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Fair Value Of Financial Instruments
12 Months Ended
Dec. 31, 2011
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments

Note 8 – Fair Value of Financial Instruments

Fair value is defined in ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The provisions under ASC 820 also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices in active markets for identical or similar assets and liabilities.

Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

PART II / ITEM 8

The following table summarizes assets and liabilities measured at fair value on a recurring basis at the dates indicated:

 

    December 31, 2011         December 31, 2010  
(dollars in thousands)   Quoted
Prices in
Active
Markets
for
Identical
Assets
Level 1
    Significant
Other
Observable
Inputs
Level 2
    Significant
Unobservable
Inputs
Level 3
    Total
Fair
Value
        Quoted
Prices in
Active
Markets
for
Identical
Assets
Level 1
    Significant
Other
Observable
Inputs
Level 2
    Significant
Unobservable
Inputs
Level 3
    Total
Fair Value
 

Assets:

                 

Derivatives — foreign exchange contracts

  $      $ 290      $      $ 290        $      $ 1,610      $      $ 1,610   

Liabilities:

                 

Derivatives — foreign exchange contracts

  $      $ 6,060      $      $ 6,060        $      $ 730      $      $ 730   

Valuation Technique — The Company's derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy.

The carrying value of the Company's financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term loans payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. Long-term debt rates currently available to the Company for debt with similar

terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of long-term debt was $419.0 million and $429.1 million at December 31, 2011 and 2010, respectively.