BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2012

Accounts Receivable

Accounts Receivable

The allowance for doubtful accounts was $7.3 million and $6.9 million as of March 31, 2012 and December 31, 2011, respectively.

Income Taxes

Income Taxes

We are required to adjust our effective tax rate each quarter to be consistent with our estimated annual effective tax rate. We are also required to record the tax impact of certain unusual or infrequently occurring items, including the effects of changes in tax laws or rates, in the interim period in which they occur. The effective tax rate during a particular quarter may be higher or lower as a result of the timing of actual earnings versus annual projections.

Inventories

Inventories

Inventories are accounted for at the lower of cost, determined on a first in, first out (“FIFO”) basis, or market. Inventories included on the condensed consolidated balance sheets consisted of:

(in thousands of U.S. dollars)	March 31, 2012		December 31, 2011
Raw materials	$	24,935	$	28,075
Work in progress	9,001		13,045
Inventories	$	33,936	$	41,120

Property, Plant and Equipment

Property, Plant and Equipment

The following table summarizes the costs and ranges of useful lives of the major classes of property, plant and equipment and the total accumulated depreciation related to property, plant and equipment, net included on the condensed consolidated balance sheets:

	Useful Lives	March 31, 2012			December 31, 2011
	(in years)	(in thousands of U.S. dollars)
Land, at cost	N/A	$	7,186		$	7,167
Buildings, at cost	10 - 30	37,793			37,511
Machinery and equipment, at cost	3 - 20	225,175			217,764
Office furniture and equipment, at cost	3 - 10	238,512			236,994
Leasehold improvements, at cost	5 - 10	28,672			28,563
		537,338			527,999
Less accumulated depreciation		(390,649		)	(379,094		)
Property, plant and equipment, net		$	146,689		$	148,905