XML 35 R13.htm IDEA: XBRL DOCUMENT v2.3.0.15
Note 7 - Derivative Instruments
9 Months Ended
Sep. 30, 2011
Derivative Instruments Disclosure [Abstract] 
Derivative Instruments
Derivative Instruments


Fair Value of Derivative Contracts


The fair value of our outstanding derivative instruments was as follows:
 
 
Derivative Assets Reported in Other Current Assets 
 
Derivative Liabilities Reported in Other Current Liabilities
 
September 30,

2011
 
December 31,

2010
 
September 30,

2011
 
December 31,

2010
 
(In thousands)
Foreign exchange contracts designated as cash flow hedges
$
41,644


 
$
35,853


 
$
1,214


 
$
4,162


Foreign exchange contracts not designated as hedging instruments
20,881


 
1,343


 
31,692


 
801


Other contracts not designated as hedging instruments
8,255


 
—


 
—


 
—


Total fair value of derivative instruments
$
70,780


 
$
37,196


 
$
32,906


 
$
4,963






Effect of Derivative Contracts on Accumulated Other Comprehensive Income


The following table summarizes the activity of derivative contracts that qualify for hedge accounting as of September 30, 2011 and December 31, 2010, and the impact of designated derivative contracts on accumulated other comprehensive income for the nine months ended September 30, 2011:
 
 
December 31, 2010
 
Amount of gain (loss)
recognized in other
comprehensive income
(effective portion) 
 
Amount of gain (loss)
reclassified from
accumulated other
comprehensive income
to net revenue and operating expense
(effective portion)
 
September 30, 2011
 
(In thousands)
Foreign exchange contracts designated as cash flow hedges
$
13,560


 
$
29,647


 
$
6,958


 
$
36,249






The following table summarizes the activity of derivative contracts that qualify for hedge accounting as of September 30, 2010 and December 31, 2009, and the impact of designated derivative contracts on accumulated other comprehensive income for the nine months ended September 30, 2010:


 
December 31, 2009
 
Amount of gain (loss)
recognized in other
comprehensive income
(effective portion) 
 
Amount of gain (loss)
reclassified from
accumulated other
comprehensive income
to net revenue and operating expense
(effective portion)
 
September 30, 2010
 
(In thousands)
Foreign exchange contracts designated as cash flow hedges
$
(4,821
)
 
$
(10,268
)
 
$
14,225


 
$
(864
)






Effect of Derivative Contracts on Condensed Consolidated Statement of Income


The following table provides the location in our financial statements of the recognized gains or losses related to our derivative instruments: 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2011
 
2010
 
2011
 
2010
 
(In thousands)
Foreign exchange contracts designated as cash flow hedges recognized in net revenues
$
(6,420
)
 
$
6,362


 
$
(23,363
)
 
$
14,225


Foreign exchange contracts designated as cash flow hedges recognized in operating expenses
(2,774
)
 
—


 
(7,565
)
 
—


Foreign exchange contracts not designated as hedging instruments recognized in interest and other income (expense), net
14,999


 
(19,795
)
 
8,058


 
(9,056
)
Other contracts not designated as hedging instruments recognized in interest and other income (expense), net
(285
)
 
—


 
(285
)
 
—


Total gain (loss) recognized from derivative contracts in the condensed consolidated statement of income
$
5,520


 
$
(13,433
)
 
$
(23,155
)
 
$
5,169