Juno 2012 Annual Report Download - page 151
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Table of Contents
$15 million (subject to adjustment based on excess cash flow calculations) which may be used to make cash dividends, loans and advances to United
Online, Inc., provided certain terms and conditions specified in the Credit Agreement are satisfied. These restrictions have resulted in the restricted net
assets (as defined in Rule 4-08(e)(3) of Regulation S-X) of FTD Group Inc. and its subsidiaries totaling $277.6 million and $262.1 million at
December 31, 2012 and 2011, respectively, which exceeded 25% of the consolidated net assets of United Online, Inc. and its subsidiaries. FTD
Group, Inc. was in compliance with all covenants under the Credit Agreement at December 31, 2012.
In March 2012, FTD Group, Inc. entered into forward starting interest rate cap instruments based on 3-month LIBOR that are effective from
January 2015 to June 2018 and have aggregated notional values totaling $130 million. The interest rate cap instruments are designated as cash flow
hedges against expected future cash flows attributable to future 3-month LIBOR interest payments on a portion of the outstanding borrowings under the
Credit Agreement. The gains or losses on the instruments are reported in other comprehensive income to the extent that they are effective and will be
reclassified into earnings when the expected future cash flows, beginning in January 2015 through June 2018 and attributable to future 3-month LIBOR
interest payments, are recognized in earnings.
The fair and notional values of outstanding derivative instruments were as follows (in thousands):
The effect of derivatives designated as cash flow hedging instruments on accumulated other comprehensive loss, other income, net, and technology
and development expenses was as follows (in thousands):
F-34
Interest rate caps Other assets $ 699 $ — $ 130,000 $ —
Other derivative assets Other current assets $ — $ 372 $ — $ 6,069
Other derivative liabilities Accrued liabilities $ 245 $ 240 $ 7,333 $ 5,228
Interest rate caps $ (1,210) $ — $ —
Forward foreign currency exchange contracts $ 62 $ (188) $ —