AEROFLEX HOLDING CORP. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - February 6, 2013

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v2.4.0.6
Derivative Financial Instruments
 6 Months Ended
Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
7. Derivative Financial Instruments

 

We address certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments. When deemed appropriate to do so, we enter into interest rate swap derivatives to manage the effects of interest rate movements on portions of our debt. We routinely enter into foreign currency forward contracts, not designated as hedging instruments, to protect us from fluctuations in exchange rates.

 

Foreign Currency Contract Derivatives

 

Foreign currency contracts are used to protect us from fluctuations in exchange rates. Our foreign currency contracts are not designated as hedges and therefore the change in fair value is included in other income (expense) as it occurs. As of December 31, 2012, we had $40.9 million of notional value foreign currency forward contracts maturing through January 31, 2013. Notional amounts do not quantify risk or represent assets or liabilities of the Company, but are used in the calculation of cash settlements under the contracts.

The fair values of our derivative financial instruments included in the consolidated balance sheets as of December 31, 2012 and June 30, 2012 were as follows:

 

    Asset (Liability) Derivatives
    December 31, 2012   June 30, 2012
    Balance Sheet         Balance Sheet      
    Location   Fair Value (1)     Location   Fair Value (1)  
    (In thousands)
                     
Derivatives not designated as hedging instruments:                        
Foreign currency forward contracts   Accrued expenses and other current liabilities   $ (5 )   Prepaid expenses and other current assets   $ 23  

   

  (1) The fair values of derivative assets and liabilities are determined based on observable market data and are considered level 2 in the fair value hierarchy.

 

The amounts of the gains and losses related to our derivative financial instruments not designated as hedging instruments for the three and six months ended December 31, 2012 and 2011 were as follows:

 

Derivatives Not   Location of Gain or (Loss)   Amount of Gain or (Loss)  
Designated as   Recognized in Earnings on   Recognized in Earnings on  
Hedging Instruments   Derivatives   Derivatives  
        Three Months Ended     Six Months Ended  
        December 31,     December 31,  
        2012     2011     2012     2011  
        (In thousands)  
                             
Foreign currency forward contracts   Other income (expense)   $ (3 )   $ (343 )   $ (28 )   $ (187 )

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