Fair Value Information and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Information and Derivative Financial Instruments [Abstract]

Summary of fair value information and derivative financial instruments

The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheet as of December 31, 2012:

			Fair Value Measurements
(Thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Other Significant Unobservable Inputs (Level 3)
Financial Assets
Directors’ deferred compensation investments	$	1,742	$	1,742	$	—	$	—
Precious metal forward contracts	197		—		197		—
Foreign currency forward contracts	650		—		650		—
Total	$	2,589	$	1,742	$	847	$	—
Financial Liabilities
Directors’ deferred compensation liability	$	1,742	$	1,742	$	—	$	—
Precious metal swaps	100		—		100		—
Foreign currency forward contracts	397		—		397		—
Total	$	2,239	$	1,742	$	497	$	—

Summary of the notional amount and the fair value of the Company's outstanding derivatives

The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives as of December 31, 2012 and 2011:

	December 31, 2012					December 31, 2011
(Thousands)	Notional Amount		Fair Value			Notional Amount		Fair Value
Asset (liability)
Foreign currency forward contracts
Yen	$	8,024	$	650		$	12,096	$	(480	)
Euro	21,047		(397		)	26,466		1,879
Total	$	29,071	$	253		$	38,562	$	1,399
Precious metal contracts
Forward contracts	$	14,623	$	197		$	8,795	$	249
Swaps	11,673		(100		)	6,964		(198		)
Total	$	26,296	$	97		$	15,759	$	51

Classification of the balance sheet outstanding derivatives

The fair values of the outstanding derivatives are recorded as assets (if the derivatives are in a gain position) or liabilities (if the derivatives are in a loss position). The fair values will also be classified as short term or long term depending upon their maturity dates. The balance sheet classification of the outstanding derivatives at December 31, 2012 and 2011 was as follows:

	December 31,
(Thousands)	2012			2011
Asset (liability)
Prepaid expenses	$	847		$	2,128
Other liabilities and accrued items	(497		)	(678		)
Total	$	350		$	1,450

Summary of the hedging relationships of the outstanding derivative financial instruments and the pre-tax amounts transferred into income

A summary of the hedging relationships of the outstanding derivative financial instruments designated as cash flow hedges as of December 31, 2012 and 2011 and the pre-tax amounts transferred into income for the twelve months then ended follows.

	Effective Portion of Hedge						Ineffective Portion of Hedge
	Recognized in OCI at End of Period		Reclassified from OCI into Income During Period				Recognized in Income on Derivative During Period
(Thousands)			Location	Amount			Location	Amount
Gain (loss)
2012
Foreign currency contracts	$	253	Other-net	$	1,839		Other-net	$	—
Precious metal contracts	97		Cost of sales	(598		)	Cost of sales	—
Total	$	350		$	1,241			$	—
2011
Foreign currency contracts	$	1,399	Other-net	$	(2,809	)	Other-net	$	—
Precious metal contracts	51		Cost of Sales	—			Cost of Sales	—
Total	$	1,450		$	(2,809	)		$	—