FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value and Consolidated Balance Sheet Location of the Company's Derivatives

The following tables summarize the fair value and consolidated balance sheet location of the Company's derivatives at December 31, 2011 and December 31, 2010:

	December 31, 2011
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
(in thousands)
Designated as Hedges
Foreign exchange forward contracts	$	5,464	$	896	$	641	$	107
Commodity contracts	—		15		257		2
Interest rate swaps	2,539		3,160		—		1,050
Cross currency basis swaps	—		19,838		13,790		117,974
Total	$	8,003	$	23,909	$	14,688	$	119,133
Not Designated as Hedges
Foreign exchange forward contracts	$	1,943	$	—	$	3,150	$	—
DIO equity option contracts	—		—		—		419
Interest rate swaps	—		—		105		476
Cross currency basis swaps	—		—		$	—	$	67,690
Total	$	1,943	$	—	$	3,255	$	68,585

	December 31, 2010
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
(in thousands)
Designated as Hedges
Foreign exchange forward contracts	$	2,455	$	21	$	1,139	$	135
Commodity contracts	88		—		—		—
Interest rate swaps	—		—		4,213		871
Cross currency basis swaps	—		—		21,516		147,589
Total	$	2,543	$	21	$	26,868	$	148,595
Not Designated as Hedges
Foreign exchange forward contracts	$	821	$	—	$	600	$	—
Interest rate swaps	—		—		104		556
Total	$	821	$	—	$	704	$	556

Amounts Recorded in AOCI, Net of Tax, Related to Cash Flow Hedging Instruments

Amounts recorded in AOCI related to cash flow hedging instruments at:

	December 31,
(in thousands, net of tax)	2011			2010
Beginning balance	$	(1,468	)	$	(4,799	)
Changes in fair value of derivatives	(14,357		)	1,248
Reclassifications to earnings from equity	3,088			2,083
Total activity	(11,269		)	3,331
Ending balance	$	(12,737	)	$	(1,468	)

Amounts Recorded in AOCI, Net of Tax, Related to Hedges of Net Investments in Foreign Operations

Amounts recorded in AOCI related to hedges of net investments in foreign operations at:

	December 31,
(in thousands, net of tax)	2011			2010
Beginning balance	$	45,417		$	111,115
Foreign currency translation adjustment	(200,121		)	(33,208		)
Changes in fair value of:
foreign currency debt	(9,553		)	(16,311		)
derivative hedge instruments	20,527			(16,179		)
Total activity	(189,147		)	(65,698		)
Ending balance	$	(143,730	)	$	45,417

Cash Flow Hedging

Summary of Notional Amounts and Fair Value of the Company's Hedges

The following tables summarize the notional amounts and fair value of the Company's cash flow hedges and non-designated derivatives at December 31, 2011:

Foreign Exchange Forward Contracts	Notional Amount Maturing in the Year						Fair Value Net Asset (Liability)
(in thousands)	2012			2013			December 31, 2011
Forward sale, 13.2 million Australian dollars	$	11,895		$	1,076		$	(736	)
Forward purchase, 6.9 million British pounds	(10,456		)	(190		)	554
Forward sale, 35.0 million Canadian dollars	26,709			8,226			1,061
Forward purchase, 14.9 million Danish kroner	(2,597		)	—			4
Forward sale, 97.5 million euros	83,981			43,167			2,188
Forward sale, 0.5 billion Japanese yen	9,998			(3,105		)	(803		)
Forward sale, 159.3 million Mexican pesos	11,391			—			45
Forward purchase, 11.8 million Norwegian kroner	(1,974		)	—			72
Forward sale, 5.4 million Polish zlotys	1,568			—			(6		)
Forward sale, 2.5 million Singapore dollars	1,924			—			(14		)
Forward sale, 5.7 billion South Korean won	4,940			—			(31		)
Forward purchase, 1.2 billion Swedish kronor	(139,982		)	(27,873		)	1,347
Forward sale, 25.3 million Swiss francs	20,202			7,637			770
Forward sale, 47.0 million Taiwanese dollars	1,553			—			(46		)
Total foreign exchange forward contracts	$	19,152		$	28,938		$	4,405

Interest Rate Swaps	Notional Amount Maturing in the Year										Fair Value Net Asset (Liability)
(in thousands)	2012		2013		2014		2015		2016 and Beyond		December 31, 2011
Euro	$	1,221	$	1,221	$	934	$	934	$	2,101	$	(581	)
Japanese yen	—		—		162,956		—		—		739
Swiss francs	—		—		—		—		69,197		(553		)
Total interest rate swaps	$	1,221	$	1,221	$	163,890	$	934	$	71,298	$	(395	)

Commodity Contracts	Notional Amount Maturing in the Year				Fair Value Net Asset (Liability)
(in thousands)	2012		2013		December 31, 2011
Silver swap - U.S. dollar	$	3,216	$	327	$	(62	)
Platinum swap - U.S. dollar	1,452		84		(182		)
Total commodity contracts	$	4,668	$	411	$	(244	)

	Notional
	Amounts
	Maturing in the		Fair Value Net
Cross Currency Basis Swaps	Year		Asset (Liability)
(in thousands)	2014		December 31, 2011
Euro 449.8 million @ $1.45 rec. EUR 3 mth. EURIBOR pay USD 3 mth. LIBOR	$	581,568	$	(67,690	)
Total cross currency basis swaps	$	581,568	$	(67,690	)

Fair Value and Consolidated Balance Sheet Location of the Company's Derivatives

The following tables summarize the statements of operations impact of the Company’s cash flow hedges for the years ended December 31, 2011 and 2010:

December 31, 2011
Derivatives in Cash Flow Hedging	Gain (Loss) in AOCI			Classification of Gains (Losses)	Effective Portion Reclassified from AOCI into Income
(in thousands)
Interest rate contracts	$	(30,008	)	Interest expense	$	(4,903	)
Foreign exchange forward contracts	6,858			Cost of products sold	1,503
Foreign exchange forward contracts	377			SG&A expenses	39
Commodity contracts	(191		)	Cost of products sold	273
Total	$	(22,964	)		$	(3,088	)

Derivatives in Cash Flow Hedging	Classification of Gains (Losses)	Ineffective portion Recognized in Income
(in thousands)
Interest rate contracts	Other expense, net	$	(6,151	)
Foreign exchange forward contracts	Interest expense	(403		)
Foreign exchange forward contracts	Interest expense	(1,307		)
Commodity contracts	Interest expense	2
Total		$	(7,859	)

December 31, 2010
Derivatives in Cash Flow Hedging	Gain (Loss) in AOCI			Classification of Gains (Losses)	Effective Portion Reclassified from AOCI into Income
(in thousands)
Interest rate contracts	$	(1,978	)	Interest expense	$	(5,636	)
Foreign exchange forward contracts	2,314			Cost of products sold	665
Foreign exchange forward contracts	670			SG&A expenses	630
Commodity contracts	324			Cost of products sold	662
Total	$	1,330			$	(3,679	)

Derivatives in Cash Flow Hedging	Classification of Gains (Losses)	Ineffective portion Recognized in Income
(in thousands)
Interest rate contracts	Other expense, net	$	232
Foreign exchange forward contracts	Interest expense	(672		)
Commodity contracts	Interest expense	(14		)
Total		$	(454	)

Net Investment Hedging

Summary of Notional Amounts and Fair Value of the Company's Hedges

The following tables summarize the notional amounts and fair value of the Company's cross currency basis swaps that are designated as hedges of net investments in foreign operations at December 31, 2011:

Cross Currency Basis Swaps	Notional Amounts Maturing in the Year						Fair Value Net Asset (Liability)
(in thousands)	2012		2013		2014		December 31, 2011
Swiss franc 592.5 million @ 1.12 pay CHF 3 mth. LIBOR rec. USD 3 mth. LIBOR	$	60,254	$	484,910	$	85,591	$	(99,917	)
Euro 618.0 million @ $1.27 pay EUR 3 mth. EURIBOR rec. USD 3 mth. LIBOR	—		799,105		—		(12,009		)
Total cross currency basis swaps	$	60,254	$	1,284,015	$	85,591	$	(111,926	)

Gain (Loss) on Derivatives in the Consolidated Statement of Operatoins

The following tables summarize the statements of operations impact of the Company’s hedges of net investments for the years ended December 31, 2011 and 2010:

December 31, 2011
Derivatives in Net Investment Hedging	Gain (Loss) in AOCI			Classification of Gains (Losses)	Gain (Loss) Recognized in Income
(in thousands)
Cross currency interest rate swaps	$	3,308		Interest income	$	1,085
				Interest expense	(108		)
Cross currency interest rate swaps	30,125			Interest expense	(5,675		)
Foreign exchange forward contracts	(2,462		)	Interest expense	—
Total	$	30,971			$	(4,698	)

December 31, 2010
Derivatives in Net Investment Hedging	Gain (Loss) in AOCI			Classification of Gains (Losses)	Gain (Loss) Recognized in Income
(in thousands)
Cross currency interest rate swaps	$	(61,211	)	Interest income	$	869
				Interest expense	(105		)
Cross currency interest rate swaps	34,862			Interest expense	(2,508		)
Total	$	(26,349	)		$	(1,744	)

Fair Value Hedging

Summary of Notional Amounts and Fair Value of the Company's Hedges

The following tables summarize the notional amounts and fair value of the Company's fair value hedges at December 31, 2011:

							Fair Value Net
Interest Rate Contracts	Notional Amounts Maturing in the Year						Asset (Liability)
(in thousands)	2014		2015		2016 and Beyond		December 31, 2011
U. S. dollar	45,000		60,000		45,000		4,463
Total interest rate contracts	$	45,000	$	60,000	$	45,000	$	4,463

Gain (Loss) on Derivatives in the Consolidated Statement of Operatoins

The following tables summarize the statements of operations impact of the Company’s hedges of fair value for the years ended December 31, 2011 and 2010:

December 31, 2011
Derivatives in Cash Flow Hedging
	Classification of Gains (Losses)	December 31,
(in thousands)		2011		2010
Interest rate contracts	Interest expense	$	6,328	$	—
Total		$	6,328	$	—

Not Designated as Hedging Instrument

Gain (Loss) on Derivatives in the Consolidated Statement of Operatoins

The following table summarizes the statements of operations impact of the Company’s hedges not designated as hedging for the years ended December 31, 2011 and 2010:

Derivatives Not Designated as Hedging
	Classification of Gains (Losses)	December 31,
(in thousands)		2011			2010
Foreign exchange forward contracts (a)	Other expense, net	$	(2,921	)	$	1,181
DIO equity option contracts	Other expense, net	383			—
Interest rate contracts	Interest expense	(186		)	(155		)
Cross currency interest rate contracts (a)	Other expense, net	(68,432		)	—
Cross currency interest rate contracts	Interest income	1,219			—
Total		$	(69,937	)	$	1,026