Derivative Financial Instruments

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The Company reports cash flows from derivative instruments in cash flows from operating activities. All derivatives are recorded at fair value in either prepaid and other current assets or other accrued liabilities. During the three months ended March 31, 2013 and 2012, the Company was not party to any derivative instrument arrangements. At March 31, 2013, there were no derivative instrument contracts outstanding.