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Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Condensed Consolidated Statements Of Income
Net Sales	$ 476,989	$ 366,504	$ 899,587	$ 703,534
Cost of Sales	407,404	303,026	768,216	576,504
Gross Profit	69,585	63,478	131,371	127,030
Operating Expenses:
Marketing	12,171	9,391	23,001	20,342
Administrative	12,680	14,273	23,554	23,336
Research, development and technical services	10,656	10,042	20,887	19,925
Total Operating Expenses	35,507	33,706	67,442	63,603
Operating Income	34,078	29,772	63,929	63,427
Other Income (Expense):
Interest, net	(2,194)	(1,510)	(4,257)	(2,766)
Loss from equity in joint ventures	(805)	(764)	(1,770)	(1,335)
Other, net (Note 14)	253	(1,111)	565	(1,333)
Total Other Income (Expense)	(2,746)	(3,385)	(5,462)	(5,434)
Income Before Provision for Income Taxes	31,332	26,387	58,467	57,993
Provision for Income Taxes	10,326	9,318	18,645	20,243
Net Income	21,006	17,069	39,822	37,750
Net Income Attributable to Noncontrolling Interests (Note 3)	(139)	(23)	(194)	(44)
Net Income Attributable to Stepan Company	$ 20,867	$ 17,046	$ 39,628	$ 37,706
Net Income Per Common Share Attributable to Stepan Company (Note 10):
Basic	$ 2.00	$ 1.66	$ 3.80	$ 3.69
Diluted	$ 1.87	$ 1.53	$ 3.55	$ 3.41
Shares Used to Compute Net Income Per Common Share Attributable to Stepan Company (Note 10):
Basic	10,345	10,160	10,335	10,130
Diluted	11,178	11,118	11,175	11,052
Dividends Declared Per Common Share	$ 0.26	$ 0.24	$ 0.52	$ 0.48

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash Flows From Operating Activities
Net income	$ 39,822	$ 37,750
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,007	19,288
Deferred compensation	(709)	929
Realized and unrealized loss (gain) on long-term investments	(438)	367
Stock-based compensation	1,777	1,806
Deferred income taxes	4,846	3,823
Other non-cash items	1,083	1,627
Changes in assets and liabilities:
Receivables, net	(83,875)	(61,722)
Inventories	(55,088)	(13,745)
Other current assets	(3,586)	(935)
Accounts payable and accrued liabilities	55,151	27,793
Pension liabilities	(895)	(488)
Environmental and legal liabilities	(412)	(847)
Deferred revenues	(890)	(596)
Excess tax benefit from stock options and awards	(1,113)	(2,076)
Net Cash Provided By (Used In) Operating Activities	(21,320)	12,974
Cash Flows From Investing Activities
Expenditures for property, plant and equipment	(40,400)	(28,007)
Business acquisition	(13,562)
Sale of mutual funds	1,613	737
Other, net	(2,136)	(1,639)
Net Cash Used In Investing Activities	(54,485)	(28,909)
Cash Flows From Financing Activities
Revolving debt and bank overdrafts, net	9,738	3,124
Term loan		40,000
Build-to-suit obligation buyout	(12,206)
Other debt borrowings		440
Other debt repayments	(2,291)	(2,532)
Dividends paid	(5,638)	(5,170)
Company stock repurchased	(1,000)	(3,750)
Stock option exercises	889	3,109
Excess tax benefit from stock options and awards	1,113	2,076
Other, net	(1,265)	(1,273)
Net Cash Provided By (Used In) Financing Activities	(10,660)	36,024
Effect of Exchange Rate Changes on Cash	866	(765)
Net Increase (Decrease) in Cash and Cash Equivalents	(85,599)	19,324
Cash and Cash Equivalents at Beginning of Period	111,198	98,518
Cash and Cash Equivalents at End of Period	25,599	117,842
Supplemental Cash Flow Information
Cash payments of income taxes, net of refunds	9,832	13,930
Cash payments of interest	$ 4,122	$ 2,778

Reconciliations Of Equity

6 Months Ended

Jun. 30, 2011

Reconciliations Of Equity

Reconciliations Of Equity

3.	RECONCILIATIONS OF EQUITY

Below are reconciliations of total equity, Company equity and equity attributable to the noncontrolling interests for the six months ended June 30, 2011 and 2010:


(In thousands)	Total Equity			Stepan Company Equity			Noncontrolling Interests' Equity ⁽³⁾

Balance at January 1, 2011	$	353,071		$	349,491		$	3,580
Net income		39,822			39,628			194
Dividends		(5,638	)		(5,638	)		—
Common stock purchases ⁽¹⁾		(2,274	)		(2,274	)		—
Stock option exercises		889			889			—
Defined benefit pension adjustments, net of tax		1,044			1,044			—
Translation adjustments		10,081			10,039			42
Derivative instrument gain, net of tax		389			389			—
Other ⁽²⁾		3,603			3,603			—

Balance at June 30, 2011	$	400,987		$	397,171		$	3,816


(In thousands)	Total Equity			Stepan Company Equity			Noncontrolling Interests' Equity ⁽³⁾

Balance at January 1, 2010	$	290,427		$	289,285		$	1,142
Net income		37,750			37,706			44
Dividends		(5,170	)		(5,170	)		—
Common stock purchases ⁽¹⁾		(4,807	)		(4,807	)		—
Stock option exercises		3,109			3,109			—
Defined benefit pension adjustments, net of tax		756			756			—
Translation adjustments		(8,674	)		(8,674	)		—
Other ⁽²⁾		4,221			4,221			—

Balance at June 30, 2010	$	317,612		$	316,426		$	1,186

⁽¹⁾	Includes the value of Company shares purchased in the open market and the value of Company common shares tendered by employees to settle minimum statutory withholding taxes related to the receipt of performance awards.

⁽²⁾	Primarily comprised of activity related to stock-based compensation, deferred compensation and excess tax benefits.

⁽ ³ ⁾

2011 includes partners' noncontrolling interests in the Company's China and Philippines joint ventures. 2010 includes partners' noncontrolling interest in the China joint venture.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

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-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

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-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-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 Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-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 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-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
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

10.	EARNINGS PER SHARE

Below is the computation of basic and diluted earnings per share for the three and six months ended June 30, 2011 and 2010.


(In thousands, except per share amounts)	Three Months Ended June 30				Six Months Ended June 30
	2011		2010		2011		2010
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	20,867	$	17,046	$	39,628	$	37,706
Deduct dividends on preferred stock		179		188		358		376

Income applicable to common stock	$	20,688	$	16,858	$	39,270	$	37,330

Weighted-average number of common shares outstanding		10,345		10,160		10,335		10,130


Basic earnings per share	$	2.00	$	1.66	$	3.80	$	3.69


Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	20,867	$	17,046	$	39,628	$	37,706

Weighted-average number of common shares outstanding		10,345		10,160		10,335		10,130
Add net shares issuable from assumed exercise of options (under treasury stock method)⁽¹⁾		237		273		244		267
Add contingently issuable net shares related to performance stock awards and unvested stock awards (under treasury stock method)		2		63		2		32
Add weighted-average shares issuable from assumed conversion of convertible preferred stock		594		622		594		623

Shares applicable to diluted earnings		11,178		11,118		11,175		11,052


Diluted earnings per share	$	1.87	$	1.53	$	3.55	$	3.41

⁽¹⁾

Options to purchase 63,167 and 61,516 shares of common stock were not included in the computations of diluted earnings per share for the three and six months ended June 30, 2011, respectively. The options' exercise prices were greater than the average market price for the common stock and their effect would have been antidilutive. There were no antidilutive stock options for the three and six months ended June 30, 2010.

Debt

6 Months Ended

Jun. 30, 2011

Debt

Debt

13.

DEBT

At June 30, 2011, and December 31, 2010, debt comprised the following:


(In thousands)	Maturity Dates	June 30, 2011		December 31, 2010
Unsecured private placement notes
5.88%	2016-2022	$	40,000	$	40,000
5.69%	2012-2018		40,000		40,000
6.86%	2011-2015		21,428		21,428
6.59%	2011-2012		5,454		5,454

Unsecured bank term loan	2012-2013		25,500		27,000
Build-to-suit obligation	—		—		11,384
Unsecured U.S. bank debt	2013		6,900		—

Debt of foreign subsidiaries
Secured bank term loans, foreign currency	2011-2015		7,946		8,156
Secured bank term loan, U.S. dollars	2011-2014		7,000		7,000
Other loans, foreign currency	2011-2015		22,694		18,142
Seller notes, foreign currency	2011-2013		13,843		13,008

Total debt		$	190,765	$	191,572
Less current maturities			35,809		31,609

Long-term debt		$	154,956	$	159,963

As of June 30, 2011, there were $6,900,000 of debt and $2,612,000 of letters of credit outstanding under the $60,000,000 U.S. revolving credit agreement. There was $50,488,000 available under the agreement at June 30, 2011.

On January 19, 2010, the Company entered into a build-to-suit lease agreement for the construction of a warehouse at its Millsdale (Joliet), Illinois, manufacturing site. On March 18, 2011, the Company purchased this warehouse for $12,206,000, which eliminated the build-to-suit obligation. The difference between the purchase price and the carrying value of the build-to-suit obligation at the time of purchase was recorded as an increase to property, plant and equipment.

The various loan agreements contain provisions, which, among others, require maintenance of certain financial ratios and place limitations on additional debt, investments and payment of dividends. Based on the loan agreement provisions that place limitations on dividend payments, unrestricted retained earnings (i.e., retained earnings available for dividend distribution) were $167,063,000 and $138,727,000 at June 30, 2011, and December 31, 2010, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Contingencies

6 Months Ended

Jun. 30, 2011

Contingencies

Contingencies

8.	CONTINGENCIES

There are a variety of legal proceedings pending or threatened against the Company. Some of these proceedings may result in fines, penalties, judgments or costs being assessed against the Company at some future time. The Company's operations are subject to extensive local, state and federal regulations, including the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and the Superfund amendments of 1986 (Superfund). Over the years, the Company has received requests for information related to or has been named by the government as a potentially responsible party (PRP) at a number of waste disposal sites where clean up costs have been or may be incurred under CERCLA and similar state statutes. In addition, damages are being claimed against the Company in general liability actions for alleged personal injury or property damage in the case of some disposal and plant sites. The Company believes that it has made adequate provisions for the costs it may incur with respect to these sites.

The Company has estimated a range of possible environmental and legal losses of $9.4 million to $29.2 million at June 30, 2011. At June 30, 2011 and December 31, 2010, the Company's accrued liability for such losses, which represented the Company's best estimate within the estimated range of possible environmental and legal losses, was $15.2 million and $15.9 million, respectively. Actual costs could differ from the estimated reported liability. During the first six months of 2011 cash outlays related to legal and environmental matters approximated $2.7 million compared to $1.6 million in the first six months of 2010. Remediation of the soil at the Poland subsidiary accounted for most of the year-over-year change (see the Poland Manufacturing Site discussion in this footnote).

For certain sites, estimates of the total costs of compliance or the Company's share of such costs cannot be determined; consequently, the Company is unable to predict the effect thereof on the Company's financial position, cash flows and results of operations. Management believes that in the event of one or more adverse determinations in any annual or interim period, the impact on the Company's cash flows and results of operations for those periods could be material. However, based upon the Company's present belief as to its relative involvement at these sites, other viable entities' responsibilities for cleanup, and the extended period over which any costs would be incurred, the Company believes that these matters, individually and in the aggregate, will not have a material effect on the Company's financial position.

Following are summaries of the material contingencies at June 30, 2011:

Maywood, New Jersey Site

The Company's property in Maywood, New Jersey and property formerly owned by the Company adjacent to its current site and other nearby properties (Maywood site) were listed on the National Priorities List in September 1993 pursuant to the provisions of CERCLA because of certain alleged chemical contamination. Pursuant to an Administrative Order on Consent entered into between USEPA and the Company for property formerly owned by the Company, and the issuance of an order by USEPA to the Company for property currently owned by the Company, the Company completed a Remedial Investigation Feasibility Study (RI/FS) in 1994. The Company submitted the Draft Feasibility Study for Soil and Source Areas (Operable Unit 1) in September 2002. In addition, the Company has submitted other documentation and information as requested by USEPA, including a Draft Final FS for Groundwater (Operable Unit 2) in June 2003, additional information regarding groundwater in May 2007, submission of a Draft Feasibility Study for Soil and Groundwater (Operable Units 1 and 2) in March 2009, and additional requested information regarding soil and groundwater in February 2010 and June 2010. The Company also submitted another Draft Feasibility Study for Soil and Groundwater (Operable Units 1 and 2) in September 2010. The Company is awaiting the issuance of a Record of Decision from USEPA.

The Company believes its recorded liability for the estimated probable costs it expects to incur at the Maywood site related to remediation of chemical contamination is adequate. However, depending on the results of the ongoing discussions with USEPA, the final cost of such remediation could differ from the current estimates.

D'Imperio Property Site

During the mid-1970's, Jerome Lightman and the Lightman Drum Company disposed of hazardous substances at several sites in New Jersey. The Company was named as a PRP in the case United States v. Lightman (1:92-cv-4710 D.N.J.), which involved the D'Imperio Property Site located in New Jersey. In the second quarter of 2007, the Company reached an agreement with respect to the past costs and future allocation percentage in said litigation for costs related to the D'Imperio site, including costs to comply with USEPA's Unilateral Administrative Orders. The Company paid the settlement amount in the third quarter of 2007. The resolution of the Company's liability for this litigation did not have a material impact on the financial position, results of operations or cash flows of the Company. In December 2007, the Company received updated remediation cost estimates, which were considered in the Company's determination of its range of estimated possible losses and reserve balance.

Remediation work is continuing at this site. Based on current information, the Company believes that its recorded liability for claims associated with the D'Imperio site is adequate. However, actual costs could differ from current estimates.

Wilmington Site

The Company is currently contractually obligated to contribute to the response costs associated with the Company's formerly-owned site at 51 Eames Street, Wilmington, Massachusetts. Remediation at this site is being managed by its current owner to whom the Company sold the property in 1980. Under the agreement, once total site remediation costs exceed certain levels, the Company is obligated to contribute up to five percent of future response costs associated with this site with no limitation on the ultimate amount of contributions. To date, the Company has paid the current owner $1.9 million for the Company's portion of environmental response costs through the first quarter of 2011 (the current owner of the site bills the Company one calendar quarter in arrears). The Company has recorded a liability for its portion of the estimated remediation costs for the site. Depending on the ultimate cost of the remediation at this site, the amount for which the Company is liable could differ from the current estimates.

In addition, in response to the special notice letter received by the PRPs in June 2006 from USEPA seeking performance of an RI/FS at the site, certain PRPs, including the Company, signed an Administrative Settlement Agreement and Order on Consent for the RI/FS effective July 2007, which sets forth the obligations of the PRPs to perform the RI/FS.

The Company and other prior owners also entered into an agreement in April 2004 waiving certain statute of limitations defenses for claims which may be filed by the Town of Wilmington, Massachusetts, in connection with this site. While the Company has denied any liability for any such claims, the Company agreed to this waiver while the parties continue to discuss the resolution of any potential claim which may be filed.

The Company believes that based on current information its recorded liability for the claims related to this site is adequate. However, actual costs could differ from current estimates.

Poland Manufacturing Site

During the due diligence phase of the Company's 2010 acquisition of Alfa Systems Sp. z o.o. (Alfa Systems) in Brzeg Dolny, Poland, some soil contamination in levels above allowable standards in Poland was discovered on the plant site, and there is a legal obligation to conduct further investigation and remediation. To expedite the purchase of Alfa Systems, the Company agreed to assume the remediation obligation. As part of the purchase agreement, the Company negotiated a purchase price holdback provision of $1.1 million, wherein any portion of the holdback not spent for soil remediation after one year following the acquisition date (i.e., July 15, 2011) would be remitted to the previous owners of Alfa Systems. A remediation liability was included as one of the liabilities assumed at the time of acquisition. No contingent consideration liability was recognized because management believed it was highly probable that remediation of the Poland site would be completed by the holdback deadline and the cost to remediate would be at least the holdback amount. The remediation of the soil was completed in the second quarter of 2011, and the total cost of the project exceeded the amount of the holdback provision by an immaterial amount. Consequently, none of the holdback amount related to the soil remediation was returned to the former owners of the site. The amount in excess of the holdback amount was charged to Company earnings, and did not have a material effect on the Company's results of operations, financial position or cash flows.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-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 210
-SubTopic 10
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-Paragraph 1
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+ Details

Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2011

Postretirement Benefit Plans

Postretirement Benefit Plans

9.	POSTRETIREMENT BENEFIT PLANS

Defined Benefit Pension Plans

The Company sponsors various funded qualified and unfunded non-qualified defined benefit pension plans, the most significant of which cover employees in the U.S. and U.K. locations. The U.S. and U.K. defined benefit pension plans are frozen and service benefits are no longer being accrued.

Components of Net Periodic Benefit Cost


	UNITED STATES
(In thousands)	Three Months Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010

Interest cost	$	1,761		$	1,767		$	3,523		$	3,534
Expected return on plan assets		(2,013	)		(1,962	)		(4,025	)		(3,924	)
Amortization of net loss		786			535			1,571			1,070

Net periodic benefit cost	$	534		$	340		$	1,069		$	680


	UNITED KINGDOM
(In thousands)	Three Months Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010

Interest cost	$	279		$	250		$	555		$	512
Expected return on plan assets		(264	)		(210	)		(525	)		(428	)
Amortization of net loss		52			67			103			136

Net periodic benefit cost	$	67		$	107		$	133		$	220

Employer Contributions

U.S. Plans

The Company expects to contribute approximately $4,225,000 to its U.S. qualified defined benefit pension plans in 2011 and to pay $268,000 in 2011 related to its unfunded non-qualified plans. As of June 30, 2011, $1,444,000 had been contributed to the qualified plans and $152,000 had been paid related to the non-qualified plans.

U.K. Plan

The Company's United Kingdom subsidiary expects to contribute approximately $889,000 to its defined benefit pension plan in 2011. As of June 30, 2011, $461,000 had been contributed to the plan.

Defined Contribution Plans

Defined contribution plan expenses for the Company's retirement savings plan were $1,005,000 and $1,955,000, respectively, for the three and six months ended June 30, 2011, compared to $1,170,000 and $2,294,000, respectively, for three and six months ended June 30, 2010.

Expenses related to the Company's profit sharing plan were $1,510,000 and $2,660,000, respectively, for the three and six months ended June 30, 2011, compared to $1,350,000 and $2,726,000, respectively, for the three and six months ended June 30, 2010.

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7
-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 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 4, 7, 16, 20, 21
-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
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+ Details

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2011	Jul. 26, 2011
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Entity Registrant Name	STEPAN CO
Entity Central Index Key	0000094049
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		10,163,317

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Recent Accounting Pronouncements

Recent Accounting Pronouncements

15.	RECENT ACCOUNTING PRONOUNCEMENTS

In December 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2010-29, "Business Combinations (Topic 805): Disclosures of Supplementary Pro Forma Information for Business Combinations" (ASU 2010-29), which specifies that pro forma disclosures for business combinations are to be reported as if the business combinations that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period. The pro forma disclosures must also include a description of material, nonrecurring pro forma adjustments. ASU 2010-29 is effective for business combinations with an acquisition date of January 1, 2011 or later. Adoption of the new requirement did not have an effect on the Company's financial position, results of operations or cash flows.

In May 2011, the FASB issued Accounting Standards Update No. 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs". The amendments result in common fair value measurement and disclosure requirements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs), and do not require additional fair value measurements and are not intended to establish valuation standards or affect valuation practices. The amendments in this update are effective during interim and annual periods beginning after December 15, 2011. Adoption of the new requirement is not expected to have an effect on the Company's financial position, results of operations or cash flow.

In June 2011, the FASB issued Accounting Standards Update No. 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income". In this update, FASB eliminated the option to present components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments require that all non-owner changes in equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendments in this update are effective for fiscal years, and interim periods within these years, beginning after December 15, 2011. Although adoption of the new requirement will have an effect on the Company's presentation of comprehensive income, it will not have an effect on the Company's financial position, results of operations or cash flow.

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 2, 17, 18
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Assets
Cash and cash equivalents	$ 25,599	$ 111,198
Receivables, net	294,547	199,245
Inventories (Note 7)	159,490	96,552
Deferred income taxes	8,386	8,170
Other current assets	16,570	12,661
Total current assets	504,592	427,826
Property, Plant and Equipment:
Cost	1,098,279	1,055,553
Accumulated depreciation	(729,513)	(701,968)
Property, plant and equipment, net	368,766	353,585
Goodwill, net (Note 2)	7,289	6,717
Other intangible assets, net (Note 2)	12,636	5,257
Long-term investments (Note 4)	11,518	11,904
Other non-current assets	6,124	6,142
Total assets	910,925	811,431
Liabilities and Stockholders' Equity
Current maturities of long-term debt (Note 13)	35,809	31,609
Accounts payable	174,577	115,248
Accrued liabilities	52,148	58,770
Total current liabilities	262,534	205,627
Deferred income taxes	9,986	5,154
Long-term debt, less current maturities (Note 13)	154,956	159,963
Other non-current liabilities	82,462	87,616
Commitments and Contingencies (Note 8)
Stockholders' Equity:
5-1/2% convertible preferred stock, cumulative, voting, without par value; authorized 2,000,000 shares; issued and outstanding 520,089 shares in 2011 and 2010	13,002	13,002
Common stock, $1 par value; authorized 30,000,000 shares; issued 11,595,329 shares in 2011 and 11,511,829 shares in 2010	11,595	11,512
Additional paid-in capital	88,238	83,852
Accumulated other comprehensive loss	(14,127)	(25,599)
Retained earnings	339,820	305,830
Treasury stock, at cost, 1,438,754 shares in 2011 and 1,406,081 shares in 2010	(41,357)	(39,106)
Total Stepan Company stockholders' equity	397,171	349,491
Noncontrolling interests (Note 3)	3,816	3,580
Total stockholders' equity	400,987	353,071
Total liabilities and stockholders' equity	$ 910,925	$ 811,431

Acquisition

6 Months Ended

Jun. 30, 2011

Acquisition

Acquisition

2.	ACQUISITION

On June 23, 2011, the Company purchased the Clarinol®, Marinol®, and PinnoThin® product lines of Lipid Nutrition B.V., a part of Loders Croklaan B.V. The acquired product lines will be integrated into the Company's specialty products segment and will be combined with existing Company food and health services products to provide the Company with a unique portfolio of nutritional fats for the global food, supplement and nutrition industries. The acquisition purchase price was $13,562,000 of cash. In addition to the purchase price paid, the Company incurred $0.3 million of acquisition-related costs, including legal and consulting expenses. These costs were reflected in administrative expenses on the Company's statements of income.

The acquisition was accounted for as a business combination and, accordingly, the assets acquired and liabilities assumed as part of the acquisition were measured and recorded at their estimated fair values. The following table summarizes the assets acquired and liabilities assumed:


(Dollars in thousands)	June 23, 2011
Assets:
Inventory	$	5,000
Identifiable intangible assets:
Patents		6,948
Customer lists		736
Trademarks, know-how		429

Total identifiable intangible assets		8,113

Goodwill		483

Total assets acquired	$	13,596


Current liabilities	$	34

Net assets acquired	$	13,562

The acquired goodwill, which relates entirely to the Company's specialty products segment, is deductable for tax purposes. The goodwill reflects the potential manufacturing and marketing synergies arising from combining the new product lines with the Company's existing food and health services products. The weighted average amortization periods for the identifiable intangible assets are as follows: patents- 12 years; customer lists-five years; and trademarks and know-how- five years. The Company continues to evaluate the valuations of the acquired intangible assets, which may result in adjustments to the recorded values of the intangible assets and goodwill.

Due to the timing of the purchase transaction relative to the end of the reporting period, no post-acquisition financial results for the new business were included in the Company's consolidated financial statements for the three and six month periods ended June 30, 2011. Pro forma financial information has not been included because revenues and earnings of the Company's consolidated entity for the three and six month periods ended June 30, 2011 and 2010, would not have been materially different than reported had the acquisition date been January 1, 2010.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-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 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2011

Segment Reporting

Segment Reporting

12.	SEGMENT REPORTING

The Company has three reportable segments: surfactants, polymers and specialty products. Segment operating results for the three and six months ended June 30, 2011 and 2010 are summarized below:


(In thousands)	Surfactants		Polymers		Specialty Products		Segment Totals

For the three months ended June 30, 2011
Net sales	$	343,767	$	120,854	$	12,368	$	476,989
Operating income		24,693		15,064		3,485		43,242

For the three months ended June 30, 2010
Net sales	$	264,567	$	90,893	$	11,044	$	366,504
Operating income		26,735		10,512		3,776		41,023

For the six months ended June 30, 2011
Net sales	$	668,652	$	207,253	$	23,682	$	899,587
Operating income		52,857		21,429		6,749		81,035

For the six months ended June 30, 2010
Net sales	$	526,880	$	154,003	$	22,651	$	703,534
Operating income		55,988		17,164		7,999		81,151

Below are reconciliations of segment operating income to consolidated income before income taxes:


(In thousands)	Three Months Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010
Operating income segment totals	$	43,242		$	41,023		$	81,035		$	81,151
Unallocated corporate expenses ⁽¹⁾		(9,164	)		(11,251	)		(17,106	)		(17,724	)

Total operating income		34,078			29,772			63,929			63,427
Interest expense, net		(2,194	)		(1,510	)		(4,257	)		(2,766	)
Loss from equity in joint ventures		(805	)		(764	)		(1,770	)		(1,335	)
Other, net		253			(1,111	)		565			(1,333	)

Consolidated income before income taxes	$	31,332		$	26,387		$	58,467		$	57,993

⁽¹⁾	Unallocated corporate expenses primarily comprise corporate administrative expenses (e.g., corporate finance, legal, human resources, information systems) that are not included in segment operating income and not used to evaluate segment performance.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-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 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Comprehensive Income

6 Months Ended

Jun. 30, 2011

Comprehensive Income

Comprehensive Income

11.	COMPREHENSIVE INCOME

Comprehensive income includes net income and all other non-owner changes in equity that are not reported in net income. Below is the Company's comprehensive income for the three and six months ended June 30, 2011 and 2010:


(In thousands)	Three Months Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010
Net income	$	21,006		$	17,069		$	39,822		$	37,750
Other comprehensive income:
Foreign currency translation gains (losses)		3,964			(7,842	)		10,081			(8,674	)
Pension liability adjustments, net of tax		521			377			1,044			756
Derivative instrument gain, net of tax		315			—			389			—

Comprehensive income		25,806			9,604			51,336			29,832
Comprehensive income attributable to noncontrolling interests		(167	)		(23	)		(236	)		(44	)

Comprehensive income attributable to Stepan Company	$	25,639		$	9,581		$	51,100		$	29,788

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-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.

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
5-1/2% convertible preferred stock, cumulative, voting, par value	$ 0	$ 0
5-1/2% convertible preferred stock, cumulative, voting, shares authorized	2,000,000	2,000,000
5-1/2% convertible preferred stock, cumulative, voting, shares issued	520,089	520,089
5-1/2% convertible preferred stock, cumulative, voting, shares outstanding	520,089	520,089
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	11,595,329	11,511,829
Treasury stock, shares	1,438,754	1,406,081

Other, Net

6 Months Ended

Jun. 30, 2011

Other, Net

Other, Net

14.	OTHER, NET

Other, net in the consolidated statements of income included the following:


(In thousands)	Three Months Ended June 30						Six Months Ended June 30
	2011			2010			2011		2010
Foreign exchange gain (loss)	$	279		$	(425	)	$	105	$	(996	)
Investment related income		9			15			22		30
Realized and unrealized gain (loss) on investments		(35	)		(701	)		438		(367	)

Other, net	$	253		$	(1,111	)	$	565	$	(1,333	)

Financial Instruments

6 Months Ended

Jun. 30, 2011

Financial Instruments

Financial Instruments

4.	FINANCIAL INSTRUMENTS

The following are the financial instruments held by the Company at June 30, 2011 and December 31, 2010, and descriptions of the methods and assumptions used to estimate the instruments' fair values:

Cash and cash equivalents

Carrying value approximates fair value because of the short maturity of the instruments.

Derivative assets and liabilities

Derivative assets and liabilities relate to the foreign currency exchange contracts discussed in Note 5. Fair value and carrying value are the same because the contracts are recorded at fair value. The fair values of the foreign currency contracts were calculated as the differences between the applicable forward foreign exchange rates at the reporting date and the contracted foreign exchange rates multiplied by the contracted notional amounts. See the table that follows these financial instrument descriptions for the reported fair values of derivative assets and liabilities.

Long-term investments

Long-term investments are the mutual fund assets the Company holds to fund a portion of its deferred compensation liabilities. Fair value and carrying value are the same because the mutual fund assets are recorded at fair value. Fair values for the mutual funds were calculated using the published market price per unit at the reporting date multiplied by the number of units held at the reporting date. See the table that follows these financial instrument descriptions for the reported fair value of long-term investments.

Debt obligations

The Company's primary source of long-term U.S. debt financing is unsecured private placement notes with fixed interest rates and maturities. Certain foreign subsidiaries also carry fixed-rate debt. The fair value of fixed interest rate debt comprises the combined present values of scheduled principal and interest payments for each of the various loans, individually discounted at rates equivalent to those which could be obtained by the Company for new debt issues with durations equal to the average life to maturity of each loan. The discount rates are based on applicable duration funding rates plus market interest rate spreads to borrowers with credit ratings equivalent to those of the Company. The fair values of the Company's fixed-rate debt at June 30, 2011 and December 31, 2010, including current maturities, were estimated to be $123,436,000 and $122,044,000, respectively. The carrying value of the Company's fixed-rate debt was $113,045,000 at June 30, 2011 and $113,359,000 at December 31, 2010.

The Company's Singapore facility also holds fixed-rate debt in the form of a seller note (related to the 2010 purchase of storage tanks), which had an estimated fair value of $14,458,000 at June 30, 2011, compared to a carrying value of $13,843,000. At December 31, 2010, the fair value of the seller note approximated its carrying value of $13,008,000.

Debt at June 30, 2011 also included $25,500,000 for an unsecured term loan that carried a variable interest rate of LIBOR plus a spread of 100 basis points as of June 30, 2011. As of the end of the second quarter, the current market spread over LIBOR for entities with credit ratings similar to the Company's was approximately 200 basis points. Using the current market spread to discount the scheduled principal and interest payment outflows calculated under the contractual spread, the Company estimates the fair value of the variable interest unsecured term loan at June 30, 2011, at approximately $25,018,000 compared to a carrying value of $25,500,000. At December 31, 2010, the fair value of the variable interest unsecured term loan was $26,390,000 compared to a carrying value of $27,000,000.

Also included in debt as of June 30, 2011 was $8,783,000 of term debt of the Company's Philippine subsidiary, comprised of two bank loans guaranteed by the U.S. parent. Using the current market spread for loans to companies with credit ratings similar to the Company's to discount the scheduled principal and interest payment outflows calculated under the contractual spreads, the Company estimates the combined fair value of these variable interest secured term loans at June 30, 2011, to be approximately $9,038,000 versus a carrying value of $8,783,000. At December 31, 2010, the fair value of these term loans was $9,028,000 compared to a carrying value of $8,805,000.

Because of the short-term nature of the remaining Company debt, the fair values for such debt approximate the carrying values.

The following tables present financial assets and liabilities measured at fair value as of June 30, 2011 and December 31, 2010 and the level within the fair value hierarchy in which the fair value measurements fall:


(In thousands)	June 2011		Level 1		Level 2		Level 3

Mutual fund assets	$	11,518	$	11,518	$	—	$	—
Derivative assets:⁽¹⁾
Foreign currency contracts		765		—		765		—

Total assets at fair value	$	12,283	$	11,518	$	765	$	—


Derivative liabilities:⁽ ¹ ⁾
Foreign currency contracts	$	321	$	—	$	321	$	—

Total liabilities at fair value	$	321	$	—	$	321	$	—


(In thousands)	December 2010		Level 1		Level 2		Level 3

Mutual fund assets	$	11,904	$	11,904	$	—	$	—
Derivative assets:⁽¹⁾
Foreign currency contracts		30		—		30		—

Total assets at fair value	$	11,934	$	11,904	$	30	$	—


Derivative liabilities:⁽ ¹ ⁾
Foreign currency contracts	$	43	$	—	$	43	$	—

Total liabilities at fair value	$	43	$	—	$	43	$	—

⁽¹⁾	See Note 5 for the balance sheet locations of the derivative assets and liabilities

Stock-Based Compensation

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation

Stock-Based Compensation

6.	STOCK-BASED COMPENSATION

On June 30, 2011, the Company had stock options outstanding under its 2000 Stock Option Plan (2000 Plan) and stock options and stock awards outstanding under its 2006 Incentive Compensation Plan. Compensation expense charged against income for all stock options and awards was $928,000 and $1,777,000 for the three and six months ended June 30, 2011, compared to $934,000 and $1,806,000, respectively, for the three and six months ended June 30, 2010. Unrecognized compensation cost for stock options and stock awards was $1,774,000 and $3,183,000, respectively, at June 30, 2011, compared to $972,000 and $2,234,000, respectively, at December 31, 2010. The increase in unrecognized compensation cost was due to 2011 grants of 61,423 stock options and 28,495 stock awards. The unrecognized compensation cost at June 30, 2011 is expected to be recognized over weighted average periods of 1.3 years and 2.0 years for stock options and stock awards, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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 SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

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+ Details

Condensed Consolidated Financial Statements

6 Months Ended

Jun. 30, 2011

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated financial statements included herein have been prepared by Stepan Company (Company), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring accruals, necessary to present fairly the Company's financial position as of June 30, 2011 and its results of operations for the three and six months ended June 30, 2011 and 2010, and cash flows for the six months ended June 30, 2011 and 2010, have been included. These financial statements and related footnotes should be read in conjunction with the financial statements and related footnotes included in the Company's 2010 Form 10-K.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Derivative Instruments

6 Months Ended

Jun. 30, 2011

Derivative Instruments

Derivative Instruments

5.	DERIVATIVE INSTRUMENTS

The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by the use of derivative instruments is foreign currency exchange risk. The Company holds forward foreign currency exchange contracts that are not designated as any type of accounting hedge as defined by U.S. generally accepted accounting principles (although they are effectively economic hedges). The Company uses these contracts to manage its exposure to exchange rate fluctuations on certain Company subsidiary accounts receivable, accounts payable and other obligation balances that are denominated in currencies other than the entities' functional currencies. The forward foreign exchange contracts are recognized on the balance sheet as either an asset or a liability measured at fair value. Gains and losses arising from recording the foreign exchange contracts at fair value are reported in earnings as offsets to the losses and gains reported in earnings arising from the re-measurement of the receivable and payable balances into the applicable functional currencies. At June 30, 2011, and December 31, 2010, the Company had open forward foreign currency exchange contracts, with settlement dates ranging from one month to approximately 30 months, to buy or sell foreign currencies with a U.S. dollar equivalent of $55,982,000 and $25,014,000, respectively.

The Company also holds forward foreign currency exchange contracts that are designated as a cash flow hedge. The Company uses these contracts to manage the risks and related cash flow variability resulting from exposure to exchange rate fluctuations on forecasted progress payments related to a construction project undertaken in Singapore. The progress payments are denominated in a currency other than the Singapore location's functional currency. The latest date through which the Company expects to hedge its exposure to the variability in cash flows for the progress payments is December 31, 2013. The forward foreign exchange contracts are recognized on the balance sheet as either an asset or a liability measured at fair value. Period-to-period changes in the fair value of the hedging instruments are recognized in other comprehensive income, to the extent effective. Once the constructed asset is complete and placed into service, the accumulated gains and losses will be reclassified out of accumulated other comprehensive income (AOCI) into earnings in the periods over which the asset is being depreciated. No reclassifications of gains and losses from AOCI were made into earnings in the three and six month periods ended June 30, 2011. Assuming the construction project is completed on time, less than $10,000 of the amount currently in AOCI is expected to be reclassified into earnings in the next 12 months. At June 30, 2011, the Company had an open forward foreign currency exchange contract designated as a cash flow hedge with a U.S. dollar equivalent amount of $10,268,000. No such contracts were held at December 31, 2010.

The fair values of the derivative instruments held by the Company on June 30, 2011, and December 31, 2010, were as follows:


(In thousands)	Asset Derivatives					Liability Derivatives
		Fair Value At					Fair Value At
Derivatives Designated As Hedging Instruments	Balance Sheet Line Item	June 30, 2011		December 31, 2010		Balance Sheet Line Item	June 30, 2011		December 31, 2010

Foreign Exchange Contracts	Receivables, net	$	106	$	—	Accounts payable	$	—	$	—

Derivatives Not Designated As Hedging Instruments

Foreign Exchange Contracts	Receivables, net	$	174	$	30
Foreign Exchange Contracts	Other non-current assets		485		—	Accounts payable	$	321	$	43


Total Non-hedging Derivatives		$	659	$	30		$	321	$	43


Total Derivatives		$	765	$	30		$	321	$	43

Information regarding derivative instrument gains and losses for the three and six month periods ended June 30, 2011 and 2010 is displayed below:


		Gain (Loss)
Derivatives Not Designated As Hedging Instruments	Income Statement Line Item	Three Months ended June 30					Six Months ended June 30
		2011		2010			2011		2010

Foreign currency contracts	Other, net	$	138	$	(1,524	)	$	423	$	(744	)
Forward electric contracts ⁽¹⁾	Cost of sales		—		616			—		369

Total		$	138	$	(908	)	$	423	$	(375	)

⁽¹⁾

During 2010, the Company held forward electric contracts to purchase 107,000 megawatts of electricity at fixed prices in 2010. The Company entered into the contracts to help manage the volatile cost of electricity. The electric contracts were considered derivative instruments and did not qualify for the normal purchase election. The contracts expired on December 31, 2010. No such contracts were held on June 30, 2011, or at any time during the three and six month periods then ended.


(In thousands)	Gain Recognized in Other Comprehensive Income				Income Statement Line Item for Loss Due to Ineffectiveness or Exclusion From Effectiveness Testing	Loss Due to Ineffectiveness or Exclusion From Effectiveness Testing ⁽¹⁾
Derivatives Designated As Cash Flow Hedges	Three Months ended June 30					Three Months ended June 30
	2011		2010			2011			2010
Foreign Exchange Contracts	$	315	$	—	Other, net	$	(10	)	$	—

(In thousands)	Gain Recognized in Other Comprehensive Income				Income Statement Line Item for Loss Due to Ineffectiveness or Exclusion From Effectiveness Testing	Loss Due to Ineffectiveness or Exclusion From Effectiveness Testing ⁽¹⁾
Derivatives Designated As Cash Flow Hedges	Six Months ended June 30					Six Months ended June 30
	2011		2010			2011			2010

Foreign Exchange Contracts	$	389	$	—	Other, net	$	(11	)	$	—

⁽¹⁾	The loss was entirely attributable to the component of the foreign currency exchange contracts that was excluded from the assessment of hedge effectiveness.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Inventories

6 Months Ended

Jun. 30, 2011

Inventories

Inventories

7.	INVENTORIES

The composition of inventories was as follows:



(In thousands)	June 30, 2011		December 31, 2010

Finished products	$	101,307	$	62,685
Raw materials		58,183		33,867

Total inventories	$	159,490	$	96,552

Inventories are primarily priced using the last-in, first-out inventory valuation method. If the first-in, first-out inventory valuation method had been used for all inventories, inventory balances would have been approximately $41,306,000 and $34,280,000 higher than reported at June 30, 2011, and December 31, 2010, respectively.