Investments

12 Months Ended

Dec. 31, 2012

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

The Company’s investments, primarily in Brazil, consist of certificates of deposit and U.S. dollar indexed bond funds that are classified as available-for-sale and stated at fair value based upon quoted market prices and net asset values, respectively. Unrealized gains and losses are recorded in OCI. Realized gains and losses are recognized in investment income and are determined using the specific identification method. Realized gains (losses) from the sale of securities, net for the year ended December 31, 2012 and 2011 were $4,523 and $(1,505), respectively. Proceeds from the sale of available-for-sale securities were $50,431 and $52,292 during the years ended December 31, 2012 and 2011, respectively.

The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash or share-based compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation, the Company established a rabbi trust (refer to note 12), which is recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liability is recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trust are recognized in investment income.

The Company’s investments, excluding cash surrender value of insurance contracts of $70,318 and $67,699 as of December 31, 2012 and 2011, respectively, consist of the following:

	Cost Basis		Unrealized Gain/(Loss)			Fair Value
As of December 31, 2012
Short-term investments:
Certificates of deposit	$	258,518	$	—		$	258,518
U.S. dollar indexed bond funds	3,249		119			3,368
	$	261,767	$	119		$	261,886
Long-term investments:
Assets held in a rabbi trust	$	6,266	$	517		$	6,783
As of December 31, 2011
Short-term investments:
Certificates of deposit	$	269,033	$	—		$	269,033
U.S. dollar indexed bond funds	16,482		1,338			17,820
	$	285,515	$	1,338		$	286,853
Long-term investments:
Assets held in a rabbi trust	$	7,428	$	(258	)	$	7,170