INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

INCOME TAXES

Components of income (loss) before income taxes

	Year Ended December 31,
	2011		2010		2009
U.S.	$	204,667	$	135,756	$	110,909
Non-U.S.		96,664		51,352		(24,171	)
Total	$	301,331	$	187,108	$	86,738

Components of income tax expense (benefit)

	Year Ended December 31,
	2011		2010			2009
Current:
Federal	$	42,510	$	30,642		$	25,688
Non-U.S.		19,970		15,532			15,943
State and local		6,699		4,337			3,364
		69,179		50,511			44,995
Deferred:
Federal		12,140		6,802			(4,612	)
Non-U.S.		2,768		(2,640	)		(2,735	)
State and local		231		225			257
		15,139		4,387			(7,090	)
Total	$	84,318	$	54,898		$	37,905

Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes

	Year Ended December 31,
	2011			2010			2009
Statutory rate of 35% applied to pre-tax income	$	105,466		$	65,488		$	30,358
Effect of state and local income taxes, net of federal tax benefit		4,585			3,044			2,443
Taxes (less) more than the U.S. tax rate on non-U.S. earnings, including utilization of tax loss carryforwards, losses with no benefit and changes in non-U.S. valuation allowance		(13,637	)		(1,417	)		18,484
Manufacturing deduction		(5,330	)		(3,900	)		(2,310	)
U.S. tax cost (benefit) of foreign source income		145			(3,282	)		(14,486	)
Resolution and adjustments to uncertain tax positions		(5,103	)		(3,204	)		4,275
Other		(1,808	)		(1,831	)		(859	)
Total	$	84,318		$	54,898		$	37,905
Effective tax rate		27.98%			29.34%			43.70%

Significant components of deferred tax assets and liabilities

	December 31,
	2011			2010
Deferred tax assets:
Tax loss and credit carryforwards	$	32,313		$	45,383
Inventory		8,224			8,190
Other accruals		15,652			16,024
Employee benefits		17,600			17,304
Pension obligations		79,371			36,251
Other		7,111			13,662
Deferred tax assets, gross		160,271			136,814
Valuation allowance		(31,713	)		(38,451	)
Deferred tax assets, net		128,558			98,363
Deferred tax liabilities:
Property, plant and equipment		40,806			37,191
Intangible assets		13,251			15,170
Inventory		2,973			5,246
Pension obligations		1,676			2,239
Other		9,685			9,369
Deferred tax liabilities		68,391			69,215
Total Deferred taxes	$	60,167		$	29,148

Summary of the activity related to unrecognized tax benefits

	2011			2010
Balance at January 1	$	38,393		$	42,840
Increase related to current year tax provisions		2,221			1,830
Increase related to prior years' tax positions		3,250			1,163
Increase related to acquisitions		–			438
Decrease related to settlements with taxing authorities		(3,424	)		(507	)
Resolution of and other decreases in prior years' tax liabilities		(13,460	)		(4,950	)
Other		(324	)		(2,421	)
Balance at December 31	$	26,656		$	38,393