Hedging Activities and Fair Value Measurements (Tables)

27 Months Ended

Mar. 31, 2013

Schedule of Notional Amounts, Fair Values and Classification of Company's Outstanding Derivatives by Risk Category And Instrument Type

The following tables summarize the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets at March 31, 2013 and December 31, 2012:

	March 31, 2013
	Balance Sheet Location	Notional Amount (1)		Asset Derivatives Fair Value (1)		Liability Derivatives Fair Value (1)
Derivatives designated as hedging instruments
Interest rate swap contracts	Other liabilities	$	175,000	$	—	$	318
Derivatives not designated as hedging instruments
Foreign currency forwards	Other current assets	$	44,948	$	652	$	16
Foreign currency forwards	Accrued liabilities	$	19,465	$	—	$	987

	December 31, 2012
	Balance Sheet Location	Notional Amount (1)		Asset Derivatives Fair Value (1)		Liability Derivatives Fair Value (1)
Derivatives designated as hedging instruments
Interest rate swap contracts	Other liabilities	$	200,000	$	—	$	533
Derivatives not designated as hedging instruments
Foreign currency forwards	Other current assets	$	49,823	$	792	$	21
Foreign currency forwards	Accrued liabilities	$	88,000	$	—	$	223

(1) Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.

Foreign Currency Forward Contracts Subject to Master Netting Arrangements or Agreements between Company and Counterparty for Net Settlement of All Contracts

The Company’s foreign currency forward contracts are subject to master netting arrangements or agreements between the Company and the counterparty for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. The tables below show the effects and potential effects of netting arrangements on the Company’s Condensed Consolidated Balance Sheets as of March 31, 2013 and December 31, 2012:

	March 31, 2013
		(i)		(ii)		(iii)=(i)–(ii)		(iv)				(v)=(iii)-(iv)
	Included as Assets or			Gross Amounts Offset in		Net Amounts Presented		Gross Amounts Not Offset in the Balance Sheet
Description	Liabilities in the Balance Sheet	Gross Amounts Recognized		the Balance Sheet		in the Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
Foreign currency forwards	Assets	$	652	$	16	$	636	$	604	$	—	$	32
Foreign currency forwards	Liabilities	$	987	$	—	$	987	$	939	$	—	$	48
Interest rate swap contracts	Liabilities	$	318	$	—	$	318	$	—	$	—	$	318
	December 31, 2012
		(i)		(ii)		(iii)=(i)–(ii)		(iv)				(v)=(iii)-(iv)
	Included as Assets or			Gross Amounts Offset in		Net Amounts Presented		Gross Amounts Not Offset in the Balance Sheet
Description	Liabilities in the Balance Sheet	Gross Amounts Recognized		the Balance Sheet		in the Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
Foreign currency forwards	Assets	$	792	$	21	$	771	$	659	$	—	$	112
Foreign currency forwards	Liabilities	$	223	$	—	$	223	$	90	$	—	$	133
Interest rate swap contracts	Liabilities	$	533	$	—	$	533	$	—	$	—	$	533

Schedule of Gains and Losses on Derivatives Designated as Cash Flow Hedges

Gains and losses on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Operations for the three-month periods ended March 31, 2013 and 2012, are as presented in the table below:

	Three Months Ended March 31,
	2013			2012
Interest rate swap contracts (1)
Gain or (loss) recognized in AOCI on derivatives (effective portion)	$	(84	)	$	(209	)
Gain or (loss) reclassified from AOCI into income (effective portion)		(301	)		(283	)
Gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)		90			—

(1) Losses on derivatives reclassified from accumulated other comprehensive income (“AOCI”) into income (effective portion) were included in “Interest expense” in the Condensed Consolidated Statements of Operations.

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2013:

	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards (1)	$	—	$	652	$	—	$	652
Trading securities held in deferred compensation plan (2)		4,091		—		—		4,091
Total	$	4,091	$	652	$	—	$	4,743
Financial Liabilities
Foreign currency forwards (1)	$	—	$	1,003	$	—	$	1,003
Interest rate swaps (3)		—		318		—		318
Phantom stock plan (4)		—		5,551		—		5,551
Deferred compensation plan (5)		4,091		—		—		4,091
Total	$	4,091	$	6,872	$	—	$	10,963

(1) Based on calculations that use readily observable market parameters such as spot and forward rates as their basis.

(2) Based on the observable price of publicly traded mutual funds which are classified as trading securities and accounted for using the mark-to-market method.

(3) Measured as the present value of all expected future cash flows based on the LIBOR-based swap yield curve as of March 31, 2013. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.

(4) Based on the price of the Company’s common stock.

(5) Based on the fair value of the investments in the deferred compensation plan.