XML 70 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.6

FAIR VALUE MEASUREMENTS: | 12 Months Ended
--- | ---
Dec. 31, 2011
FAIR VALUE MEASUREMENTS: |
FAIR VALUE MEASUREMENTS: |
NOTE 10—FAIR VALUE MEASUREMENTS: Current accounting guidance defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Guidance requires disclosure of the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. Guidance establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the table below. As of December 31, 2011 and 2010, the Company held certain financial assets that are required to be measured at fair value on a recurring basis. These included derivative hedging instruments related to the foreign currency forward contracts and purchase of certain raw materials, investments in trading securities and available for sale securities, including an auction rate security (ARS). The Company’s available for sale and trading securities principally consist of municipal bonds and mutual funds that are publicly traded. The following tables present information about the Company’s financial assets measured at fair value as of December 31, 2011 and 2010, and indicate the fair value hierarchy and the valuation techniques utilized by the Company to determine such fair value:
|  | Estimated Fair Value December 31, 2011 |
|  | Total |  | Input Levels Used |
|  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Cash and equivalents |  | $ | 78,612 |  | $ | 78,612 |  | $ | — |  | $ | — |
Auction rate security |  | 7,453 |  | — |  | — |  | 7,453 |
Available-for-sale securities, excluding the auction rate security |  | 57,835 |  | — |  | 57,835 |  | — |
Foreign currency forward contracts |  | 205 |  | — |  | 205 |  | — |
Commodity futures contracts |  | 203 |  | 203 |  | — |  | — |
Commodity options contracts |  | — |  | — |  | — |  | — |
Trading securities |  | 41,768 |  | 41,768 |  | — |  | — |
Total assets measured at fair value |  | $ | 186,076 |  | $ | 120,583 |  | $ | 58,040 |  | $ | 7,453 |
|  | Estimated Fair Value December 31, 2010 |
|  | Total |  | Input Levels Used |
|  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Cash and equivalents |  | $ | 115,976 |  | $ | 115,976 |  | $ | — |  | $ | — |
Auction rate security |  | 6,775 |  | — |  | — |  | 6,775 |
Available-for-sale securities, excluding the auction rate security |  | 27,178 |  | — |  | 27,178 |  | — |
Foreign currency forward contracts |  | 942 |  | — |  | 942 |  | — |
Commodity futures contracts |  | 2,310 |  | 2,310 |  | — |  | — |
Commodity options contracts |  | 5,369 |  | 5,369 |  | — |  | — |
Trading securities |  | 38,504 |  | 38,504 |  | — |  | — |
Total assets measured at fair value |  | $ | 197,054 |  | $ | 162,159 |  | $ | 28,120 |  | $ | 6,775 |
Available for sale securities which utilize Level 2 inputs consist primarily of municipal bonds, which are valued based on quoted market prices or alternative pricing sources with reasonable levels of price transparency. A summary of the aggregate fair value, gross unrealized gains, gross unrealized losses, realized losses and amortized cost basis of the Company’s investment portfolio by major security type is as follows:
|  | December 31, 2011 |
|  | Amortized |  | Fair |  | Unrealized |  | Realized |
Available for Sale: |  | Cost |  | Value |  | Gains |  | Losses |  | Losses |
Auction rate security |  | $ | 8,410 |  | $ | 7,453 |  | $ | — |  | $ | (957 | ) | $ | — |
Municipal bonds |  | 57,389 |  | 57,791 |  | 402 |  | — |  | — |
Mutual funds |  | 45 |  | 44 |  | — |  | (1 | ) | — |
|  | $ | 65,844 |  | $ | 65,288 |  | $ | 402 |  | $ | (958 | ) | $ | — |
|  | December 31, 2010 |
|  | Amortized |  | Fair |  | Unrealized |  | Realized |
Available for Sale: |  | Cost |  | Value |  | Gains |  | Losses |  | Losses |
Auction rate security |  | $ | 8,410 |  | $ | 6,775 |  | $ | — |  | $ | (1,635 | ) | $ | — |
Municipal bonds |  | 27,073 |  | 27,122 |  | 49 |  | — |  | — |
Mutual funds |  | 56 |  | 56 |  | — |  | — |  | — |
|  | $ | 35,539 |  | $ | 33,953 |  | $ | 49 |  | $ | (1,635 | ) | $ | — |
As of December 31, 2011, the Company’s long-term investments included an auction rate security, Jefferson County Alabama Sewer Revenue Refunding Warrants, reported at a fair value of $7,453, after reflecting a $5,140 other-than-temporary impairment and a $957 temporary, as defined, decline in market value against its $13,550 par value. This other-than-temporary impairment was recorded in other income (expense), net in 2008. In 2008, this auction rate security was determined to be other-than-temporarily impaired due to the duration and severity of the decline in fair value. The Company estimated the fair value of this auction rate security utilizing a valuation model with Level 3 inputs. This valuation model considered, among other items, the credit risk of the collateral underlying the auction rate security, the credit risk of the bond insurer, interest rates, and the amount and timing of expected future cash flows including the Company’s assumption about the market expectation of the next successful auction. See also the Management’s Discussion and Analysis of Financial Condition and Results of Operations regarding Jefferson County auction rate security. The Company classified this auction rate security as non-current and has included it in long-term investments on the Consolidated Statements of Financial Position at December 31, 2011 and 2010 because the Company believes that the current condition of the auction rate security market may take more than twelve months to improve. The following table presents additional information about the Company’s financial instruments (all ARS) measured at fair value on a recurring basis using Level 3 inputs at December 31, 2011 and 2010:
|  | 2011 |  | 2010 |
Balance at January 1 |  | $ | 6,775 |  | $ | 7,710 |
Unrealized loss recognized in other comprehensive loss |  | 678 |  | (935 | )
Balance at December 31 |  | $ | 7,453 |  | $ | 6,775 |
The $7,500 carrying amount of the Company’s industrial revenue development bonds at December 31, 2011 and 2010 approximates its estimated fair value as the bonds have a floating interest rate. In addition to assets and liabilities that are recorded at fair value on a recurring basis, guidance requires the Company to record assets and liabilities at fair value on a nonrecurring basis generally as a result of impairment charges. Assets measured at fair value on a nonrecurring basis during 2009 are summarized below:
|  | Twelve Months Ended December 31, 2009 |
|  | Pre-Impairment |  | 2009 |  |  |  | Level Used to Determine |
|  | Cost |  | Impairment |  | New Cost |  | New Cost Basis |
|  | Basis |  | Charge |  | Basis |  | Level 1 |  | Level 2 |  | Level 3 |
Equity method investment |  | $ | 9,361 |  | $ | 4,400 |  | $ | 4,961 |  | $ | — |  | $ | — |  | $ | 4,961 |
Trademarks |  | 189,024 |  | 14,000 |  | 175,024 |  | — |  | — |  | 175,024 |
Total |  | $ | 198,385 |  | $ | 18,400 |  | $ | 179,985 |  | $ | — |  | $ | — |  | $ | 179,985 |
As discussed in Note 6, during the fourth quarter of 2009 the Company recognized an impairment of $4,400 in an equity method investment based on Level 3 inputs. As discussed in Note 13, during the fourth quarter of 2009 the Company recognized a trademark impairment of $14,000 based on Level 3 inputs.

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration