Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2012

From time to time, the Company hedges its exposure to fluctuations in short-term interest rates under its variable rate bank revolving credit facility and floating rate senior notes by entering into interest rate swap agreements. The interest rate swap agreements are designated as cash flow hedges, therefore, the changes in fair value, to the extent the swap agreements are effective, are recognized in OCI until the hedged interest expense is recognized in earnings. The current swap agreements effectively convert the Company's interest rate obligation on the Company's variable rate senior notes from quarterly floating rate payments based on the London Interbank Offered Rate ("LIBOR") to quarterly fixed rate payments. As of December 31, 2012, the Company had a total notional amount of $200,000,000 of interest rate swaps designated as cash flow hedges for its variable rate senior notes as follows (dollars in thousands):

Notional Amount		Effective date	Termination date	Fixed pay rate			Receive rate
$	100,000	March 2006	February 2013		5.45	%	Three-month LIBOR
$	50,000	November 2008	February 2013		3.50	%	Three-month LIBOR
$	50,000	May 2009	February 2013		3.795	%	Three-month LIBOR

Fair Value of Derivative Instruments Liabilities

The following table sets forth the fair value of the Company's derivative instruments recorded as liabilities located on the consolidated balance sheet at December 31, 2012 and 2011 (in thousands):

Liability Derivatives	Balance Sheet Location	2012		2011
Derivatives designated as hedging instruments under ASC 815:
Foreign currency contracts	Other accrued liabilities	$	—	$	363
Foreign currency contracts	Other long-term liabilities		39		32
Interest rate contracts	Other accrued liabilities		1,486		—
Interest rate contracts	Other long-term liabilities		—		9,202

Total derivatives designated as hedging instruments under ASC 815		$	1,525	$	9,597
Total liability derivatives		$	1,525	$	9,597

Cash Flow Hedges

The following table sets forth the location and amount of gains and losses on the Company's derivative instruments in the consolidated statements of earnings for the years ended December 31, 2012, 2011 and 2010 (in thousands):

Derivatives in ASC 815 Cash	Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Flow Hedging Relationships:	(Effective Portion)	2012		2011		2010
Interest rate contracts	Interest expense	$	7,716	$	7,007	$	(908	)
Foreign exchange contracts	Cost of sales and operating expenses		346		929		(1,419	)
Total		$	8,062	$	7,936	$	(2,327	)

Derivatives in ASC 815 Cash	Location of Gain (Loss) Reclassified from Accumulated OCI into Income		Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Flow Hedging Relationships:	(Effective Portion)		2012			2011			2010
Interest rate contracts	Interest expense	$	(8,321	)	$	(8,586	)	$	(8,529	)
Foreign exchange contracts	Cost of sales and operating expenses		19			(13	)		(411	)
Total		$	(8,302	)	$	(8,599	)	$	(8,940	)