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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2013
Classifications and Fair Value of Derivative Instruments

The following table presents the classifications and fair values of our derivative instruments as of June 30, 2013 and December 31, 2012 (in thousands):

 

Consolidated Balance Sheets

 

Derivative

  

Classification

  

June 30,
2013

  

December 31,
2012

 

Interest rate swap

  

Accrued expenses

  

$

(248

)  

$

(90

) 

 
Mark-to-Market Impact on Earnings Resulting from Hedging Activities

The following table presents the mark-to-market impact on earnings resulting from ICG’s hedging activities for the three and six months ended June 30, 2013 and 2012, respectively (in thousands):

 

 

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

Derivative

  

Classification

  

2013

 

  

2012

 

 

2013

 

  

2012

 

Average rate currency options and forward contracts

  

Other income (loss), net

  

$

(26

)  

  

$

(123

) 

 

$

(136

)  

  

$

(123

) 

Interest rate swap

  

Interest income (expense)

  

$

(157

)  

  

$

  18

  

 

$

(158

)  

  

$

  30

  

 
Fair Value Hierarchy of Financial Assets Measured at Fair Value on Recurring Basis

The fair value hierarchy of ICG’s financial assets measured at fair value on a recurring basis was as follows (in thousands):

 

 

Asset (liability) at
June 30, 2013

 

 

Valuation
Technique
(Approach)

  

Level 1

 

  

Level 2

 

 

Level 3

 

Cash equivalents (money market accounts and commercial paper investments)             

$

  81,019

  

 

Market

  

$

  81,019

  

  

$

—

  

 

$

—

  

Hedges of interest rate risk(1)             

 

(248

)  

 

Market

  

 

—

  

  

 

(248

)  

 

 

—

  

 

$

  80,771

  

 

 

  

$

  81,019

  

  

$

(248

)  

 

$

—

  

 

 

Asset (liability) at
December 31,  2012

 

 

Valuation
Technique
(Approach)

  

Level 1

 

  

Level 2

 

 

Level 3

 

Cash equivalents (money market accounts and commercial paper investments)             

$

  23,598

  

 

Market

  

$

  23,598

  

  

$

—

  

 

$

—

  

Hedges of interest rate risk (1)             

 

(90

) 

 

Market

  

 

—

  

  

 

(90

) 

 

 

—

  

 

$

  23,508

  

 

 

  

$

  23,598

  

  

$

(90

) 

 

$

—

  

 

 

(1)              ICG’s respective counterparties under the arrangements provide quarterly statements of market values of those instruments based on significant inputs that are observable or can be derived principally from, or corroborated by, observable market data for substantially the full term of the asset or liability.