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Note 10 - Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table provides a summary of the fair value amounts of our derivative instruments, all of which are Level 2 (as defined below) inputs (in thousands):
Designation of Derivatives
 
Balance Sheet Location
 
March 31,
2014
 
December 31,
2013
Derivatives Designated as Hedging Instruments:
 
 
 
 
Forward Currency Contracts
 
Prepaid expenses and other current assets
 
$
67

 
$
24

 
 
Total Assets
 
$
67

 
$
24

 
 
 
 
 
 
 
Interest Rate Swaps
 
Other non-current liabilities
 
$
1,080

 
$
1,220

 
 
Total Liabilities
 
$
1,080

 
$
1,220

 
 
 
 
 
 
 
Derivatives Not Designated as Hedging Instruments:
 
 
 
 
Forward Currency Contracts
 
Prepaid expenses and other current assets
 
$
1,056

 
$
878

 
 
Total Assets
 
$
1,056

 
$
878

 
 
 
 
 
 
 
 
 
Total Derivative Assets
 
$
1,123

 
$
902

 
 
Total Derivative Liabilities
 
1,080

 
1,220

 
 
Total Net Derivative Asset (Liability)
 
$
43

 
$
(318
)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table represents assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):
 
Total Fair Value at
March 31, 2014
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:







Forward Currency Contracts
$
1,123

 
$

 
$
1,123

 
$

Total
$
1,123

 
$

 
$
1,123

 
$

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Interest Rate Swap
$
1,080

 
$

 
$
1,080

 
$

Total
$
1,080

 
$

 
$
1,080

 
$



Total Fair Value at
December 31, 2013

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Forward Currency Contracts
$
902

 
$

 
$
902

 
$

Total
$
902

 
$

 
$
902

 
$

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Interest Rate Swap
$
1,220

 
$

 
$
1,220

 
$

Total
$
1,220

 
$

 
$
1,220

 
$

Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the Company’s derivative positions at March 31, 2014:
 
Position
 
Notional
Amount
 
Weighted
Average
Remaining
Maturity
In Years
 
Average
Exchange
Rate
Canadian Dollar/USD
Sell
 
$
21,074,386

 
0.6
 
1.11
Singapore Dollar/USD
Sell
 
$
1,973,834

 
0.8
 
1.26
Hong Kong Dollar/USD
Sell
 
$
1,558,146

 
0.8
 
7.75
Australian Dollar/USD
Sell
 
$
3,030,088

 
0.8
 
0.91
USD/British Pound
Sell
 
£
1,900,000

 
0.5
 
1.66
EURO/British Pound
Sell
 
£
8,000,000

 
0.3
 
0.83
Interest Rate Swap
 
 
$
168,437,500

 
2.4