FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2011

Fair Value Of Financial Instruments [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

8.       FAIR VALUEOF FINANCIAL INSTRUMENTS

Forward Foreign Exchange and Currency Option Contracts

The Corporationhas foreign currency exposure primarily in Europe and Canada.The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation's foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets based upon quoted market prices for comparable instruments.

The Corporation utilizes the bid ask pricing that is common in the dealer markets to determine the fair value of these instruments. The dealers are ready to transact at these prices, which use the mid-market pricing convention and are considered to be at fair market value. Based upon the fair value hierarchy, all of theforward foreign exchange contracts are valued at a Level 2.

Effectson Consolidated Balance Sheets

The location and amounts of derivative instrument fair values in the consolidated balance sheet are below.

		December 31,
(In thousands)		2011		2010
Forward exchange contracts:
	Other current assets	$	13	$	532
	Other current liabilities	$	356	$	309

Effects on Consolidated Statements of Earnings

The location and amount of gains and (losses) recognized in income on derivatives not designated for hedge accounting for the years ended December 31 were as follows:

		December 31,
(In thousands)		2011		2010		2009
Forward exchange contracts:
	General and administrative expenses	$	(654)	$	3,114	$	2,026

Debt

The estimated fair value amounts were determined by the Corporation using available market information, which is primarily based on quoted market prices for the same or similar issues as of December 31, 2011. The estimated fair values of the Corporation's fixed rate debt instruments at December 31, 2011, aggregated $614.7 million compared to a carrying value of $575.0million. The estimated fair values of the Corporation's fixed rate debt instruments at December 31, 2010, aggregated $301.6 million compared to a carrying value of $275.0million.

The carrying amount of the variable interest rate debt approximates fair value because the interest rates are reset periodically to reflect current market conditions.

The fair values described above may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.