Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 3 FAIR VALUE MEASUREMENTS

Accounting Standards Codification (ASC) 820-10, Fair Value Measurements and Disclosures, requires that for any assets and liabilities stated at fair value on a recurring basis in the Company’s financial statements, the fair value of such assets and liabilities be measured based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Level 1 asset and liability values are derived from quoted prices in active markets for identical assets and liabilities and Level 2 asset and liability values are derived from quoted prices in inactive markets or based on other observable inputs. The Company’s assets and liabilities measured at fair value on a recurring basis are categorized in the table below based upon their level within the fair value hierarchy as of June 30, 2012.

(In thousands)			Fair Value Measurements at Reporting Date Using
Description	June 30, 2012		Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Restricted Cash	$	2,938	$	2,938	$	—	$	—
Marketable securities:
Equity securities		532		532		—		—
Certificates of deposit		4,244		—		4,244		—
		4,776		532		4,244		—
Derivative assets:
Forward contracts		6		—		6		—
Option contracts		546		—		546		—
		552		—		552		—
Pension assets not owned by plan		6,523		—		6,523		—
	$	14,789	$	3,470	$	11,319	$	—
Liabilities:
Derivative liabilities:
Forward contracts	$	170	$	—	$	170	$	—
Option contracts		853		—		853		—
	$	1,023	$	—	$	1,023	$	—

The Company’s assets and liabilities measured at fair value on a recurring basis are categorized in the table below based upon their level within the fair value hierarchy as of December 31, 2011.

(In thousands)			Fair Value Measurements at Reporting Date Using
Description	December 31, 2011		Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Restricted Cash	$	12,367	$	12,367	$	—	$	—
Marketable securities:
Equity securities		542		542		—		—
Certificates of deposit		4,245		—		4,245		—
		4,787		542		4,245		—
Derivative assets:
Option contracts		117		—		117		—
Pension assets not owned by plan		6,572		—		6,572		—
	$	23,843	$	12,909	$	10,934	$	—
Liabilities:
Derivative liabilities:
Forward contracts		388		—		388		—
Option contracts		440		—		440		—
	$	828	$	—	$	828	$	—

The Company’s other financial instruments include short-term borrowings and long-term debt. The fair value of these financial instruments was estimated based on current rates for similar issues or on the current rates offered to the Company for debt of similar remaining maturities. The estimated fair values of these financial instruments were as follows:

	June 30, 2012				December 31, 2011
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term borrowings	$	31,625	$	31,239	$	45,149	$	44,063
Long-term debt	$	158,943	$	156,560	$	178,043	$	166,600