XML 42 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Insurance Claims
3 Months Ended
Mar. 31, 2012
Insurance Claims [Abstract]  
Insurance Claims
Note 3 – Insurance Claims

Fulton, Mississippi, Copper Tube Facility

In July 2009, there was an explosion at the Company's copper tube facility in Fulton, Mississippi resulting in damage to certain production equipment.  In the first quarter of 2012, the Company settled the business interruption portion of this claim and recognized a $1.5 million gain.

Wynne, Arkansas, Copper Tube Facility

In September 2011, a portion of the Company's Wynne, Arkansas, manufacturing operation was damaged by fire.  Certain inventories, production equipment, and building structures were extensively damaged.  The total value of the loss, including business interruption, cannot be determined at this time, but is expected to be covered by property and business interruption insurance subject to customary deductibles.  Any gain resulting from insurance proceeds for property damage in excess of the net book value of the related property will be recognized in income upon settlement of the claim.  In addition, the Company has deferred recognition of direct, identifiable costs associated with this matter.  These costs will also be recognized upon settlement of the insurance claim.  As of March 31, 2012, the Company has received advances totaling $50 million from the insurance company for this claim, of which $40 million was received during the first quarter of 2012.  These advances, net of the book value of damaged inventories, equipment, and buildings and direct clean-up and other out of pocket costs totaled $33.1 million, classified as other current liabilities on the Condensed Consolidated Balance Sheet at March 31, 2012.