Fair Value

9 Months Ended

Sep. 30, 2012

Fair Value [Abstract]

Fair Value

9. Fair Value

The Corporation’s financial assets and liabilities that are reported at fair value in the accompanying condensed consolidated balance sheets as of September 30, 2012 and December 31, 2011 were as follows:

	(in thousands)
	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
As of September 30, 2012
Investments
Other noncurrent assets	$	3,318	$	0		$	0	$	3,318
Foreign currency exchange contracts
Accounts receivable	$	0	$	(74	)	$	0	$	(74	)
Other current assets	$	0	$	505		$	0	$	505
Other current liabilities	$	0	$	340		$	0	$	340
As of December 31, 2011
Investments
Other noncurrent assets	$	3,090	$	0		$	0	$	3,090
Foreign currency exchange contracts
Accounts receivable	$	0	$	(72	)	$	0	$	(72	)
Other current assets	$	0	$	363		$	0	$	363
Other noncurrent assets	$	0	$	169		$	0	$	169
Other current liabilities	$	0	$	174		$	0	$	174
Other noncurrent liabilities	$	0	$	116		$	0	$	116

Fair Value of Financial Instruments

The investments held as other noncurrent assets represent assets held in the “Rabbi” trust for the purpose of providing benefits under the non-qualified defined benefit pension plan. The fair value of the investments is based on quoted prices of the investments in active markets. The fair value of foreign currency exchange contracts is determined based on the fair value of similar contracts with similar terms and remaining maturities. The fair value of futures contracts is based on market quotations. The fair value of the variable-rate IRB debt approximates its carrying value. Additionally, the fair value of trade receivables and trade payables approximate their carrying value.