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Thailand Flood Related Charges
6 Months Ended
Jun. 30, 2012
Thailand Flood Related Charges [Abstract]  
Thailand Flood Related Charges

Note 14 – Thailand Flood Related Charges

The Company's facilities in Ayudhaya, Thailand were flooded and remained closed from October 13, 2011 to December 20, 2011. As a result of the flooding and temporary closing of these facilities, the Company recognized estimated property losses of $46.2 million and incurred $13.4 million of flood related costs during the three months ended December 31, 2011. During the six months ended June 30, 2012, the Company recognized additional Thailand flood related charges totaling $14.9 million. These charges consist of costs directly attributable to the Thailand flood which are expected to be recovered from insurance. The Company carried property and business interruption insurance with a combined limit for real and personal property as well as business interruption insurance of approximately $300 million. As such, the Company recorded estimated recoveries from insurance for these property losses and flood related costs totaling $56.2 million during the three months ended December 31, 2011. During the six months ended June 30, 2012, the Company reduced the estimated property losses and the corresponding estimated recoveries from insurance for these property losses by $5.0 million. During the six months ended June 30, 2012, the Company received $20.0 million of insurance proceeds which included $10.0 million for Thailand property losses and $10.0 million for other flood related costs. As of June 30, 2012, the Company has a receivable for estimated unreimbursed recoveries from insurance for these property losses and flood related costs totaling $31.2 million. On August 1, 2012, the Company collected $16.6 million of this insurance receivable, and the Company believes it will collect the remaining balance in the third quarter of 2012. However, there may be a substantial delay between the incurrence of losses and the recovery under its insurance policies. As a result of the flooding, the Company has been unable to renew or otherwise obtain adequate cost-effective flood insurance to cover assets at its facilities in Thailand. The Company continues to investigate all flood risk-mitigation alternatives in Thailand, including but not limited to coverage through private insurance and the Thailand Disaster Insurance Scheme. In the event the Company was to experience a significant uninsured loss in Thailand or elsewhere, it could have a material adverse effect on its business, financial condition and results of operations.