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Fair Value Measurements
3 Months Ended
Mar. 31, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements

c. Fair Value Measurements. Due to its foreign operations, the company is exposed to the effects of foreign currency exchange rate fluctuations on the U.S. dollar, principally related to intercompany account balances. The company uses derivative financial instruments to reduce its exposure to market risks from changes in foreign currency exchange rates on such balances. The company enters into foreign exchange forward contracts, generally having maturities of one month, which have not been designated as hedging instruments. At March 31, 2012 and 2011, the notional amount of these contracts was $275.1 million and $27.4 million, respectively. At March 31, 2012 and 2011, the fair value of such contracts was zero and a net gain of $.2 million, respectively, of which $2.0 million and $.2 million, respectively, has been recognized in "Prepaid expenses and other current assets" and $2.0 million and zero, respectively, has been recognized in "Other accrued liabilities" in the company's consolidated balance sheet. For the three months ended March 31, 2012 and 2011, changes in the fair value of these instruments were a loss of $1.5 million and a loss of $.4 million, respectively, which has been recognized in earnings in "Other income (expense), net" in the company's consolidated statement of income. The fair value of these forward contracts is based on quoted prices for similar but not identical financial instruments; as such, the inputs are considered Level 2 inputs.

Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable and other accrued liabilities. The carrying amounts of these financial assets and liabilities approximate fair value due to their short maturities. At March 31, 2012 and December 31, 2011, the carrying amount of long-term debt was less than fair value, which is based on market prices (Level 2 inputs), of such debt by approximately $29 million and $37 million, respectively.