Note F - Financial Risk Management And Derivatives

12 Months Ended

Dec. 31, 2011

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE F - FINANCIAL RISK MANAGEMENT AND DERIVATIVES

At December 31, 2011, forward foreign exchange contracts with a notional value of $26,426,000 were outstanding to exchange various currencies with maturities ranging from January 2012 to September 2012, to sell the equivalent of approximately $4,876,000 in foreign currencies at contracted rates and to buy approximately $21,550,000 in foreign currencies at contracted rates.  These contracts have been designated as cash flow hedges.  At December 31, 2011 and 2010, the Company did not have any forward foreign exchange contracts that do not qualify as hedges.

The fair value of the Company’s derivatives as of December 31 was as follows (in thousands):

	Asset Derivatives					Liability Derivatives
	Balance Sheet		2011		2010	Balance Sheet		2011		2010
	Location		Fair Value		Fair Value	Location		Fair Value		Fair Value
Derivatives Designated as Hedging Instruments
Foreign exchange contracts	Prepaid expenses and other current assets	$	1,321	$	244	Accrued liabilities	$	306	$	671

The effect of the Company’s derivatives on its Consolidated Statements of Earnings/Loss for years ended December 31, 2011, 2010 and 2009 were as follows (in thousands):

Derivatives in Cash Flow Hedging Relationships	Amount of Gain/(Loss) Recognized in Other Comprehensive Earnings (“OCE”) on Derivative (Effective Portion)							Location of Gain/(Loss) Reclassified from OCE into Income (Effective Portion)	Amount of Gain/(Loss) Reclassified from OCE into Income (Effective Portion)								Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2011		2010		2009				2011			2010			2009			2011			2010		2009
Foreign exchange contracts	$	961	$	416	$	(3,987	)	Cost of goods sold	$	(545	)	$	(326	)	$	1,810	Selling, general and administrative expenses	$	(20	)	$	81	$	258

		Amount of Gain/(Loss) Recognized in Income on Derivative
Derivatives Not Designated as Hedging Instruments	Location of Gain/(Loss) Recognized in Income on Derivative	2011		2010		2009
Foreign exchange contracts	Selling, general and administrative expenses	$	0	$	0	$	(6	)