Foreign Currency Exchange Contracts and Hedging

3 Months Ended

Mar. 31, 2012

Foreign Currency Exchange Contracts and Hedging

Foreign Currency Exchange Contracts and Hedging

(7)Foreign Currency Exchange Contracts and Hedging

The Company’s total hedging contracts had notional amounts totaling approximately $60,000 and $66,000 as of March 31, 2012 and December 31, 2011, respectively, held by one counterparty. At March 31, 2012, the outstanding contracts were expected to mature over the next nine months.

The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the three months ended March 31, 2012, the ineffective portion relating to these hedges was immaterial and the hedges remained effective as of March 31, 2012. As of March 31, 2012, the total amount in accumulated other comprehensive loss (see note 4) was expected to be reclassified into income within the next 12 months.

The following tables summarize the effect of derivative instruments on the condensed consolidated financial statements:

						Amount of Gain (Loss)
		Amount of Gain (Loss)			Location of Gain (Loss)	Reclassified from
For the Three	Derivatives in Designated	Recognized in OCI			Reclassified from	Accumulated OCI into		Location of Amount	Gain (Loss) from
Months Ended	Cash Flow Hedging	on Derivative			Accumulated OCI into Income	Income (Effective		Excluded from	Amount Excluded from
March 31,	Relationships	(Effective Portion)			(Effective Portion)	Portion)		Effectiveness Testing	Effectiveness Testing
2012	Foreign Exchange Contracts	$	(1,908	)	Net Sales	$	106	SG&A	$	45
2011	Foreign Exchange Contracts	$	(2,716	)	Net Sales	$	259	SG&A	$	78

For the Three	Derivatives Not	Location of Gain (Loss)	Amount of Gain (Loss)
Months Ended	Designated as Hedging	Recognized in Income on	Recognized in Income on
March 31,	Instruments	Derivatives	Derivatives
2011	Foreign Exchange Contracts	SG&A	$	(431	)

The Company had no derivatives not designated as hedging instruments as of March 31, 2012.