2011 Q4 Form 10-Q Financial Statement

#000002632411000010 Filed on November 04, 2011

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2010 Q3
Revenue $550.5M $509.1M $465.8M
YoY Change 5.18% 9.3% 6.9%
Cost Of Revenue $368.8M $341.8M $310.1M
YoY Change 5.46% 10.22% 5.68%
Gross Profit $181.7M $167.3M $155.7M
YoY Change 4.61% 7.46% 9.42%
Gross Profit Margin 33.0% 32.87% 33.43%
Selling, General & Admin $109.8M $103.5M $94.41M
YoY Change 4.77% 9.65% 2.32%
% of Gross Profit 60.44% 61.87% 60.63%
Research & Development $15.70M $17.71M $13.22M
YoY Change 18.94% 33.95% -4.38%
% of Gross Profit 8.64% 10.58% 8.49%
Depreciation & Amortization $23.10M $23.00M $19.90M
YoY Change 10.0% 15.58% 3.11%
% of Gross Profit 12.72% 13.75% 12.78%
Operating Expenses $125.5M $121.2M $107.6M
YoY Change 6.27% 12.63% 1.45%
Operating Profit $56.17M $46.11M $48.09M
YoY Change 1.09% -4.12% 32.77%
Interest Expense -$5.700M $5.033M $5.815M
YoY Change 16.33% -13.45% -1.82%
% of Operating Profit -10.15% 10.92% 12.09%
Other Income/Expense, Net $800.0K -$35.00K $86.00K
YoY Change -140.7% -72.17%
Pretax Income $51.30M $41.04M $42.36M
YoY Change -1.91% -3.11% 38.4%
Income Tax $15.00M $9.165M $14.57M
% Of Pretax Income 29.24% 22.33% 34.41%
Net Earnings $38.16M $34.49M $27.78M
YoY Change 4.33% 24.15% 38.13%
Net Earnings / Revenue 6.93% 6.78% 5.96%
Basic Earnings Per Share $0.82 $0.74 $0.61
Diluted Earnings Per Share $0.81 $0.73 $0.60
COMMON SHARES
Basic Shares Outstanding 46.68M shares 46.47M shares 45.90M shares
Diluted Shares Outstanding 46.94M shares 46.28M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.4M $55.00M $83.90M
YoY Change 185.46% -34.45% 15.72%
Cash & Equivalents $194.4M $54.98M $83.91M
Short-Term Investments
Other Short-Term Assets $45.96M $30.27M $39.46M
YoY Change 13.18% -23.29% -50.68%
Inventory $313.0M $329.0M $301.7M
Prepaid Expenses
Receivables $543.0M $551.0M $472.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.151B $1.019B $944.9M
YoY Change 27.85% 7.88% 9.84%
LONG-TERM ASSETS
Property, Plant & Equipment $442.7M $430.3M $395.4M
YoY Change 11.53% 8.83% -1.23%
Goodwill $759.4M $742.1M $689.5M
YoY Change 9.5% 7.63%
Intangibles $261.4M $248.3M $245.1M
YoY Change 8.85% 1.31%
Long-Term Investments
YoY Change
Other Assets $9.121M $10.17M $10.65M
YoY Change -7.95% -4.48% -60.11%
Total Long-Term Assets $1.485B $1.432B $1.342B
YoY Change 11.38% 6.73% 2.76%
TOTAL ASSETS
Total Short-Term Assets $1.151B $1.019B $944.9M
Total Long-Term Assets $1.485B $1.432B $1.342B
Total Assets $2.636B $2.451B $2.287B
YoY Change 18.02% 7.21% 5.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.3M $112.5M $111.0M
YoY Change 12.84% 1.34% 1.75%
Accrued Expenses $105.2M $102.5M $97.09M
YoY Change 5.23% 5.54% 5.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $3.900M $227.2M $2.600M
YoY Change 50.0% 8638.46%
Total Short-Term Liabilities $512.2M $666.5M $401.8M
YoY Change 19.68% 65.87% -18.1%
LONG-TERM LIABILITIES
Long-Term Debt $583.9M $284.0M $524.1M
YoY Change 48.19% -45.82% 11.36%
Other Long-Term Liabilities $57.65M $53.68M $47.02M
YoY Change 21.52% 14.18% -77.17%
Total Long-Term Liabilities $641.6M $337.6M $571.1M
YoY Change 45.32% -40.88% -15.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $512.2M $666.5M $401.8M
Total Long-Term Liabilities $641.6M $337.6M $571.1M
Total Liabilities $1.431B $1.210B $1.159B
YoY Change 32.23% 4.35% -3.0%
SHAREHOLDERS EQUITY
Retained Earnings $1.164B $1.152B $1.040B
YoY Change 10.64% 10.81%
Common Stock $192.1M $191.9M $48.56M
YoY Change 7.51% 295.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $85.89M $82.31M $90.22M
YoY Change -2.61% -8.77%
Treasury Stock Shares 2.394M shares
Shareholders Equity $1.205B $1.242B $1.127B
YoY Change
Total Liabilities & Shareholders Equity $2.636B $2.451B $2.287B
YoY Change 17.55% 7.21% 5.57%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income $38.16M $34.49M $27.78M
YoY Change 4.33% 24.15% 38.13%
Depreciation, Depletion And Amortization $23.10M $23.00M $19.90M
YoY Change 10.0% 15.58% 3.11%
Cash From Operating Activities $149.1M $37.70M $35.10M
YoY Change 11.43% 7.41% -24.84%
INVESTING ACTIVITIES
Capital Expenditures -$24.00M -$22.70M -$16.40M
YoY Change 70.21% 38.41% -30.21%
Acquisitions
YoY Change
Other Investing Activities -$44.80M -$69.40M $600.0K
YoY Change -11666.67% -185.71%
Cash From Investing Activities -$68.80M -$92.10M -$15.80M
YoY Change 391.43% 482.91% -34.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 61.20M 50.60M -9.600M
YoY Change -145.03% -627.08% -16.52%
NET CHANGE
Cash From Operating Activities 149.1M 37.70M 35.10M
Cash From Investing Activities -68.80M -92.10M -15.80M
Cash From Financing Activities 61.20M 50.60M -9.600M
Net Change In Cash 141.5M -3.800M 9.700M
YoY Change -978.88% -139.18% -11.01%
FREE CASH FLOW
Cash From Operating Activities $149.1M $37.70M $35.10M
Capital Expenditures -$24.00M -$22.70M -$16.40M
Free Cash Flow $173.1M $60.40M $51.50M
YoY Change 17.04% 17.28% -26.64%

Facts In Submission

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us-gaap Depreciation And Amortization
DepreciationAndAmortization
58873000 USD
cw Net Loss On Sale And Disposals Of Long Lived Assets
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us-gaap Gain Loss On Sale Of Other Assets
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0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Share Based Compensation
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7920000 USD
us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Customer Advances
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6847000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Pension And Postretirement Obligations
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19024000 USD
us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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37692000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38802000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
42200000 USD
us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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cw Borrowings On Debt
BorrowingsOnDebt
386600000 USD
cw Repayments Of Short Term And Long Term Borrowings
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325247000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9731000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7352000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
222000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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63954000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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18903000 USD
CY2009Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
65010000 USD
CY2010Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
83913000 USD
CY2010Q3 us-gaap Business Acquisition Purchase Price Allocation Assets Acquired
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49766000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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53758000 USD
us-gaap Payments For Proceeds From Previous Acquisition
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1153000 USD
CY2010Q3 us-gaap Business Acquisition Purchase Price Allocation Liabilities Assumed
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-8033000 USD
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
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CY2011Q3 us-gaap Unbilled Contracts Receivable
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CY2011Q3 us-gaap Customer Advances And Progress Payments For Long Term Contracts Or Programs
CustomerAdvancesAndProgressPaymentsForLongTermContractsOrPrograms
25287000 USD
CY2011Q3 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
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203276000 USD
CY2010Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
282483000 USD
CY2010Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3972000 USD
cw Goodwill Testing For Impairment
GoodwillTestingForImpairment
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial;font-size:10pt;font-style:italic;margin-left:0px;">Intangibles&#8212;Goodwill and Other: Testing Goodwill for Impairment</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Arial;font-size:10pt;margin-left:0px;">In September 2011, an accounting standard update regarding testing of goodwill for impairment was issued. This standard update gives companies the option to perform a qualitative assessment to first assess whether the fair value of a reporting unit is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. </font><font style="font-family:Arial;font-size:10pt;">The new guidance is </font><font style="font-family:Arial;font-size:10pt;">to be applied prospectively effective for annual and interim goodwill impairment tests beginning after December 15, 2011, with early adoption permitted. </font><font style="font-family:Arial;font-size:10pt;">The adoption of this standard is not expected to have a material impact on the Corporation's results of operations or financial condition.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q3 us-gaap Billed Contract Receivables
BilledContractReceivables
354543000 USD
CY2011Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6822000 USD
CY2011Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
347721000 USD
CY2010Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
278511000 USD
CY2010Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
210766000 USD
CY2010Q4 us-gaap Customer Advances And Progress Payments For Long Term Contracts Or Programs
CustomerAdvancesAndProgressPaymentsForLongTermContractsOrPrograms
27645000 USD
CY2010Q4 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
UnbilledReceivablesNotBillableAtBalanceSheetDate
183121000 USD
CY2010Q4 cw Gross Inventories
GrossInventories
331700000 USD
CY2010Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
41596000 USD
CY2010Q4 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
9001000 USD
CY2011Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
161157000 USD
CY2011Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
103595000 USD
CY2011Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
78998000 USD
CY2011Q3 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
39622000 USD
CY2011Q3 cw Gross Inventories
GrossInventories
383372000 USD
CY2011Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
44134000 USD
CY2011Q3 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
10284000 USD
CY2010Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
147950000 USD
CY2010Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
69302000 USD
CY2010Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
73419000 USD
CY2010Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
41029000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
61955000 USD
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
-1710000 USD
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-7692000 USD
us-gaap Goodwill Allocation Adjustment
GoodwillAllocationAdjustment
-4039000 USD
us-gaap Finite Lived Intangible Assets Useful Life Minimum
FiniteLivedIntangibleAssetsUsefulLifeMinimum
1 wholenumber
us-gaap Finite Lived Intangible Assets Useful Life Maximum
FiniteLivedIntangibleAssetsUsefulLifeMaximum
20 wholenumber
CY2011Q3 us-gaap Indefinite Lived Intangible Assets
IndefiniteLivedIntangibleAssets
9900000 USD
CY2011Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
398546000 USD
CY2011Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-150268000 USD
CY2010Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-135195000 USD
CY2010Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
375392000 USD
us-gaap Finite Lived Intangible Assets Amortization Expense
FiniteLivedIntangibleAssetsAmortizationExpense
21500000 USD
us-gaap Future Amortization Expense Year One
FutureAmortizationExpenseYearOne
27500000 USD
us-gaap Future Amortization Expense Year Two
FutureAmortizationExpenseYearTwo
26000000 USD
us-gaap Future Amortization Expense Year Three
FutureAmortizationExpenseYearThree
24300000 USD
us-gaap Future Amortization Expense Year Four
FutureAmortizationExpenseYearFour
23000000 USD
us-gaap Future Amortization Expense Year Five
FutureAmortizationExpenseYearFive
21700000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
6629000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-3059000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-1589000 USD
us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-110000 USD
CY2011Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
16712000 USD
CY2010Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14841000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5138000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-4203000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-1177000 USD
us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
44000 USD
CY2010Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13306000 USD
CY2009Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13479000 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
25000 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
650000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
488000 shares
CY2011Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
470000 shares
CY2010Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
378000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2779000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2064000 shares
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-19367000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
73815000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
22061000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease
1562000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
93640000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease
2510000 USD
CY2011Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-44577000 USD
CY2011Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease
1488000 USD
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8729000 USD
CY2010Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
27300000 USD
CY2010Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease
300000 USD
CY2010Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
55384000 USD
CY2007Q1 us-gaap Litigation Reserve
LitigationReserve
6500000 USD

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