Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Allowance for doubtful accounts

The following are changes in the allowance for doubtful accounts for the years ended December 31, 2011, 2010 and 2009 (in thousands):

	Balance at Beginning of Year		Additions		Write-offs and Recoveries		Balance at End of Year
December 31, 2011	$	685	$	1,091	$	229	$	1,547
December 31, 2010	$	851	$	260	$	426	$	685
December 31, 2009	$	686	$	740	$	575	$	851

Inventories

Inventories are stated at the lower of cost (determined on a standard cost basis which approximates first-in, first-out (FIFO) or market. The write-down of inventory for obsolete items is based on management's estimate of the amount considered obsolete based on specific reviews of inventory items. In estimating the write-down, management relies on its knowledge of the industry as well as its current inventory levels. The amounts the Company will ultimately realize could differ from amounts estimated by management. Inventory costs include the cost of material, labor and manufacturing overhead. The following is a summary of inventories by component (in thousands):

	December 31,
	2011		2010
Raw materials	$	8,533	$	9,459
Work-in-process		65,645		49,825
Finished goods		43,095		34,974
	$	117,273	$	94,258

Property, plant and equipment, net

Property, plant and equipment is recorded at cost and consists of the following (in thousands):

	December 31,
	2011			2010
Land and land improvements	$	18,550		$	18,902
Buildings and improvements		117,961			97,076
Machinery and equipment		233,702			209,334
Leasehold improvements		8,482			8,401
Office equipment		37,906			32,269
Construction in progress		11,961			37,286
		428,562			403,268
Accumulated depreciation and amortization		(185,186	)		(159,587	)
	$	243,376		$	243,681

 Depreciation and amortization of property, plant and equipment are provided using the straight-line method over the following estimated useful lives:

Buildings and improvements	30 years
Machinery and equipment	3 to 12 years
Office equipment	3 to 5 years
Leasehold improvements	Shorter of 10 years or the term of lease

Goodwill roll forward

The roll forward of the goodwill balance by segment for the years ended December 31, 2011 and 2010 is as follows (in thousands):

	ACO			Thermo		ESK			Boron			Total
Goodwill	$	5,311		$	10,331	$	9,987		$	22,083		$	47,712
Accumulated impairment losses		-			-		-			(3,832	)		(3,832	)
Balance at December 31, 2009		5,311			10,331		9,987			18,251			43,880
Translation and other		-			-		(661	)		-			(661	)
Goodwill		5,311			10,331		9,326			22,083			47,051
Accumulated impairment losses		-			-		-			(3,832	)		(3,832	)
Balance at December 31, 2010		5,311			10,331		9,326			18,251			43,219
Acquisition of VIOX		7,797											7,797
Goodwill impairment		(7,797	)										(7,797	)
Translation and other		-			-		(293	)		-			(293	)
Goodwill	$	13,108			10,331		9,033			22,083			54,555
Accumulated impairment losses		(7,797	)		-		-			(3,832	)		(11,629	)
Balance at December 31, 2011	$	5,311		$	10,331	$	9,033		$	18,251		$	42,926

Intangible assets

Intangible assets with definite lives are amortized over their estimated useful lives based on the economic consumption method. The components of intangibles assets were as follows (in thousands):

	December 31, 2011						December 31, 2010
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Amortizing Intangible Assets
Backlog	$	1,808	$	1,808	$	-	$	1,826	$	1,826	$	-
Developed technology		70,590		7,233		63,357		50,530		5,387		45,143
Trade name		4,110		698		3,412		1,110		571		539
Customer relationships		47,604		16,212		31,392		47,604		12,087		35,517
Non-compete agreement		1,100		775		325		500		500		-
Non-amortizing tradename		2,204		-		2,204		2,276		-		2,276
Total	$	127,416	$	26,726-	$	100,690	$	103,846	$	20,371	$	83,475

Estimated useful lives of intangible assets

The estimated useful lives for intangible assets are:

Identified Intangible Asset	Estimated Useful Life in Years or Months
Developed technology	10 years -12.5 years
Tradename	10 years
Customer relationships	10 years -12.5 years
Backlog	1 month -3 months
Non-compete agreement	15 months

Accrued expenses

The following is a summary of the accrued expenses at December 31, 2011 and 2010, respectively (in thousands):

	December 31, 2011		December 31, 2010
Payroll and benefits	$	18,107	$	16,051
Workers compensation reserve		3,642		3,469
Foreign currency contract settlements		4,314		-
Purchase price liability, current portion		-		1,205
Professional fees		969		919
Property and value added taxes		497		947
Other		2,941		2,012
	$	30,470	$	24,603

Schedule of shares for net income per common and common equivalent share

The following is a summary of the number of shares entering into the computation of net income per common and common equivalent share:

	December 31,
	2011		2010		2009
Weighted average number of shares outstanding		24,613,825		25,190,985		25,683,963
Dilutive stock options		125,462		179,244		118,281
Dilutive restricted stock units		46,819		-		-
Number of shares used in dilutive computation		24,786,106		25,370,229		25,802,244

Accumulated other comprehensive income

Comprehensive income encompasses all changes in equity other than those arising from transactions with stockholders, and consists of net income, currency translation adjustments, pension liability changes and unrealized net gains and losses on investments classified as available-for-sale. As of December 31, 2011, 2010 and 2009, accumulated other comprehensive income is as follows (in thousands):

	December 31,
	2011			2010			2009
Unrealized gain (loss) on available-for-sale securities, net	$	(4,947	)	$	(1,912	)	$	(1,991	)
Net change in pension liability		(6,432	)		(4,841	)		(4,059	)
Cumulative translation adjustment		14,475			17,210			27,578
	$	3,096		$	10,457		$	21,528

Fair value of investments

 For recognition purposes, on a recurring basis, the Company measures available for sale short-term and long-term investments at fair value. The fair value of the following investments is determined using quoted prices in active markets (Level 1):

	Level 1 Investments     at December 31, 2011
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short term investments:
Investment funds - debt securities	$	220,778	$	30	$	(4,881	)	$	215,927
Corporate bonds		8,851		1		(7	)		8,845
Total short term investments	$	229,629	$	31	$	(4,888	)	$	224,772
	Level 1 Investments  at December 31, 2010
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short term investments:
Investment funds - debt securities	$	172,081	$	379	$	(998	)	$	171,462
Corporate bonds		21,437		19		(58	)		21,398
Total short term investments	$	193,518	$	398	$	(1,056	)	$	192,860
Long term investments:
Corporate bonds	$	10,384	$	18	$	(4	)	$	10,398

Assets measured at fair value on a recurring basis

 Assets measured at fair value on a recurring basis include the following as of December 31, 2011 and 2010 (in thousands):

	Fair Value Measurements  at December 31, 2011 Using
(In thousands)	Quoted Prices in Active Markets  (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value at  December 31, 2011
Cash equivalents	$	50,275	$	-	$	-	$	50,275
Short term investments:
Investment funds - debt securities		215,927		-		-		215,927
Corporate bonds		8,845		-		-		8,845
Total short term investments		224,772		-		-		224,772
Long term investments:
Auction rate securities		-		-		15,026		15,026
Corporate bonds		-		-		-		-
Total long term investments		-		-		15,026		15,026
Other long-term financial assets		655		-		-		655
Derivative financial instrument	$	(925)	$	-	$	-	$	(925)
	Fair Value Measurements  at December 31, 2010 Using
(In thousands)	Quoted Prices in Active Markets  (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value at  December 31, 2010
Cash equivalents	$	53,436	$	-	$	-	$	53,436
Short term investments:
Investment funds - debt securities		171,462		-		-		171,462
Corporate bonds		21,398		-		-		21,398
Total short term investments		192,860		-		-		192,860
Long term investments:
Auction rate securities		-		-		15,789		15,789
Corporate bonds		10,398		-		-		10,398
Total long term investments		10,398		-		15,789		26,187
Other long-term financial assets		1,335		-		-		1,335
Derivative financial instrument	$	49	$	-	$	-	$	49