2.2.0.25falsefalse0207 - Disclosure - Derivative Instrumentstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
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<!-- Begin Block Tagged Note 7 - us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Note 7 — Derivative Instruments</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company enters into derivative instruments and hedging activities to manage, where possible and
economically efficient, commodity price risk, foreign currency exchange rate risk and interest rate
risk related to borrowings. It is the Company’s policy to execute such instruments with
creditworthy counterparties and not enter into derivative instruments for speculative purposes. All
derivatives are reflected on the balance sheet at fair value and recorded in other current assets
and other current liabilities in the Unaudited Condensed Consolidated Balance Sheets. The
accounting for the fair value of a derivative depends upon whether it has been designated as a
hedge and on the type of hedging relationship. Changes in the fair value of derivative instruments
are recognized immediately in earnings, unless the derivative is designated as a hedge and
qualifies for hedge accounting. Under hedge accounting, recognition of derivative gains and losses
can be matched in the same period with that of the hedged exposure and thereby minimize earnings
volatility. To qualify for designation in a hedging relationship, specific criteria must be met and
appropriate documentation prepared.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">For a fair value hedge, the change in fair value of the hedging instrument and the change in fair
value of the hedged item attributable to the risk being hedged are both recognized currently in
earnings. For a cash flow hedge, the effective portion of the change in fair value of a hedging
instrument is initially recognized in Accumulated other comprehensive income (loss) (“AOCI(L)”) in
stockholders’ equity and subsequently reclassified to earnings when the hedged item affects income.
The ineffective portion of the change in fair value of a cash flow hedge is recognized immediately
in earnings.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><u>Commodity Price Risk</u>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company enters into derivative instruments and hedging activities to manage commodity
price risk. The Company, from time to time, employs derivative instruments in connection with
certain purchases and sales of inventory in order to establish a fixed margin and mitigate
the risk of price volatility. Some customers request fixed pricing and the Company may use a
derivative to mitigate price risk. The Company makes or receives payments based on the
difference between a fixed price (as specified in each individual contract) and the market
price of the commodity being hedged. These payments will offset the change in prices of the
underlying sales or purchases and effectively fix the price of the hedged commodity at the
contracted rate for the contracted volume. While this hedging may limit the Company’s ability
to participate in gains from favorable commodity price fluctuations, it eliminates the risk
of loss from adverse commodity price fluctuations.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Derivative instruments employed by the Company to manage commodity price risk include cash
flow and fair value hedges as well as some contracts that are not designated as accounting
hedges.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Cash Flow Hedges
From time to time, the Company enters into copper forward sales contracts that are designated
as cash flow hedges. At March
31, 2011, the notional quantity of open contracts designated as cash flow hedges in
accordance with the “Derivatives and Hedging” topic of the ASC was 1.3 million pounds of
copper. The outstanding contracts as of March 31, 2011 had maturities ranging up to two
months. As of March 31, 2011, AOCI(L) includes a cumulative gain of $0.3 million, net of tax,
related to these contracts, all of which is expected to be reclassified to earnings within
the next three months. The Company had no copper forward sales contracts designated as cash
flow hedges at December 31, 2010. No hedge ineffectiveness was recorded in income in the
first quarter of 2011 or 2010 for these hedges.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Fair Value Hedges</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>From time to time, the Company enters into certain cobalt forward purchase contracts
designated as fair value hedges. The Company had no fair value hedges during the first
quarter of 2011 or the year ended December 31, 2010.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><u>Foreign Currency Exchange Rate Risk</u>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The functional currency for the Company’s Finnish operating subsidiary is the U.S. dollar
since a majority of its purchases and sales are denominated in U.S. dollars. Accordingly,
foreign currency exchange gains and losses related to transactions of this subsidiary
denominated in other currencies (principally the Euro) are included in earnings. While a
majority of the subsidiary’s raw material purchases are in U.S. dollars, it also has some
Euro-denominated expenses. From time to time, the Company enters into foreign currency
forward contracts to mitigate a portion of the earnings volatility in those Euro-denominated
cash flows due to changes in the Euro/U.S. dollar exchange rate. The Company had no Euro
forward contracts at March 31, 2011 and December 31, 2010, respectively.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><u>Interest Rate Risk</u>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company is exposed to interest rate risk primarily through its borrowing activities. If
needed, the Company predominantly utilizes U.S. dollar-denominated borrowings to fund its
working capital, acquisition and investment needs. There is an inherent rollover risk for
borrowings as they mature and are renewed at current market rates. From time to time, the
Company enters into derivative instruments and hedging activities to manage, where possible
and economically efficient, interest rate risk related to borrowings. The Company uses
interest rate swap agreements to partially reduce risks related to floating rate financing
agreements that are subject to changes in the market rate of interest. Terms of the interest
rate swap agreements require the Company to receive a variable interest rate and pay a fixed
interest rate. The Company’s interest rate swap agreements and its variable rate financings
are predominately based upon the three-month LIBOR. The Company had interest rate swaps with
notional values that totaled $60.0 million at both March 31, 2011 and December 31, 2010. The
outstanding contracts as of March 31, 2011 had maturities ranging up to 14 months. As of
March 31, 2011, AOCI(L) included a cumulative loss of $0.3 million related to these
contracts, of which $0.3 million is expected to be reclassified to earnings within the next
twelve months. No hedge ineffectiveness was recorded in income in the three months ended
March 31, 2011 or March 31, 2010 for these hedges.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the fair value of derivative instruments recorded in the Unaudited
Condensed Consolidated Balance Sheets:
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Derivatives Designated as Hedging Instruments</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Derivative Assets</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="4" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="4" style="border-bottom: 1px solid #000000">December 31, 2010</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Balance sheet location</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair value</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Balance sheet location</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair value</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left" valign="top" nowrap="nowrap">Other current assets</td>
<td> </td>
<td align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>374</b></td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top" nowrap="nowrap">Other current assets</td>
<td> </td>
<td align="left" valign="top">$</td>
<td align="right" valign="top">—</td>
<td valign="top"> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 1px solid #000000"> </td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 1px solid #000000"> </td>
<td valign="top"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>374</b></td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td align="left" valign="top">$</td>
<td align="right" valign="top">—</td>
<td valign="top"> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 3px double #000000"> </td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 3px double #000000"> </td>
<td valign="top"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Derivative Liabilities</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="4" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="4" style="border-bottom: 1px solid #000000">December 31, 2010</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Balance sheet location</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair value</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Balance sheet location</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair value</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest rate swap agreements
</div></td>
<td> </td>
<td align="left" valign="top" nowrap="nowrap">Other current liabilities</td>
<td> </td>
<td nowrap="nowrap" align="left" valign="top"> </td>
<td align="right" valign="top"><b>(311</b></td>
<td nowrap="nowrap" valign="top"><b>)</b></td>
<td> </td>
<td align="left" valign="top" nowrap="nowrap">Other current liabilities</td>
<td> </td>
<td nowrap="nowrap" align="left" valign="top"> </td>
<td align="right" valign="top">(393</td>
<td nowrap="nowrap" valign="top">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 1px solid #000000"> </td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 1px solid #000000"> </td>
<td valign="top"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>(311</b></td>
<td nowrap="nowrap" valign="top"><b>)</b></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" align="left" valign="top">$</td>
<td align="right" valign="top">(393</td>
<td nowrap="nowrap" valign="top">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 3px double #000000"> </td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 3px double #000000"> </td>
<td valign="top"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Derivatives Not Designated as Hedging Instruments</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Derivative Liabilities</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="4" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="4" style="border-bottom: 1px solid #000000">December 31, 2010</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Balance sheet location</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair value</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Balance sheet location</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair value</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left" valign="top" nowrap="nowrap">Other current liabilities</td>
<td> </td>
<td align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>—</b></td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top" nowrap="nowrap">Other current liabilities</td>
<td> </td>
<td nowrap="nowrap" align="left" valign="top">$</td>
<td align="right" valign="top">(378</td>
<td nowrap="nowrap" valign="top">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 1px solid #000000"> </td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 1px solid #000000"> </td>
<td valign="top"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>—</b></td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" align="left" valign="top">$</td>
<td align="right" valign="top">(378</td>
<td nowrap="nowrap" valign="top">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 3px double #000000"> </td>
<td valign="top"> </td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 3px double #000000"> </td>
<td valign="top"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the effect of derivative instruments:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" colspan="8" style="border-bottom: 1px solid #000000">Derivatives in Cash Flow Hedging Relationships</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Amount of Gain (Loss) on Derivative Recognized</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">in AOCI(L) (Effective Portion) for the Three</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">March 31, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Euro forward contracts
</div></td>
<td> </td>
<td align="left"><b>$</b></td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(1,170</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>277</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(54</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest rate swap agreements
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>82</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left"><b>$</b></td>
<td align="right"><b>359</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(1,224</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center">Location of Gain (Loss)</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="5">Amount of Gain (Loss) Reclassified from</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center">Reclassified from</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="5">AOCI(L) into Income (Effective Portion) for the</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center">AOCI(L) into Income</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="5" style="border-bottom: 1px solid #000000">Three Months Ended</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">(Effective Portion)</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">March 31, 2010</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Euro forward contracts
</div></td>
<td> </td>
<td align="left" valign="top" nowrap="nowrap">Cost of products sold</td>
<td> </td>
<td align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>—</b></td>
<td valign="top"> </td>
<td align="left" valign="top">$</td>
<td align="right" valign="top">(15)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left" valign="top">Net sales</td>
<td> </td>
<td align="left" valign="top"> </td>
<td align="right" valign="top"><b>—</b></td>
<td valign="top"> </td>
<td> </td>
<td align="right" valign="top">(221)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 1px solid #000000"> </td>
<td valign="top"> </td>
<td nowrap="nowrap" colspan="2" align="left" valign="top" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>—</b></td>
<td valign="top"> </td>
<td align="left" valign="top">$</td>
<td align="right" valign="top">(236)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 3px double #000000"> </td>
<td valign="top"> </td>
<td nowrap="nowrap" colspan="2" align="left" valign="top" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Derivatives Not Designated as Hedging Instruments</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="5">Amount of Gain (Loss) Recognized in</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center">Location of Gain</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="5">Income on Derivative for the Three</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center">(Loss) Recognized in</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="5" style="border-bottom: 1px solid #000000">Months Ended March 31,</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Income on Derivative</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">2010</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left" valign="top">Net sales</td>
<td> </td>
<td nowrap="nowrap" align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>(407</b></td>
<td nowrap="nowrap" valign="top"><b>)</b></td>
<td> </td>
<td align="right" valign="top" nowrap="nowrap">$                —</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 1px solid #000000"> </td>
<td valign="top"> </td>
<td valign="top"> </td>
<td nowrap="nowrap" colspan="2" align="left" valign="top" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" align="left" valign="top"><b>$</b></td>
<td align="right" valign="top"><b>(407</b></td>
<td nowrap="nowrap" valign="top"><b>)</b></td>
<td> </td>
<td align="right" nowrap="nowrap" valign="top">$                —</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" valign="top" style="border-top: 3px double #000000"> </td>
<td valign="top"> </td>
<td valign="top"> </td>
<td nowrap="nowrap" colspan="2" align="left" valign="top" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Notefalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
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