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DERIVATIVES AND HEDGING ACTIVITIES: (Tables)
12 Months Ended
Dec. 31, 2013
DERIVATIVES AND HEDGING ACTIVITIES:  
Schedule of fair value of derivative contracts

 

 

 

 

Derivative Assets Reported in
Other Current Assets

 

Derivative Liabilities Reported in
Other Current Liabilities

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(in thousands)

 

Foreign exchange contracts designated as cash flow hedges

 

$

1,396

 

$

2,942

 

$

 

$

 

Total derivatives designated as hedging instruments

 

$

1,396

 

$

2,942

 

$

 

$

 

 

Schedule of designated derivative contracts as cash flow hedges and their impact on OCI

The following table represents the balance of derivative contracts designated as cash flow hedges as of December 31, 2013 and 2012, and their impact on OCI for the year ended December 31, 2013 (in thousands):

 

December 31, 2012

 

$

2,942

 

Amount of gain recognized in OCI (effective portion)

 

4,481

 

Amount of gain reclassified from OCI to income (effective portion)

 

(6,027

)

December 31, 2013

 

$

1,396

 

Effect of derivative contracts on the condensed consolidated statement of operations

 

 

 

 

Year Ended December 31,

 

 

 

2013

 

2012

 

2011

 

 

 

(in thousands)

 

Gain (loss) on foreign exchange contracts designated as cash flow hedges

 

$

6,027

 

$

(893

)

$

1,223