Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2012

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

Note 12. Derivative Instruments and Hedging Activities

        The Company has entered into a number of foreign currency forward contracts. The purpose of these transactions is to reduce the impact of future currency fluctuations related to anticipated cash receipts from expected future revenue that is denominated in a currency other than U.S. dollars. The change in the valuation of the foreign currency forwards portfolio is recorded within other income (expense) in the accompanying consolidated statements of operations.

        A summary of open foreign currency forward contracts at March 31, 2012 and December 31, 2011 are as follows (all contracts are obligations for the Company to deliver foreign currency—i.e., short positions) (in thousands):

Purpose/Maturity	Foreign Quantity		Contract Value		Market Value		Asset (Liability)
March 31, 2012:
Italy—Aerial Operations maturing through December 2012		€                1,748	$	2,432	$	2,335	$	97
Greece—Aerial Operations maturing through December 2012		€              13,718		18,772		18,311		461
Australia—Aerial Operations maturing through March 2013		AUD 8,698		8,474		8,701		(227	)
			$	29,678	$	29,347	$	331

Purpose/Maturity	Foreign Quantity		Contract Value		Market Value		Asset (Liability)
December 31, 2011:
Italy—Aerial Operations maturing through December 2012		€                2,848	$	3,948	$	3,702	$	246
Greece—Aerial Operations maturing through December 2012		€              13,718		18,789		17,790		999
Australia—Aerial Operations maturing through March 2013		AUD 17,848		16,417		17,746		(1,329	)
			$	39,154	$	39,238	$	(84	)

        The Company's foreign currency forward contracts were measured at fair value within Level 2 of the fair value hierarchy at March 31, 2012 and December 31, 2011.