2.2.0.25falsefalse0202 - Disclosure - Summary of Significant Accounting Policiestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<b><font style="font-family: 'Times New Roman', Times">2.  </font></b>
</td>
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<b><font style="font-family: 'Times New Roman', Times">Summary
of Significant Accounting Policies</font></b>
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A summary of significant accounting policies used in the
preparation of these consolidated financial statements follows:
</div>
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<b><i><font style="font-family: 'Times New Roman', Times">Principles
of Consolidation</font></i></b>
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The consolidated financial statements include the accounts and
activities of the Company and its controlled subsidiaries or
variable interest entities for which the Company has determined
that it is the primary beneficiary. Fifty percent or less owned
companies (which are not variable interest entities for which
the Company is the primary beneficiary), and for which the
Company exercises significant influence but does not control,
are accounted for under the equity method. All material
intercompany transactions among entities included in the
consolidated financial statements have been eliminated.
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<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Use of
Estimates</font></i></b>
</div>
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In conformity with accounting principles generally accepted in
the United States of America (“U.S. GAAP”),
management has used estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and expenses,
and the disclosure of contingent assets and liabilities.
Significant estimates include allowance for losses on
receivables, depreciation and amortization, inventory
adjustments related to lower of cost or market, valuation of
assets including goodwill and other intangible assets, product
warranties, sales allowances, taxes, pensions, postemployment
benefits, contract losses, penalties, environmental
contingencies, product liability, self insurance programs and
other contingencies. Actual results could differ from those
estimates.
</div>
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</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Fair
Value Measurements</font></i></b>
</div>
<div style="margin-top: 4pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Accounting Standards Codification (“ASC”) 820, <i>Fair
Value Measurements and Disclosures</i>, defines fair value as
the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date (exit price). ASC 820
classifies the inputs used to measure fair value into the
following hierarchy:
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Level 1  Unadjusted quoted prices in active
markets for identical assets or liabilities
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<td> </td>
<td> Level 2  
</td>
<td align="left">
Unadjusted quoted prices in active markets for similar assets or
liabilities, or unadjusted quoted prices for identical or
similar assets or liabilities in markets that are not active, or
inputs other than quoted prices that are observable for the
asset or liability
</td>
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<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Level 3  Unobservable inputs for the asset or
liability
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Input levels used for fair value measurements are as follows:
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<b>Description</b>
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<td>
 
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<b>Disclosure</b>
</td>
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<b>Input Level</b>
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<b>Level 2 Inputs</b>
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<b>Level 3 Inputs</b>
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Goodwill and intangible asset impairment testing
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="top">
Note 2
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="top">
Level 3
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="top">
Not applicable
</td>
<td>
 
</td>
<td align="left" valign="top">
Income approach using projected results and weighted average
cost of capital and market approach using observable earnings
multiples
</td>
</tr>
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<td align="left" valign="top">
<div style="text-indent: -9pt; margin-left: 9pt">
Acquired assets and liabilities
</div>
</td>
<td>
 
</td>
<td align="center" valign="top">
Notes 2 and 3
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="top">
Level 3
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="top">
Not applicable
</td>
<td>
 
</td>
<td align="left" valign="top">
Income approach using projected results and weighted average
cost of capital
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="top">
<div style="text-indent: -9pt; margin-left: 9pt">
Pension plan assets
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="top">
Note 11
</td>
<td>
 
</td>
<td align="center" valign="top">
Levels 1, 2 and 3
</td>
<td>
 
</td>
<td align="left" valign="top">
Non-traded funds valued based on quoted market prices of
underlying assets
</td>
<td>
 
</td>
<td align="left" valign="top">
Income approach using expected benefit payments and a discount
rate based on high quality bonds
</td>
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<td align="left" valign="top">
<div style="text-indent: -9pt; margin-left: 9pt">
Long-term debt (note disclosure only)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="top">
Note 10
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="top">
Level 1
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="top">
Not applicable
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="top">
Not applicable
</td>
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<td nowrap="nowrap" align="left" valign="top">
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Financial derivatives
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="top">
Note 14
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="top">
Level 2
</td>
<td>
 
</td>
<td align="left" valign="top">
Quoted prices of similar assets or liabilities in active markets
</td>
<td>
 
</td>
<td align="left" valign="top">
Not applicable
</td>
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</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Cash
and Cash Equivalents</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company considers all highly liquid investments with a
remaining maturity of three months or less at the time of
purchase to be cash equivalents. These cash equivalents consist
principally of money market accounts.
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<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Allowance
for Losses on Receivables</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company establishes an allowance for losses on receivables
by applying specified percentages to the adjusted receivable
aging categories. The percentage applied against the aging
categories increases as the accounts become further past due so
that accounts in excess of 360 days past due are fully
reserved. In addition, the allowance is adjusted for specific
customer accounts that have aged but collection is reasonably
assured and accounts that have not aged but collection is
doubtful due to insolvency, disputes or other collection issues.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Inventories</font></i></b>
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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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Inventories are stated at the lower of cost (generally
<font style="white-space: nowrap">first-in</font>
first-out or average) or market (estimated net realizable
value). Cost includes labor, materials and facility overhead. A
provision is also recorded for slow-moving, obsolete or unusable
inventory. Customer progress payments are credited to inventory
and any payments in excess of our related investment in
inventory are recorded as customer advance payments in current
liabilities.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Property,
Plant and Equipment</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Property, plant and equipment are stated at cost, less
accumulated depreciation. Depreciation expense is computed
principally using the straight-line method over the estimated
useful lives of the assets. The useful lives of buildings range
from 5 years to 40 years; the useful lives of
machinery and equipment range from 3 years to
10 years. Maintenance and repairs are expensed as incurred.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Capitalized
Software</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company capitalizes computer software for internal use
following the guidelines established in
<font style="white-space: nowrap">ASC 350-40,</font>
<i>Internal-Use Software</i>. The amounts capitalized were $3.6,
$4.7 and $3.0 for the years ended December 31, 2010, 2009
and 2008, respectively.
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
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<div style="margin-top: 0pt; font-size: 1pt">
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
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<font style="font-family: 'Times New Roman', Times">
</font>
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<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Impairment
of Long-Lived Assets</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company reviews long-lived assets, such as property and
equipment and purchased intangibles subject to amortization, for
impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.
Recoverability of assets is measured by comparing the carrying
amount of an asset group to the estimated undiscounted future
cash flows expected to be generated by the asset group. If the
carrying amount of an asset group exceeds its estimated future
cash flows, an impairment charge is recognized in the amount by
which the carrying amount of the asset group exceeds the fair
value of the asset group.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Intangible
Assets</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Goodwill and intangible assets deemed to have indefinite lives
are not amortized but are tested for impairment at least
annually. The Company evaluates goodwill for impairment using a
two-step impairment test. The first step, used to identify
potential impairment, compares the fair value of a reporting
unit with its carrying amount including goodwill. If the fair
value of a reporting unit exceeds its carrying amount, goodwill
of the reporting unit is considered not impaired and the second
test is not performed. If required, the second step of the
impairment test is performed by comparing the implied fair value
of the reporting unit goodwill with the carrying amount of that
goodwill. If the carrying amount of the reporting unit goodwill
exceeds the implied fair value of that goodwill, an impairment
loss is recognized in an amount equal to that excess in
continuing operations. If circumstances indicate a change of
fair value after the annual testing period, impairment testing
is re-performed to assess impairment.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company amortizes its intangible assets with finite lives
over their estimated useful lives. See Note 7 for
additional details regarding the components and estimated useful
lives of intangible assets.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Income
Taxes</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company determines the consolidated provision for income
taxes for its operations on a legal entity,
<font style="white-space: nowrap">country-by-country</font>
basis. Deferred taxes are provided for operating loss and credit
carry forwards and temporary differences between the tax bases
of assets and liabilities and the amounts included in these
consolidated financial statements as measured by enacted tax
rates expected to apply when temporary differences are settled
or realized. A valuation allowance is established for deferred
tax assets when it is more likely than not that a portion or all
of the asset 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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Uncertain tax positions (1) are recognized in the financial
statements only if it is more likely than not that the position
will be sustained upon examination through any appeal and
litigation processes based on the technical merits of the
position and, if recognized, (2) are measured at the
largest amount of benefit that is greater than 50 percent
likely of being realized upon ultimate settlement.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Product
Warranty</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Warranty accruals are recorded at the time the products are sold
and are estimated based upon product warranty terms and
historical experience. Warranty accruals are adjusted for known
or anticipated warranty claims as new information becomes
available.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Environmental
Costs</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Environmental expenditures relating to current operations are
expensed or capitalized as appropriate. Expenditures relating to
existing conditions caused by past operations, that have no
significant future economic benefit, are expensed. Costs to
prepare environmental site evaluations and feasibility studies
are accrued when the Company commits to perform them.
Liabilities for remediation costs are recorded when they are
probable and reasonably estimable, generally no later than the
completion of feasibility studies or the Company’s
commitment to a plan of action. The Company determines any
required liability based on existing technology without
reflecting any offset for possible recoveries from insurance
companies and discounting. Expenditures that prevent or mitigate
environmental contamination that is yet to occur are
capitalized. The Company currently has not accrued any
significant environmental liabilities.
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
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<font style="font-family: 'Times New Roman', Times">
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</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Revenue
Recognition</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
We recognize revenue when it is realized or realizable and
earned. We consider revenue realized or realizable and earned
when we have persuasive evidence of an arrangement, delivery of
the product or service has occurred, the sales price is fixed or
determinable and collectibility is reasonably assured. Delivery
does not occur until products have been shipped or services have
been provided to the client, risk of loss has transferred to the
client and client acceptance has been obtained, client
acceptance provisions have lapsed, or we have objective evidence
that the criteria specified in the client acceptance provisions
have been satisfied. The amount of revenue related to any
contingency is not recognized until the contingency is resolved.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
We enter into multiple-element revenue arrangements or
contracts, which may include any combination of designing,
developing, manufacturing, modifying, erecting and commissioning
complex products to customer specifications and providing
services related to the performance of such products. These
contracts normally take up to fifteen months to complete. The
criteria described below are applied to determine whether
<font style="white-space: nowrap">and/or</font> how
to separate multiple element revenue arrangements into separate
units of accounting and how to allocate the arrangement
consideration among those separate units of accounting:
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="text-align: left">
<tr>
<td width="3%"></td>
<td width="3%"></td>
<td width="94%"></td>
</tr>
<tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<td> </td>
<td> • 
</td>
<td align="left">
The delivered unit(s) has value to the client on a stand-alone
basis.
</td>
</tr>
<tr style="line-height: 6pt; font-size: 1pt">
<td> </td>
</tr>
<tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<td> </td>
<td> • 
</td>
<td align="left">
There is objective and reliable evidence of the fair value of
the undelivered unit(s).
</td>
</tr>
</table>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Our sales arrangements do not include a general right of return
of the delivered unit(s). If the above criteria are not met, the
arrangement is accounted for as one unit of accounting which
results in revenue being recognized when the last undelivered
unit is delivered. If these criteria are met, the arrangement
consideration is allocated to the separate units of accounting
based on each unit’s relative fair value. If, however,
there is objective and reliable evidence of fair value of the
undelivered unit(s) but no such evidence for the delivered
unit(s), the residual method is used to allocate the arrangement
consideration. Under the residual method, the amount of
consideration allocated to the delivered unit(s) equals the
total arrangement consideration less the aggregate fair value of
the undelivered unit(s).
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
We are required to estimate the future costs that will be
incurred related to sales arrangements to determine whether any
arrangement will result in a loss. These costs include material,
labor and overhead. Factors influencing these future costs
include the availability of materials and skilled laborers.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Taxes
Imposed on Revenue Transactions</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company accounts for taxes imposed on specific revenue
transactions, e.g., sales and value added taxes, on a net basis
as such taxes are excluded from revenue and costs.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Shipping
and Handling Costs</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Amounts billed to clients for shipping and handling are
classified as sales of products with the related costs incurred
included in cost of sales.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Research
and Development Costs</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Research and development expenditures are comprised of salaries,
qualifying engineering costs, and an allocation of related
overhead costs, and are expensed when incurred.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Comprehensive
Income (Loss)</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Comprehensive income (loss) includes net income and other
comprehensive income (loss). Other comprehensive income (loss)
includes foreign currency translation adjustments,
post-retirement benefit plan liability adjustments, and fair
value changes of financial instruments designated as hedges, net
of tax, as applicable.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Foreign
Currency</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Assets and liabilities of
<font style="white-space: nowrap">non-U.S. consolidated</font>
entities that use the local currency as the functional currency
are translated at year-end exchange rates while income and
expenses are translated using weighted
<font style="white-space: nowrap">average-for-the-year</font>
exchange rates. Adjustments resulting from translation are
recorded in other comprehensive income (loss) and are
included in net income only upon sale or liquidation of the
underlying foreign investment. The Company recognizes
transaction gains and losses arising from fluctuations in
currency exchange rates on transactions denominated in
currencies other than the functional currency in earnings as
incurred, except for those intercompany balances which are
designated as long-term investments.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Inventory and property balances and related income statement
accounts of
<font style="white-space: nowrap">non-U.S. entities</font>
that use the U.S. dollar as the functional currency, are
translated using historical exchange rates. The resulting gains
and losses are credited or charged to the Statement of Income.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Financial
Instruments</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company manages exposure to changes in foreign currency
exchange rates through its normal operating and financing
activities, as well as through the use of financial instruments,
principally forward exchange contracts.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The purpose of the Company’s currency hedging activities is
to mitigate the economic impact of changes in foreign currency
exchange rates. The Company attempts to hedge transaction
exposures through natural offsets. To the extent that this is
not practicable, the Company may enter into forward exchange
contracts. Major exposure areas considered for hedging include
foreign currency denominated receivables and payables, firm
committed transactions and forecasted sales and purchases. The
Company has also entered into an interest rate swap agreement to
minimize the economic impact of unexpected fluctuations in
interest rates on the lease of its compressor testing facility
in France.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company recognizes all derivatives used in hedging
activities as assets or liabilities on the balance sheet at fair
value. Any properly documented effective portion of a cash flow
hedging instrument’s gain or loss is reported as a
component of Other Comprehensive Income in Stockholders’
Equity and is reclassified to earnings in the period during
which the transaction being hedged affects income. Gains or
losses subsequently reclassified from Stockholders’ Equity
are classified in accordance with income statement treatment of
the hedged transaction. Any ineffective portion of a cash flow
hedging instrument’s fair value change is recorded in the
Consolidated Statement of Income. Classification in the
Statement of Income of the effective portion of the hedging
instrument’s gain or loss is based on the income statement
classification of the transaction being hedged. If a cash flow
hedging instrument does not qualify as a hedge for accounting
purposes, the change in the fair value of the derivative is
immediately recognized in the Consolidated Statement of Income
as foreign currency income (loss) in other expense, net. Except
for the interest rate swap, the derivative financial instruments
in existence at December 31, 2010 and 2009, were not
designated as hedges for accounting purposes.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Stock-based
Compensation</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company recognizes compensation cost for stock-based
compensation awards in accordance with
<font style="white-space: nowrap">ASC 718-10</font><i>,
Compensation — Stock Compensation</i>. The amount of
compensation cost recognized at any date is at least equal to
the portion of the grant-date value of the award that has vested
at that date.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Conditional
Asset Retirement Obligations</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Any legal obligation to perform an asset retirement activity in
which the timing and (or) method of settlement are conditional
on a future event that may not be within our control is
recognized as a liability at the fair value of the conditional
asset retirement obligation, if the fair value of the liability
can be reasonably estimated. U.S. GAAP acknowledge that in some
cases, sufficient information may not be available to reasonably
estimate the fair value of an asset retirement obligation. The
fair value of the obligation can be reasonably estimated if
(a) it is evident that the fair value of the obligation is
embodied in the acquisition of an asset, (b) an active
market exists for the transfer of the obligation or,
(c) sufficient information is available to reasonably
estimate (1) the settlement date or the range of settlement
dates, (2) the method of settlement or potential methods of
settlement and, (3) the probabilities associated with the
range of potential settlement dates and potential settlement
methods. The Company has not recorded any conditional asset
retirement obligations because there is no current active market
in which the obligations could be transferred and we do not have
sufficient information to reasonably estimate the range of
settlement dates and their related probabilities.
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<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
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<font style="font-family: 'Times New Roman', Times">
</font>
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<div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">New
Accounting Standards</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In October 2009, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update
(“ASU”)
<font style="white-space: nowrap">2009-13,</font>
<i>Revenue Recognition</i>. ASU
<font style="white-space: nowrap">2009-13</font>
replaces the concept of fair market value with selling price
when determining how to allocate the total contract sales price
in a multiple-deliverable revenue arrangement. This amendment
establishes a hierarchy process for determining the selling
price of a given deliverable to be used in the allocation. The
order of the selling price determination hierarchy is
(a) vendor specific objective evidence; (b) third
party evidence, if vendor specific objective evidence is not
available; or (c) estimated selling price, if neither
vendor specific objective evidence nor third party evidence is
available. ASU
<font style="white-space: nowrap">2009-13</font> is
effective for the Company’s fiscal year beginning
January 1, 2011. The adoption of ASU
<font style="white-space: nowrap">2009-13</font> did
not have a material impact on the Company’s consolidated
financial statements.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On January 1, 2010, the Company adopted ASU
<font style="white-space: nowrap">2009-16,</font>
<i>Accounting for Transfers of Financial Assets</i>. ASU
<font style="white-space: nowrap">2009-16</font>
requires more information about transfers of financial assets,
including securitization transactions, and where companies have
continuing exposure to the risks related to transferred
financial assets. ASU
<font style="white-space: nowrap">2009-16</font> also
eliminates the concept of “qualified special-purpose
entity”, changes the requirements for derecognizing
financial assets, and requires additional disclosures. The
adoption of ASU
<font style="white-space: nowrap">2009-16</font> did
not have a material impact on the Company’s consolidated
financial statements.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On January 1, 2010, the Company adopted ASU
<font style="white-space: nowrap">2009-17,</font>
<i>Improvements to Financial Reporting by Enterprises Involved
with Variable Interest Entities, </i>which requires a
qualitative approach to identifying a controlling financial
interest in a variable interest entity (“VIE”), and
requires ongoing assessment of whether an entity is a VIE and
whether an interest in a VIE makes the holder the primary
beneficiary of the VIE. The adoption of ASU
<font style="white-space: nowrap">2009-17</font> did
not have a material impact on the Company’s consolidated
financial statements.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On January 1, 2010, the Company adopted ASU
<font style="white-space: nowrap">2010-6,</font>
<i>Improving Disclosures About Fair Value Measurements</i>,
which requires reporting entities to make new disclosures about
recurring or nonrecurring fair-value measurements, including
significant transfers into and out of the standard’s
Level 1 and Level 2 fair-value measurements and
information on purchases, sales, issuances, and settlements on a
gross basis for Level 3 fair-value measurements. ASU
<font style="white-space: nowrap">2010-6</font> is
effective for annual reporting periods beginning after
December 15, 2009, except for Level 3 reconciliation
disclosures which are effective for annual periods beginning
after December 15, 2010. The adoption of ASU
<font style="white-space: nowrap">2010-6</font> did
not have a material impact on the Company’s consolidated
financial statements.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On January 1, 2010, the Company adopted ASU
<font style="white-space: nowrap">2010-09,</font>
<i>Subsequent Events — Amendments to Certain
Recognition and Disclosure Requirements</i>, which amends
Accounting Standards Codification (“ASC”) Topic 855,
Subsequent Events<i>, </i>so that SEC filers no longer are
required to disclose the date through which subsequent events
have been evaluated in originally issued and revised financial
statements. The adoption of ASU
<font style="white-space: nowrap">2010-09</font> did
not have a material impact on the Company’s consolidated
financial statements.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In December 2010, the FASB issued ASU
<font style="white-space: nowrap">2010-28,</font>
<i>Intangibles — Goodwill and Other</i>. ASU
<font style="white-space: nowrap">2010-28</font>
modifies step one of the goodwill impairment test for reporting
units with zero or negative carrying amounts and offers guidance
on when to perform step two of the testing. For those reporting
units, an entity is required to perform Step 2 of the goodwill
impairment test if it is more likely than not that a goodwill
impairment exists based upon factors such as unanticipated
competition, the loss of key personnel and adverse regulatory
changes. 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. The adoption of
ASU <font style="white-space: nowrap">2010-28</font>
is not expected to have a material effect on the Company’s
consolidated financial statements.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In December 2010, the FASB issued ASU
<font style="white-space: nowrap">2010-29,</font>
which updates the guidance in ASC 805, <i>Business
Combinations</i>, to clarify that pro forma disclosures should
be presented as if a business combination occurred at the
beginning of the prior annual period for purposes of preparing
both the current reporting period and the prior reporting period
pro forma financial information. These disclosures should be
accompanied by a narrative description about the nature and
amount of material, nonrecurring pro forma adjustments. ASU
<font style="white-space: nowrap">2010-29</font> is
effective for business combinations consummated in periods
beginning after December 15, 2010, and is required to be
applied prospectively as of the date of adoption. The adoption
of ASU
<font style="white-space: nowrap">2010-29</font> did
not have a material effect on the Company’s consolidated
financial statements.
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</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
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</b>
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</b>
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<b><i><font style="font-family: 'Times New Roman', Times">Reclassification</font></i></b>
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Certain amounts in previously issued financial statements have
been reclassified to conform to the 2010 presentation.
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to describe all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 22
-Paragraph 8
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