$FUL
FULLER H B CO Stock $ful

$ful Overview Financials Valuation SEC Filings Company Website

2009 Q4 Form 10-K Financial Statement

#000119312511010956 Filed on January 20, 2011

Income Statement

Concept	2009 Q4	2008	2007 Q4
Revenue	$341.6M	$1.392B	$360.9M
YoY Change	-2.46%	-0.62%	-3.76%
Cost Of Revenue	$235.1M	$1.027B	$253.6M
YoY Change	-10.57%	4.64%	-4.59%
Gross Profit	$106.5M	$364.5M	$107.3M
YoY Change	21.99%	-12.96%	-1.74%
Gross Profit Margin	31.18%	26.19%	29.73%
Selling, General & Admin	$71.70M	$254.9M	$67.80M
YoY Change	13.27%	-7.61%	-15.67%
% of Gross Profit	67.32%	69.94%	63.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$13.30M	$34.37M	$12.10M
YoY Change	15.65%	-31.67%	6.14%
% of Gross Profit	12.49%	9.43%	11.28%
Operating Expenses	$71.70M	$254.9M	$67.80M
YoY Change	13.27%	-7.58%	-15.67%
Operating Profit	$34.80M	$2.794M	$39.50M
YoY Change	45.0%	-98.04%	37.15%
Interest Expense	-$1.500M	-$10.60M	-$3.100M
YoY Change	-62.5%	55.88%	-34.04%
% of Operating Profit	-4.31%	-379.38%	-7.85%
Other Income/Expense, Net	-$200.0K	-$1.400M	$2.900M
YoY Change	100.0%	-380.0%
Pretax Income	$33.20M	$10.21M	$39.60M
YoY Change	-149.48%	-92.54%	62.3%
Income Tax	$10.60M	-$5.693M	$9.600M
% Of Pretax Income	31.93%	-55.77%	24.24%
Net Earnings	$24.60M	$18.89M	$25.70M
YoY Change	-158.02%	-81.52%	-65.82%
Net Earnings / Revenue	7.2%	1.36%	7.12%
Basic Earnings Per Share		$0.37
Diluted Earnings Per Share	$498.0K	$0.36	$429.0K
COMMON SHARES
Basic Shares Outstanding		51.05M shares
Diluted Shares Outstanding		51.84M shares

Balance Sheet

Concept	2009 Q4	2008	2007 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$100.2M	$80.40M	$246.4M
YoY Change	24.63%	-67.37%	-3.41%
Cash & Equivalents	$98.65M	$80.40M	$246.4M
Short-Term Investments
Other Short-Term Assets	$52.70M	$40.30M	$39.60M
YoY Change	5.82%	30.0%	-42.11%
Inventory	$116.9M	$143.2M	$137.6M
Prepaid Expenses
Receivables	$203.9M	$205.7M	$212.5M
Other Receivables	$0.00	$9.600M	$0.00
Total Short-Term Assets	$473.7M	$479.1M	$636.0M
YoY Change	-1.14%	-24.67%	-4.95%
LONG-TERM ASSETS
Property, Plant & Equipment	$253.3M	$252.8M	$277.8M
YoY Change	0.2%	-9.0%	-3.14%
Goodwill	$103.7M
YoY Change
Intangibles	$141.2M
YoY Change
Long-Term Investments		$52.30M
YoY Change		-8.25%
Other Assets	$128.6M	$60.60M	$106.7M
YoY Change	13.87%	21.93%	-38.5%
Total Long-Term Assets	$626.8M	$602.2M	$728.6M
YoY Change	4.08%	-17.35%	-9.98%
TOTAL ASSETS
Total Short-Term Assets	$473.7M	$479.1M	$636.0M
Total Long-Term Assets	$626.8M	$602.2M	$728.6M
Total Assets	$1.100B	$1.081B	$1.365B
YoY Change	1.77%	-20.76%	-7.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$109.2M	$132.9M	$156.2M
YoY Change	-17.86%	-14.92%	-5.05%
Accrued Expenses	$25.43M	$51.80M	$73.20M
YoY Change	-50.91%	-29.23%	-17.75%
Deferred Revenue
YoY Change
Short-Term Debt	$8.700M	$11.10M	$10.60M
YoY Change	-21.62%	4.72%	9.28%
Long-Term Debt Due	$42.60M	$25.00M	$25.00M
YoY Change	70.4%	0.0%	0.0%
Total Short-Term Liabilities	$236.0M	$230.0M	$297.8M
YoY Change	2.61%	-22.77%	-13.03%
LONG-TERM LIABILITIES
Long-Term Debt	$162.7M	$204.0M	$137.0M
YoY Change	-20.25%	48.91%	-38.84%
Other Long-Term Liabilities	$56.80M	$102.3M	$127.7M
YoY Change	-47.84%	-9.23%	-2.67%
Total Long-Term Liabilities	$56.80M	$306.3M	$264.7M
YoY Change	-81.85%	22.67%	-25.48%
TOTAL LIABILITIES
Total Short-Term Liabilities	$236.0M	$230.0M	$297.8M
Total Long-Term Liabilities	$56.80M	$306.3M	$264.7M
Total Liabilities	$506.2M	$545.7M	$565.6M
YoY Change	-7.24%	-3.52%	-19.28%
SHAREHOLDERS EQUITY
Retained Earnings	$589.5M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$591.4M	$535.6M	$799.0M
YoY Change
Total Liabilities & Shareholders Equity	$1.100B	$1.081B	$1.365B
YoY Change	1.77%	-20.76%	-7.7%

Cashflow Statement

Concept	2009 Q4	2008	2007 Q4
OPERATING ACTIVITIES
Net Income	$24.60M	$18.89M	$25.70M
YoY Change	-158.02%	-81.52%	-65.82%
Depreciation, Depletion And Amortization	$13.30M	$34.37M	$12.10M
YoY Change	15.65%	-31.67%	6.14%
Cash From Operating Activities	-$45.90M	$28.10M	$41.40M
YoY Change	-640.0%	-77.47%	-34.39%
INVESTING ACTIVITIES
Capital Expenditures	-$7.500M	$19.96M	-$5.300M
YoY Change	13.64%	-195.5%	-32.05%
Acquisitions		$6.436M
YoY Change
Other Investing Activities	$900.0K	-$6.200M	$59.40M
YoY Change	-114.29%	-110.54%	-40.54%
Cash From Investing Activities	-$6.600M	-$26.20M	$54.20M
YoY Change	-48.84%	-168.95%	-41.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$200.8M
YoY Change		-332.35%
Debt Paid & Issued, Net		$133.0M
YoY Change
Cash From Financing Activities	-32.80M	-144.7M	-78.70M
YoY Change	-67.97%	-22.08%	179.08%
NET CHANGE
Cash From Operating Activities	-45.90M	28.10M	41.40M
Cash From Investing Activities	-6.600M	-26.20M	54.20M
Cash From Financing Activities	-32.80M	-144.7M	-78.70M
Net Change In Cash	-85.30M	-142.8M	16.90M
YoY Change	-20.13%	520.87%	-86.69%
FREE CASH FLOW
Cash From Operating Activities	-$45.90M	$28.10M	$41.40M
Capital Expenditures	-$7.500M	$19.96M	-$5.300M
Free Cash Flow	-$38.40M	$8.141M	$46.70M
YoY Change	-354.3%	-94.41%	-34.13%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2010	dei	Document Type DocumentType	10-K
CY2010	dei	Document Period End Date DocumentPeriodEndDate	2010-11-27
CY2010	dei	Amendment Flag AmendmentFlag	false
CY2010	dei	Entity Registrant Name EntityRegistrantName	FULLER H B CO
CY2010	dei	Entity Central Index Key EntityCentralIndexKey	0000039368
CY2010	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2010	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2010	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--11-27
CY2010	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2010	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	Yes
CY2010	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2010
CY2010	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
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CY2009	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	1109000	USD
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CY2008	us-gaap	Excess Tax Benefit From Share Based Compensation Operating Activities ExcessTaxBenefitFromShareBasedCompensationOperatingActivities	433000	USD
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CY2008	us-gaap	Increase Decrease In Accrued Income Taxes Payable IncreaseDecreaseInAccruedIncomeTaxesPayable	1173000	USD
CY2008	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	591000	USD
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CY2008	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	43345000	USD
CY2008	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	19959000	USD
CY2008	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	6436000	USD
CY2008	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	211000	USD
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CY2008	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	200000000	USD
CY2008	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	133000000	USD
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CY2008	ful	Reclass Excess Tax Benefit From Sharebased Compensation ReclassExcessTaxBenefitFromSharebasedCompensation	433000	USD
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CY2008	us-gaap	Income Taxes Paid IncomeTaxesPaid	39352000	USD
CY2010	ful	Pension And Other Postretirement Benefit Plan Income Expense PensionAndOtherPostretirementBenefitPlanIncomeExpense	8102000	USD
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CY2010	us-gaap	Nature Of Operations NatureOfOperations	<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">H.B. Fuller Company and Subsidiaries</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">(In thousands, except share and per share amounts)</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Note </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">: Nature of Business and Summary of Significant Accounting Policies</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Nature of Business:</font><font style="font-family:Times New Roman;font-size:10pt;"> H.B. Fuller Company and its subsidiaries </font><font style="font-family:Times New Roman;font-size:10pt;">formulates, </font><font style="font-family:Times New Roman;font-size:10pt;">manufacture</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> and market</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> adhesives</font><font style="font-family:Times New Roman;font-size:10pt;">, sealants, paints</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">other </font><font style="font-family:Times New Roman;font-size:10pt;">specialty chemical products globally, with sales operations in </font><font style="font-family:Times New Roman;font-size:10pt;">39</font><font style="font-family:Times New Roman;font-size:10pt;"> countries in North America, Europe, Latin America, the Asia Pacific region, the Middle East and Africa. </font><font style="font-family:Times New Roman;font-size:10pt;">Our </font><font style="font-family:Times New Roman;font-size:10pt;">business is reported in four regional operating segments: North America, E</font><font style="font-family:Times New Roman;font-size:10pt;">I</font><font style="font-family:Times New Roman;font-size:10pt;">MEA (Europe, </font><font style="font-family:Times New Roman;font-size:10pt;">India, </font><font style="font-family:Times New Roman;font-size:10pt;">Middle East and Africa)</font><font style="font-family:Times New Roman;font-size:10pt;">, Latin America and Asia Pacific. The </font><font style="font-family:Times New Roman;font-size:10pt;">North America</font><font style="font-family:Times New Roman;font-size:10pt;"> segment accounted for </font><font style="font-family:Times New Roman;font-size:10pt;">42</font><font style="font-family:Times New Roman;font-size:10pt;"> percent of </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;"> net revenue. E</font><font style="font-family:Times New Roman;font-size:10pt;">I</font><font style="font-family:Times New Roman;font-size:10pt;">MEA</font><font style="font-family:Times New Roman;font-size:10pt;">, Latin America and Asia Pacific accounted for </font><font style="font-family:Times New Roman;font-size:10pt;">30</font><font style="font-family:Times New Roman;font-size:10pt;"> percent, </font><font style="font-family:Times New Roman;font-size:10pt;">17</font><font style="font-family:Times New Roman;font-size:10pt;"> percent and</font><font style="font-family:Times New Roman;font-size:10pt;"> 11</font><font style="font-family:Times New Roman;font-size:10pt;"> percent, respectively.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The largest business component of each of the operating segments is adhesives. The adhesives business components produce and supply industrial and performance adhesives products for applications in various markets, including assembly (</font><font style="font-family:Times New Roman;font-size:10pt;">appliances, filters, construction</font><font style="font-family:Times New Roman;font-size:10pt;">, etc.), </font><font style="font-family:Times New Roman;font-size:10pt;">packaging (food and beverage containers, consumer goods, durable and non-durable goods, etc.), </font><font style="font-family:Times New Roman;font-size:10pt;">converting (corrugat</font><font style="font-family:Times New Roman;font-size:10pt;">ion, </font><font style="font-family:Times New Roman;font-size:10pt;">tape and label, </font><font style="font-family:Times New Roman;font-size:10pt;">paper converting, multi-wall bags and sacks, etc.</font><font style="font-family:Times New Roman;font-size:10pt;">), nonwoven</font><font style="font-family:Times New Roman;font-size:10pt;"> and hygiene </font><font style="font-family:Times New Roman;font-size:10pt;">(disposable diapers, feminine care</font><font style="font-family:Times New Roman;font-size:10pt;">, medical garments, tissue and towel, etc.</font><font style="font-family:Times New Roman;font-size:10pt;">),</font><font style="font-family:Times New Roman;font-size:10pt;"> performance wood (windows, doors, wood flooring, etc.), textile (footwear, sportswear, etc.), flexible packaging, graphic arts and envelope.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">T</font><font style="font-family:Times New Roman;font-size:10pt;">he Nort</font><font style="font-family:Times New Roman;font-size:10pt;">h America operating segment includes</font><font style="font-family:Times New Roman;font-size:10pt;"> adhesives and </font><font style="font-family:Times New Roman;font-size:10pt;">a</font><font style="font-family:Times New Roman;font-size:10pt;"> construction</font><font style="font-family:Times New Roman;font-size:10pt;"> products business component</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The E</font><font style="font-family:Times New Roman;font-size:10pt;">IMEA</font><font style="font-family:Times New Roman;font-size:10pt;"> operating segment consists of a single</font><font style="font-family:Times New Roman;font-size:10pt;"> adhesives</font><font style="font-family:Times New Roman;font-size:10pt;"> business component.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The Latin America operating segment includes adhesives and a liquid paints business component that produces and supplies paint through a variety of distribution channels in Central America.</font><font style="font-family:Times New Roman;font-size:10pt;"> T</font><font style="font-family:Times New Roman;font-size:10pt;">he Asia Pacific operating segment</font><font style="font-family:Times New Roman;font-size:10pt;"> consists of a single </font><font style="font-family:Times New Roman;font-size:10pt;">adhesives </font><font style="font-family:Times New Roman;font-size:10pt;">business component</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Principles of Consolidation:</font><font style="font-family:Times New Roman;font-size:10pt;"> The consolidated financial statements include the accounts of </font><font style="font-family:Times New Roman;font-size:10pt;">H.B. Fuller Company </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">its </font><font style="font-family:Times New Roman;font-size:10pt;">wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which </font><font style="font-family:Times New Roman;font-size:10pt;">we </font><font style="font-family:Times New Roman;font-size:10pt;">exercise significant influence, but which </font><font style="font-family:Times New Roman;font-size:10pt;">we</font><font style="font-family:Times New Roman;font-size:10pt;"> do not control, are accounted for in the consolidated financial statements under the equity method of accounting. As such, consolidated net income includes </font><font style="font-family:Times New Roman;font-size:10pt;">our </font><font style="font-family:Times New Roman;font-size:10pt;">equity portion in current earnings of such companies, after elimination of intercompany profits. Investments in which </font><font style="font-family:Times New Roman;font-size:10pt;">we </font><font style="font-family:Times New Roman;font-size:10pt;">do not exercise significant influence (generally less than a 20 percent ownership interest) are accounted for under the cost method.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Our 50 percent ownership in </font><font style="font-family:Times New Roman;font-size:10pt;">Sekisui-Fuller Company, Ltd., </font><font style="font-family:Times New Roman;font-size:10pt;">our Japan joint venture</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> is accounted for under the equity method of accounting as we do not exercise control over the company. This equity method investment </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> a si</font><font style="font-family:Times New Roman;font-size:10pt;">gnificant subsidiary as defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934.</font><font style="font-family:Times New Roman;font-size:10pt;"> As of November 27, 2010</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> S</font><font style="font-family:Times New Roman;font-size:10pt;">ekisui-Fuller Company Ltd. had current assets of $97,453, non-current assets of $22,224, current liabilities of $45,477 and non-current liabilities of $809. For </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">12 months ended November 27, 2010, Sekisui-Fuller Company Ltd. had revenue of $186,384, gross profit of $57,562 and net income of $16,016.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The fiscal year ends on the Saturday closest to November 30. Fiscal year</font><font style="font-family:Times New Roman;font-size:10pt;">-</font><font style="font-family:Times New Roman;font-size:10pt;">end dates were </font><font style="font-family:Times New Roman;font-size:10pt;">November 27, 2010, November 28, 2009 </font><font style="font-family:Times New Roman;font-size:10pt;">and November 29, 2008 </font><font style="font-family:Times New Roman;font-size:10pt;">for </font><font style="font-family:Times New Roman;font-size:10pt;">2010, 2009 and 2008</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> respectively. </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On November 27, 2007, we sold our automotive business. As a result, we classified these operations as discontinued operations in accordance with accounting standards. Cash flows pertaining to discontinued operations represent income tax payments made in </font><font style="font-family:Times New Roman;font-size:10pt;">2008, in </font><font style="font-family:Times New Roman;font-size:10pt;">conjunction</font><font style="font-family:Times New Roman;font-size:10pt;"> with the gain on the sale of the automotive business and a</font><font style="font-family:Times New Roman;font-size:10pt;">re disclosed separately in the c</font><font style="font-family:Times New Roman;font-size:10pt;">onsolidated </font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">tatements of </font><font style="font-family:Times New Roman;font-size:10pt;">c</font><font style="font-family:Times New Roman;font-size:10pt;">ash </font><font style="font-family:Times New Roman;font-size:10pt;">f</font><font style="font-family:Times New Roman;font-size:10pt;">lows.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Use of Estimates:</font><font style="font-family:Times New Roman;font-size:10pt;"> Preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires </font><font style="font-family:Times New Roman;font-size:10pt;">us </font><font style="font-family:Times New Roman;font-size:10pt;">to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Revenue Recognition:</font><font style="font-family:Times New Roman;font-size:10pt;"> For shipments made to customers, title generally passes to the customer when all requirements of the sales arrangement have been completed, which is generally at the time of delivery. Revenue from product sales is recorded when title to the product transfers, no remaining performance obligations exist, the terms of the sale are fixed and collection is probable. Shipping terms include both FOB shipping point and FOB destination. Stated terms in sale agreements also include payment terms and freight terms. Net revenues include shipping revenues as appropriate.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Provisions for sales returns are estimated based on historical experience, and adjusted for known returns, if material. Customer incentive programs (primarily volume purchase rebates) and arrangements such as cooperative advertising, slotting fees and buy-downs are recorded as a reduction of net revenue in accordance with </font><font style="font-family:Times New Roman;font-size:10pt;">FASB </font><font style="font-family:Times New Roman;font-size:10pt;">Accounting Standard Codification (“ASC”) 605-50</font><font style="font-family:Times New Roman;font-size:10pt;">, “</font><font style="font-family:Times New Roman;font-size:10pt;">Customer Payments and Incentives</font><font style="font-family:Times New Roman;font-size:10pt;">”. Rebates recorded in the consolidated statements of income </font><font style="font-family:Times New Roman;font-size:10pt;">were </font><font style="font-family:Times New Roman;font-size:10pt;">$20,016</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">17</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">377</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">$2</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">116</font><font style="font-family:Times New Roman;font-size:10pt;"> in </font><font style="font-family:Times New Roman;font-size:10pt;">2010, 2009 and 2008</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively. </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">For certain products, consigned inventory is maintained at customer locations. For these products, revenue is recognized in the period that the inventory is consumed. Sales to distributors also require</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">a distribution agreement or purchase order. As a normal practice, distributors do not have a right of return.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Cost of Sales</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">:</font><font style="font-family:Times New Roman;font-size:10pt;"> Cost of sales includes raw materials, container costs, direct labor, manufacturing overhead, shipping and receiving costs, freight costs, depreciation of manufacturing equipment and other less significant indirect costs related to the production </font><font style="font-family:Times New Roman;font-size:10pt;">of our </font><font style="font-family:Times New Roman;font-size:10pt;">products.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Selling, General and Administrative (SG&A) Expenses:</font><font style="font-family:Times New Roman;font-size:10pt;"> SG&A expenses include sales and marketing, research and development, technical and customer service, finance, legal, human resources, general management and similar expenses.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Income Taxes:</font><font style="font-family:Times New Roman;font-size:10pt;"> The income tax provision is computed based on the pretax income included in the consolidated statem</font><font style="font-family:Times New Roman;font-size:10pt;">ents of income before</font><font style="font-family:Times New Roman;font-size:10pt;"> income from equity </font><font style="font-family:Times New Roman;font-size:10pt;">method </font><font style="font-family:Times New Roman;font-size:10pt;">investments, plus any impact to prior period income taxes. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Enacted statutory tax rates applicable to future years are applied to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances reduce deferred tax assets when it is not more-likely-than-not that a tax benefit will be realized. See also Note </font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Cash Equivalents:</font><font style="font-family:Times New Roman;font-size:10pt;"> Cash equivalents are highly liquid instruments with an original</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">maturity of three months or less.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Restrictions on Cash:</font><font style="font-family:Times New Roman;font-size:10pt;"> There were no restrictions on cash as of </font><font style="font-family:Times New Roman;font-size:10pt;">November 27, 2010</font><font style="font-family:Times New Roman;font-size:10pt;">. There are no contractual or regulatory restrictions on the ability of consolidated and unconsolidated subsidiaries to transfer funds in the form of cash dividends, loans or advances to </font><font style="font-family:Times New Roman;font-size:10pt;">us</font><font style="font-family:Times New Roman;font-size:10pt;">, except for typical statutory restrictions</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">which prohibit distributions in excess of net capital or similar tests.</font><font style="font-family:Times New Roman;font-size:10pt;"> Additionally, the majority of our cash in non </font><font style="font-family:Times New Roman;font-size:10pt;">U.S.</font><font style="font-family:Times New Roman;font-size:10pt;"> locations is permanently reinvested.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Inventories:</font><font style="font-family:Times New Roman;font-size:10pt;"> Inventories recorded at cost (not in excess of market value) as determined by the last-in, first-out method (LIFO) represent approximately </font><font style="font-family:Times New Roman;font-size:10pt;">21</font><font style="font-family:Times New Roman;font-size:10pt;"> percent of consolidated inventories.</font><font style="font-family:Times New Roman;font-size:10pt;"> During </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">2009</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2008</font><font style="font-family:Times New Roman;font-size:10pt;"> reductions in inventory quantities resulted in </font><font style="font-family:Times New Roman;font-size:10pt;">liquidations of LIFO inventory layers</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">caus</font><font style="font-family:Times New Roman;font-size:10pt;">ing</font><font style="font-family:Times New Roman;font-size:10pt;"> an increase in </font><font style="font-family:Times New Roman;font-size:10pt;">net income</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">of </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">1,349</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">290</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">984</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">respectively. The remaining inventories, which include all non-U.S. operations, are valued at the lower of cost (mainly weighted average actual cost) or market value.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Investments:</font><font style="font-family:Times New Roman;font-size:10pt;"> Investments with a value of $</font><font style="font-family:Times New Roman;font-size:10pt;">11,856</font><font style="font-family:Times New Roman;font-size:10pt;"> represent the </font><font style="font-family:Times New Roman;font-size:10pt;">cash </font><font style="font-family:Times New Roman;font-size:10pt;">surrender </font><font style="font-family:Times New Roman;font-size:10pt;">value of life insurance</font><font style="font-family:Times New Roman;font-size:10pt;"> contracts</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">on </font><font style="font-family:Times New Roman;font-size:10pt;">November 27, 2010</font><font style="font-family:Times New Roman;font-size:10pt;">. These assets are held to primarily support supplemental pension plans and are recorded in other assets in the </font><font style="font-family:Times New Roman;font-size:10pt;">consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">balance sheet</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">. The corresponding gain or loss associated with these contracts is reported in earnings each period as a component of “Other income</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> net”.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Investments in Equity Securities Carried at Cost:</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Fair value of cost method investments is assessed according to accounting </font><font style="font-family:Times New Roman;font-size:10pt;">standards</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> We did not have any impairment of our cost method investments for the year</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;">November 27, 2010</font><font style="font-family:Times New Roman;font-size:10pt;"> or November 28, 2009</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">In 2008 </font><font style="font-family:Times New Roman;font-size:10pt;">we </font><font style="font-family:Times New Roman;font-size:10pt;">determined that two of </font><font style="font-family:Times New Roman;font-size:10pt;">our </font><font style="font-family:Times New Roman;font-size:10pt;">cost method investments had incurred impairments that were considered other than temporary. The non-cash charge associated with these impairments </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> $</font><font style="font-family:Times New Roman;font-size:10pt;">2,410.</font><font style="font-family:Times New Roman;font-size:10pt;"> The impairments were deemed to be other-than-temporary primarily because of the continuing operating losses and negative operating cash flows generated by the investee companies. The adverse economic conditions as of the end of </font><font style="font-family:Times New Roman;font-size:10pt;">2008</font><font style="font-family:Times New Roman;font-size:10pt;"> also negatively impacted the projected cash flows of</font><font style="font-family:Times New Roman;font-size:10pt;"> these companies. The</font><font style="font-family:Times New Roman;font-size:10pt;"> book value of the cost method investments as of </font><font style="font-family:Times New Roman;font-size:10pt;">November 27, 2010 </font><font style="font-family:Times New Roman;font-size:10pt;">was </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">3,579</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Property, Plant and Equipment:</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Property, plant and equipment are carried at cost and depreciated over the useful lives of the assets using the straight-line method. </font><font style="font-family:Times New Roman;font-size:10pt;">Estimated useful lives range from 20 to 40 years for buildings and i</font><font style="font-family:Times New Roman;font-size:10pt;">mprovements, </font><font style="font-family:Times New Roman;font-size:10pt;">3 to 15 years for machinery and equipment</font><font style="font-family:Times New Roman;font-size:10pt;">, and the shorter of the lease or expected life for leasehold improvements and capitalized lease assets</font><font style="font-family:Times New Roman;font-size:10pt;">. Fully depreciated assets are retained in property and accumulated depreciation accounts until removed from service. Upon disposal, assets and related accumulated depreciation are removed. Upon sale of an asset, the difference between the proceeds and remaining net book value is charged or credited to </font><font style="font-family:Times New Roman;font-size:10pt;">other income, net on the consolidated statements of income</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Interest costs associated with construction and implementation of property, plant and equipment </font><font style="font-family:Times New Roman;font-size:10pt;">o</font><font style="font-family:Times New Roman;font-size:10pt;">f </font><font style="font-family:Times New Roman;font-size:10pt;">$240, $149 and $314 were</font><font style="font-family:Times New Roman;font-size:10pt;"> capitalized in </font><font style="font-family:Times New Roman;font-size:10pt;">2010, 2009 and 2008</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Goodwill:</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">We </font><font style="font-family:Times New Roman;font-size:10pt;">test</font><font style="font-family:Times New Roman;font-size:10pt;"> goodwill for impairment annually during the fourth quarter and when</font><font style="font-family:Times New Roman;font-size:10pt;">ever</font><font style="font-family:Times New Roman;font-size:10pt;"> event</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> occur or </font><font style="font-family:Times New Roman;font-size:10pt;">changes in </font><font style="font-family:Times New Roman;font-size:10pt;">circumstances indicate that impairment may have occurred. </font><font style="font-family:Times New Roman;font-size:10pt;">Impairment testing is performed for each of our reporting units by comparing the reporting unit's estimated fair value to its car</font><font style="font-family:Times New Roman;font-size:10pt;">rying amount, including goodwill</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> We </font><font style="font-family:Times New Roman;font-size:10pt;">use a discounted cash flow approach to estimate the fair value of </font><font style="font-family:Times New Roman;font-size:10pt;">our</font><font style="font-family:Times New Roman;font-size:10pt;"> reporting units. </font><font style="font-family:Times New Roman;font-size:10pt;">Our </font><font style="font-family:Times New Roman;font-size:10pt;">judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, etc. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment</font><font style="font-family:Times New Roman;font-size:10pt;"> and we calculate an implied fair value of goodwill. </font><font style="font-family:Times New Roman;font-size:10pt;">The implied fair value </font><font style="font-family:Times New Roman;font-size:10pt;">is calculated as the difference between the fair value of the reporting unit and the fair value of the </font><font style="font-family:Times New Roman;font-size:10pt;">individual assets and liabilities of</font><font style="font-family:Times New Roman;font-size:10pt;"> the reporting unit, excluding goodwill. An</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">impairment charge is recorded for any excess of the carrying value over the implied fair value.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Based on </font><font style="font-family:Times New Roman;font-size:10pt;">our</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">annual assessment, </font><font style="font-family:Times New Roman;font-size:10pt;">we </font><font style="font-family:Times New Roman;font-size:10pt;">determined that none of </font><font style="font-family:Times New Roman;font-size:10pt;">our </font><font style="font-family:Times New Roman;font-size:10pt;">goodwill was impaired. </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In </font><font style="font-family:Times New Roman;font-size:10pt;">2008 after our initial </font><font style="font-family:Times New Roman;font-size:10pt;">annual </font><font style="font-family:Times New Roman;font-size:10pt;">assessment, we determined that our goodwill was </font><font style="font-family:Times New Roman;font-size:10pt;">not </font><font style="font-family:Times New Roman;font-size:10pt;">impaired. In </font><font style="font-family:Times New Roman;font-size:10pt;">the fourth quarter of 2008 however, as economic conditions worsened and the capital markets became distressed, </font><font style="font-family:Times New Roman;font-size:10pt;">we </font><font style="font-family:Times New Roman;font-size:10pt;">determined that circumstances had changed enough to trigger another goodwill impairment assessment as of November 29, 2008. That assessment resulted in the determination that the fair value of </font><font style="font-family:Times New Roman;font-size:10pt;">our </font><font style="font-family:Times New Roman;font-size:10pt;">construction</font><font style="font-family:Times New Roman;font-size:10pt;"> products </font><font style="font-family:Times New Roman;font-size:10pt;">reporting unit was less than the carrying value of its net assets, including goodwill. This was due to a decline in the estimated future discounted cash flows expected from the reporting unit. The adverse economic conditions, especially in the </font><font style="font-family:Times New Roman;font-size:10pt;">U.S.</font><font style="font-family:Times New Roman;font-size:10pt;"> housing and other construction markets, were the primary driver of the reduction in forecasted discounted cash flows. The amount of the pretax impairment charge in the fourth quarter of 2008 was $85</font><font style="font-family:Times New Roman;font-size:10pt;">,000 </font><font style="font-family:Times New Roman;font-size:10pt;">($52</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;">38</font><font style="font-family:Times New Roman;font-size:10pt;"> after tax).</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The $85</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> pretax charge was an estimated amount as of November 29, 2008. The final valuation work w</font><font style="font-family:Times New Roman;font-size:10pt;">as </font><font style="font-family:Times New Roman;font-size:10pt;">completed</font><font style="font-family:Times New Roman;font-size:10pt;"> in the first quarter of 2009 and </font><font style="font-family:Times New Roman;font-size:10pt;">resulted in an </font><font style="font-family:Times New Roman;font-size:10pt;">additional </font><font style="font-family:Times New Roman;font-size:10pt;">pretax impairment charge of $</font><font style="font-family:Times New Roman;font-size:10pt;">790</font><font style="font-family:Times New Roman;font-size:10pt;"> ($</font><font style="font-family:Times New Roman;font-size:10pt;">496</font><font style="font-family:Times New Roman;font-size:10pt;"> after tax). The </font><font style="font-family:Times New Roman;font-size:10pt;">amount of goodwill assigned to the construction </font><font style="font-family:Times New Roman;font-size:10pt;">products </font><font style="font-family:Times New Roman;font-size:10pt;">reporting unit</font><font style="font-family:Times New Roman;font-size:10pt;"> wa</font><font style="font-family:Times New Roman;font-size:10pt;">s $99</font><font style="font-family:Times New Roman;font-size:10pt;">,127</font><font style="font-family:Times New Roman;font-size:10pt;"> prior to any impairment charges. The amount of goodwill after the final valuation and additional impairment charge is $13</font><font style="font-family:Times New Roman;font-size:10pt;">,337</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> See Note 6 for further discussion on Goodwill.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Intangible Assets:</font><font style="font-family:Times New Roman;font-size:10pt;"> Intangible assets include patents and other intangible assets acquired from independent parties and are amortized on a straight-line basis with estimated useful lives ranging </font><font style="font-family:Times New Roman;font-size:10pt;">from 3 to 20</font><font style="font-family:Times New Roman;font-size:10pt;"> years. The straight-line method of amortization of these assets reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained in each reporting period. </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Impairment of Long-Lived Assets: </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Our long-lived</font><font style="font-family:Times New Roman;font-size:10pt;"> assets are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable. </font><font style="font-family:Times New Roman;font-size:10pt;">An impairment loss would be recognized when the carrying amount of an asset (asset group) exceeds the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and its eventual disposition. The impairment loss to be recorded would be the excess of the asset's carrying value over its fair value. </font><font style="font-family:Times New Roman;font-size:10pt;">Fair value is generally determined using a discounted cash flow analysis or other valuation technique. Costs related to internally developed intangible assets are expensed as incurred.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">During the second quarter of 2010, we exit</font><font style="font-family:Times New Roman;font-size:10pt;">ed</font><font style="font-family:Times New Roman;font-size:10pt;"> our polysulfide-based insulating glass product line in Europe</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">W</font><font style="font-family:Times New Roman;font-size:10pt;">e determined that the carrying amount of this asset group was not recoverable and was therefore impaired. We calculated the fair value of the asset group using a </font><font style="font-family:Times New Roman;font-size:10pt;">discounted cash flow approach</font><font style="font-family:Times New Roman;font-size:10pt;">. As a result of this analysis, pre-tax impairment charges of $8,785</font><font style="font-family:Times New Roman;font-size:10pt;"> were recorded to write</font><font style="font-family:Times New Roman;font-size:10pt;">-down the value of intangible assets</font><font style="font-family:Times New Roman;font-size:10pt;"> and a write-down on property, plant and equipment was recorded in cost of sales in the amount of $608</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">See Note 5 for additional discussion.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Foreign Currency Translation:</font><font style="font-family:Times New Roman;font-size:10pt;"> Assets and liabilities </font><font style="font-family:Times New Roman;font-size:10pt;">of non-U.S. functional currency entities</font><font style="font-family:Times New Roman;font-size:10pt;"> are translate</font><font style="font-family:Times New Roman;font-size:10pt;">d to U.S. dollars</font><font style="font-family:Times New Roman;font-size:10pt;"> at</font><font style="font-family:Times New Roman;font-size:10pt;"> period-end exchange rates</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and the </font><font style="font-family:Times New Roman;font-size:10pt;">resulting gains and losses arising from the translation of those net assets are recorded as a cumulative translation adjustment, a </font><font style="font-family:Times New Roman;font-size:10pt;">component of accumulated other comprehensive income (loss) in stockholders' equity. </font><font style="font-family:Times New Roman;font-size:10pt;"> Revenues and expenses are translated using average exchange rates during the year. </font><font style="font-family:Times New Roman;font-size:10pt;">Foreign currency transaction gains and losses are included in other income (expense), net in the consolidated statements of income. </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">We </font><font style="font-family:Times New Roman;font-size:10pt;">consider a subsidiary's sales price drivers, currency denomination of sales transactions and inventory purchases to be the primary indicators in determining a foreign subsidiary's functional currency. </font><font style="font-family:Times New Roman;font-size:10pt;">Our </font><font style="font-family:Times New Roman;font-size:10pt;">subsidiaries in </font><font style="font-family:Times New Roman;font-size:10pt;">Latin America</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">certain European countries</font><font style="font-family:Times New Roman;font-size:10pt;"> have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Europe and Asia, have the same local and functional currency.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Postemployment Benefits:</font><font style="font-family:Times New Roman;font-size:10pt;"> Prior to 2010, postemployment benefits, such as medical, dental and life insurance coverage, were</font><font style="font-family:Times New Roman;font-size:10pt;"> provided to inactive </font><font style="font-family:Times New Roman;font-size:10pt;">U.S. </font><font style="font-family:Times New Roman;font-size:10pt;">employees, employees' beneficiaries and covered dependents after</font><font style="font-family:Times New Roman;font-size:10pt;"> active</font><font style="font-family:Times New Roman;font-size:10pt;"> employment, but prior to retirement. The co</font><font style="font-family:Times New Roman;font-size:10pt;">st of providing these benefits wa</font><font style="font-family:Times New Roman;font-size:10pt;">s accrued durin</font><font style="font-family:Times New Roman;font-size:10pt;">g the years the employee rendered</font><font style="font-family:Times New Roman;font-size:10pt;"> the necessary service.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">During 2010, we made a decision to limit the postemployment benefits </font><font style="font-family:Times New Roman;font-size:10pt;">coverage </font><font style="font-family:Times New Roman;font-size:10pt;">to a period of twelve months after active employment ends.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The result of this d</font><font style="font-family:Times New Roman;font-size:10pt;">ecision was a $2,534</font><font style="font-family:Times New Roman;font-size:10pt;"> reduction in</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">the postemployment liability and a one-time be</font><font style="font-family:Times New Roman;font-size:10pt;">nefit that was recorded in the SG&A expense </font><font style="font-family:Times New Roman;font-size:10pt;">line of the consolidated statement</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> of income.</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Asset Retirement Obligations:</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">We recognize asset retirement obligations (AROs) in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred. Upon initial recognition of a liability, that cost is capitalized </font><font style="font-family:Times New Roman;font-size:10pt;">as part of the related long-lived asset and depreciated on a straight-line basis over the remaining estimated useful life of the related asset. </font><font style="font-family:Times New Roman;font-size:10pt;">We have recognized a liability related to special handling of asbestos related materials in certain facilities for which we have plans or expectation of plans to undertake a major renovation or demolition project that would require the removal of asbestos or have plans or </font><font style="font-family:Times New Roman;font-size:10pt;">expectation</font><font style="font-family:Times New Roman;font-size:10pt;"> of plans to exit a facility. In addition, we have determined that all facilities have some level of asbestos that will require abatement action in the future. </font><font style="font-family:Times New Roman;font-size:10pt;">Once the probability and timeframe of an action are determined, we apply certain assumptions to determine the related liability and asset. These assumptions include the use of inflation rates, the use of credit adjusted risk-free discount rates and the use of costs to handle asbestos related materials. The recorded liability is required to be adjusted for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. The asset retirement obligation l</font><font style="font-family:Times New Roman;font-size:10pt;">iability was $ 1,369 and $ 1,395</font><font style="font-family:Times New Roman;font-size:10pt;"> at </font><font style="font-family:Times New Roman;font-size:10pt;">November 27, 2010 and November 28, 2009</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Environmental Costs:</font><font style="font-family:Times New Roman;font-size:10pt;"> Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments are made or remedial efforts are probable and the costs can be reasonably estimated. The timing of these accruals is generally no later than the completion of feasibility studies.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Share-based Compensation: </font><font style="font-family:Times New Roman;font-size:10pt;">We have various share-based compensation programs, which provide for equity awards including stock options and restricted stock.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">We</font><font style="font-family:Times New Roman;font-size:10pt;"> use the straight-line method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net o</font><font style="font-family:Times New Roman;font-size:10pt;">f the estimated forfeiture rate. Expense is recognized</font><font style="font-family:Times New Roman;font-size:10pt;"> over the requisite service period related to each award</font><font style="font-family:Times New Roman;font-size:10pt;">, which is the period between the grant date and the earlier of the award</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;">s stated vesting term or the date the employee is eligible for early retirement based on the terms of the plan</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> The fair value of stock options is estimated using the Black-Scholes option pricing model. All of our stock compensation expense is recorded in SG&A </font><font style="font-family:Times New Roman;font-size:10pt;">expenses </font><font style="font-family:Times New Roman;font-size:10pt;">in the consolidated statements of income.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;">See Note </font><font style="font-family:Times New Roman;font-size:10pt;">3</font><font style="font-family:Times New Roman;font-size:10pt;"> for additional discussion.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Earnings Per Share:</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Basic earnings per share is calculated by dividing </font><font style="font-family:Times New Roman;font-size:10pt;">net income</font><font style="font-family:Times New Roman;font-size:10pt;"> attributable to H.B. Fuller</font><font style="font-family:Times New Roman;font-size:10pt;"> by the weighted average number of common shares outstanding during the applicable per</font><font style="font-family:Times New Roman;font-size:10pt;">iod. Diluted earnings per share is based upon the weighted average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. </font><font style="font-family:Times New Roman;font-size:10pt;">We </font><font style="font-family:Times New Roman;font-size:10pt;">use the treasury stock method to calculate the effect of outstanding </font><font style="font-family:Times New Roman;font-size:10pt;">awards</font><font style="font-family:Times New Roman;font-size:10pt;">, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award, (b) the amount of unearned share-based compensation costs attributed to future services and (c) the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. </font><font style="font-family:Times New Roman;font-size:10pt;">The computations for basic and diluted earnings per share follows</font><font style="font-family:Times New Roman;font-size:10pt;">:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 383px; text-align:left;border-color:#000000;min-width:383px;"> </td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td><td style="width: 9px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:68px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2009</font></td><td style="width: 9px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:68px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2008</font></td></tr><tr style="height: 20px"><td style="width: 383px; text-align:left;border-color:#000000;min-width:383px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Net income attributable to H.B. Fuller</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 70,877</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 68px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:68px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 83,654</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 68px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:68px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 18,889</font></td></tr><tr style="height: 20px"><td style="width: 383px; text-align:left;border-color:#000000;min-width:383px;"> </td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; text-align:right;border-color:#000000;min-width:68px;"> </td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; text-align:right;border-color:#000000;min-width:68px;"> </td></tr><tr style="height: 20px"><td style="width: 383px; text-align:left;border-color:#000000;min-width:383px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Weighted-average common shares – basic</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 48,599,227</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; text-align:right;border-color:#000000;min-width:68px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 48,325,135</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; text-align:right;border-color:#000000;min-width:68px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 51,044,679</font></td></tr><tr style="height: 20px"><td style="width: 383px; text-align:left;border-color:#000000;min-width:383px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Equivalent shares from share-based compensation plans</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,009,059</font></td><td style="width: 9px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:68px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 792,169</font></td><td style="width: 9px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:68px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 791,002</font></td></tr><tr style="height: 21px"><td style="width: 383px; text-align:left;border-color:#000000;min-width:383px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Weighted-average common and common equivalent shares – diluted</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 49,608,286</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:68px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 49,117,304</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:9px;"> </td><td style="width: 68px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:68px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 51,835,681</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Share-based compensation awards for 1,209,614, 1,283,878 and 685,291 shares for 2010, 2009 and 2008, respectively, were excluded from the diluted earnings per share calculation because they were antidilutive.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Financial Instruments and Derivatives:</font><font style="font-family:Times New Roman;font-size:10pt;"> Our objective is to balance, where possible, local currency denominated assets to local currency denominated liabilities to have a natural hedge and minimize foreign exchange impacts. We minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. Derivatives consisted primarily of forward currency contracts used to manage foreign currency denominated assets and liabilities. Because derivative instruments outstanding were not designated as hedges for accounting purposes, the gains and losses related to mark-to-market adjustments were recognized as other income or expense in the income statement during the periods the derivative instruments were outstanding. We do not enter into any speculative positions with regard to derivative instruments.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Effective November 13, 2009, we entered into interest rate swap agreements to convert all of Series A and B and $25 million of Series C from our December 16, 2009 Senior Notes agreement from fixed to variable rates. The swaps convert our Senior Notes from fixed rates ranging from 5.13 percent to 5.61 percent to variable rates ranging from 6-month LIBOR plus 1.47 percent to 6-month LIBOR plus 1.78 percent. The swaps were designated for hedge accounting treatment. The changes in the fair value of the swap and the fair value of the Senior Notes are recorded as other income</font><font style="font-family:Times New Roman;font-size:10pt;"> (expense)</font><font style="font-family:Times New Roman;font-size:10pt;">, net in the consolidated statements of income. The </font><font style="font-family:Times New Roman;font-size:10pt;">change in the </font><font style="font-family:Times New Roman;font-size:10pt;">fair value of the Senior Notes </font><font style="font-family:Times New Roman;font-size:10pt;">attributable to the change in the risk being hedged, </font><font style="font-family:Times New Roman;font-size:10pt;">was a liability of $4,103 at November 27, 2010 and was included in long-term debt in the consolidated balance sheets. The fair value of the swaps in total was an asset of $3,896 at November 27, 2010 and was included in other assets in the consolidated balance sheets. The hedge ineffectiveness as of November 27, 2010 resulted in additional income of $81 for the year. </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">As of November 28, 2009, we had not yet borrowed against the Senior Notes, but had a firm commitment to borrow $150 million, of which $75 million we designated as the hedged item in a fair value hedge. As required by the accounting standards, a fair value calculation was done as of November 28, 2009 to record the fair value change of the interest rate swaps and the firm commitment of the Senior Notes. The fair value of the swaps was $1,050 at November 28, 2009 and was recorded in other assets. The</font><font style="font-family:Times New Roman;font-size:10pt;"> change in the</font><font style="font-family:Times New Roman;font-size:10pt;"> fair value of the firm commitment at November 28, 2009 was $1,338 which was included in long-term debt. The $288 difference between the fair value of the swaps and related firm commitment represents hedge ineffectiveness and was included in other expense in the 2009 consolidated statements of income. See Note 11 for further information.</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Purchase of Company Common Stock:</font><font style="font-family:Times New Roman;font-size:10pt;"> Under the Minnesota Business Corporation Act, repurchased stock is included in authorized shares, but is not included in shares outstanding. The excess of the repurchase cost over par value is charged to additional paid-in capital. </font><font style="font-family:Times New Roman;font-size:10pt;">When additional paid-in capital is exhausted, the excess reduces retained earnings. We </font><font style="font-family:Times New Roman;font-size:10pt;">repurchased 17,804, 24,808 and 30,383 shares of common stock in 2010, 2009 and 2008, respectively, in connection with the statutory minimum for the tax withholdings related to vesting of restricted shares. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On January 24, 2008, the board of directors authorized a share repurchase program of up to $200,000 of our outstanding common shares. During the first and second quarters of 2008, we repurchased 9,129,915 shares using the full $200,000, thus completing the repurchase program. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On September 30, 2010, the board of directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. As of November 27, 2010, no shares have been repurchased under this new program.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p>

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