FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value and Consolidated Balance Sheet Location of the Company's Derivatives

The following tables summarize the fair value and location of the Company’s derivatives on the Consolidated Balance Sheets at December 31, 2013 and 2012:

	December 31, 2013
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
(in thousands)
Designated as Hedges
Foreign exchange forward contracts	$	1,517	$	255	$	10,280	$	940
Commodity contracts	—		1		434		1
Interest rate swaps	789		1,617		466		419
Cross currency basis swaps	530		—		2,223		16,413
Total	$	2,836	$	1,873	$	13,403	$	17,773
Not Designated as Hedges
Foreign exchange forward contracts	$	3,128	$	—	$	2,328	$	—
DIO equity option contracts	—		—		—		142
Interest rate swaps	—		—		85		256
Cross currency basis swaps	—		—		38,551		1,941
Total	$	3,128	$	—	$	40,964	$	2,339

	December 31, 2012
	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
(in thousands)
Designated as Hedges
Foreign exchange forward contracts	$	2,353	$	65	$	2,243	$	844
Commodity contracts	—		—		95		—
Interest rate swaps	2,192		2,535		525		948
Cross currency basis swaps	8,191		—		97,281		1,588
Total	$	12,736	$	2,600	$	100,144	$	3,380
Not Designated as Hedges
Foreign exchange forward contracts	$	6,652	$	—	$	1,353	$	—
DIO equity option contracts	—		—		—		153
Interest rate swaps	—		—		114		416
Cross currency basis swaps	537		—		40,026		55,858
Total	$	7,189	$	—	$	41,493	$	56,427

Amounts Recorded in AOCI, Net of Tax, Related to Cash Flow Hedging Instruments

Amounts recorded in AOCI related to cash flow hedging instruments at:

	December 31,
(in thousands, net of tax)	2013			2012
Beginning balance	$	(17,481	)	$	(12,737	)
Changes in fair value of derivatives	(6,234		)	105
Reclassifications to earnings from equity	1,964			(4,849		)
Total activity	(4,270		)	(4,744		)
Ending balance	$	(21,751	)	$	(17,481	)

Amounts Recorded in AOCI, Net of Tax, Related to Hedges of Net Investments in Foreign Operations

Amounts recorded in AOCI related to hedges of net investments in foreign operations at:

	December 31,
(in thousands, net of tax)	2013			2012
Beginning balance	$	(71,358	)	$	(143,730	)
Foreign currency translation adjustment	72,159			83,283
Changes in fair value of:
Foreign currency debt	14,531			10,097
Derivative hedge instruments	(25,453		)	(21,008		)
Total activity	61,237			72,372
Ending balance	$	(10,121	)	$	(71,358	)

Cash Flow Hedging

Summary of Notional Amounts and Fair Value of the Company's Hedges

The following tables summarize the notional amounts and fair value of the Company’s cash flow hedges and non-designated derivatives at December 31, 2013:

Foreign Exchange Forward Contracts	Notional Amounts Maturing in the Year						Fair Value Net Asset (Liability)
(in thousands)	2014			2015			December 31, 2013
Forward sale, 14.9 million Australian dollars	$	12,331		$	1,610		$	757
Forward purchase, 12.6 million British pounds	(20,916		)	—			193
Forward sale, 46.5 million Canadian dollars	35,861			8,247			1,045
Forward purchase, 22.7 million Danish kroner	(4,181		)	—			(4		)
Forward sale, 212.9 million euros	243,739			47,344			(2,755		)
Forward sale, 23.3 million Hong Kong dollars	3,006			—			133
Forward sale, 870.6 million Japanese yen	8,263			—			(626		)
Forward sale, 180.9 million Mexican pesos	13,837			—			46
Forward purchase, 12.9 million Norwegian kroner	(2,118		)	—			(2		)
Forward sale, 0.5 million New Zealand dollars	417			—			2
Forward sale, 17.0 million Polish zlotys	5,621			—			(73		)
Forward sale, 3.2 million Singapore dollars	2,515			—			7
Forward sale, 4.2 billion South Korean won	4,000			—			1
Forward purchase, 1.3 billion Swedish kronor	(183,015		)	(28,429		)	(1,282		)
Forward purchase, 48.1 million Swiss francs	(62,278		)	7,225			(1,009		)
Forward sale, 71.6 million Taiwanese dollars	2,401			—			31
Total foreign exchange forward contracts	$	59,483		$	35,997		$	(3,536	)

Interest Rate Swaps	Notional Amounts Maturing in the Year										Fair Value Net Asset (Liability)
(in thousands)	2014		2015		2016		2017		2018 and Beyond		December 31, 2013
Euro	$	993	$	993	$	993	$	993	$	248	$	(341	)
Japanese yen	119,213		—		—		—		—		47
Swiss francs	—		—		72,829		—		—		(885		)
Total interest rate swaps	$	120,206	$	993	$	73,822	$	993	$	248	$	(1,179	)

Commodity Swap Contracts	Notional Amounts Maturing in the Year				Fair Value Net Asset (Liability)
(in thousands)	2014		2015		December 31, 2013
Silver swap - U.S. dollar	$	1,446	$	112	$	(343	)
Platinum swap - U.S. dollar	1,351		101		(91		)
Total commodity contracts	$	2,797	$	213	$	(434	)

Cross Currency Basis Swaps	Notional  Amounts Maturing in the Year				Fair Value Net Asset (Liability)
(in thousands)	2014		2015		December 31, 2013
449.8 million euros at 1.45 pay U.S. dollar three-month LIBOR receive three-month Euro Inter-Bank Offered Rate	$	618,449	$	—	$	(33,800	)
141.4 million Swiss francs at 0.93 pay Swiss francs three-month LIBOR receive U.S. dollar three-month LIBOR	112,045		46,370		(6,692		)
Total cross currency basis swaps	$	730,494	$	46,370	$	(40,492	)

Fair Value and Consolidated Balance Sheet Location of the Company's Derivatives

The following tables summarize the amount of gains (losses) recorded in the Company’s Consolidated Statements of Operations related to the Company’s cash flow hedges for the years ended December 31, 2013 and 2012:

December 31, 2013
Derivatives in Cash Flow Hedging	Gain (Loss) in AOCI			Affected Line Item in the Consolidated Statements of Operations	Effective Portion Reclassified from AOCI into Income
(in thousands)
Interest rate swaps	$	(166	)	Interest expense	$	(3,681	)
Foreign exchange forward contracts	(6,550		)	Cost of products sold	1,184
Foreign exchange forward contracts	(294		)	SG&A expenses	(147		)
Commodity contracts	(1,004		)	Cost of products sold	(288		)
Total	$	(8,014	)		$	(2,932	)

Derivatives in Cash Flow Hedging	Affected Line Item in the Consolidated Statements of Operations	Ineffective Portion Recognized in Income
(in thousands)
Foreign exchange forward contracts	Other expense (income), net	$	666
Commodity contracts	Interest expense	(56		)
Total		$	610

December 31, 2012
Derivatives in Cash Flow Hedging	Gain (Loss) in AOCI			Affected Line Item in the Consolidated Statements of Operations	Effective Portion Reclassified from AOCI into Income
(in thousands)
Interest rate swaps	$	(1,987	)	Interest expense	$	(3,611	)
Foreign exchange forward contracts	1,027			Cost of products sold	8,029
Foreign exchange forward contracts	80			SG&A expenses	779
Commodity contracts	472			Cost of products sold	136
Total	$	(408	)		$	5,333

Derivatives in Cash Flow Hedging	Affected Line Item in the Consolidated Statements of Operations	Ineffective Portion Recognized in Income
(in thousands)
Foreign exchange forward contracts	Other expense (income), net	$	915
Commodity contracts	Interest expense	(25		)
Total		$	890

Net Investment Hedging

Summary of Notional Amounts and Fair Value of the Company's Hedges

The following tables summarize the notional amounts and fair value of the Company’s hedges of net investments in foreign operations at December 31, 2013:

Foreign Exchange Forward Contracts	Notional Amounts Maturing in the Year				Fair Value Net Asset (Liability)
(in thousands)	2014		2015		December 31, 2013
Forward sale, 555.8 million euros	$	705,078	$	59,127	$	(5,112	)
Total foreign exchange forward contracts	$	705,078	$	59,127	$	(5,112	)

Cross Currency Basis Swaps	Notional Amounts Maturing in the Year										Fair Value Net Asset (Liability)
(in thousands)	2014		2015		2016		2017		2018		December 31, 2013
432.5 million Swiss francs at 0.93 pay Swiss francs three-month LIBOR receive U.S. dollar three-month LIBOR	$	90,084	$	63,417	$	112,045	$	112,045	$	107,003	$	(18,106	)
Total cross currency basis swaps	$	90,084	$	63,417	$	112,045	$	112,045	$	107,003	$	(18,106	)

Gain (Loss) on Derivatives in the Consolidated Statement of Operatoins

The following tables summarize the amount of gains (losses) recorded in the Company’s Consolidated Statements of Operations related to the Company’s hedges of net investments for the years ended December 31, 2013 and 2012:

December 31, 2013
Derivatives in Net Investment Hedging	Gain (Loss) in AOCI			Affected Line Item in the Consolidated Statements of Operations	Gain (Loss) Recognized in Income
(in thousands)
Cross currency basis swaps	$	(36,035	)	Interest income	$	4,771
				Interest expense	1,432
Foreign exchange forward contracts	(5,419		)	Other expense (income), net	284
Total	$	(41,454	)		$	6,487

December 31, 2012
Derivatives in Net Investment Hedging	Gain (Loss) in AOCI			Affected Line Item in the Consolidated Statements of Operations	Gain (Loss) Recognized in Income
(in thousands)
Cross currency basis swaps	$	(34,216	)	Interest income	$	4,264
				Interest expense	(1,885		)
Total	$	(34,216	)		$	2,379

Fair Value Hedging

Summary of Notional Amounts and Fair Value of the Company's Hedges

The following tables summarize the notional amounts and fair value of the Company’s fair value hedges at December 31, 2013:

							Fair Value Net
Interest Rate Swaps	Notional Amounts Maturing in the Year						Asset (Liability)
(in thousands)	2014		2015		2016		December 31, 2013
U.S. dollar	$	45,000	$	60,000	$	45,000	$	2,359
Total interest rate swaps	$	45,000	$	60,000	$	45,000	$	2,359

Gain (Loss) on Derivatives in the Consolidated Statement of Operatoins

The following tables summarize the amount of gains (losses) recorded in the Company’s Consolidated Statements of Operations related to the Company’s hedges of fair value for the years ended December 31, 2013 and 2012:

Derivatives in Fair Value Hedging		Gain (Loss) Recognized in Income
	Affected Line Item in the Consolidated Statements of Operations
(in thousands)		2013		2012
Interest rate swaps	Interest expense	$	320	$	2,284
Total		$	320	$	2,284

Not Designated as Hedging Instrument

Gain (Loss) on Derivatives in the Consolidated Statement of Operatoins

The following table summarizes the amounts of gains (losses) recorded in the Company’s Consolidated Statements of Operations related to the Company’s hedges not designated as hedging for the years ended December 31, 2013 and 2012:

Derivatives Not Designated as Hedging		Gain (Loss) Recognized in Income
	Affected Line Item in the Consolidated Statements of Operations
(in thousands)		2013		2012
Foreign exchange forward contracts (a)	Other expense (income), net	$	6,733	$	(1,224	)
DIO equity option contracts	Other expense (income), net	17		272
Interest rate swaps	Interest expense	6		(155		)
Cross currency basis swaps (a)	Other expense (income), net	15,483		12,323
Total		$	22,239	$	11,216