending balance | $ | 858 |  | $ | (7,277)
The following is a summary of the fair value of the derivatives outstanding as of the periods indicated:
|  |  | Fair Value
|  |  | June 30, |  | December 31,
| Balance Sheet |  | 2011 |  | 2010
| Location |  | Asset (Liability)
|  |  | (amounts in thousands)
Designated Derivatives |  |  |  |  |  |  |
Interest rate hedge transactions | Current liabilities |  | $ | (3,827) |  | $ | (2,958)
Interest rate hedge transactions | Other long-term liabilities |  | $ | - |  | $ | (4,319)

X
- Details
Name: | etm_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | etm
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, 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 45 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap
Data Type: | us-types:textBlockItemType
Balance Type: | na
Period Type: | duration