Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Details of Derivative Contracts

Details of derivative contracts as of September 30, 2012 are as follows:

Date of transaction	Type of derivative	Total notional amount		Month of settlement
August 19, 2011	Forward	$	54,000	October to December 2012
March 23, 2012	Zero cost collar	$	54,000	January to March 2013
May 18, 2012	Zero cost collar	$	54,000	April to June 2013

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of the Company’s outstanding forward and zero cost collar contracts recorded as assets and liabilities as of September 30, 2012 and December 31, 2011 are as follows:

Derivatives designated as hedging instruments:		September 30, 2012		December 31, 2011
Asset Derivatives:
Zero cost collars	Other current assets	$	74	$	—
Liability Derivatives:
Forward	Derivative liabilities	$	1,818	$	6,801
Zero cost collars	Derivative liabilities	$	—	$	2,956

Impact of Derivative Instruments on Consolidated Statement of Operations

The following table summarizes the impact of derivative instruments on the consolidated statement of operations for the three months ended September 30, 2012 and 2011:

Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)					Location of Gain (Loss) Reclassified from AOCI into Statement of Income (Effective Portion)		Amount of Gain (Loss) Reclassified from AOCI into Statement of Income (Effective Portion)					Location of Gain (Loss) Recognized in Statement of Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Statement of Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	3Q, 2012		3Q, 2011					3Q, 2012			3Q, 2011			3Q, 2012		3Q, 2011
Forward	$	2,338	$	(8,044	)		Net sales	$	(2,783	)	$	—	Other income (expenses) — Others	$	619	$	171
Zero cost collars		1,681		(8,245	)		Net sales		—			1,536	Other income (expenses) — Others		76		(729	)
Total	$	4,019	$	(16,289	)			$	(2,783	)	$	1,536		$	695	$	(558	)

The following table summarizes the impact of derivative instruments on the consolidated statement of operations for the nine months ended September 30, 2012 and 2011:

Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)					Location of Gain (Loss) Reclassified from AOCI into Statement of Income (Effective Portion)		Amount of Gain (Loss) Reclassified from AOCI into Statement of Income (Effective Portion)						Location of Gain (Loss) Recognized in Statement of Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Statement of Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	9M, 2012		9M, 2011					9M, 2012			9M, 2011				9M, 2012		9M, 2011
Options	$	—	$	(85	)		Net sales	$	—		$	(829	)	Other income (expenses) — Others	$	—	$	(18	)
Forward		1,953		(5,337	)		Net sales		(2,783	)		10,771		Other income (expenses) — Others		1,132		435
Zero cost collars		1,421		(4,791	)		Net sales		(1,529	)		1,536		Other income (expenses) — Others		349		(614	)
Total	$	3,374	$	(10,213	)			$	(4,312	)	$	11,478			$	1,481	$	(197	)