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COMPREHENSIVE INCOME
 6 Months Ended
Jun. 30, 2012
COMPREHENSIVE INCOME [Abstract]  
Comprehensive Income
COMPREHENSIVE INCOME

During the quarter ended June 30, 2012, foreign currency translation adjustments included currency translation losses of $175.3 million and losses on the Company’s loans designated as hedges of net investments of $1.3 million.  During the quarter ended June 30, 2011, foreign currency translation adjustments included currency translation gains of $52.4 million and gains of $9.7 million on the Company’s loans designated as hedges of net investments.  During the six months ended June 30, 2012, foreign currency translation adjustments included currency losses of $48.5 million and gains on the Company's loans designated as hedges of net investments of $4.1 million. During the six months ended June 30, 2011, foreign currency translation adjustments included currency translation gains of $142.1 million and gains on the Company's loans designated as hedges as investments of $10.7 million. These foreign currency translation adjustments were offset by movements on derivative financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.

The balances included in AOCI, net of tax, in the consolidated balance sheets are as follows:

(in thousands)
June 30, 2012
 
December 31, 2011
 
 
 
 
Foreign currency translation adjustments
$
(83,489
)
 
$
(39,078
)
Net loss on derivative financial instruments
(102,433
)
 
(117,390
)
Net unrealized holding gains (losses) on available-for-sale securities
14,530

 
(516
)
Pension liability adjustments
(32,320
)
 
(33,986
)
 
$
(203,712
)
 
$
(190,970
)



The cumulative foreign currency translation adjustments included translation gains of $47.8 million and $96.3 million at June 30, 2012 and December 31, 2011, respectively, was more than offset by losses of $129.4 million and $133.5 million, respectively, on loans designated as hedges of net investments.  These foreign currency translation adjustments were partially offset by movements on derivatives financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.