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<b><font style="font-family: 'Times New Roman', Times">2.  </font></b>
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<b><font style="font-family: 'Times New Roman', Times">Basis of
Presentation</font></b>
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The Company’s consolidated financial statements refer to
Herbalife and its subsidiaries.
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<b><i><font style="font-family: 'Times New Roman', Times">New
Accounting Pronouncements</font></i></b>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In December 2010, the Financial Accounting Standards Board, or
FASB, issued Accounting Standards Update, or ASU,
<font style="white-space: nowrap">2010-28,</font>
<i>Intangibles-Goodwill and Other (Topic 350): When to Perform
Step 2 of the Goodwill Impairment Test for Reporting Units with
Zero or Negative Carrying Amounts (a consensus of the FASB
Emerging Issues Task Force) </i>or ASU
<font style="white-space: nowrap">2010-28.</font> ASU
<font style="white-space: nowrap">2010-28</font>
provides amendments to Accounting Standards Codification, or
ASC, Topic 350, <i>Intangibles — Goodwill and
Other</i>. Pursuant to ASU
<font style="white-space: nowrap">2010-28,</font> if
any entity during Step 1 of a goodwill impairment test
determines reporting units with zero or negative carrying
amounts exist, then they should perform Step 2 of the goodwill
impairment test if it is more likely than not that a goodwill
impairment exists. In determining whether it is more likely than
not that a goodwill impairment exists, an entity should consider
whether there are any adverse qualitative factors indicating
that an impairment may exist. The qualitative factors are
consistent with the existing guidance and examples in ASC Topic
350, which requires that goodwill of a reporting unit be tested
for impairment between annual tests if an event occurs or
circumstances change that would more likely than not reduce the
fair value of a reporting unit below its carrying amount. As a
result, goodwill impairments may be reported sooner or more
often compared to current practice. ASU
<font style="white-space: nowrap">2010-28</font> is
effective for fiscal years and interim periods within those
years, beginning after December 15, 2010, with early
adoption not permitted. The Company does not expect that the
adoption of ASU
<font style="white-space: nowrap">2010-28</font> will
have a material impact on the Company’s consolidated
financial statements.
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<b><i><font style="font-family: 'Times New Roman', Times">Significant
Accounting Policies</font></i></b>
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In June 2009, the FASB issued the <i>FASB Accounting Standards
Codification</i>, or the Codification, which is the single
source of authoritative nongovernmental U.S. generally
accepted accounting principles, or GAAP. Rules and interpretive
releases of the SEC under authority of federal securities laws
are also sources of authoritative GAAP for SEC reporting
companies. The Codification, which changes the referencing of
financial standards, became effective for interim and annual
periods ending on or after September 15, 2009. All existing
non-SEC accounting standards are superseded as described in the
Codification. All other non-SEC accounting literature not
included in the Codification is non-authoritative. The adoption
of the Codification did not have a significant impact on the
Company’s consolidated financial statements and references
to standards issued prior to the Codification have been replaced
with a description of the applicable FASB authoritative guidance
or with the updated accounting standard codification number.
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<i><font style="font-family: 'Times New Roman', Times">Consolidation
Policy</font></i>
</div>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The consolidated financial statements include the accounts of
Herbalife Ltd. and its subsidiaries. All significant
intercompany transactions and accounts have been eliminated.
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<i><font style="font-family: 'Times New Roman', Times">Business
Combinations</font></i>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In December 2007, the FASB issued authoritative guidance
relating to Business Combinations that established principles
and requirements for how an acquirer recognizes and measures in
its financial statements the identifiable assets acquired, the
liabilities assumed, any non controlling interest in the
acquiree and the goodwill acquired. The guidance also modifies
the recognition for preacquisition contingencies, such as
environmental or legal issues, restructuring plans and acquired
research and development value in purchase accounting. The
guidance requires the acquirer to recognize changes in the
amount of its deferred tax benefits that are recognizable
because of a business combination either in income from
continuing operations in the period of the combination or
directly in contributed capital, depending on the circumstances.
The guidance also establishes disclosure requirements which will
enable users to evaluate the nature and financial effects of the
business combination. The Company adopted the guidance on
January 1, 2009, which did not have a material impact on
its consolidated financial statements.
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During August 2009, the Company purchased certain assets of
Micelle Laboratories, Inc., a Lake Forest, California contract
manufacturer of food and nutritional supplements. The Company
purchased the assets in order to strengthen its global
manufacturing capabilities. The purchase price is not material
to the Company’s consolidated financial statements and for
accounting purposes the acquisition, or the Micelle Acquisition,
was recorded as a business combination pursuant to FASB ASC 805,
<i>Business Combinations</i>.
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<i><font style="font-family: 'Times New Roman', Times">Foreign
Currency Translation and Transactions</font></i>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In the majority of the countries that the Company operates, the
functional currency is the local currency. The Company’s
foreign subsidiaries’ asset and liability accounts are
translated for consolidated financial reporting purposes into
U.S. dollar amounts at year-end exchange rates. Revenue and
expense accounts are translated at the average rates during the
year. Foreign exchange translation adjustments are included in
accumulated other comprehensive loss on the accompanying
consolidated balance sheets. Foreign currency transaction gains
and losses, which include the cost of foreign currency
derivative contracts and the related settlement gains and losses
but excluding certain foreign currency derivatives designated as
cash flow hedges as discussed in Note 11, <i>Derivative
Instruments and Hedging Activities</i>, are included in selling,
general and administrative expenses in the accompanying
consolidated statements of income. The Company recorded net
foreign currency transaction losses of $7.3 million,
$7.7 million, and $5.7 million, for the years ended
December 31, 2010, 2009, and 2008, respectively, which
includes the foreign exchange impact relating to the
Company’s Venezuelan subsidiary, Herbalife Venezuela.
Herbalife Venezuela’s foreign currency financial statement
impact is discussed further below within this Note.
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<i><font style="font-family: 'Times New Roman', Times">Forward
Exchange Contracts, Option Contracts and Interest Rate
Swaps</font></i>
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The Company enters into foreign currency derivative instruments
such as forward exchange contracts and option contracts in
managing its foreign exchange risk on sales to distributors,
purchase commitments denominated in foreign currencies,
intercompany transactions and bank loans. The Company also
enters into interest rate swaps in managing its interest rate
risk on its variable rate term loan. The Company does not use
the contracts for trading purposes.
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In accordance with FASB ASC Topic 815, <i>Derivatives and
Hedging</i>, or ASC 815, the Company designates certain of
its derivative instruments as cash flow hedges and formally
documents its hedge relationships, including identification of
the hedging instruments and the hedged items, as well as its
risk management objectives and strategies for undertaking the
hedge transaction, at the time the derivative contract is
executed. The Company assesses the effectiveness of the hedge
both at inception and on an ongoing basis and determines whether
the hedge is highly or perfectly effective in offsetting changes
in cash flows of the hedged item. The Company records the
effective portion of changes in the estimated fair value in
accumulated other comprehensive income (loss) and subsequently
reclassifies the related amount of accumulated other
comprehensive income (loss) to earnings when the hedged item and
underlying transaction impacts earnings. If it is determined
that a derivative has ceased to be a highly effective hedge, the
Company will discontinue hedge accounting for such transaction.
For derivatives that are not designated as hedges, all changes
in estimated fair value are recognized in the consolidated
statements of income.
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On January 1, 2009, the Company adopted FASB authoritative
guidance that requires additional financial statement
disclosures on derivative instruments as required by
ASC 815. This adoption did not have any financial impact on
the Company’s consolidated financial statements and only
required additional financial statement disclosures on
derivative instruments. The Company has applied the requirements
of this standard on a prospective basis as disclosed in
Note 11, <i>Derivative Instruments and Hedging
Activities</i>. Accordingly, disclosures related to annual
periods prior to the date of adoption have not been presented.
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<i><font style="font-family: 'Times New Roman', Times">Cash and
Cash Equivalents</font></i>
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The Company considers all highly liquid investments purchased
with a maturity of three months or less to be cash equivalents.
Cash and cash equivalents are comprised primarily of money
market accounts and foreign and domestic bank accounts. To
reduce its credit risk, the Company monitors the credit standing
of the financial institutions that hold the Company’s cash
and cash equivalents.
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In May 2010, the FASB issued ASU
<font style="white-space: nowrap">2010-19</font><i>,
Foreign Currency Issues: Multiple Foreign Currency Exchange
Rates</i>, or ASU
<font style="white-space: nowrap">2010-19,</font>
which codifies the SEC staff announcement made at the
March 18, 2010, Emerging Issues Task Force meeting. ASU
<font style="white-space: nowrap">2010-19</font>
provides the SEC staff’s view on certain foreign currency
issues relating to investments in Venezuela. ASU
<font style="white-space: nowrap">2010-19</font>
became effective on March 18, 2010. The Company has adopted
this guidance. During fiscal year 2009, due to the difference
between the foreign currency remeasurement rate and translation
rate relating to Herbalife Venezuela, the cash and cash
equivalents reported on the Company’s consolidated balance
sheet at December 31, 2009, was $9.9 million greater
than the U.S. dollar amount residing in Herbalife
Venezuela’s U.S. dollar bank account and therefore did
not necessarily reflect the true purchasing power of the
U.S. dollar cash and cash equivalents. Herbalife
Venezuela’s financial statement impact relating to the
Company’s reported consolidated cash and cash equivalents
and its foreign exchange transactions is discussed further below
within this Note.
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<i><font style="font-family: 'Times New Roman', Times">Accounts
Receivable</font></i>
</div>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Accounts receivable consist principally of receivables from
credit card companies, arising from the sale of products to the
Company’s distributors, and receivables from importers, who
are utilized in a limited number of countries to sell products
to distributors. Due to the geographic dispersion of its credit
card receivables, the collection risk is not considered to be
significant. The receivables from credit card companies were
$51.4 million and $43.4 million as of
December 31, 2010 and 2009, respectively. Substantially all
of the receivables from credit card companies were current as of
December 31, 2010 and 2009. Although receivables from
importers can be significant, the Company performs ongoing
credit evaluations of its importers and maintains an allowance
for potential credit losses. The Company considers customer
credit-worthiness, past and current transaction history with the
customer, contractual terms, current economic industry trends,
and changes in customer payment terms when determining whether
collectibility is reasonably assured and whether to record
allowances for its receivables. If the financial condition of
the Company’s customers deteriorates and adversely affects
their ability to make payments, additional allowances will be
recorded. The Company believes that it provides adequate
allowances for receivables from its distributors and importers
which are not material to its consolidated financial statements.
As of December 31, 2010, the majority of the Company’s
total outstanding accounts receivable were current.
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<i><font style="font-family: 'Times New Roman', Times">Fair
Value of Financial Instruments</font></i>
</div>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Effective January 1, 2008, the Company adopted FASB
authoritative guidance as it applies to the nonfinancial assets
and nonfinancial liabilities. The FASB authoritative guidance
clarifies the definition of fair value, prescribes methods for
measuring fair value, establishes a fair value hierarchy based
on the inputs used to measure fair value, and expands
disclosures about fair value measurements. As disclosed in
Note 14, <i>Fair Value Measurements, </i>the Company has
properly measured and disclosed its financial instruments.
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The Company has estimated the fair value of its financial
instruments using the following methods and assumptions:
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The carrying amounts of cash and cash equivalents, receivables
and accounts payable approximate fair value due to the
short-term maturities of these instruments;
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The fair value of option and forward contracts are based on
dealer quotes; and
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The carrying values of the Company’s variable rate debt
instruments are considered to approximate their fair values
because interest rates of those instruments approximate current
rates offered to the Company.
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<i><font style="font-family: 'Times New Roman', Times">Inventories</font></i>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Inventories are stated at lower of cost (on the
<font style="white-space: nowrap">first-in,</font>
first-out basis) or market. The Company had reserves for
obsolete and slow moving inventory totaling $9.4 million
and $9.3 million as of December 31, 2010 and 2009,
respectively.
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<i><font style="font-family: 'Times New Roman', Times">Deferred
Financing Costs</font></i>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Deferred financing costs represent fees and expenses related to
the borrowing of the Company’s long-term debt and are
amortized under the effective interest method over the term of
the related debt.
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<i><font style="font-family: 'Times New Roman', Times">Long-Lived
Assets</font></i>
</div>
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Depreciation of furniture, fixtures, and equipment (includes
computer hardware and software) is computed on a straight-line
basis over the estimated useful lives of the related assets,
which range from three to ten years. Leasehold improvements are
amortized on a straight-line basis over the life of the related
asset or the term of the lease, whichever is shorter.
Depreciation of furniture, fixtures, equipment, and amortization
of leasehold improvements totaled $67.7 million,
$62.2 million, and $48.7 million, for the years ended
December 31, 2010, 2009 and 2008, respectively.
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Long-lived assets are reviewed for impairment, based on
undiscounted cash flows, whenever events or changes in
circumstances indicate that the carrying amount of such assets
may not be recoverable. Measurement of an impairment loss is
based on the estimated fair value of the asset.
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<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Goodwill and marketing related intangible assets with indefinite
lives are evaluated on an annual basis for impairment or more
frequently if events or changes in circumstances indicate that
the asset might be impaired. During the years ended
December 31, 2010, 2009 and 2008, there were no goodwill or
marketing related intangible asset impairments. At
December 31, 2010, 2009 and 2008, the marketing related
intangible asset balance was $310.0 million. As of
December 31, 2010, 2009, and 2008, the goodwill balance was
$102.9 million, $102.5 million, and
$110.7 million, respectively. The $0.4 million
increase in goodwill in 2010 from 2009 was primarily due to the
effect of an adjustment to the fair value of inventory acquired
in the Micelle Acquisition. The $8.2 million net decrease
in goodwill in 2009 from 2008 was primarily due to a
$12.1 million decrease related to a change in deferred tax
liability, partially offset by a $3.9 million increase
related to the Micelle Acquisition.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Intangible assets with finite lives are amortized over their
expected lives, which are two years for product certifications,
three years for the distributor network and non-compete
agreements, five years for product formulas and seven years for
customer relationships. At December 31, 2008, intangible
assets with finite lives had been fully amortized. During fiscal
year 2009, the Company’s intangible assets with finite
lives increased to $1.7 million, net of $0.2 million
amortization, due to the Micelle Acquisition. As of
December 31, 2010, the Company’s intangible assets
with finite lives decreased to $0.8 million. The annual
amortization expense for finite life intangibles was
$0.9 million, $0.2 million, and zero for the years
ended December 31, 2010, 2009, and 2008, respectively. At
December 31, 2010, the annual expected amortization expense
is as follows: 2011 — $0.4 million;
2012 — $0.2 million; 2013 —
$0.1 million; and 2014 — $0.1 million.
</div>
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</div>
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<div style="margin-left: 0%">
<!-- BEGIN PAGE WIDTH -->
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<!-- XBRL Pagebreak End -->
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Income
Taxes</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Income tax expense includes income taxes payable for the current
year and the change in deferred income tax assets and
liabilities for the future tax consequences of events that have
been recognized in the Company’s financial statements or
income tax returns. A valuation allowance is recognized to
reduce the carrying value of deferred income tax assets if it is
believed to be more likely than not that a component of the
deferred income tax assets will not be realized.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company accounts for uncertainty in income taxes in
accordance with FASB authoritative guidance which clarifies the
accounting and reporting for uncertainties in income taxes
recognized in an enterprise’s financial statements. This
guidance prescribes a comprehensive model for the financial
statement recognition, measurement, presentation and disclosure
of uncertain tax positions taken or expected to be taken in
income tax returns. See Note 12, <i>Income Taxes, </i>for
further discussion on income taxes.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Royalty
Overrides</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
An independent distributor may earn commissions, called royalty
overrides or production bonuses, based on retail volume. Such
commissions are based on the retail sales volume of certain
other members of the independent sales force who are sponsored
by the distributor. In addition, such commissions are recorded
when the products are shipped.
<font style="white-space: nowrap">Non-U.S. royalty</font>
checks that have aged, for a variety of reasons, beyond a
certainty of being paid, are taken back into income. Management
has estimated this period of certainty to be three years
worldwide.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Comprehensive
Income</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Comprehensive income consists of net earnings, foreign currency
translation adjustments and the effective portion of the
unrealized gains or losses on derivatives. Comprehensive income
is presented in the consolidated statements of
shareholders’ equity and comprehensive income.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Components of accumulated other comprehensive income (loss)
consisted of the following (in thousands):
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="68%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="6%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="6%" align="right"> </td><!-- colindex=03 type=body -->
<td width="1%" align="left"> </td><!-- colindex=03 type=hang1 -->
<td width="3%"> </td><!-- colindex=04 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=04 type=lead -->
<td width="6%" align="right"> </td><!-- colindex=04 type=body -->
<td width="1%" align="left"> </td><!-- colindex=04 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>December 31,</b>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2010</b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2009</b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2008</b>
</td>
<td>
 
</td>
</tr>
<tr style="line-height: 3pt; font-size: 1pt">
<td> 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Foreign currency translation adjustment
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(21,852
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(22,435
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(27,683
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Unrealized loss on derivatives, net of tax
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(5,433
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(961
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(931
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Total accumulated other comprehensive income (loss)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(27,285
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(23,396
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(28,614
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Operating
Leases</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company leases all of its physical properties under
operating leases. Certain lease agreements generally include
rent holidays and tenant improvement allowances. The Company
recognizes rent holiday periods on a straight-line basis over
the lease term beginning when the Company has the right to the
leased space. The Company also records tenant improvement
allowances and rent holidays as deferred rent liabilities and
amortizes the deferred rent over the terms of the lease to rent.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Research
and Development</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company’s research and development is performed by
in-house staff and outside consultants. For all periods
presented, research and development costs were expensed as
incurred and were not material.
</div>
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<div style="margin-left: 0%">
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<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<!-- XBRL Pagebreak End -->
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Earnings
Per Share</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Basic earnings per share represents net income for the period
common shares were outstanding, divided by the weighted average
number of common shares outstanding for the period. Diluted
earnings per share represents net income divided by the weighted
average number of common shares outstanding, inclusive of the
effect of dilutive securities such as outstanding stock options,
stock appreciation rights, stock units and warrants.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following are the common share amounts used to compute the
basic and diluted earnings per share for each period (in
thousands):
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="74%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="4%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="4%" align="right"> </td><!-- colindex=03 type=body -->
<td width="1%" align="left"> </td><!-- colindex=03 type=hang1 -->
<td width="3%"> </td><!-- colindex=04 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=04 type=lead -->
<td width="4%" align="right"> </td><!-- colindex=04 type=body -->
<td width="1%" align="left"> </td><!-- colindex=04 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>Year Ended December 31,</b>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2010</b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2009</b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2008</b>
</td>
<td>
 
</td>
</tr>
<tr style="line-height: 3pt; font-size: 1pt">
<td> 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Weighted average shares used in basic computations
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
59,502
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
61,221
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
63,785
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Dilutive effect of exercise of equity grants outstanding
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2,538
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,734
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,803
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Dilutive effect of warrants(1)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
216
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
142
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
181
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Weighted average shares used in diluted computations
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
62,256
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
63,097
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
65,769
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(1) </td>
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<td valign="bottom">
At December 31, 2010, the Company had 0.5 million
warrants outstanding, with an exercise price of $15.50, which
will expire on December 1, 2014.</td>
</tr>
</table>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
There were an aggregate of 0.8 million, 2.8 million
and 2.3 million of equity grants, consisting of stock
options, stock appreciation rights, and stock units, that were
outstanding during the years ended December 31, 2010, 2009
and 2008, respectively, but were not included in the computation
of diluted earnings per share because their effect would be
anti-dilutive.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Revenue
Recognition</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Revenue is recognized when products are shipped and title and
risk of loss passes to the independent distributor or importer.
Sales are recognized on a net sales basis, which reflects
product returns, net of discounts referred to as
“distributor allowances,” and amounts billed for
shipping and handling costs. Shipping and handling costs paid by
the Company are included in cost of sales. The Company generally
receives the net sales price in cash or through credit card
payments at the point of sale. The Company currently presents
sales taxes collected from customers on a net basis. Related
royalty overrides are recorded when revenue is recognized.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Allowances for product returns, primarily in connection with the
Company’s buyback program, are provided at the time the
sale is recorded. This accrual is based upon historical return
rates for each country and the relevant return pattern, which
reflects anticipated returns to be received over a period of up
to 12 months following the original sale.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Share-Based
Payments</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company accounts for share-based compensation in accordance
with FASB authoritative guidance which requires the measurement
of share-based compensation expense for all share-based payment
awards made to employees for service. The Company measures
share-based compensation cost at the grant date, based on the
fair value of the award, and recognizes the expense on a
straight-line basis over the employee’s requisite service
period.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Use of
Estimates</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and
assumptions. Such estimates and assumptions affect the reported
amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from
those estimates. The Company
evaluates its estimates and assumptions on an ongoing basis
using historical experience and other factors, including the
current economic environment, which the Company believes to be
reasonable under the circumstances. The Company adjusts such
estimates and assumptions when facts and circumstances dictate.
Illiquid credit markets, volatile equity, and foreign currency
have combined to increase the uncertainty inherent in such
estimates and assumptions. As future events and their effects
cannot be determined with precision, actual results could differ
from these estimates. Changes in estimates resulting from
continuing changes in the economic environment will be reflected
in the financial statements in future periods.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Currency
Restrictions in Venezuela</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Currency restrictions enacted by the Venezuelan government in
2003 have become more restrictive and have impacted the ability
of the Company’s subsidiary in Venezuela, Herbalife
Venezuela, to obtain U.S. dollars in exchange for
Venezuelan Bolivars, or Bolivars, at the official foreign
exchange rates from the Venezuelan government and its foreign
exchange commission, CADIVI. The application and approval
processes have been intermittently delayed and the timing and
ability to obtain U.S. dollars at the official exchange
rates remains uncertain. In certain instances, the Company has
made appropriate applications through CADIVI for approval to
obtain U.S. dollars so that Herbalife Venezuela can pay for
imported products and an annual dividend at the official
exchange rate. As an alternative exchange mechanism, the Company
has also participated in certain bond offerings from the
Venezuelan government and from Petróleos de Venezuela, S.A.
or PDVSA, a Venezuelan state-owned petroleum company, where the
Company effectively purchased bonds with its Bolivars and then
sold the bonds for U.S. dollars. In other instances, the
Company used a legal parallel market mechanism for currency
exchanges until this less favorable parallel market was
discontinued in May 2010.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In June 2010, the Venezuelan government introduced additional
regulations under a new regulated system, SITME, which is
controlled by the Central Bank of Venezuela. SITME provides a
mechanism to exchange Bolivars into U.S. dollars through
the purchase and sale of U.S. dollar denominated bonds
issued in Venezuela. However, SITME is only available in certain
limited circumstances. Specifically, SITME can only be used for
product purchases and is not available for other matters such as
the payment of dividends. Also, SITME can only be used for
amounts of up to $50,000 per day and $350,000 per month and is
generally only available to the extent the applicant has not
exchanged and received U.S. dollars via the CADIVI process
within the previous 90 days.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Although Venezuela is an important market in the Company’s
South and Central America Region, Herbalife Venezuela’s net
sales represented less than 2%, 4% and 4% of the Company’s
consolidated net sales for the years ended December 31,
2010, 2009 and 2008, respectively, and its total assets
represented less than 3% and 6% of the Company’s
consolidated total assets as of December 31, 2010 and 2009,
respectively.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Pre-Highly
Inflationary Economy in Venezuela and Herbalife Venezuela’s
Cash and Cash Equivalents at December 31, 2009</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
During the fourth quarter of 2009, due to the currency
restrictions in obtaining U.S. dollars at the official
currency exchange rate and in order to mitigate the
Company’s currency exchange risk in Venezuela, Herbalife
Venezuela entered into a series of parallel market transactions
and exchanged 105.0 million Bolivars for approximately
$19.5 million U.S. dollars at an average rate of
approximately 5.4 Bolivars per U.S. dollar. Also, during
the fourth quarter of 2009, Herbalife Venezuela settled
$13.6 million of its U.S. dollar denominated
non-CADIVI registered intercompany shipment payables that were
initially recorded and then subsequently remeasured at the
parallel market exchange rate. Therefore, the settlement of
these intercompany shipment payables did not result in any net
foreign exchange gains or losses recorded in the accompanying
consolidated statement of income for the year ended
December 31, 2009. Incremental costs of $18.8 million,
related to the importation of products into Venezuela at the
unfavorable parallel market exchange rate, were recorded in
costs of sales in the Company’s consolidated statement of
income for the year ended December 31, 2009.
</div>
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</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
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<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
As of December 31, 2009, Herbalife Venezuela’s
$5.9 million U.S. dollar cash and cash equivalents
residing in its U.S. dollar bank account were remeasured to
Bolivars at the parallel market exchange rate of approximately
5.9 Bolivars per U.S. dollar. These remeasured cash and
cash equivalents were translated at the official rate of 2.15
Bolivars per U.S. dollar and reported as $15.8 million
in the Company’s consolidated balance sheet at
December 31, 2009. Based on the Company’s specific
facts and circumstances, U.S. GAAP required the Company to
use the dividend remittance rate (the official exchange rate)
for translation purposes and the parallel market exchange rate
(the applicable rate at which a particular transaction could be
settled), for certain remeasurement purposes. Due to the
difference between the remeasurement rate and translation rate,
the cash and cash equivalents relating to Herbalife Venezuela
reported on the Company’s consolidated balance sheet at
December 31, 2009, was $9.9 million greater than the
U.S. dollar amount residing in Herbalife Venezuela’s
U.S. dollar bank account and therefore did not necessarily
reflect the true purchasing power of the reported
U.S. dollar cash and cash equivalents. At December 31,
2009, Herbalife Venezuela reported cash and cash equivalents of
approximately $34.2 million, of which $15.8 million
was denominated in U.S. dollars and $18.4 million was
denominated in Bolivars. The cash and cash equivalents were
translated into the consolidated financial statements at the
official exchange rate, which was the rate applicable for
dividend remittance.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Highly
Inflationary Economy and Accounting in Venezuela</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Venezuela’s inflation rate as measured using the blended
National Consumer Price Index and Consumer Price Index rate
exceeded a three-year cumulative inflation rate of 100% as of
December 31, 2009. Accordingly, effective January 1,
2010, Venezuela was considered a highly inflationary economy.
Pursuant to the highly inflationary basis of accounting under
U.S. GAAP, Herbalife Venezuela changed its functional
currency from the Bolivar to the U.S. dollar. Subsequent
movements in the Bolivar to U.S. dollar exchange rate will
impact the Company’s consolidated earnings. Prior to
January 1, 2010 when the Bolivar was the functional
currency, movements in the Bolivar to U.S. dollar were
recorded as a component of equity through other comprehensive
income. Pursuant to highly inflationary accounting rules, the
Company is no longer required to translate Herbalife
Venezuela’s financial statements since their functional
currency is now the U.S. dollar.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Based on relevant facts and circumstances at the applicable
times, under the highly inflationary basis of accounting, the
Company used the parallel market exchange rate for remeasurement
purposes until the parallel market was discontinued in May 2010.
On January 1, 2010, in connection with the determination
that Venezuela was a highly inflationary economy, the Company
remeasured Herbalife Venezuela’s opening balance
sheet’s monetary assets and liabilities at the parallel
market rate, which resulted in the Company recording a non-tax
deductible foreign exchange loss of $15.1 million. This
charge included the $9.9 million foreign exchange loss
relating to Herbalife Venezuela’s U.S. dollar cash and
cash equivalents that were remeasured at the parallel market
rate and then translated at the official rate at
December 31, 2009. Also, Herbalife Venezuela’s
$34.2 million cash and cash equivalents reported in the
Company’s consolidated balance sheet at December 31,
2009, which included U.S. dollar denominated cash, was
reduced to approximately $12.5 million on January 1,
2010. However, nonmonetary assets, such as inventory, reported
on the Company’s consolidated balance sheet at
December 31, 2009, remained at historical cost subsequent
to Venezuela becoming a highly inflationary economy. Therefore,
the incremental costs related to the Company’s 2009
imported products recorded at the parallel market exchange rate
negatively impacted the Company’s consolidated statement of
income for the year ended December 31, 2010 by
approximately $12.7 million as these products were sold
during the first quarter of 2010. This amount is not tax
deductible. See Note 12, <i>Income Taxes, </i>for
additional discussion on the income tax impact related to
Venezuela becoming a highly inflationary economy.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Official
Exchange Rate Devaluations in Venezuela in 2010</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In early January 2010, Venezuela announced an official exchange
rate devaluation of the Bolivar to an official rate of 4.3
Bolivars per U.S. dollar for non-essential items and 2.6
Bolivars per U.S. dollar for essential items. The
Company’s imports fall into both classifications. During
2010, because the Company used the parallel market
exchange rate for remeasurement purposes until the parallel
market was discontinued in May 2010 and then used the SITME rate
thereafter, any U.S. dollars obtained from CADIVI at the
official rate had a positive impact to the Company’s
consolidated net earnings. Specifically, the Company recorded
$5.8 million of foreign exchange gains to selling, general
and administrative expenses within the Company’s
consolidated statement of income for the year ended
December 31, 2010, as a result of receiving
U.S. dollars approved by CADIVI at the official exchange
rate. The majority of Herbalife Venezuela’s 2010
importations were not registered with CADIVI so the official
exchange rates are not available to pay for these
U.S. imports. As of December 31, 2010, Herbalife
Venezuela also has an outstanding intercompany dividend payable
to the Company of $2.5 million, which was declared in
December 2008 and registered with CADIVI. The request to obtain
U.S. dollars at the official rate to settle the outstanding
intercompany dividend payable is pending CADIVI’s approval.
Also, at December 31, 2010, Herbalife Venezuela had
outstanding intercompany shipment payable balances of
$2.6 million, primarily relating to 2010, which are
registered with CADIVI and are pending CADIVI’s approval.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In late December 2010, Venezuela announced that the CADIVI
official exchange rate of 2.6 Bolivars per U.S. dollar will
be eliminated and the CADIVI official exchange of 4.3 Bolivars
per U.S. dollar will be used for all essential items and
non-essential items beginning January 2011. This devaluation did
not have a material impact on the Company’s consolidated
financial statements. At December 31, 2010, the Company
used the SITME rate of 5.3 Bolivars per U.S. dollar for
remeasurement purposes.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Remeasurement
of Herbalife Venezuela’s Monetary Assets and
Liabilities</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
During the second quarter of 2010, the Company recorded a
$4.0 million pre-tax ($2.6 million post-tax) net
foreign exchange gain to selling, general and administrative
expenses, within the Company’s consolidated statement of
income, as a result of remeasuring its Bolivar denominated
monetary assets and liabilities as of June 30, 2010 at the
SITME rate of 5.3 Bolivars per U.S. dollar as opposed to
the last parallel market rate prior to the closure of the
parallel market in May 2010 of 8.3 Bolivars per
U.S. dollar. Herbalife Venezuela’s cash and cash
equivalents, primarily denominated in Bolivars, increased by
$5.2 million as a result of using the SITME rate as opposed
to the last quoted parallel market rate during the second
quarter of 2010. During the third quarter of 2010 and
thereafter, the Company continued to use the SITME rate of 5.3
Bolivars per U.S. dollar to remeasure its Bolivar
denominated transactions. As of December 31, 2010,
Herbalife Venezuela’s net monetary Bolivar denominated
assets and liabilities approximated $19.4 million which
included Bolivar denominated cash and cash equivalents
approximating $24.6 million, and were all remeasured at the
new regulated rate under the SITME, except for the
$2.5 million intercompany dividend which was remeasured at
the CADIVI official rate. While the Company continues to monitor
the new exchange mechanism and restrictions under SITME, there
is no assurance that the Company will be able to exchange
Bolivars into U.S. dollars on a timely basis. Therefore,
these remeasured amounts, including cash and cash equivalents,
being reported on the Company’s consolidated balance sheet
using the SITME rate may not accurately represent the amount of
U.S. dollars that the Company could ultimately realize.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Consolidation
of Herbalife Venezuela</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company plans to continue its operation in Venezuela and to
import products into Venezuela despite the foreign currency
constraints that exist in the country. Herbalife Venezuela will
continue to apply for legal exchange mechanisms to convert its
Bolivars to U.S. dollars. Despite the currency exchange
restrictions in Venezuela, the Company continues to control
Herbalife Venezuela and its operations. The mere existence of
the exchange restrictions discussed above does not in and of
itself create a presumption that this lack of exchangeability is
<font style="white-space: nowrap">other-than-temporary,</font>
nor does it create a presumption that an entity should
deconsolidate its Venezuelan operations. Therefore, the Company
continues to consolidate Herbalife Venezuela in its consolidated
financial
statements for U.S. GAAP purposes. Substantially all of
Herbalife Venezuela’s Bolivar denominated assets and
liabilities are currently being remeasured at the SITME rate.
</div>
</div>
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