2.2.0.25falsefalse0211 - Disclosure - Hedging Activities and Fair Value Measurementstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000916459duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0gdi_HedgingActivitiesAndFairValueMeasurementsAbstractgdifalsenadurationHedging activities and fair value measurements.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringHedging activities and fair value measurements.falsefalse3false0gdi_HedgingActivitiesAndFairValueMeasurementsTextBlockgdifalsenadurationInformation about risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 11 - gdi:HedgingActivitiesAndFairValueMeasurementsTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Note 11. Hedging Activities and Fair Value Measurements</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><i>Hedging Activities</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company is exposed to certain market risks during the normal course of its business
arising from adverse changes in commodity prices, interest rates, and foreign currency exchange
rates. The Company’s exposure to
these risks is managed through a combination of operating and
financing activities. The Company selectively uses derivative financial instruments
(“derivatives”), including foreign currency forward contracts and interest rate swaps, to manage
the risks from fluctuations in foreign currency exchange rates and interest rates, respectively.
The Company does not purchase or hold derivatives for trading or speculative purposes.
Fluctuations in commodity prices, interest rates, and foreign currency exchange rates can be
volatile, and the Company’s risk management activities do not totally eliminate these risks.
Consequently, these fluctuations could have a significant effect on the Company’s financial
results.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s exposure to interest rate risk results primarily from its borrowings of $283.3
million at March 31, 2011. The Company manages its debt centrally, considering tax consequences
and its overall financing strategies. The Company manages its exposure to interest rate risk by
maintaining a mixture of fixed and variable rate debt and, from time to time, uses pay-fixed
interest rate swaps as cash flow hedges of variable rate debt in order to adjust the relative
proportions.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     A substantial portion of the Company’s operations is conducted by its subsidiaries outside of
the U.S. in currencies other than the USD. Almost all of the Company’s non-U.S. subsidiaries
conduct their business primarily in their local currencies, which are also their functional
currencies. The USD, EUR, British pound sterling (“GBP”), and Chinese yuan (“CNY”) are the
principal currencies in which the Company and its subsidiaries enter into transactions. The
Company is exposed to the impacts of changes in foreign currency exchange rates on the translation
of its non-U.S. subsidiaries’ assets, liabilities, and earnings into USD. The Company partially
offsets these exposures by having certain of its non-U.S. subsidiaries act as the obligor on a
portion of its borrowings and by denominating such borrowings, as well as a portion of the
borrowings for which the Company is the obligor, in currencies other than the USD.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company and its subsidiaries are also subject to the risk that arises when they, from time
to time, enter into transactions in currencies other than their functional currency. To mitigate
this risk, the Company and its subsidiaries typically settle intercompany trading balances monthly.
The Company also selectively uses forward currency contracts to manage this risk. These contracts
for the sale or purchase of European and other currencies generally mature within one year.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     In accordance with FASB ASC 815, <i>Derivatives and Hedging </i>(“FASB ASC 815”), the Company records
its derivatives as assets or liabilities on the balance sheet at fair value. Changes in the fair
value of derivatives are recognized either in net income or in other comprehensive income,
depending on the designated purpose of the derivative. All cash flows associated with derivatives
are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows. It
is the Company’s policy not to speculate in derivative instruments.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Fluctuations due to changes in foreign currency exchange rates in the value of non-USD
borrowings that have been designated as hedges of the Company’s net investment in foreign
operations are included in other comprehensive income.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following tables summarize the notional amounts, fair values and classification of the
Company’s outstanding derivatives by risk category and instrument type within the Condensed
Consolidated Balance Sheets:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Asset</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Liability</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Notional</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Derivatives</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Derivatives</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Balance Sheet Location</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amount</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Derivatives designated as
hedging instruments under
FASB ASC 815</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest rate swap contracts
</div></td>
<td> </td>
<td colspan="3" align="center">Other liabilities</td>
<td> </td>
<td align="left">$</td>
<td align="right">78,349</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,157</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Derivatives not designated
as hedging instruments
under FASB ASC 815</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign currency forwards
</div></td>
<td> </td>
<td colspan="3" align="center">Current liabilities</td>
<td> </td>
<td align="left">$</td>
<td align="right">118,023</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">770</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,798</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>December 30, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Asset</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Liability</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Notional</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Derivatives</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Derivatives</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Balance Sheet Location</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amount</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Derivatives designated as
hedging instruments under
FASB ASC 815</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest rate swap contracts
</div></td>
<td> </td>
<td colspan="3" align="center">Other liabilities</td>
<td> </td>
<td align="left">$</td>
<td align="right">76,742</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,560</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Derivatives not designated
as hedging instruments
under FASB ASC 815</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign currency forwards
</div></td>
<td> </td>
<td colspan="3" align="center">Accrued liabilities</td>
<td> </td>
<td align="left">$</td>
<td align="right">113,871</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">709</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,884</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Notional amounts represent the gross contract amounts of the outstanding derivatives
excluding the total notional amount of positions that have been effectively closed through
offsetting positions. The net gains and net losses associated with positions that have been
effectively closed through offsetting positions but not yet settled are included in the asset
and liability derivatives fair value columns, respectively.</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Gains and losses on derivatives designated as cash flow hedges in accordance with FASB
ASC 815 included in the Condensed Consolidated Statement of Operations for the three-month periods
ended March 31, 2011 and 2010, respectively, are as presented in the table below:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7"><b>Three Months Ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>March 31,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 0px solid #000000"><b>Interest rate swap contracts</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px">Amount of gain or (loss) recognized in AOCI on derivatives (effective portion)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top">$</td>
<td align="right" valign="top">(282</td>
<td nowrap="nowrap" valign="top">)</td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top">$</td>
<td align="right" valign="top">(1,087</td>
<td nowrap="nowrap" valign="top">)</td>
</tr>
<tr valign="bottom">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px">Amount of gain or (loss) reclassified from AOCI into income (effective portion)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">122</td>
<td nowrap="nowrap" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">(381</td>
<td nowrap="nowrap" valign="top">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px">Amount of gain or (loss) recognized in income on derivatives (ineffective
portion and amount excluded from effectiveness testing)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">—</td>
<td nowrap="nowrap" valign="top"> </td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">—</td>
<td nowrap="nowrap" valign="top"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Losses on derivatives reclassified from accumulated other comprehensive income (“AOCI”)
into income (effective portion) were included in the interest expense line on the face of the
Condensed Consolidated Statements of Operations.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     At March 31, 2011, the Company is the fixed rate payor on three interest rate swap
contracts that effectively fix the LIBOR-based index used to determine the interest rates charged
on a total of $50.0 million and €20.0 million of the Company’s LIBOR-based variable rate
borrowings. These contracts carry fixed rates ranging from 1.8% to 2.2% and have expiration dates
ranging from 2012 to 2013. These swap agreements qualify as hedging instruments and have been
designated as cash flow hedges of forecasted LIBOR-based interest payments. Based on LIBOR-based
swap yield curves as of March 31, 2011, the Company expects to reclassify losses of $1.2 million
out of AOCI into earnings during the next 12 months. The Company’s LIBOR-based variable rate
borrowings outstanding at March 31, 2011 were $71.5 million and €46.5 million.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     There were 48 foreign currency forward contracts outstanding as of March 31, 2011 with
notional amounts ranging from $0.1 million to $9.7 million. The Company has not designated any
forward contracts as hedging instruments. The majority of these contracts are used to hedge the
change in fair value of recognized foreign currency denominated assets or liabilities caused by
changes in foreign currency exchange rates. The changes in the fair value of these contracts
generally offset the changes in the fair value of a corresponding amount of the hedged items, both
of which are included in the other operating expense (income), net, line on the face of the
Condensed Consolidated Statements of Operations. The Company recorded net losses of $0.4 million
and net gains of $3.2 million during the three-month periods ended March 31, 2011 and 2010,
respectively, relating to foreign currency forward contracts outstanding during all or part of each
period. Total net foreign currency gains or losses reported in other operating expense were losses
of $1.2 million and gains of $1.0 million for the three-month periods ended March 31, 2011 and
2010, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     As of March 31, 2010, the Company had designated approximately €14.0 million of its term loan
denominated in EUR as a hedge of its net investment in subsidiaries with EUR functional currencies.
Accordingly, changes in the fair value of this debt due to changes in the USD to EUR exchange rate
have been recorded through other comprehensive income. The portion of the EUR term loan designated
as a net investment hedge as of March 31, 2011 and December 31, 2010 was €0. During the
three-month periods ended March 31, 2011 and 2010, the Company recorded gains of zero and $1.0
million, net of tax, respectively, through other comprehensive income. As of March 31, 2011 and
December 31, 2010, the net balances of such gains and losses included in accumulated other
comprehensive income were losses of $5.1 million, net of tax.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Fair Value Measurements</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s financial instruments consist primarily of cash equivalents, trade receivables,
trade payables, deferred compensation assets and obligations, derivatives and debt instruments. The
book values of these instruments, other than the Senior Subordinated Notes, are a reasonable
estimate of their respective fair values.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Senior Subordinated Notes outstanding are carried at cost. Their estimated fair value was
approximately $125.9 million as of March 31, 2011 based upon non-binding market quotations that
were corroborated by observable market data (Level 2). See Note 17 “Subsequent Events.”
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table summarizes the Company’s fair value hierarchy for its financial assets and
liabilities measured at fair value on a recurring basis as of March 31, 2011:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Financial Assets</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign currency forwards <sup style="font-size: 85%; vertical-align: text-top">(1)</sup>
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">770</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">770</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Trading securities held in deferred compensation plan <sup style="font-size: 85%; vertical-align: text-top">(2)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right">8,722</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,722</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">8,722</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">770</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,492</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Financial Liabilities</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign currency forwards <sup style="font-size: 85%; vertical-align: text-top">(1)</sup>
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,798</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,798</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Interest rate swaps <sup style="font-size: 85%; vertical-align: text-top">(3)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,157</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,157</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Phantom stock plan <sup style="font-size: 85%; vertical-align: text-top">(4)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,515</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,515</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Deferred compensation plan <sup style="font-size: 85%; vertical-align: text-top">(5)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right">8,722</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,722</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">8,722</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,470</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">17,192</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Based on internally-developed models that use as their basis readily observable market
parameters such as current spot and forward rates, and the LIBOR index.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(2)</td>
<td> </td>
<td>Based on the observable price of publicly traded mutual funds which, in accordance with FASB
ASC 710, <i>Compensation – General</i>, are classified as “Trading” securities and accounted for
using the mark-to-market method.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(3)</td>
<td> </td>
<td>Measured as the present value of all expected future cash flows based on the LIBOR-based swap
yield curve as of March 31, 2011. The present value calculation uses discount rates that have
been adjusted to reflect the credit quality of the Company and its counterparties.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(4)</td>
<td> </td>
<td>Based on the price of the Company’s common stock.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(5)</td>
<td> </td>
<td>Based on the fair value of the investments in the deferred compensation plan.</td>
</tr>
</table>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringInformation about risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from and the amounts of and methodologies and assumptions used in determining the amounts of such items.No authoritative reference available.falsefalse12Hedging Activities and Fair Value MeasurementsUnKnownUnKnownUnKnownUnKnownfalsetrue