FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2012

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 March 31, 2012 and December 31, 2011:

	March 31, 2012
(in thousands)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges
Foreign exchange forward contracts	$	3,880	$	380	$	1,210	$	332
Commodity contracts	521		—		—		—
Interest rate swaps	2,521		3,223		—		1,334
Cross currency basis swaps	—		4,160		70,671		95,508
Total	$	6,922	$	7,763	$	71,881	$	97,174
Not Designated as Hedges
Foreign exchange forward contracts	$	3,428	$	—	$	1,087	$	—
DIO equity option contracts	—		—		—		706
Interest rate swaps	—		—		112		479
Cross currency basis swaps	—		—		—		49,844
Total	$	3,428	$	—	$	1,199	$	51,029

	December 31, 2011
(in thousands)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
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	$	—
Commodity contracts	—		—		—		419
Interest rate swaps	—		—		105		476
Cross currency basis swaps	—		—		—		67,690
Total	$	1,943	$	—	$	3,255	$	68,585

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 March 31, 2012:

Foreign Exchange Forward Contracts	Notional Amounts Maturing in the Year						Fair Value Net Asset (Liability)
(in thousands)	2012			2013			March 31, 2012
Forward sale, 12.1 million Australian dollars	$	9,443		$	2,721		$	(134	)
Forward purchase, 7.5 million British pounds	(11,729		)	(197		)	265
Forward sale, 39.7 million Canadian dollars	26,062			13,882			449
Forward purchase, 22.2 million Danish kroner	(3,970		)	—			(29		)
Forward sale, 91.6 million euros	40,912			81,079			2,169
Forward purchase, 0.3 billion Japanese yen	1,342			(5,229		)	(268		)
Forward sale, 160.7 million Mexican pesos	12,541			—			207
Forward purchase, 19.4 million Norwegian kroner	(3,413		)	—			(21		)
Forward sale, 3.7 million Polish zlotys	1,196			—			(33		)
Forward sale, 2.6 million Singapore dollars	2,071			—			49
Forward sale, 5.6 billion South Korean won	4,914			—			77
Forward purchase, 1.0 billion Swedish kronor	(105,035		)	(48,487		)	2,554
Forward sale, 16.5 million Swiss francs	4,461			13,468			(258		)
Forward sale, 77.1 million Taiwanese dollars	2,615			—			32
Total foreign exchange forward contracts	$	(18,590	)	$	57,237		$	5,059

Interest Rate Swaps	Notional Amounts Maturing in the Year										Fair Value Net Asset (Liability)
(in thousands)	2012		2013		2014		2015		2016 and Beyond		March 31, 2012
Euro	$	944	$	1,259	$	963	$	963	$	2,167	$	(591	)
Japanese yen	—		—		151,490		—		—		495
Swiss francs	—		—		—		—		71,990		(842		)
Total interest rate swaps	$	944	$	1,259	$	152,453	$	963	$	74,157	$	(938	)

Commodity Swap Contracts	Notional Amounts Maturing in the Year				Fair Value Net  Asset (Liability)
(in thousands)	2012		2013		March 31, 2012
Silver swap - U.S. dollar	$	2,801	$	376	$	397
Platinum swap - U.S. dollar	1,272		101		124
Total commodity contracts	$	4,073	$	477	$	521

Cross Currency Basis Swap	Notional Amounts Maturing in the Year		Fair Value Net Asset (Liability)
(in thousands)	2014		March 31, 2012
Euro 449.8 million @ $1.45  pay USD 3 mth. LIBOR receive EUR 3 mth. EURIBOR	$	599,694	$	(49,844	)
Total cross currency basis swaps	$	599,694	$	(49,844	)

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 three months ended March 31, 2012 and March 31, 2011:

Three Months Ended March 31, 2012
Derivatives in Cash Flow Hedging
(in thousands)	Gain (Loss) in AOCI			Classification of Gains (Losses)	Effective Portion Reclassified from AOCI into Income
Interest rate contracts	$	(672	)	Interest expense	$	(905	)
Foreign exchange forward contracts	(1,434		)	Cost of products sold	1,150
Foreign exchange forward contracts	(89		)	SG&A expenses	231
Commodity contracts	839			Cost of products sold	(46		)
Total	$	(1,356	)		$	430

Derivatives in Cash Flow Hedging
	Classification of Gains (Losses)	Ineffective portion Recognized in Income
(in thousands)
Foreign exchange forward contracts	Other expense, net	200
Commodity contracts	Interest expense	(17		)
Total		$	183

Three Months Ended March 31, 2011

Derivatives in Cash Flow Hedging
(in thousands)	Gain (Loss) in AOCI			Classification of Gains (Losses)	Effective Portion Reclassified from AOCI into Income
Interest rate swaps	$	(281	)	Interest expense	$	(1,251	)
Foreign exchange forward contracts	(932		)	Cost of products sold	467
Foreign exchange forward contracts	(266		)	SG&A expenses	105
Commodity contracts	27			Cost of products sold	105
Total	$	(1,452	)		$	(574	)

Derivatives in Cash Flow Hedging
(in thousands)	Classification of Gains (Losses)	Ineffective Portion Recognized in Income
Interest rate swaps	Other expense, net	$	102
Foreign exchange forward contracts	Interest expense	(216		)
Commodity contracts	Interest expense	(3		)
Total		$	(117	)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following tables summarize the statements of operations impact of the Company's hedges of net investments for the three months ended March 31, 2012 and March 31, 2011:

Three Months Ended March 31, 2012
Derivatives in Net Investment Hedging
(in thousands)	Gain (Loss) in AOCI			Classification of Gains (Losses)	Gain (Loss) Recognized in Income
Cross currency interest rate swaps	$	(25,464	)	Interest income	$	771
Cross currency interest rate swaps	(24,905		)	Interest expense	(1,206		)
Total	$	(50,369	)		$	(435	)

Three Months Ended March 31, 2011
Derivatives in Net Investment Hedging
(in thousands)	Gain (Loss) in AOCI			Classification of Gains (Losses)	Gain (Loss) Recognized in Income
Cross currency interest rate swaps	$	(12,948	)	Interest income	$	199
				Interest expense	(25		)
Cross currency interest rate swaps	(29,732		)	Interest expense	(957		)
Total	$	(42,680	)		$	(783	)

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 March 31, 2012:

Cross Currency Basis Swaps	Notional Amounts Maturing in the Year						Fair Value Net Asset (Liability)
(in thousands)	2012		2013		2014		March 31, 2012
Swiss franc 592.5 million @ $1.12 pay CHF 3 mth. LIBOR rec. USD 3 mth. LIBOR	$	62,687	$	504,486	$	89,046	$	(125,313	)
Euro 618.0 million @ $1.27 pay EUR 3 mth. EURIBOR rec. USD 3 mth. LIBOR	—		824,010		—		(36,706		)
Total cross currency basis swaps	$	62,687	$	1,328,496	$	89,046	$	(162,019	)

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 March 31, 2012:

Interest Rate Swap	Notional Amounts Maturing in the Year						Fair Value Net Asset (Liability)
(in thousands)	2014		2015		2016 and Beyond		March 31, 2012
U.S. dollars	$	45,000	$	60,000	$	45,000	$	4,757
Total interest rate swaps	$	45,000	$	60,000	$	45,000	$	4,757

The following tables summarize the statements of operations impact of the Company's hedges of fair value for the three months ended March 31, 2012 and March 31, 2011:

Derivatives in Fair Value Hedging
(in thousands)	Classification of Gains (Losses)	Three Months Ended March 31, 2012		Three Months Ended March 31, 2011
Interest rate contracts	Interest expense	$	839	$	—
Total		$	839	$	—

Not Designated as Hedging Instrument [Member]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table summarizes the statements of operations impact of the Company's hedges not designated as hedging for the three months ended March 31, 2012 and March 31, 2011:

Derivatives Not Designated as Hedging
(in thousands)	Classification of Gains (Losses)	Three Months Ended March 31, 2012			Three Months Ended March 31, 2011
Foreign exchange forward contracts	Other expense, net	$	2,851		$	1,704
DIO equity option contracts	Other expense, net	(273		)	—
Interest rate contracts	Interest expense	(41		)	(55		)
Cross currency interest rate contracts (a)	Other expense, net	18,126			—
Cross currency interest rate contracts	Interest income	419			—
Total		$	21,082		$	1,649

(a) The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying intercompany loans and are recorded in “Other expense (income), net” on the consolidated statements of operations.