XML 56 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Hedging Activities
 9 Months Ended
Sep. 30, 2012
General Discussion Of Derivative Instruments And Hedging Activities [Abstract]  
Derivative Instruments And Hedging Activities Disclosure [Text Block]

Note 5 – Hedging Activities

The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, changes in commodity prices and credit risk. The Company does not use derivative instruments to mitigate the risks associated with foreign currency fluctuations, changes in commodity prices or credit risk. Quaker had interest rate swaps with a combined notional amount of $15,000 as of December 31, 2011, which matured during the third quarter of 2012. These interest rate swaps were used to mitigate the impact of changes in interest rates, by converting a portion of the Company's variable interest rate debt to fixed interest rate debt. These instruments were designated as cash flow hedges and were reported on the balance sheet at fair value. The effective portions of the hedges were reported in Other Comprehensive Income (“OCI”) until reclassified to earnings during the same period the hedged item affected earnings. The Company has no derivatives designated as fair value hedges or derivatives designated as hedging instruments under the FASB's guidance as of September 30, 2012, and only had the interest rate swaps, discussed above, as of December 31, 2011 which were designated as hedging instruments.

Information about the Company's interest rate derivatives is as follows:

      Fair Value 
      September 30,  December 31, 
   Balance Sheet Location 2012 2011 
 Derivatives designated as cash flow hedges:         
  Interest rate swapsOther current liabilities $0 $418 
      $0 $418 

Cash Flow Hedges
Interest Rate Swaps
             
  Three Months Ended Nine Months Ended
  September 30,  September 30,
  2012 2011 2012 2011
Amount of Gain Recognized in Accumulated OCI on Derivative            
(Effective Portion) $73 $112 $272 $286
             
Amount and Location of Gain Reclassified from Accumulated OCI into            
Income (Effective Portion)Interest Expense$(74) $(168) $(392) $(496)
             
Amount and Location of Gain Recognized in Income on Derivative            
(Ineffective Portion and Amount Excluded from Effectiveness Testing)Other Income$0 $0 $0 $0