Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

Reclassification

Reclassification

Certain reclassifications have been made to prior results to conform to classifications used at June 30, 2012. This includes income of $5.2 million and $8.4 million for the three months and six months ended June 30, 2011, respectively, of other income reclassified from “Cost of sales” to “Other income, net”. These reclassifications had no impact on net income.

Use of Estimates

Use of Estimates

Management is required to make certain estimates and assumptions in preparing the consolidated financial statements in accordance with U.S. GAAP. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings or losses during any period. Actual results could differ from those estimates.

Significant estimates and assumptions used in the preparation of the accompanying consolidated financial statements include those related to: accruals for product warranty, deferred tax assets, self-insured risks, pension and postretirement benefit obligations and environmental matters, as well as the evaluation of long lived asset impairments and determination of stock based compensation.