XML 83 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other (Income) Expense
 12 Months Ended
Dec. 31, 2011
Other (Income) Expense, net [Abstract]  
Other Income and Other Expense Disclosure [Text Block]
OTHER (INCOME) EXPENSE, NET

The components of other (income) expense, net, are as follows (in thousands):
 
 
For the Years Ended December 31,
 
 
2011
 
2010
 
2009
 
 
 
 
 
 
 
(Gain) loss on sale of assets
 
$
(487
)
 
$
(176
)
 
$
90

Equity in (income) of affiliates
 
(274
)
 
(376
)
 
(92
)
(Gain) loss on foreign exchange
 
1,800

 
1,032

 
(331
)
Interest (income)
 
(138
)
 
(249
)
 
(138
)
Non-income tax (benefit) expense
 
—

 
—

 
(2,500
)
Rent and royalty (income)
 
(1,716
)
 
(1,550
)
 
(1,358
)
(Gain) loss on insurance recovery
 
(1,014
)
 
—

 
—

Legal entity realignment
 
711

 
—

 
—

Other (gain) loss
 
199

 
(886
)
 
1,127

Total other (income) expense net
 
$
(919
)
 
$
(2,205
)
 
(3,202
)


During 2010, we had fire incidents at two separate facilities resulting in the loss of portions of the buildings, as well as some of the laboratory equipment. The final insurance settlements were reached in 2011, which resulted in gains of $1.0 million.

In 2010, we sold our minority investment in a technology company acquired in 2001, resulting in a gain of $0.8 million and recorded a foreign exchange loss of $1.4 million on the settlement of a Euro-denominated income tax receivable in The Netherlands.

In 2009, we released the remaining $2.5 million of a long-term liability established in 2008 associated with non-income related taxes.

Foreign Currency Risk

We operate in a number of international areas which exposes us to foreign currency exchange rate risk. We do not currently hold or issue forward exchange contracts or other derivative instruments for hedging or speculative purposes (a foreign exchange contract is an agreement to exchange different currencies at a given date and at a specified rate). Foreign exchange gains and losses are the result of fluctuations in the USD against foreign currencies and are included in other (income) expense in the statements of operations. We recognized foreign exchange losses in countries where the USD weakened against the local currency and we had net monetary liabilities denominated in the local currency; as well as countries where the USD strengthened against the local currency and we had net monetary assets denominated in the local currency. We recognized foreign exchange gains in countries where the USD strengthened against the local currency and we had net monetary liabilities denominated in the local currency and in countries where the USD weakened against the local currency and we had net monetary assets denominated in the local currency. Foreign exchange gains and losses are summarized in the following table (in thousands):

 
For the Years Ended December 31,
(Gains) losses by currency
2011
 
2010
 
2009
 
 
 
 
 
 
 
Australian Dollar
$
81

 
$
(135
)
 
$
(438
)
 
Angolan Kwanza
257

 
(58
)
 
20

 
British Pound
163

 
390

 
(106
)
 
Canadian Dollar
423

 
(711
)
 
(1,686
)
 
Colombian Peso
120

 
11

 
(152
)
 
Euro
257

 
1,788

 
(81
)
 
Malaysian Ringgit
187

 
(157
)
 
69

 
Nigerian Naira
164

 
98

 
168

 
Russian Ruble
(127
)
 
(6
)
 
421

 
Venezuelan Bolivar
(108
)
 
(267
)
 
1,335

 
Other currencies, net
383

 
79

 
119

Total (gain) loss
$
1,800

 
$
1,032

 
(331
)


In Venezuela, we recognized a devaluation of our net monetary assets resulting in a foreign exchange loss of approximately $1.3 million in the fourth quarter of 2009.