Form 10-Q

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-11-133542.txt : 20110510 0001193125-11-133542.hdr.sgml : 20110510 20110510102249 ACCESSION NUMBER: 0001193125-11-133542 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110510 DATE AS OF CHANGE: 20110510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL EUROPEAN DISTRIBUTION CORP CENTRAL INDEX KEY: 0001046880 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-BEER, WINE & DISTILLED ALCOHOLIC BEVERAGES [5180] IRS NUMBER: 541865271 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24341 FILM NUMBER: 11826129 BUSINESS ADDRESS: STREET 1: 3000 ATRIUM WAY STREET 2: SUITE 265 CITY: MT LAUREL STATE: NJ ZIP: 08054 BUSINESS PHONE: 8562736970 MAIL ADDRESS: STREET 1: 3000 ATRIUM WAY STREET 2: SUITE 265 CITY: MT LAUREL STATE: NJ ZIP: 08054 10-Q 1 d10q.htm FORM 10-Q Form 10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2011

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER 0-24341

CENTRAL EUROPEAN DISTRIBUTION CORPORATION

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

Delaware

54-1865271

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

3000 Atrium Way, Suite 265

Mt. Laurel, New Jersey

08054

(Address of Principal Executive Offices)

(Zip code)

(856) 273 - 6980

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ¨ No x

The number of shares outstanding of each class of the issuer’s common stock as of May 6, 2011 Common Stock ($.01 par value) 72,722,628

INDEX


		PAGE

PART I	FINANCIAL INFORMATION

Item 1	Financial Statements (unaudited)

	Condensed Consolidated Balance Sheets as of March 31, 2011 (unaudited) and as of December 31, 2010		1

	Condensed Consolidated Statements of Operations (unaudited) for the three month periods ended March 31, 2011 and March 31, 2010		2

	Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three month period ended March 31, 2011 and year ended December 31, 2010		3

	Condensed Consolidated Statements of Cash flow (unaudited) for the three month periods ended March 31, 2011 and March 31, 2010		4

	Notes to Condensed Consolidated Financial Statements (unaudited)		5

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		18

Item 3	Quantitative and Qualitative Disclosures about Market Risk		29

Item 4	Controls and Procedures		29

PART II	OTHER INFORMATION		30

Item 6	Exhibits		30

CENTRAL EUROPEAN DISTRIBUTION CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

All amounts are expressed in thousands

(except share information)


	March 31, 2011			December 31, 2010
	(unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	168,112		$	122,324
Accounts receivable, net of allowance for doubtful accounts of $34,056 and $20,357 respectively		296,513			478,379
Inventories		137,504			93,678
Prepaid expenses and other current assets		70,415			35,202
Deferred income taxes		87,849			80,956
Debt issuance costs		2,739			2,739

Total Current Assets		763,132			813,278

Intangible assets, net		684,844			627,342
Goodwill, net		1,832,878			1,450,273
Property, plant and equipment, net		221,584			201,477
Deferred income taxes		43,805			44,028
Equity method investment in affiliates		0			243,128
Debt issuance costs		16,042			16,656

Total Non-Current Assets		2,799,153			2,582,904


Total Assets	$	3,562,285		$	3,396,182


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Trade accounts payable	$	80,018		$	114,958
Bank loans and overdraft facilities		72,496			45,359
Income taxes payable		3,325			5,102
Taxes other than income taxes		98,525			182,232
Other accrued liabilities		105,405			55,070
Current portions of obligations under capital leases		838			758
Deferred consideration		0			5,000

Total Current Liabilities		360,607			408,479

Long-term obligations under capital leases		1,096			1,175
Long-term obligations under Senior Notes		1,288,564			1,250,758
Long-term accruals		2,321			2,572
Deferred income taxes		183,000			168,527

Total Long-Term Liabilities		1,474,981			1,423,032

Stockholders’ Equity
Common Stock ($0.01 par value, 120,000,000 shares authorized, 72,716,235 and 70,752,670 shares issued at March 31, 2011 and December 31, 2010, respectively)		727			708
Additional paid-in-capital		1,367,509			1,343,639
Retained earnings		161,371			160,250
Accumulated other comprehensive income		197,240			60,224
Less Treasury Stock at cost (246,037 shares at March 31, 2011 and December 31, 2010, respectively)		(150	)		(150	)


Total Stockholders’ Equity		1,726,697			1,564,671


Total Liabilities and Stockholders’ Equity	$	3,562,285		$	3,396,182

The accompanying notes are an integral part of the condensed consolidated financial statements.

CENTRAL EUROPEAN DISTRIBUTION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

All amounts are expressed in thousands

(except per share information)


	Three months ended March 31,
	2011			2010

Sales	$	336,139		$	330,894
Excise taxes		(179,428	)		(181,088	)
Net sales		156,711			149,806
Cost of goods sold		97,374			75,674


Gross profit		59,337			74,132


Operating expenses		57,877			48,878
Gain on remeasurement of previously held equity interests		(7,898	)		0


Operating income		9,358			25,254


Non operating income / (expense), net
Interest expense, net		(26,852	)		(25,676	)
Other financial income, net		31,046			34,912
Other non operating expenses, net		(976	)		(17,990	)


Income before taxes and equity in net income from unconsolidated investments		12,576			16,500

Income tax expense		(2,641	)		(3,170	)
Equity in net losses of affiliates		(8,814	)		(1,821	)


Income from continuing operations	$	1,121			11,509


Discontinued operations
Loss from operations of distribution business (including impairment charge of $28.2 million)		0			(34,722	)
Income tax expense		0			(151	)

Loss on discontinued operations		0			(34,873	)


Net income / (loss)	$	1,121		$	(23,364	)


Income from continuing operations per share of common stock, basic	$	0.02		$	0.17
Income / (loss) from discontinued operations per share of common stock, basic	$	0.00		($	0.50	)
Net income / (loss) from operations per share of common stock, basic	$	0.02		($	0.34	)

Income from continuing operations per share of common stock, diluted	$	0.02		$	0.17
Income / (loss) from discontinued operations per share of common stock, diluted	$	0.00		($	0.50	)
Net income / (loss) from operations per share of common stock, diluted	$	0.02		($	0.34	)

The accompanying notes are an integral part of the condensed consolidated financial statements.

CENTRAL EUROPEAN DISTRIBUTION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN

STOCKHOLDERS’ EQUITY

All amounts are expressed in thousands

(except per share information)


										Additional Paid-in Capital		Retained Earnings			Accumu- -lated other comprehen- sive income of continuing operations			Accumu- -lated other comprehen- sive income of discontinued operations			Total
	Common Stock
	Common Stock				Treasury Stock
	No. of Shares		Amount		No. of Shares		Amount
Balance at December 31, 2009		69,412	$	694		246	($	150	)	$	1,296,391	$	264,917		$	82,994		$	40,316		$	1,685,162

Net loss for 2010		0		0		0		0			0		(104,667	)		0			0			(104,667	)
Foreign currency translation adjustment		0		0		0		0			0		0			(22,770	)		(40,316	)		(63,086	)

Comprehensive loss for 2010		0		0		0		0			0		(104,667	)		(22,770	)		(40,316	)		(167,753	)
Common stock issued in connection with options		263		3		0		0			5,915		0			0			0			5,918
Common stock issued in connection with acquisitions		1,078		11		0		0			41,333		0			0			0			41,344
Balance at December 31, 2010		70,753	$	708		246	($	150	)	$	1,343,639	$	160,250		$	60,224		$	0		$	1,564,671

Net income for 2011 (unaudited)		0		0		0		0			0		1,121			0			0			1,121
Foreign currency translation adjustment (unaudited)		0		0		0		0			0		0			137,016			0			137,016

Comprehensive income for 2011 (unaudited)		0		0		0		0			0		1,121			137,016			0			138,137
Common stock issued in connection with options (unaudited)		66		0		0		0			758		0			0			0			758
Common stock issued in connection with acquisitions (unaudited)		1,897		19		0		0			23,112		0			0			0			23,131
Balance at March 31, 2011 (unaudited)		72,716	$	727		246	($	150	)	$	1,367,509	$	161,371		$	197,240		$	0		$	1,726,697

The accompanying notes are an integral part of the condensed consolidated financial statements.

CENTRAL EUROPEAN DISTRIBUTION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)

All amounts are expressed in thousands


	Three months ended March 31,
	2011			2010
Cash flows from operating activities of continuing operations
Net income / (loss)	$	1,121		($	23,364	)
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:
Net loss from discontinued operations		0			34,873
Depreciation and amortization		5,131			4,370
Deferred income taxes		725			(4,865	)
Unrealized foreign exchange gains		(31,651	)		(35,478	)
Cost of debt extinguishment		0			14,114
Stock options fair value expense		693			859
Equity loss in affiliates		8,814			1,821
Gain on fair value remeasurement of previously held equity interest, net of deferred tax		(6,397	)		0
Other non cash items		1,780			8,576
Changes in operating assets and liabilities:
Accounts receivable		268,051			169,635
Inventories		(5,197	)		(11,121	)
Prepayments and other current assets		(16,860	)		(9,871	)
Trade accounts payable		(83,645	)		(34,494	)
Other accrued liabilities and payables		(58,176	)		(81,784	)

Net cash provided by operating activities from continuing operations		84,389			33,271

Cash flows from investing activities of continuing operations
Purchase of fixed assets		(505	)		(1,306	)
Purchase of trademarks		(17,473	)		(6,000	)
Changes in restricted cash		0			481,419
Acquisitions of subsidiaries, net of cash acquired		(23,475	)		(135,964	)

Net cash (used in)/provided by investing activities from continuing operations		(41,453	)		338,149

Cash flows from financing activities of continuing operations
Borrowings on bank loans and overdraft facility		0			18,568
Payment of bank loans, overdraft facility and other borrowings		(4,104	)		(8,103	)
Payment of Senior Secured Notes		0			(367,954	)
Repayment of obligation to former shareholders		0			7,500
Decrease in short term capital leases payable		(102	)		0
Increase in short term capital leases payable		0			9
Proceeds from options exercised		66			1,214

Net cash used in financing activities from continuing operations		(4,140	)		(348,766	)


Cash flows from discontinued operations
Net cash used in operating activities of discontinued operations		0			(9,303	)
Net cash provided by investing activities of discontinued operations		0			328
Net cash provided by financing activities of discontinued operations		0			5,654

Net cash used in discontinued operations		0			(3,321	)

Adjustment to reconcile the change in cash balances of discontinued operations		0			3,321
Currency effect on brought forward cash balances		6,992			(881	)
Net increase in cash		45,788			21,773
Cash and cash equivalents at beginning of period		122,324			126,439

Cash and cash equivalents at end of period	$	168,112		$	148,212


Supplemental Schedule of Non-cash Investing Activities
Common stock issued in connection with investment in subsidiaries	$	23,131		$	0


Supplemental disclosures of cash flow information
Interest paid	$	6,329		$	34,501
Income tax paid	$	7,012		$	5,678

The accompanying notes are an integral part of the condensed consolidated financial statements.

CENTRAL EUROPEAN DISTRIBUTION CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Amounts in tables expressed in thousands, except share and per share information

1.	ORGANIZATION AND DESCRIPTION OF BUSINESS

Central European Distribution Corporation (“CEDC”), a Delaware corporation incorporated on September 4, 1997, and its subsidiaries (collectively referred to as “we,” “us,” “our,” or the “Company”) operate primarily in the alcohol beverage industry. We are one of the largest producers of vodka in the world and are Central and Eastern Europe’s largest integrated spirit beverages business, measured by total volume, with approximately 32.7 million nine-liter cases produced and distributed in 2010. Our business primarily involves the production and sale of our own spirit brands (principally vodka), and the importation on an exclusive basis of a wide variety of spirits, wines and beers. Our primary operations are conducted in Poland, Russia and Hungary. Additionally in 2010, we opened up a new operation in the Ukraine to import and sell our vodkas, primarily Green Mark, where we rose to an approximate 4% of market share by quarter end. We have seven manufacturing facilities located in Poland and Russia.

In Poland, we are one of the largest vodka producers with a brand portfolio that includes Absolwent, Zubrowka, Bols, Palace and Soplica brands, each of which we produce at our Polish distilleries. In addition, we produce Zubrowka Biala (White Zubrowka), which has become one of the fastest growing brands in the Polish market, since we launched it in November of 2010. We produce and sell vodkas primarily in three of four vodka sectors: premium, mainstream, and economy. In Poland, we also own and produce Royal, the top-selling vodka in Hungary.

We are also the largest vodka producer in Russia, the world’s largest vodka market. Our Green Mark brand is the top-selling mainstream vodka in Russia and the second-largest vodka brand by volume in the world and our Parliament and Zhuravli brands are two top-selling sub-premium vodkas in Russia.

As well as sales and distribution of its own branded spirits, the Company is a leading exclusive importer of wines and spirits in Poland, Russia and Hungary.

2.	BASIS OF PRESENTATION

Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

CEDC’s subsidiaries maintain their books of account and prepare their statutory financial statements in their respective local currencies. The subsidiaries’ financial statements have been adjusted to reflect accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present our financial condition, results of operations and cash flows for the interim periods presented have been included. Operating results for the three month period ended March 31, 2011 are not necessarily indicative of the results that may be expected for the year ended December 31, 2011.

The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2010, filed on March 1, 2011.

Our significant interim accounting policies include the recognition of a pro-rata share of certain estimated annual sales incentives, marketing, promotion and advertising costs, generally in proportion to sales, and the recognition of income taxes using an estimated annual effective tax rate.

3.	ACQUISITIONS

Russian Alcohol Acquisition

On February 4, 2011, pursuant to the agreement dated November 9, 2009, with Kylemore International Invest Corporation (“Kylemore”), an indirect minority stockholder of the Russian Alcohol Group (“Russian Alcohol”), the Company paid $5 million as a final settlement related to Russian Alcohol acquisition.

Whitehall Group Acquisition

On February 7, 2011, the Company entered into a definitive Share Sale and Purchase Agreement and registration rights agreement, in accordance with the terms that were agreed by the parties on November 29, 2010, and disclosed in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 29, 2010. Pursuant to these agreements, among other things and upon the terms and subject to the conditions contained therein, we received 20% of the economic and 51% of the voting interest in the Whitehall Group (“Whitehall”) previously not owned by us (currently the Company has full voting and economic ownership), as well as, the global intellectual property rights for the Kauffman Vodka brand. In exchange we paid total consideration of $92.9 million including $17.5 million for the intellectual property rights for the Kauffman Vodka brand.

The Company recorded contingent consideration representing the fair value of a right given to Mark Kauffman as a share price indemnity until the registration date. The provisional fair value of this contingent consideration was recorded at $1.7 million as of the acquisition date. This consideration was settled in the three month period ended March 31, 2011 through a payment by the Company of $0.7 million cash and the issuance of 938,501 additional shares to Mark Kauffman.

As a result of this transaction, the Company acquired full voting and economic control over Whitehall Group and changed the accounting treatment for its interest in Whitehall from the equity method of accounting to consolidation beginning on February 7, 2011.

Whitehall is one of the leading importers and distributors of premium wines and spirits in Russia. We believe that this acquisition will give the Company a significant base for further expansion and gaining expected synergies of the combined operations of the Company and Whitehall in the import market in Russia. The goodwill arising out of Whitehall acquisition is attributable to the ability that Whitehall provides us to develop into the leading importer of spirits in the Russian market.

At March 31, 2011, the Company accounted for the acquisition of Whitehall on a provisional basis. The Company is in the process of obtaining a third party valuation of contingent consideration and customer relationships. Details of the fair value of consideration transferred are presented in the following table:


Cash	$	69,109
Common stock		22,101
Contingent consideration		1,723

Total Fair value of consideration transferred		92,933
Less: value of intellectual property rights to Kauffman Vodka brand		(17,473	)

Total consideration paid for the remaining shares in Whitehall	$	75,460

The provisional fair value of the net assets acquired in connection with Whitehall acquisition as of the acquisition date is:


ASSETS		Whitehall


Cash and cash equivalents		16,190
Accounts receivable		51,263
Inventories		30,700
Taxes		577
Other current assets		12,916
Property, plant and equipment		869
Intangible assets		8,723
Investments		17,871

Total Assets	$	139,109


LIABILITIES

Trade accounts payable		38,887
Short term borrowings		27,835
Taxes		4,325
Deferred income taxes		13
Other accrued liabilities		11,735

Total Liabilities	$	82,795


Net identifiable assets and liabilities	$	56,314

The provisional amount of goodwill recognized at the acquisition date was calculated as follows:


Fair value of previously held equity interests	$	250,156
Consideration paid for the remaining shares in Whitehall		75,460
Less: Net identifiable assets and liabilities		(56,314	)

Goodwill	$	269,302

The Company recognized a one-time gain on remeasurement of previously held equity interest in the amount of $7.9 million based on a discounted cash flow model with the following assumptions: (i) discount rate of 11.13%, (ii) terminal value growth rate of 3.5%, (iii) control premium of 10%. We estimated the growth rates in projecting cash flows based on a detailed five year plan.

The following table sets forth the unaudited pro forma results of operations of the Company for the three month periods ended March 31, 2011 and 2010. The unaudited pro forma results of operations give effect to the Company’s acquisitions as if they occurred on January 1, 2011 and 2010. The unaudited pro forma results of operations are presented after giving effect to certain adjustments for depreciation, amortization of deferred financing costs, interest expense on the acquisition financing, and related income tax effects. The unaudited pro forma results of operations are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma results of operations do not purport to present what the Company’s results of operations would actually have been if the aforementioned transactions had in fact occurred on such date or at the beginning of the period indicated, nor do they project the Company’s financial position or results of operations at any future date or for any future period.


	Three months ended March 31,
	2011		2010

Net sales	$	163,206	$	173,456
Net income	$	838	($	25,288	)

Net income per share data:
Basic earnings per share of common stock	$	0.01	($	0.36	)
Diluted earnings per share of common stock	$	0.01	($	0.36	)

Kauffman Vodka is one of the leading super-premium vodkas in Russia with a strong presence in top-end restaurants, hotels and key customers. The brand is also exported to high-end customers in over 25 countries The purchase price of intellectual property rights for the Kauffman Vodka brand was treated as a separate element of this transaction and its fair value was allocated based on discounted cash flow model with the following assumptions: (i) discount rate of 11.13%, (ii) terminal value growth rate of 3.0%. We estimated the growth rates in projecting cash flows based on a detailed five year plan. This was treated as a purchase of an intangible asset with an indefinite useful life. The Company considers the Kauffman Vodka brand to have a longstanding market-leader or high brand recognition within the top premium high price market segment in Russia. The Company has a long-term strategy associated to this brand and believes that Kauffmann Vodka has a significant value to the Company’s continuing operations in the top premium segment, and as such is an important factor in attracting and retaining customers. Based on the Company’s development strategy with respect to the usage of Kauffman Vodka brand it was concluded that it is not planned to discontinue this brand in the foreseeable future. Given the above, we have determined that the Kauffmann Vodka brand will generate cash flows for an indefinite period of time; therefore, we have concluded that the useful life of this band is indefinite.

4.	DISCONTINUED OPERATIONS

During the three month period ended March 31, 2010, the Company recorded an impairment charge related to goodwill upon the sale of the distribution business of 80.8 Polish zlotys ($28.2 million). The results of operations of the distribution business are included in loss from operations of distribution business net of taxes, for the three month period ended March 31, 2010.

On August 2, 2010, the Company sold its distribution business in Poland to Eurocash S.A. for a purchase price of 378.5 million Polish zlotys ($129.2 million) in cash, on a debt free, cash free basis, after all price adjustments.

The Company will continue to generate cash flows from the distribution business after its sale to Eurocash S.A. as the Company has signed a six year agreement with Eurocash S.A. for the distribution of certain products of CEDC’s portfolio including its own brands and other exclusive import brands in Poland. Management has concluded, however, that sales of products other than CEDC’s own brands constituted the significant portion of the distribution business. CEDC estimates that sales of its products through the transferred distribution network will not exceed 10% of the sales of the Company, on a consolidated basis. Management does not consider the cash flows expected to be generated under the distribution agreement with Eurocash S.A. to be significant in the future. Results of discontinued operations were as follows:


	Three months ended March 31,
	2010

Net sales	$	155,018

Losses from operations before taxes		(6,554	)
Gain on disposal of discontinued operations		0
Taxes on earnings — operations		(151	)
Goodwill Impairment		(28,168	)


Losses from discontinued operations	($	34,873	)

5.	SALE OF ACCOUNTS RECEIVABLE

On February 24, 2011, two subsidiaries of the Company, namely CEDC International Polska sp. z o.o. (“CEDC International”) and Polmos Białystok S.A (“Polmos Bialystok”), entered into factoring arrangements (“Factoring Agreements”) with ING Commercial Finance Polska (“ING Polska”) for the sale up to 290.0 million Polish zlotys (approximately $102.8 million) of receivables. The Factoring Agreements are ongoing agreements, which provide for two types of factoring, recourse and non-recourse factoring.

For the three months ended March 31, 2011, the Company sold receivables in the amount of $57.2 million and recognized a loss on the sale in the statement of operations in the amount of $0.2 million in respect of the non-recourse factoring. The Company has no continuing involvement with the sold non-recourse receivables.

6.	INTANGIBLE ASSETS OTHER THAN GOODWILL

The major components of intangible assets are:


	March 31, 2011			December 31, 2010
Non-amortizable intangible assets:
Trademarks	$	676,456		$	627,221
Amortizable intangible assets:
Customer relationships		9,477			815
Less accumulated amortization		(1,089	)		(694	)

Total		8,388			121

Total intangible assets	$	684,844		$	627,342

Management considers trademarks associated with high or market-leader brand recognition within their market segments to be indefinite-lived assets, based on the length of time they have existed, the comparatively high volumes sold and their general market positions relative to other products in their respective market segments.

Based on this and together with the evidence provided by analyses of vodka products life cycles, market studies, competitive and environmental trends, we believe that these trademarks will continue to generate cash flows for an indefinite period of time, and that the useful lives of these trademarks are therefore indefinite. In accordance with ASC Topic 350-30, intangible assets with an indefinite life are not amortized but are reviewed at least annually for impairment. These trademarks include Soplica, Zubrowka, Absolwent, Royal, Parliament, Green Mark, Zhuravli, Kauffman Vodka, Urozhay and the trademark rights to Bols Vodka in Poland, Hungary and Russia.

The change in the recorded book value of trademarks between March 31, 2011 and December 31, 2010 resulted mainly from the acquisition of the Kauffman Vodka trademark for $17.5 million and foreign exchange translation differences of $31.9 million caused by appreciation of Polish zloty against the U.S. dollar.

7.	EQUITY METHOD INVESTMENTS IN AFFILIATES

We held the following investments in unconsolidated affiliates:


		Carrying Value
	Type of affiliate	March 31, 2011		December 31, 2010
Whitehall	Equity-Accounted Affiliate		0		243,128

	Total Carrying value	$	0	$	243,128

As of December 31, 2010, the Company had an 80% economic interest and an effective voting interest of 49% in Whitehall and a voting interest of 25% in the Moet Hennessy joint venture (“MH”), which is included in Whitehall. On February 7, 2011, the acquisition of the remaining portion of Whitehall not previously owned was completed, with Whitehall continuing to own the 50% stake in MH. The Company changed the accounting treatment for its interest in Whitehall from the equity method of accounting to consolidation starting from February 7, 2011.

On March 30, 2011, the Company through its ownership of Whitehall sold its stake in MH to Moet Hennessey. As of the completion of this transaction, the Company will no longer have any direct ownership stake in MH, however, Whitehall will continue cooperation with Moet Hennessey Russia as a key distributor in the Russian market.

The Company received $10.9 million of dividends from Whitehall during the year ended December 31, 2010.

The summarized financial information of investments are shown in the below table with the balance sheet financial information reflecting Whitehall and MH accounted under the equity method as of December 31, 2010. The results from operations for the three months ended March 31, 2011 include the results of Whitehall from January 1, 2011 to February 7, 2011 and MH from January 1, 2011 to March 30, 2011.


	March 31, 2011			December 31, 2010
Current assets	$	0		$	142,256
Noncurrent assets		0			101,329
Current liabilities		0			101,966
Noncurrent liabilities	$	0		$	0


	Three months ended March 31,
	2011			2010
Net sales	$	6,494		$	23,650
Gross margin		1,995			7,271
Operating loss		(9,975	)		(4,343	)
Loss from continuing operations		(11,018	)		(2,284	)
Net loss		(11,018	)		(2,284	)
Net loss attributable to CEDC	$	(8,814	)	$	(1,821	)

8.	COMPREHENSIVE INCOME/(LOSS)

Comprehensive income/(loss) is defined as all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive income/(loss) includes net income adjusted by, among other items, foreign currency translation adjustments and our proportionate share of the comprehensive income/(loss) of our equity method affiliates.

The foreign translation losses/gains on the re-measurements from foreign currencies to U.S. dollars are classified separately as foreign currency translation adjustment within accumulated other comprehensive income included in stockholders’ equity.

As of March 31, 2011, our functional currencies (Polish zloty, Russian ruble and Hungarian forint) used to translate the balance sheet strengthened against the U.S. dollar as compared to the exchange rate as of December 31, 2010, and as a result $137.0 million of foreign currency translation adjustment was recognized as part of total comprehensive income.

9.	EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated.


	Three months ended March 31,
	2011		2010
Basic:
Net income from continuing operations	$	1,121	$	11,509
Loss on discontinued operations		0		(34,873	)

Net income / (loss)	$	1,121	($	23,364	)


Weighted average shares of common stock outstanding (used to calculate basic EPS)		71,208		69,194
Net effect of dilutive employee stock options based on the treasury stock method		93		426

Weighted average shares of common stock outstanding (used to calculate diluted EPS)		71,301		69,620

Net income / (loss) per common share - basic:
Continuing operations	$	0.02	$	0.17
Discontinued operations	$	0.00	($	0.50	)

	$	0.02	($	0.34	)


Net income / (loss) per common share - diluted:
Continuing operations	$	0.02	$	0.17
Discontinued operations	$	0.00	($	0.50	)

	$	0.02	($	0.34	)

Employee stock options granted have been included in the above calculations of diluted earnings per share since the exercise price is less than the average market price of the common stock during the three month periods ended March 31, 2011 and 2010. In addition there is no adjustment to fully diluted shares related to the Convertible Senior Notes as the average market price was below the conversion price for the periods.

10.

BORROWINGS

Bank Facilities

On December 17, 2010, the Company entered into a term and overdraft facilities Agreement (the “Credit Facility”) with Bank Handlowy w Warszawie S.A. (“Bank Handlowy”), as Agent, Original Lender and Security Agent, and Bank Zachodni WBK S.A. (“WBK”), as Original Lender. The Credit Facility provides for a credit limit of up to 330.0 million Polish zloty (or approximately $ 111.5 million) which may be disbursed as one term loan and two overdraft facilities to be used to (i) refinance existing credit facilities and (ii) finance general business purposes of the borrowers. On December 20, 2010, the Company drew approximately 130.0 million Polish zloty (or approximately $43.9 million), and used the net proceeds to repay previous loan facilities with other lenders.

On February 28, 2011 the Company, entered into a letter agreement with Bank Handlowy and WBK pursuant to which and subject to the terms and conditions contained therein, the parties agreed, to waive any breach of the Consolidated Coverage Ratio covenant and the Net Leverage Ratio covenant relating to the Calculation Period ending on December 31, 2010 and amended these ratios for purposes of the Calculation Period ending on March 31, 2011 to 1.28:1 and 8.35:1, respectively. As a result of the Letter Agreement, our failure to comply with the Consolidated Coverage Ratio covenant and the Net Leverage Ratio covenant as of December 31, 2010 did not result in a default under the Credit Facility. In connection with this agreement, the Company agreed to pay a one-time waiver fee of PLN 3.3 million (approximately $1.15 million). In addition, the Company agreed with its lenders that the amount available under the overdraft facilities included in the Credit Facility is reduced to PLN 120 million (approximately $41.6 million) and the margins on term loan and overdraft facilities will be increased (with effect from March 1, 2011) to 4.25% and 3.25%, respectively, and the margin on letters of credit issued thereunder will be increased to 2.50%.

On April 21, 2011, the Company entered into an amended set of terms for the Credit Facility. As part of the amendment, on April 22, 2011, the Company repaid the remaining 122.5 million Polish zlotys ($44.3 million) term facility while at the same time retaining the 120 million Polish zlotys ($43.4 million) overdraft facility which is currently not utilized. The overdraft facility going forward does not contain either the Consolidated Coverage Ratio or the Net Leverage Ratio previously required under the Credit Facility. Furthermore, the Company has no covenant compliance obligations at March 31, 2011 related to the Credit Facility. In addition to the elimination of covenants, the revised terms of the overdraft facility provide for an initial 100 basis point reduction in the margin charged to the Company, with further reductions coming over the next nine months, and the maximum amount available for borrowing under the overdraft facility will be reduced to 30 million Polish zlotys ($10.6 million) over the course of the next nine months as well.

As of March 31, 2011, the Company has outstanding liability of $29.2 million from the term loans from Zenit Bank, Alfa Bank and Raiffeisen Bank drawn by Whitehall with renewal dates in the first quarter of 2012.

As of March 31, 2011, the Company had available under existing overdraft facilities in Poland approximately $43.4 million from the Credit Facility mentioned above and $17.7 million from Pekao S.A with maturity date on April 30, 2011 available in Poland, as well as approximately $0.5 million available in Hungary and approximately $7.0 million available in Russia.

Convertible Senior Notes due 2013

On March 7, 2008, the Company completed the issuance of $310 million aggregate principal amount of 3% Convertible Senior Notes due 2013 (the “Convertible Senior Notes”). Interest is due semi-annually on the 15^th of March and September, beginning on September 15, 2008. The Convertible Senior Notes are convertible in certain circumstances into cash and, if applicable, shares of our common stock, based on an initial conversion rate of 14.7113 shares per $1,000 principal amount, subject to certain adjustments. Upon conversion of the notes, the Company will deliver cash up to the aggregate principal amount of the notes to be converted and, at the election of the Company, cash and/or shares of common stock in respect to the remainder, if any, of the conversion obligation. The proceeds from the Convertible Senior Notes were used to fund the cash portions of the acquisition of Copecresto Enterprises Limited and Whitehall.

As of March 31, 2011 the Company had accrued interest of $0.4 million related to the Convertible Senior Notes, with the next coupon due for payment on September 15, 2011. Total obligations under the Convertible Senior Notes are shown net of deferred finance costs, amortized over the life of the borrowings using the effective interest rate method as shown in the table below:


	March 31, 2011			December 31, 2010

Convertible Senior Notes	$	310,000		$	310,000
Unamortized debt discount		(2,102	)		(2,311	)
Debt discount related to Convertible Senior Notes		(7,514	)		(8,567	)


Total	$	300,384		$	299,122

Senior Secured Notes due 2016

On December 2, 2009, the Company issued $380 million 9.125% Senior Secured Notes due 2016 and €380 million 8.875% Senior Secured Notes due 2016 (the “2016 Notes”) in an unregistered offering to institutional investors. The Company used a portion of the net proceeds from the 2016 Notes to redeem the Company’s outstanding 2012 Notes, having an aggregate principal amount of €245.4 million on January 4, 2010. The remainder of the net proceeds from the 2016 Notes was used to (i) purchase Lion Capital’s remaining equity interest in Russian Alcohol by exercising the Lion Option and the Co-Investor Option, pursuant to the terms and conditions of the Lion Option Agreement and the Co-Investor Option Agreement, respectively (ii) repay all amounts outstanding under Russian Alcohol credit facilities; and (iii) repay certain other indebtedness.

On December 9, 2010, the Company issued an additional €50.0 million 8.875% Senior Secured Notes due 2016 (the “2016 Notes”) in an unregistered offering to institutional investors. The Company used the net proceeds from the additional 2016 Notes to repay its term loans and overdraft facilities with Bank Handlowy w Warszawie S.A and Bank Zachodni WBK S.A.

As of March 31, 2011 and December 31, 2010 the Company had accrued interest of $29.7 million and $7.1 million respectively, related to the Senior Secured Notes due 2016, with the next coupon due for payment on June 1, 2011.


	March 31, 2011			December 31, 2010

Senior Secured Notes due 2016	$	991,761			955,296
Unamortized debt discount		(3,581	)		(3,660	)


Total	$	988,180		$	951,636



	March 31, 2011
Principal repayments for the following years
2011	$	61,684
2012		10,812
2013		300,384
2014		0
2015 and beyond		988,180


Total	$	1,361,060

11.

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out method) or market value. Elements of cost include materials, labor and overhead and are classified as follows:


	March 31, 2011		December 31, 2010
Raw materials and supplies	$	30,186	$	26,847
In-process inventories		7,386		3,314
Finished goods and goods for resale		99,932		63,517


Total	$	137,504	$	93,678

As of March 31, 2011 total inventory balances include inventory of Whitehall of $34.7 million.

12.

INCOME TAXES

The Company operates in several tax jurisdictions primarily: the United States of America, Poland, Hungary and Russia. All subsidiaries file their own corporate tax returns as well as account for their own deferred tax assets and liabilities. The Company does not file a U.S. Federal Tax Return in based upon its consolidated income, but does file a U.S. Federal Tax Return based on the statement of operations for transactions occurring in the United States of America. For income taxes accounted for on an interim basis, the Company estimates the annual effective tax rate and applies this rate to its pre-tax US GAAP income/(loss), unless a discrete event occurs that requires additional consideration.

The Company files income tax returns in the U.S., Poland, Hungary, Russia, as well as in various other countries throughout the world in which we conduct our business. The major tax jurisdictions and their earliest fiscal years that are currently open for tax examinations are 2007 in the U.S., 2006 in Poland and Hungary and 2008 in Russia.

13.

OPERATING SEGMENTS

The Company operates and manages its business based upon three primary geographic segments: Poland, Russia and Hungary. Selected financial data split based upon this segmentation assuming elimination of intercompany revenues and profits is shown below: Segment information represents only continuing operations.


	Segment Net Revenues Three months ended March 31,
	2011		2010

Segment
Poland	$	45,895	$	48,438
Russia		105,658		95,328
Hungary		5,158		6,040


Total Net Sales	$	156,711	$	149,806


	Operating Income Three months ended March 31,
	2011			2010
Segment
Poland before fair value adjustments	$	3,369		$	10,040
Gain on remeasurement of previously held equity interests		7,898			0

Poland after fair value adjustments		11,267			10,040
Russia		(634	)		16,167
Hungary		661			1,077
Corporate Overhead
General corporate overhead		(1,243	)		(1,171	)
Option Expense		(693	)		(859	)


Total Operating Income	$	9,358		$	25,254

	Identifiable Operating Assets
	March 31, 2011			December 31, 2010

Segment
Poland	$	1,099,134		$	1,168,206
Russia		2,393,689			2,189,694
Hungary		27,612			33,495
Corporate		41,850			4,787

Total Identifiable Assets	$	3,562,285		$	3,396,182

	Goodwill
	March 31, 2011			December 31, 2010

Segment
Poland	$	406,715		$	387,448
Russia		1,418,760			1,055,772
Hungary		7,403			7,053
Corporate		0			0


Total Goodwill	$	1,832,878		$	1,450,273

14.

INTEREST EXPENSE, NET

For the three months ended March 31, 2011 and 2010, respectively, the following items are included in Interest income / (expense):


	Three months ended March 31,
	2011			2010

Interest income	$	525		$	1,305
Interest expense		(27,377	)		(26,981	)

Total interest (expense), net	($	26,852	)	($	25,676	)

15.

OTHER FINANCIAL INCOME, NET

For the three months ended March 31, 2011 and 2010, respectively, the following items are included in Other financial income:


	Three months ended March 31,
	2011			2010

Foreign exchange impact related to foreign currency financing	$	31,651		$	34,179
Other gains / (losses)		(605	)		733

Total other financial income, net	$	31,046		$	34,912

16.

OTHER NON-OPERATING EXPENSE

For the three months ended March 31, 2011 and 2010, the following items are included in Other Non-Operating Expense:


	Three months ended March 31,
	2011			2010

Early redemption call premium	$	0		($	14,115	)
Write-off of unamortized offering costs		0			(4,076	)
Other gains / (losses)		(976	)		201

Total other non operating expense, net	($	976	)	($	17,990	)

Other non-operating items in the three month period ended March 31, 2010 include early redemption call premium as well as write-off of unamortized offering costs both related to the 2012 Senior Secured Notes that were refinanced with the new 2016 Senior Secured Notes in January 2010.

17.

STOCK OPTION PLANS AND WARRANTS

ASC Topic 718 Compensation - Stock Compensation requires the recognition of compensation expense in the Consolidated Condensed Statements of Operations related to the fair value of its employee share-based options.

The Company recognizes the cost of all employee stock options on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures.

Determining the fair value of share-based awards at the grant date requires judgment, including estimating the expected term that the stock options will be outstanding prior to exercise, the associated volatility and the expected dividends. Judgment is also required in estimating the amount of share-based awards expected to be forfeited prior to vesting. If actual forfeitures differ significantly from these estimates, share-based compensation expense could be materially impacted.

A summary of the Company’s stock option and restricted stock units activity, and related information for the three month period ended March 31, 2011 is as follows:


Total Options	Number of Options			Weighted- Average Exercise Price

Outstanding at January 1, 2011		1,300,400		$	29.06
Granted		82,000		$	23.06
Exercised		(13,063	)	$	5.02
Forfeited		(16,833	)	$	27.75

Outstanding at March 31, 2011		1,352,504		$	28.65
Exercisable at March 31, 2011		1,080,512		$	29.43


Nonvested restricted stock units	Number of Restricted Stock Units			Weighted- Average Grant Date Fair Value

Nonvested at January 1, 2011		79,150		$	35.82
Granted		378		$	25.55
Vested		(20,223	)	$	30.42
Forfeited		(4,329	)	$	16.04

Nonvested at March 31, 2011		54,976		$	37.96

Nonvested restricted stock	Number of Restricted Stock			Weighted- Average Grant Date Fair Value

Nonvested at January 1, 2011		46,001		$	29.84
Granted		40,035		$	22.86
Vested		(1,000	)	$	35.01
Forfeited		(7,501	)	$	29.73

Nonvested at March 31, 2011		77,535		$	26.18

During the three months ended March 31, 2011, the range of exercise prices for outstanding options was $1.13 to $60.92. During 2011, the weighted average remaining contractual life of options outstanding will be 4.8 years. Exercise prices for options exercisable as of March 31, 2011 ranged from $1.13 to $60.92. The Company has also granted 378 restricted stock units to its employees at an average price of $25.55, during the first quarter of 2011.

The Company has issued stock options to employees under stock based compensation plans. Stock options are issued at the current market price, subject to a vesting period, which varies from one to three years. As of March 31, 2011, the Company has not changed the terms of any outstanding awards.

During the three months ended March 31, 2011, the Company recognized compensation cost of $0.62 million and a related deferred tax asset of $0.14 million.

As of March 31, 2011, there was $3.0 million of total unrecognized compensation cost related to non-vested stock options, restricted stock units and restricted stock granted under the Plan. The costs are expected to be recognized over period through 2011-2014.

Total cash received from exercise of options during the three months ended March 31, 2011 amounted to $0.07 million.

For the three month period ended March 31, 2011, the compensation expense related to all options was calculated based on the fair value of each option grant using a binomial distribution model. The Company has never paid cash dividends and does not currently have plans to pay cash dividends, and thus has assumed a 0% dividend yield. Expected volatilities are based on an average of implied and historical volatility projected over the remaining term of the options. The expected life of stock options is estimated based on historical data on exercise of stock options, post-vesting forfeitures and other factors to estimate the expected term of the stock options granted. The risk-free interest rates are derived from the U.S. Treasury yield curve in effect on the date of grant for instruments with a remaining term similar to the expected life of the options. In addition, the Company applies an expected forfeiture rate when amortizing stock-based compensation expenses. The estimate of the forfeiture rates is based primarily upon historical experience of employee turnover. As individual grant awards become fully vested, stock-based compensation expense is adjusted to recognize actual forfeitures. The following weighted-average assumptions were used in the calculation of fair value:


	Three months ended March 31,
	2011		2010
Fair Value	$	8.79	$	12.57
Dividend Yield		0%		0%
Expected Volatility		63.0%		68.2%
Weighted Average Volatility		63.0%		68.2%
Risk Free Interest Rate		0.3%		0.3% - 0.5%
Expected Life of Options from Grant		3.2		3.2

18.

COMMITMENTS AND CONTINGENT LIABILITIES

The Company is involved in litigation from time to time and has claims against it in connection with matters arising in the ordinary course of business. In the opinion of management, the outcome of these proceedings will not have a material adverse effect on the Company’s operations.

The Polmos Bialystok Acquisition

As part of the Share Purchase Agreement related to the October 2005 Polmos Bialystok Acquisition, the Company is required to ensure that Polmos Bialystok will make investments of at least 77.5 million Polish zloty (approximately $27.5 million) during the six years after the acquisition was consummated. As of March 31, 2011, the Company had invested 76.5 million Polish zloty (approximately $27.1 million) in Polmos Bialystok.

Supply Contracts

The Company has various agreements covering its sources of supply, which, in some cases, may be terminated by either party on relatively short notice. Thus, there is a risk that a portion of the Company’s supply of products could be curtailed at any time.

19.

SUBSEQUENT EVENTS

On April 21, 2011, the Company entered into an amended set of terms for the Credit Facility. As part of the amendment, on April 22, 2011, the Company repaid the remaining PLN 122.5 million ($44.3 million) term facility while at the same time retaining the PLN 120 million ($43.4 million) overdraft facility which is currently not utilized. The overdraft facility will not contain either the Consolidated Coverage Ratio or the Net Leverage Ratio previously required under the Credit Facility. Furthermore, the Company has no covenant compliance obligations at March 31, 2011 related to the Credit Facility. In addition to the elimination of covenants, the revised terms of the overdraft facility provide for an initial 100 basis point reduction in the margin charged to the Company, with further reductions coming over the next nine months, and the maximum amount available for borrowing under the overdraft facility will be reduced over the course of the next nine months as well.

20.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

There were no new accounting pronouncements adopted during the three months ended March 31, 2011 that had a material impact on our condensed consolidated financial statements.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following analysis should be read in conjunction with the Consolidated Condensed Financial Statements and the notes thereto appearing elsewhere in this report.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Regarding Forward-Looking Information.

This report contains forward-looking statements, which provide our current expectations or forecasts of future events. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative, or other variations or comparable terminology, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include, without limitation:

•

information concerning possible or assumed future results of operations, trends in financial results and business plans, including those relating to earnings growth and revenue growth, liquidity, prospects, strategies and the industry in which the Company and its subsidiaries operate;

•

statements about the level of our costs and operating expenses relative to the Company revenues, and about the expected composition of the Company’s revenues;

•

statements about consummation, financing, results and integration of the Company’s acquisitions, including future acquisitions the Company may make;

•

information about the impact of Polish and/or Russian regulations on the Company business;

•

statements about local and global credit markets, currency exchange rates and economic conditions;

•

other statements about the Company’s plans, objectives, expectations and intentions; and

•

other statements that are not historical facts.

By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, the development of the industry in which we operate, and the effects of acquisitions on us may differ materially from those anticipated in or suggested by the forward-looking statements contained in this report. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods.

We urge you to read and carefully consider the items of the other reports that we have filed with or furnished to the SEC for a more complete discussion of the factors and risks that could affect us and our future performance and the industry in which we operate, including the risk factors described in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2011. In light of these risks, uncertainties and assumptions, the forward-looking events described in this report may not occur as described, or at all.

You should not unduly rely on these forward-looking statements, because they reflect our judgment only as of the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect circumstances or events after the date of this report, or to reflect on the occurrence of unanticipated events. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.

The following discussion and analysis provides information which management believes is relevant to the reader’s assessment and understanding of the Company’s results of operations and financial condition and should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto found elsewhere in this report.

Overview

The Company is one of the world’s largest vodka producers and Central and Eastern Europe’s largest integrated spirit beverages business with its primary operations in Poland, Russia and Hungary. During the first quarter of 2011, the Company continued its strategy of integrating the business in Russia with the buyout of the remaining stake in Whitehall thereby taking the full economic and controlling ownership of the business. In addition the Company continued to focus on growing sales volumes in its key markets of Poland and Russia. Overall, both the Polish and Russian vodka markets continued to see an overall market decline, however in Poland the Company was able to see year on year volume growth of 8% even in this down market, primarily due to the continued success of its recently launched Zubrowka Biala brand. Russia volumes were down which was in addition to the drop in the overall vodka market as the majority of the Company’s wholesale customers began to reduce their inventory levels in preparation for the overall industry relicensing that is affecting almost all producers and wholesalers. Finally spirit, which is the main ingredient in vodka production, continued to see the high levels from 2010 continue into the first quarter, which together with higher levels of market investment resulted in a contraction of gross margins as compared to the prior year.

Significant factors affecting our consolidated results of operations

Effect of Acquisitions of Whitehall

As disclosed in prior filings, on May 23, 2008, the Company and certain of its affiliates entered into, and closed upon, a Share Sale and Purchase Agreement and certain other agreements whereby the Company acquired shares representing 50% minus one vote of the voting power, and 80% of the economic interests in Whitehall.

On February 7, 2011, the Company entered into a definitive Share Sale and Purchase Agreement and registration rights agreement, in accordance with the terms that were agreed by the parties on November 29, 2010, and disclosed in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 29, 2010. Pursuant to these agreements, among other things and upon the terms and subject to the conditions contained therein, we received 20% of the economic and 51% of the voting interest in Whitehall previously not owned by us (currently the Company has full voting and economic ownership), as well as, the global intellectual property rights for the Kauffman Vodka brand. In exchange we paid total consideration of $92.9 million including $17.5 million for the intellectual property rights for the Kauffman Vodka brand. For further details on the whole structure of this acquisition please refer to Note 3 of the accompanying consolidated condensed financial statements attached herein.

As a result of this transaction, the Company acquired 100% of the voting and economic interest in the Whitehall Group and changed the accounting treatment for our interest in Whitehall from the equity method of accounting to consolidation starting from February 7, 2011.

Effect of Exchange Rate and Interest Rate Fluctuations

Substantially all of Company’s operating cash flows and assets are denominated in Polish zloty, Russian ruble and Hungarian forint. This means that the Company is exposed to translation movements both on its balance sheet and statement of operations. The impact on working capital items is demonstrated on the cash flow statement as the movement in exchange on cash and cash equivalents. The impact on the statement of operations is by the movement of the average exchange rate used to restate the statements of operations from Polish zloty, Russian ruble and Hungarian forint to U.S. dollars. The amounts shown as exchange rate gains or losses on the face of the statements of operations relate to unrealized and realized gains or losses on transactions that are not denominated in Polish zloty, Russian ruble or Hungarian forint.

Because the Company’s reporting currency is the U.S. dollar, the translation effects of fluctuations in the exchange rate of our functional currencies have impacted the Company’s financial condition and results of operations and have affected the comparability of our results between financial periods.

The Company also has borrowings including its Convertible Notes due 2013 and Senior Secured Notes due 2016 that are denominated in U.S. dollars and euros, which have been lent to its operations where the functional currency is the Polish zloty and the Russian ruble. The effect of having debt denominated in currencies other than the Company’s functional currencies is to increase or decrease the value of the Company’s liabilities on that debt in terms of the Company’s functional currencies when those functional currencies depreciate or appreciate in value, respectively. As a result of this, the Company is exposed to gains and losses on the re-measurement of these liabilities. The table below summarizes the pre-tax impact of a one percent movement in each of the exchange rate which could result in a significant impact in the results of the Company’s operations.


Exchange Rate	Value of notional amount	Pre-tax impact of a 1% movement in exchange rate
USD-Polish zloty	$426 million	$4.3 million gain/loss
USD-Russian ruble	$264 million	$2.6 million gain/loss
EUR-Polish zloty	€430 million or approximately $612 million	$6.1 million gain/loss

Results of Operations:

Three months ended March 31, 2011 compared to three months ended March 31, 2010

A summary of the Company’s operating performance (expressed in thousands except per share amounts) is presented below.


	Three months ended March 31,
	2011			2010
Sales	$	336,139		$	330,894
Excise taxes		(179,428	)		(181,088	)
Net sales		156,711			149,806
Cost of goods sold		97,374			75,674

Gross profit		59,337			74,132

Operating expenses		57,877			48,878
Gain on remeasurement of previously held equity interests		(7,898	)		0

Operating income		9,358			25,254

Non operating income / (expense), net
Interest expense, net		(26,852	)		(25,676	)
Other financial income, net		31,046			34,912
Other non operating expenses, net		(976	)		(17,990	)

Income before taxes and equity in net income from unconsolidated investments		12,576			16,500

Income tax expense		(2,641	)		(3,170	)
Equity in net losses of affiliates		(8,814	)		(1,821	)

Income from continuing operations		1,121			11,509

Discontinued operations
Loss from operations of distribution business (including impairment charge of $28.2 million)		0			(34,722	)
Income tax expense		0			(151	)

Loss on discontinued operations		0			(34,873	)

Net income / (loss)	$	1,121		$	(23,364	)

Income from continuing operations per share of common stock, basic	$	0.02		$	0.17
Income / (loss) from discontinued operations per share of common stock, basic	$	0.00		($	0.50	)
Net income / (loss) from operations per share of common stock, basic	$	0.02		($	0.34	)

Income from continuing operations per share of common stock, diluted	$	0.02		$	0.17
Income / (loss) from discontinued operations per share of common stock, diluted	$	0.00		($	0.50	)
Net income / (loss) from operations per share of common stock, diluted	$	0.02		($	0.34	)

Net Sales

Net sales represent total sales net of all customer rebates, excise tax on production and exclusive imports and value added tax. Total net sales increased by approximately 4.6%, or $6.9 million, from $149.8 million for the three months ended March 31, 2010 to $156.7 million for the three months ended March 31, 2011. The increase was driven primarily by the consolidation of Whitehall during February and March in 2011, as it was not consolidated in the first quarter of 2010, resulting in an increase of $25.0 million. This increase was offset by reduction of sales value in each of our markets further discussed below. Our business split by segment, which represents our primary geographic locations of operations, Poland, Russia and Hungary, is shown below:


	Segment Net Sales Three months ended March 31,
	2011		2010
Segment
Poland	$	45,895	$	48,438
Russia		105,658		95,328
Hungary		5,158		6,040

Total Net Sales	$	156,711	$	149,806

Sales for Poland decreased by $2.5 million from $48.4 million for the three months ended March 31, 2010 to $45.9 million for the three months ended March 31, 2011. This decrease was driven mainly by higher market investment of $3.3 million and sales mix of $1.4 million which was partially offset by higher volumes in 2011 amounting to $2.2 million. Sales volume for Poland increased by 8% driven primarily by the success of the newly product, Zubrowka Biala (White Zubrowka) which has been very positively received by the market, resulting in a March 2011 market share of 4.8% in volume following its initial launch in November 2010. Additionally the vodka market in Poland was impacted by the timing of Easter which occurred later in the year in 2011, thus shifting some sales from the 1^st quarter to the 2^nd quarter 2011.

Sales for Russia increased by $10.4 million from $95.3 million for the three months ended March 31, 2010 to $105.7 million for the three months ended March 31, 2011. Included in the sales growth was a sales increase of $25 million from the consolidation of Whitehall into sales starting from February 2011. Offsetting this was lower local currency sales. On a local currency basis, overall organic sales declined by approximately 19% which was due to a volume drop of approximately 16%, which includes the impact of the destocking in the market by wholesalers and a 3% decrease due to suspended production and sales in Bravo resulting from its production license not being timely renewed. In early April Bravo received its production license and normal sales continued again from this point. Offsetting these losses was a net increase of $1.5 million which is a combination of higher sales price due to price increases partially reduced by increased market investment during the quarter. The local currency sales reduction was partially offset by a strengthening of the Russian ruble against the U.S. dollar which accounted for approximately $2.0 of sales in U.S. dollar terms.

Sales for Hungary decreased by $0.8 million from $6.0 million for the three months ended March 31, 2010 to $5.2 million for the three months ended March 31, 2011 which results in a $0.7 million decrease in volumes on local currency terms as well as a decrease resulting from weakening of the Hungarian forint against the U.S. dollar which accounted for approximately $0.1 of sales in U.S. dollar terms.

Gross Profit

Total gross profit decreased by approximately 20.0%, or $14.8 million, to $59.3 million for the three months ended March 31, 2011, from $74.1 million for the three months ended March 31, 2010, reflecting the decrease in gross profit margins percentage in the three months ended March 31, 2011.

Gross profit margins as a percentage of net sales declined by 11.6 percentage points from 49.5% to 37.9% for the three months ended March 31, 2011 as compared to the three months ended March 31, 2010. This decline was primarily driven by the factors noted above, namely higher market investments in both Poland and Russia as well as higher spirit pricing in both markets. The overall impact of higher cost of goods which includes the higher spirit pricing resulted in a $5.0 million impact on gross margins for three months ended March 31, 2011 compared to the same period in 2010.

Operating Expenses

Operating expenses consist of selling, general and administrative, or “S,G&A” expenses, advertising expenses, non-production depreciation and amortization, and provision for bad debts. Total operating expenses increased by approximately 2.2%, or $1.1 million, from $48.9 million for the three months ended March 31, 2010 to $50.0 million for the three months ended March 31, 2011. This change includes a one-time gain in the three month period ended March 31, 2011, amounting to $7.9 million in operating income based on the remeasurement of previously held equity interests in Whitehall to fair value. For comparability of costs between periods, items of operating expenses after excluding this fair value adjustment are shown separately in the table below. Items of operating expenses as a percent of net sales increased from 32.6% for the three months ended March 31, 2010 to 37.0% for the three months ended March 31, 2011. Operating expenses net of fair value adjustments increased by $9.0 million, from $48.9 million for the three months ended March 31, 2010 to $57.9 million for the three months ended March 31, 2011. The increase resulted primarily from the consolidation of the results of Whitehall giving additional $ 6.8 million of costs as well as severance costs in Russia of $1.4 million. Additionally the remaining part of the increase is due to strengthening of the Russian ruble against the U.S. dollar which accounted for approximately $0.8 of sales in U.S. dollar terms.

The table below sets forth the items of operating expenses.


	Operating Expenses Three Months Ended March 31,
	2011			2010
	($ in thousands)
S,G&A	$	49,076		$	41,813
Marketing		5,950			4,776
Depreciation and amortization		2,851			2,289

Sub-Total		57,877			48,878
Fair value adjustments		(7,898	)		0

Total operating expense	$	49,979		$	48,878

S,G&A consists of salaries, warehousing and transportation costs, administrative expenses and bad debt expense. S,G&A expenses increased by $7.3 million, from $41.8 million for the three months ended March 31, 2010 to $49.1 million for the three months ended March 31, 2011.

Depreciation and amortization increased by $0.6 million, from $2.3 million for the three months ended March 31,2010 to $2.9 million for the three months ended March 31, 2011.

Operating Income

Total operating income decreased by approximately 62.8%, or $15.9 million, from $25.3 million for the three months ended March 31, 2010 to $9.4 million for the three months ended March 31, 2011, primarily driven by lower sales value in Poland and Russia. The table below summarizes the segmental split of operating profit. However, excluding the impact of fair value adjustments incurred in 2011, the underlying operating profit went down from $25.3 million to $1.5 million. Fair value adjustments recorded in 2011 include a one-time gain on the re-measurement of previously held equity interests in Whitehall at the time of consolidation of $7.9 million.


	Operating Income Three months ended March 31,
	2011			2010
Segment
Poland before fair value adjustments		3,369			10,040
Gain in remeasurement of previously held equity interests		7,898			0

Poland after fair value adjustments		11,267			10,040
Russia		(634	)		16,167
Hungary		661			1,077
Corporate Overhead
General corporate overhead		(1,243	)		(1,171	)
Option Expense		(693	)		(859	)

Total Operating Income	$	9,358		$	25,254

Underlying operating income in Poland excluding fair value adjustments decreased by approximately 66.0%, or $6.6 million, from $10.0 million for the three months ended March 31, 2010 to $3.4 million for the three months ended March 31, 2011. The operating income in Russia decreased by $16.8 million from income of $16.2 million for the three months ended March 31, 2010 to a loss of $0.6 million for the three months ended March 31, 2011. The changes in operating income in both of these segments were driven by all of the factors described above.

Non Operating Income and Expenses

Total interest expense increased by approximately 4.7%, or $1.2 million, from $25.7 million for the three months ended March 31, 2010 to $26.9 million for the three months ended March 31, 2011. This increase is mainly a result of the strong euro as compared to the U.S. dollar, as a significant portion of the long-term borrowings are denominated in euro’s.

The Company recognized $31.0 million of unrealized foreign exchange rate gains in the three months ended March 31, 2011, primarily related to the impact of movements in exchange rates on our U.S. dollar and euro denominated liabilities, as compared to $34.9 million of gains in the three months ended March 31, 2010. These gains resulted mainly from the appreciation of the Polish zloty and Russian ruble against the U.S. dollar and euro.

Total other non operating expenses decreased by $17.0 million, from $18.0 million for the three months ended March 31, 2010 to $1.0 million for the three months ended March 31, 2011. This decrease is mainly a result of the one-time charge of $14.1 million related to the early call premium when the Senior Secured Notes due 2012 were repaid early in January 2010. Further increase was due to the write-off of the unamortized offering costs related to the Senior Secured Notes due 2012. The table below summarizes the split of other non operating expenses.


	Three months ended March 31, 2011,
	2011			2010
Early redemption call premium	$	0		($	14,115	)
Write-off of unamortized offering costs		0			(4,076	)
Other gains / (losses)		(976	)		201

Total other non operating income / (expense), net	($	976	)	($	17,990	)

Income Tax

Our effective tax rate for the three months ended March 31, 2011 was 21.0%, which is driven by the blended statutory tax rate of 19% in Poland and 20% in Russia. Although the statutory rate in Russia is 20%, due to deductibility limits on certain expenses the actual effective tax rate in Russia is closer to 23%.

Equity in Net Earnings

Equity in net losses for the three months ended March 31, 2011 include the Company’s proportional share of net income from its investment in the MH Joint Venture for the period from January 1, 2011 to March 30, 2011 and Whitehall for the period from January 1, 2011 to February 7, 2011.

Statement of Liquidity and Capital Resources

During the periods under review, the Company’s primary sources of liquidity were cash flows generated from operations, credit facilities, equity offerings, the Convertible Senior Notes offering, Senior Secured Notes due 2016, offerings and proceeds from exercised options. The Company’s primary uses of cash were to fund its working capital requirements, service indebtedness, finance capital expenditures and fund acquisitions. The following table sets forth selected information concerning the Company’s consolidated cash flow during the periods indicated.


	Three months ended March 31, 2011			Three months ended March 31, 2010
	($ in thousands)
Cash flow from operating activities	$	84,389		$	33,271
Cash flow from investing activities	$	(41,453	)	$	338,149
Cash flow from financing activities	$	(4,140	)	$	(348,766	)

Management views and performs analysis of financial and non financial performance indicators of the business by segments that are split by countries. The extensive analysis of such indicators as sales value in local currencies, gross margin and operating expenses by segment is included in the MD&A section of the Form 10-Q.

Net cash flow from operating activities

Net cash flow from operating activities represents net cash from operations and interest. Overall cash flow from operating activities increased from cash generation of $33.3 million for the three months ended March 31, 2010 to cash generation of $84.4 million for the three months ended March 31, 2011. The primary factors contributing to this higher cash generation in 2011 are due to higher accounts receivables collection in 2011, which was supported by non-recourse factoring of receivables in Poland which generated approximately $38.9 million of additional cash flow for the quarter. The Company viewed factoring as a cost effective manner to improve cash flow and utilize cash to pay down other short term bank facilities as was done in April, 2011. In addition the 2010 cash flows were negatively impacted by one off cash outflows incurred in 2010 which include accrued interest of $12 million paid when the Senior Secured Notes due 2012 were repaid in January, 2010 and a $20 million cash bonus paid to certain members of the current and former management team at the Lion/Russian Alcohol Group which were due to be paid upon a change of control to CEDC. Due to the timing of the repayment of the Senior Secured Notes due 2012, in effect, the Company incurred a double cash charge of interest during this period.

Overall working capital movements of accounts receivable, inventory and accounts payable provided approximately $104.2 million of cash during the three months ended March 31, 2011. Days sales outstanding (“DSO”) as of March 31, 2011 amounted to 62 days. The number of days in inventory as of March 31, 2011amounted to 127 days. In addition, the ratio of our current assets to current liabilities, net of inventories, amounted to 1.74 as of March 31, 2011

Net cash flow used in investing activities

Net cash flows used in investing activities represent net cash used to acquire subsidiaries and fixed assets. Net cash outflows for the three months ended March 31, 2011 was $41.5 million. This outflow primarily represents the cash obligations paid as a result of the acquisition of Whitehall completed in February 2011, of $36.1 million, net of cash acquired on consolidation, payment for the acquisition of the Kauffman Vodka trademark of $17.5 million, payment of the remaining part of deferred consideration for Russian Alcohol Group of $5 million offset with the proceeds received from disposal of the Moet Hennessy Joint Venture of $17.7 million.

Net cash flow from financing activities

Net cash flow from financing activities represents cash used for servicing indebtedness, borrowings under credit facilities and cash inflows from private placements and exercise of options. Net cash used in financing activities was $4.1 million for the three months ended March 31, 2011 as compared to an outflow of $348.8 million for the three months ended March 31, 2010. The primary uses in the three months ended March 31, 2011 were repayment of loans by the Company.

The Company’s Future Liquidity and Capital Resources

The Company’s primary uses of cash in the future will be to fund its working capital requirements, service indebtedness, finance capital expenditures and fund acquisitions. The Company expects to fund these requirements in the future with cash flows from its operating activities, cash on hand, the financing arrangements described below, and other arrangements we may enter into from time to time.

Financing Arrangements

The Company has sufficient liquidity to fund its operations in the future.

Existing Credit Facilities

On December 17, 2010, the Company entered into a term and overdraft facilities Agreement (the “Credit Facility”) with Bank Handlowy w Warszawie S.A., as Agent, Original Lender and Security Agent, and Bank Zachodni WBK S.A., as Original Lender. The Credit Facility provides for a credit limit of up to 330.0 million Polish zloty (or approximately $ 111.5 million) which may be disbursed as one term loan and two overdraft facilities to be used to (i) refinance existing credit facilities and (ii) finance general business purposes of the borrowers. On December 20, 2010, the Company drew approximately 130.0 million Polish zloty (or approximately $43.9 million), and used the net proceeds to repay previous loan facilities with other lenders.

On February 28, 2011, the Company, entered into a letter agreement with Bank Handlowy and WBK pursuant to which and subject to the terms and conditions contained therein, the parties agreed, to waive any breach of the Consolidated Coverage Ratio covenant and the Net Leverage Ratio covenant relating to the Calculation Period ending on December 31, 2010 and amended these ratios for purposes of the Calculation Period ending on March 31, 2011 to 1.28:1 and 8.35:1, respectively. As a result of the Letter Agreement, our failure to comply with the Consolidated Coverage Ratio covenant and the Net Leverage Ratio covenant as of December 31, 2010 did not result in a default under the Credit Facility. In connection with this agreement, the Company agreed to pay a one-time waiver fee of PLN 3.3 million (approximately $1.15 million). In addition, the Company agreed with its lenders that the amount available under the overdraft facilities included in the Credit Facility is reduced to PLN 120 million (approximately $41.6 million) and the margins on term loan and overdraft facilities will be increased (with effect from March 1, 2011) to 4.25% and 3.25%, respectively, and the margin on letters of credit issued thereunder will be increased to 2.50%.

On April 21, 2011, the Company signed and agreed an amended set of terms for the Credit Facility. As part of the amendment, on April 22, 2011, the Company repaid the remaining 122.5 million Polish zlotys ($44.3 million) term facility while at the same time retaining the 120 million Polish zlotys ($43.4 million) overdraft facility which is currently not utilized. The overdraft facility going forward does not contain either the Consolidated Coverage Ratio or the Net Leverage Ratio previously required under the Credit Facility. In addition to the elimination of covenants, the revised terms of the overdraft facility provide for an initial 100 basis point reduction in the margin charged to the Company, with further reductions coming over the next nine months, and the maximum amount available for borrowing under the overdraft facility will be reduced to 30 million Polish zlotys ($10.6 million) over the course of the next nine months as well.

Convertible Senior Notes due 2013

On March 7, 2008, the Company completed the issuance of $310 million aggregate principal amount of 3% Convertible Senior Notes due 2013 (the “Convertible Notes”). Interest is due semi-annually on the 15th of March and September, beginning on September 15, 2008. The Convertible Senior Notes are convertible in certain circumstances into cash and, if applicable, shares of our common stock, based on an initial conversion rate of 14.7113 shares per $1,000 principal amount, subject to certain adjustments. Upon conversion of the notes, the Company will deliver cash up to the aggregate principal amount of the notes to be converted and, at the election of the Company, cash and/or shares of common stock in respect to the remainder, if any, of the conversion obligation. The proceeds from the Convertible Notes were used to fund the cash portions of the acquisition of Copecresto Enterprises Limited and Whitehall.

Senior Secured Notes due 2016

On December 2, 2009, the Company issued $380 million 9.125% Senior Secured Notes due 2016 and €380 million 8.875% Senior Secured Notes due 2016 (the “2016 Notes”) in an unregistered offering to institutional investors. The Company used a portion of the net proceeds from the 2016 Notes to redeem the Company’s outstanding 2012 Notes, having an aggregate principal amount of €245,440,000 on January 4, 2010. The remainder of the net proceeds from the 2016 Notes was used to (i) purchase Lion Capital’s remaining equity interest in Russian Alcohol by exercising the Lion Option and the Co-Investor Option, pursuant to the terms and conditions of the Lion Option Agreement and the Co-Investor Option Agreement, respectively (ii) repay all amounts outstanding under Russian Alcohol credit facilities; and (iii) repay certain other indebtedness.

On December 9, 2010 the Company issued additional €50 million 8.875% Senior Secured Notes due 2016 (the “2016 Notes”) in an unregistered offering to institutional investors. The Company used the net proceeds from the additional 2016 Notes to repay its term loans and overdraft facilities with Bank Handlowy w Warszawie S.A and Bank Zachodni WBK S.A.

Equity Issuances

On February 7, 2011, the Company entered into a definitive Share Sale and Purchase Agreement for acquisition of the remainder of the economic and voting interests in Whitehall not owned by the Company as well as the global intellectual property rights for the Kauffman Vodka brand. In exchange we paid an aggregate of $68.5 million in cash and issued 959,245 shares of the Company’s common stock, par value $0.01 per share. The issued shares had an aggregate value of $22.1 million based on the price of a share of our common stock on the closing. In addition, as the aggregate value of such shares (based on the lower of the trading price of a share of our common stock or the 10 day volume weighted average price) was less than $23.0 million on the day prior to filing a registration statement for resale of the shares or the day shares are sold under Rule 144 of the Securities Act, on March 22, 2011, the Company issued to Mark Kaufman 938,501 shares (the “Additional Share Consideration”) of common stock of the Company in satisfaction of the Company’s share price protection guarantees.

Effects of Inflation and Foreign Currency Movements

Inflation in Poland is projected at 3.6% for 2011, compared to actual inflation of 3.1% in 2010. In Russia and Hungary respectively, the projected inflation for 2011 is at 9.1% and 4.0%, compared to actual inflation of 8.8% and 4.7% in 2010.

Substantially all of the Company’s operating cash flows and assets are denominated in Polish zloty, Russian ruble and Hungarian forint. This means that the Company is exposed to translation movements both on its balance sheet and statement of operations. The impact on working capital items is demonstrated on the cash flow statement as the movement in exchange on cash and cash equivalents. The impact on the statement of operations is by the movement of the average exchange rate used to restate the statement of operations from Polish zloty, Russian ruble and Hungarian forint to U.S. dollars. The amounts shown as exchange rate gains or losses on the face of the statements of operations relate to unrealized and realized gains or losses on transactions that are not denominated in Polish zloty, Russian ruble or Hungarian forint.

The Company has borrowings including its Convertible Notes due 2013 and Senior Secured Notes due 2016 that are denominated in U.S. dollars and euros, which have been lent to its operations where the functional currency is the Polish zloty and Russian ruble. The effect of having debt denominated in currencies other than the Company’s functional currencies is to increase or decrease the value of the Company’s liabilities on that debt in terms of the Company’s functional currencies when those functional currencies depreciate or appreciate in value respectively. As a result of this, the Company is exposed to gains and losses on the re-measurement of these liabilities. The table below summarizes the pre-tax impact of a one percent movement in each of the exchange rate which could result in a significant impact in the results of the Company’s operations.


Exchange Rate	Value of notional amount	Pre-tax impact of a 1% movement in exchange rate
USD-Polish zloty	$426 million	$4.3 million gain/loss
USD-Russian ruble	$264 million	$2.6 million gain/loss
EUR-Polish zloty	€430 million or approximately $612 million	$6.1 million gain/loss

Critical Accounting Policies and Estimates

General

The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of net sales, expenses, assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions and conditions.

Revenue Recognition

Revenues of the Company include sales of its own produced spirit brands and imported wine, beer and spirit brands, the sale of each of these revenues streams are all processed and accounted for in the same manner. For all of its sources of revenue, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of product has occurred, the sales price charged is fixed or determinable and collectability is reasonably assured. This generally means that revenue is recognized when title to the products are transferred to our customers. In particular, title usually transfers upon shipment to or receipt at our customers’ locations, as determined by the specific sales terms of the transactions.

Sales are stated net of sales tax (VAT) and reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional listing fees and advertising allowances, cash discounts and rebates. Net sales revenue includes excise tax except in the case where the sales are made from the production unit or related to imported goods, in which case it is recorded net of excise tax.

Goodwill and Intangibles

Under ASC Topic 805 and ASC Topic 350, goodwill and certain intangible assets having indefinite lives are not subject to amortization. Their book values are tested annually for impairment, or more frequently, if facts and circumstances indicate the need. Fair value measurement techniques, such as the discounted cash flow methodology, are utilized to assess potential impairments. The testing is performed at asset group level for intangibles and reporting unit level for goodwill. In the discounted cash flow method, the Company discounts forecasted performance plans to their present value. The discount rate utilized is the weighted average cost of capital for the reporting unit. US GAAP requires the impairment test to be performed in two stages. If the first stage does not indicate that the carrying values of the reporting units exceed the fair values, the second stage is not required. When the first stage indicates potential impairment, the company has to complete the second stage of the impairment test and compare the implied fair value of the reporting units’ goodwill to the corresponding carrying value of goodwill.

In estimating fair value, management must make assumptions and projections regarding such items as future cash flows, future revenues, future earnings, and other factors. The assumptions used in the estimate of fair value are generally consistent with the past performance of each reporting unit and are also consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change as a result of changing economic and competitive conditions. If these estimates or their related assumptions change in the future, the Company may be required to record an impairment loss for the reporting group. The fair values calculated have been adjusted where applicable to reflect the tax impact upon disposal of the reporting group.

In connection with the Bols, Polmos Bialystok, Parliament and Russian Alcohol acquisitions, the Company has acquired trademark rights to various brands, which were capitalized as part of the purchase price allocation process. As these brands are well established they have been assessed to have an indefinite life. These trademarks rights will not be amortized; however, management assesses them at least once a year for impairment. As of March 31, 2011 there were no impairment indicators identified that would trigger the need for an impairment test.

As of March 31, 2011, we had approximately $1,832.9 million of goodwill and $684.8 million of intangible assets, net, on our balance sheet. Substantially all of our intangible assets comprise trademark rights to various brands, which were capitalized as part of the purchase price allocation process in connection with our acquisitions of Bols, Polmos Bialystok, Parliament and Russian Alcohol and Whitehall.

Post 2010 earnings release, the market value of the shares in CEDC dropped significantly, therefore the Company considered the significant decrease in market value to be a triggering event of potential goodwill impairment. The Company performed impairment testing at March 31, 2011 and believes that the assumptions in the business model at March 31, 2011 are the same as they were at year-end. The Company’s lower sales in the three months ended March 31, 2011, due to seasonality of the business, are not indicative or representative to support a change in these assumptions. Furthermore, there were no significant events in the three months ended March 31, 2011 to trigger a change in assumptions.

As part of the Q1 2011 close, the Company reviewed and compared the Q1 actual performance to budgeted plan, as well as, other assumptions used at December 31, 2010 for the impairment testing and came to the conclusion that there was no fundamental change required in the assumptions originally used, thus no change from the earlier results of impairment testing.

As of March 31, 2011 and in order to support the value of goodwill, the Company calculated the fair value of the reporting units using a discount cash flow approach based on the following assumptions:

•

Risk free rates for Poland, Russia and Hungary used for calculation of discount rate were based upon current market rates of long term (30 years) Polish Government Bonds rates, long-term Russian Government Bonds rates and long term Hungarian Government Bonds. When estimating discount rates to be used for the calculation we have taken into account current market conditions in Poland, Russia and Hungary separately. As a result of our assumptions and calculations, we have determined discount rates of 9.35%, 11.13% and 10.53% for Poland, Russia and Hungary, respectively. Factoring in a deviation of 10 basis points for the discount rate as compared to management’s estimate, there would still be no need for an impairment charge against goodwill.

•

We have identified the following reporting units and tested their fair value : Poland Vodka Production, Poland Import, Hungary Distribution, Russia Vodka Production (including Parliament and Russian Alcohol) and Whitehall.

•

We estimated the growth rates in projecting cash flows for each of our reporting units separately, based on a detailed five year plan related to each reporting unit.

•

We estimated the terminal value growth rates for goodwill from 2.6% to 3.5% individually for each of the reporting group. Factoring in a deviation of 10 basis points for the terminal value growth rate as compared to management’s estimate, there would still be no need for an impairment charge against goodwill.

Taking into account estimations supporting our calculations under current market trends and conditions we believe that no goodwill impairment charge is considered necessary as of March 31, 2011.

Accounting for Business Combinations

The acquisition of businesses is an important element of the Company’s strategy. Acquisitions made prior to December 31, 2008 were accounted for in accordance with SFAS No. 141, “Business Combinations” (“SFAS 141”). Effective January 1, 2009, all business combinations will be accounted for in accordance with ASC Topic 805 “Business Combinations”.

We account for our acquisitions under the requirements of ASC 805, Business Combinations, and allocate the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The determination of the values of the assets acquired and liabilities assumed, as well as associated asset useful lives, requires management to make estimates. The Company’s acquisitions typically result in goodwill and other intangible assets; the value and estimated life of those assets may affect the amount of future period amortization expense for intangible assets with finite lives as well as possible impairment charges that may be incurred.

The calculation of purchase price allocation requires judgment on the part of management in determining the valuation of the assets acquired and liabilities assumed.

Whitehall

On February 7, 2011, the Company completed its acquisition of Whitehall. For further details on the whole structure of this acquisition please refer to Note 3 of the accompanying consolidated condensed financial statements attached herein.

Discontinued operations

For the purpose of financial reporting Management analyzed the requirements of U.S. GAAP (mainly ASC 360-10 PP&E and ASC 205-20 Presentation of Financial Statements) and concluded that the Company’s activities meet the required criteria and therefore it is necessary to present its distribution business in Poland, as a component held for sale and as discontinued operations in the three months ended March 31, 2010. For further details on discontinued operations, please refer to Note 4 of the accompanying condensed consolidated financial statements attached herein.

Share Based Payments

Grant-date fair value of stock options is estimated using a lattice-binomial option-pricing model. We recognize compensation cost for awards over the vesting period. The majority of our stock options have a vesting period between one to three years.

See Note 17 to our Condensed Consolidated Financial Statements for more information regarding stock-based compensation.

Recently Issued Accounting Pronouncements

There were no new accounting pronouncements adopted during the three months ended March 31, 2011 that had a material impact on our condensed consolidated financial statements.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our operations are conducted primarily in Poland and Russia and our functional currencies are primarily the Polish zloty, Hungarian forint and Russian ruble and the reporting currency is the U.S. dollar. Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, inventories, bank loans, overdraft facilities and long-term debt. All of the monetary assets represented by these financial instruments are located in Poland, Russia and Hungary. Consequently, they are subject to currency translation movements when reporting in U.S. dollars.

If the U.S. dollar increases in value against the Polish zloty, Russian ruble or Hungarian forint, the value in U.S. dollars of assets, liabilities, revenues and expenses originally recorded in Polish zloty, Russian ruble or Hungarian forint will decrease. Conversely, if the U.S. dollar decreases in value against the Polish zloty, Russian ruble or Hungarian forint, the value in U.S. dollars of assets, liabilities, revenues and expenses originally recorded in Polish zloty, Russian ruble or Hungarian forint will increase. Thus, increases and decreases in the value of the U.S. dollar can have a material impact on the value in U.S. dollars of our non-U.S. dollar assets, liabilities, revenues and expenses, even if the value of these items has not changed in their original currency.

The Company has borrowings including its Convertible Notes due 2013 and Senior Secured Notes 2016 that are denominated in U.S. dollars and euros, which have been lent to its operations where the functional currency is the Polish zloty and Russian ruble. The effect of having debt denominated in currencies other than the Company’s functional currencies is to increase or decrease the value of the Company’s liabilities on that debt in terms of the Company’s functional currencies when those functional currencies depreciate or appreciate in value respectively. As a result of this, the Company is exposed to gains and losses on the re-measurement of these liabilities. The table below summarizes the pre-tax impact of a one percent movement in each of the exchange rate which could result in a significant impact in the results of the Company’s operations.


Exchange Rate	Value of notional amount	Pre-tax impact of a 1% movement in exchange rate
USD-Polish zloty	$426 million	$4.3 million gain/loss
USD-Russian ruble	$264 million	$2.6 million gain/loss
EUR-Polish zloty	€430 million or approximately $612 million	$6.1 million gain/loss

ITEM 4.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures. Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15(d)-15(e) of the Securities Exchange Act of 1934) refer to the controls and other procedures of a company that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Based upon the evaluation of the Company’s disclosure controls and procedures as of the end of the period covered by this report, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective at the reasonable assurance level.

Inherent Limitations in Internal Control over Financial Reporting. The Company’s management, including the Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s disclosure controls and procedures or internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Further, the design of any control system is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of these inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. Accordingly, the Company’s disclosure controls and procedures are designed to provide reasonable assurance that the controls and procedures will meet their objectives.

Changes to Internal Control over Financial Reporting. The Chief Executive Officer and the Chief Financial Officer conclude that, during the most recent fiscal quarter, there have been no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

PART II. OTHER INFORMATION

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

As previously disclosed, on February 7, 2011, the Company, Polmos Bialystok S.A., a wholly-owned subsidiary of the Company, Barclays Wealth Trustees (Jersey) Limited, as trustee of the First National Trust and Mark Kaufman entered into a definitive Share Sale and Purchase Agreement and registration rights agreement. As partial consideration under the Share Sale and Purchase Agreement, the Company issued 959,245 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”). In addition, also as previously disclosed, on March 22, 2011, the Company issued to Mark Kaufman 938,501 shares of Common Stock in satisfaction of the Company’s share price protection guarantees contained in the Share Sale and Purchase Agreement. The Company received no cash proceeds in either issuance and in each case relied on the exemption from the registration requirements of the Securities Act of 1933, as amended, (the “Securities Act”) set forth under Section 4(2) of the Securities Act and Regulation S thereunder.

ITEM 6.

EXHIBITS

(a) Exhibits


Exhibit Number		Exhibit Description

3.1		Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Quarterly Report on Form 10-Q filed with the SEC on May 5, 2010 and incorporated herein by reference).

3.2		Amended and Restated Bylaws (filed as Exhibit 99.3 to the Periodic Report on Form 8-K filed with the SEC on May 3, 2006 and incorporated herein by reference).

10.1		Letter Agreement, dated February 28, 2011, among Central European Distribution Corporation, CEDC International sp. z o.o., Przedsiebiorstwo “Polmos” Bialystok S.A. and PWW sp. z o.o., the additional guarantors party thereto, Bank Handlowy w Warszawie S.A. and Bank Zachodni WBK S.A. (filed as exhibit 10.1 to the Periodic Report on Form 8-K filed with the SEC on February 28, 2011 and incorporation herein by reference.)

10.2		Amendment Agreement to the PLN 330,000,000 Term and Overdraft Facilities Agreement, dated April 21, 2011, among Central European Distribution Corporation, CEDC International sp. z o.o., Przedsiebiorstwo “Polmos” Bialystok S.A., PWW sp. z o.o., Bank Handlowy w Warszawie S.A. and Bank Zachodni WBK S.A. (filed as exhibit 10.1 to the Periodic Report on Form 8-K filed with the SEC on April 27, 2011 and incorporated herein by reference.)

31.1*		Certificate of the CEO pursuant to Rule 13a-15(e) or Rule 15d-15(e).

31.2*		Certificate of the CFO pursuant to Rule 13a-15(e) or Rule 15d-15(e).

32.1*		Certification of the CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of the CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101*		The following financial statements from Central European Distribution Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, filed on May 10, 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows, (iv) Notes to Consolidated Financial Statements, tagged as blocks of text.

*	Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	CENTRAL EUROPEAN DISTRIBUTION CORPORATION (registrant)

Date: May 10, 2011	By:	/s/ William V. Carey
		William V. Carey
		President and Chief Executive Officer

Date: May 10, 2011	By:	/s/ Chris Biedermann
		Chris Biedermann
		Vice President and Chief Financial Officer

EX-31.1 2 dex311.htm SECTION 302 CERTIFICATION OF CEO Section 302 Certification of CEO

Exhibit 31.1

CERTIFICATIONS

I, William V. Carey, certify that:

1. I have reviewed this report on Form 10-Q of Central European Distribution Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 10, 2011

By:		/s/ William V. Carey
		William V. Carey President and Chief Executive Officer (principal executive officer)

EX-31.2 3 dex312.htm SECTION 302 CERTIFICATION OF CFO Section 302 Certification of CFO

Exhibit 31.2

CERTIFICATIONS

I, Chris Biedermann, certify that:

1. I have reviewed this report on Form 10-Q of Central European Distribution Corporation;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 10, 2011

By:		/s/ Chris Biedermann
		Chris Biedermann Vice President and Chief Financial Officer (principal financial officer)

EX-32.1 4 dex321.htm SECTION 906 CERTIFICATION OF CEO Section 906 Certification of CEO

Exhibit 32.1

Written Statement of Chief Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, the Chief Executive Officer of Central European Distribution Corporation (the “Company”), hereby certifies that, to his knowledge on the date hereof:

(a)

the Form 10-Q of the Company for the quarterly period ended March 31, 2011, filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)

information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2011

/s/ William V. Carey

William V. Carey

Chairman, President and Chief Executive Officer

EX-32.2 5 dex322.htm SECTION 906 CERTIFICATION OF CFO Section 906 Certification of CFO

Exhibit 32.2

Written Statement of Chief Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, the Chief Financial Officer of Central European Distribution Corporation (the “Company”), hereby certifies that, to his knowledge on the date hereof:

(a)

(b)

information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2011

/s/ Chris Biedermann

Chris Biedermann

Vice President and Chief Financial Officer

EX-101.INS 6 cedc-20110331.xml XBRL INSTANCE DOCUMENT 0001046880 us-gaap:RetainedEarningsMember 2011-03-31 0001046880 us-gaap:AdditionalPaidInCapitalMember 2011-03-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 2011-03-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeContinuingOperationMember 2011-03-31 0001046880 us-gaap:RetainedEarningsMember 2010-12-31 0001046880 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 2010-12-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeContinuingOperationMember 2010-12-31 0001046880 us-gaap:RetainedEarningsMember 2009-12-31 0001046880 us-gaap:AdditionalPaidInCapitalMember 2009-12-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 2009-12-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeContinuingOperationMember 2009-12-31 0001046880 us-gaap:TreasuryStockMember 2011-03-31 0001046880 us-gaap:CommonStockMember 2011-03-31 0001046880 us-gaap:TreasuryStockMember 2010-12-31 0001046880 us-gaap:CommonStockMember 2010-12-31 0001046880 us-gaap:TreasuryStockMember 2009-12-31 0001046880 us-gaap:CommonStockMember 2009-12-31 0001046880 us-gaap:TreasuryStockMember 2011-01-01 2011-03-31 0001046880 us-gaap:RetainedEarningsMember 2011-01-01 2011-03-31 0001046880 us-gaap:CommonStockMember 2011-01-01 2011-03-31 0001046880 us-gaap:AdditionalPaidInCapitalMember 2011-01-01 2011-03-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 2011-01-01 2011-03-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeContinuingOperationMember 2011-01-01 2011-03-31 0001046880 us-gaap:TreasuryStockMember 2010-01-01 2010-12-31 0001046880 us-gaap:RetainedEarningsMember 2010-01-01 2010-12-31 0001046880 us-gaap:CommonStockMember 2010-01-01 2010-12-31 0001046880 us-gaap:AdditionalPaidInCapitalMember 2010-01-01 2010-12-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 2010-01-01 2010-12-31 0001046880 cedc:AccumulatedOtherComprehensiveIncomeContinuingOperationMember 2010-01-01 2010-12-31 0001046880 2010-01-01 2010-12-31 0001046880 2010-03-31 0001046880 2009-12-31 0001046880 2011-05-06 0001046880 2011-01-01 2011-03-31 0001046880 2010-01-01 2010-03-31 0001046880 2011-03-31 0001046880 2010-12-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD 60224000 197240000 3321000 0 5000000 0 28200000 28200000 34873000 0 -25676000 -26852000 182232000 98525000 <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">16.</td> <td valign="top" align="left">OTHER NON-OPERATING EXPENSE </td></tr></table> For the three months ended March 31, 2011 and 2010, the following items are included in Other Non-Operating Expense:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="79%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Early redemption call premium</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">($</td> <td valign="bottom" align="right">14,115</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Write-off of unamortized offering costs</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,076</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Other gains / (losses)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(976</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">201</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total other non operating expense, net</td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">976</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">($</td> <td valign="bottom" align="right">17,990</td> <td valign="bottom" nowrap="nowrap">) </td></tr></table> Other non-operating items in the three month period ended March 31, 2010 include early redemption call premium as well as write-off of unamortized offering costs both related to the 2012 Senior Secured Notes that were refinanced with the new 2016 Senior Secured Notes in January 2010. </div> 35202000 70415000 2739000 2739000 16656000 16042000 false --12-31 Q1 2011 2011-03-31 10-Q 0001046880 72722628 Large Accelerated Filer CENTRAL EUROPEAN DISTRIBUTION CORP cedc

114958000

80018000

478379000

296513000

5102000

3325000

1343639000

1367509000

8576000

1780000

20357000

34056000

3396182000

3562285000

813278000

763132000

2582904000

2799153000

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">3.</td> <td valign="top" align="left">ACQUISITIONS </td></tr></table> Russian Alcohol Acquisition On February 4, 2011, pursuant to the agreement dated November 9, 2009, with Kylemore International Invest Corporation ("Kylemore"), an indirect minority stockholder of the Russian Alcohol Group ("Russian Alcohol"), the Company paid $5 million as a final settlement related to Russian Alcohol acquisition. Whitehall Group Acquisition On February 7, 2011, the Company entered into a definitive Share Sale and Purchase Agreement and registration rights agreement, in accordance with the terms that were agreed by the parties on November 29, 2010, and disclosed in the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 29, 2010. Pursuant to these agreements, among other things and upon the terms and subject to the conditions contained therein, we received 20% of the economic and 51% of the voting interest in the Whitehall Group ("Whitehall") previously not owned by us (currently the Company has full voting and economic ownership), as well as, the global intellectual property rights for the Kauffman Vodka brand. In exchange we paid total consideration of $92.9 million including $17.5 million for the intellectual property rights for the Kauffman Vodka brand.   The Company recorded contingent consideration representing the fair value of a right given to Mark Kauffman as a share price indemnity until the registration date. The provisional fair value of this contingent consideration was recorded at $1.7 million as of the acquisition date. This consideration was settled in the three month period ended March 31, 2011 through a payment by the Company of $0.7 million cash and the issuance of 938,501 additional shares to Mark Kauffman. As a result of this transaction, the Company acquired full voting and economic control over Whitehall Group and changed the accounting treatment for its interest in Whitehall from the equity method of accounting to consolidation beginning on February 7, 2011. Whitehall is one of the leading importers and distributors of premium wines and spirits in Russia. We believe that this acquisition will give the Company a significant base for further expansion and gaining expected synergies of the combined operations of the Company and Whitehall in the import market in Russia. The goodwill arising out of Whitehall acquisition is attributable to the ability that Whitehall provides us to develop into the leading importer of spirits in the Russian market. At March 31, 2011, the Company accounted for the acquisition of Whitehall on a provisional basis. The Company is in the process of obtaining a third party valuation of contingent consideration and customer relationships. Details of the fair value of consideration transferred are presented in the following table:   <table border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="87%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Cash</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">69,109</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Common stock</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,101</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Contingent consideration</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,723</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total Fair value of consideration transferred </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right"> 92,933</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: value of intellectual property rights to Kauffman Vodka brand</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,473</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total consideration paid for the remaining shares in Whitehall</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 75,460</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> The provisional fair value of the net assets acquired in connection with Whitehall acquisition as of the acquisition date is:   <table border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="86%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> ASSETS</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">Whitehall</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Cash and cash equivalents</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,190</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accounts receivable</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51,263</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Inventories</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,700</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Taxes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">577</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other current assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,916</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Property, plant and equipment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">869</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Intangible assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,723</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Investments</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,871</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total Assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">139,109</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> LIABILITIES</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Trade accounts payable</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">38,887</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Short term borrowings</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,835</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Taxes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,325</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Deferred income taxes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other accrued liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,735</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total Liabilities</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,795</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Net identifiable assets and liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$ </td> <td valign="bottom" align="right"> 56,314</td> <td valign="bottom" nowrap="nowrap">   </td></tr></table> The provisional amount of goodwill recognized at the acquisition date was calculated as follows:   <table border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="87%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Fair value of previously held equity interests</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">250,156</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Consideration paid for the remaining shares in Whitehall</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">75,460</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: Net identifiable assets and liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(56,314</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Goodwill </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">269,302</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   The Company recognized a one-time gain on remeasurement of previously held equity interest in the amount of $7.9 million based on a discounted cash flow model with the following assumptions: (i) discount rate of 11.13%, (ii) terminal value growth rate of 3.5%, (iii) control premium of 10%. We estimated the growth rates in projecting cash flows based on a detailed five year plan. The following table sets forth the unaudited pro forma results of operations of the Company for the three month periods ended March 31, 2011 and 2010. The unaudited pro forma results of operations give effect to the Company's acquisitions as if they occurred on January 1, 2011 and 2010. The unaudited pro forma results of operations are presented after giving effect to certain adjustments for depreciation, amortization of deferred financing costs, interest expense on the acquisition financing, and related income tax effects. The unaudited pro forma results of operations are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma results of operations do not purport to present what the Company's results of operations would actually have been if the aforementioned transactions had in fact occurred on such date or at the beginning of the period indicated, nor do they project the Company's financial position or results of operations at any future date or for any future period.   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="77%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">163,206</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">173,456</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Net income</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">838</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">25,288</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net income per share data:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Basic earnings per share of common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.01</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">0.36</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Diluted earnings per share of common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.01</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">0.36</td> <td valign="bottom" nowrap="nowrap">) </td></tr></table> Kauffman Vodka is one of the leading super-premium vodkas in Russia with a strong presence in top-end restaurants, hotels and key customers. The brand is also exported to high-end customers in over 25 countries The purchase price of intellectual property rights for the Kauffman Vodka brand was treated as a separate element of this transaction and its fair value was allocated based on discounted cash flow model with the following assumptions: (i) discount rate of 11.13%, (ii) terminal value growth rate of 3.0%. We estimated the growth rates in projecting cash flows based on a detailed five year plan. This was treated as a purchase of an intangible asset with an indefinite useful life. The Company considers the Kauffman Vodka brand to have a longstanding market-leader or high brand recognition within the top premium high price market segment in Russia. The Company has a long-term strategy associated to this brand and believes that Kauffmann Vodka has a significant value to the Company's continuing operations in the top premium segment, and as such is an important factor in attracting and retaining customers. Based on the Company's development strategy with respect to the usage of Kauffman Vodka brand it was concluded that it is not planned to discontinue this brand in the foreseeable future. Given the above, we have determined that the Kauffmann Vodka brand will generate cash flows for an indefinite period of time; therefore, we have concluded that the useful life of this band is indefinite. </div>

7898000

758000

838000

1175000

1096000

126439000

148212000

122324000

168112000

21773000

45788000

5654000

328000

-9303000

0.01

120000000

70752670

72716235

708000

727000

75674000

97374000

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">10.</td> <td valign="top" align="left">BORROWINGS </td></tr></table> Bank Facilities On December 17, 2010, the Company entered into a term and overdraft facilities Agreement (the "Credit Facility") with Bank Handlowy w Warszawie S.A. ("Bank Handlowy"), as Agent, Original Lender and Security Agent, and Bank Zachodni WBK S.A. ("WBK"), as Original Lender. The Credit Facility provides for a credit limit of up to 330.0 million Polish zloty (or approximately $ 111.5 million) which may be disbursed as one term loan and two overdraft facilities to be used to (i) refinance existing credit facilities and (ii) finance general business purposes of the borrowers. On December 20, 2010, the Company drew approximately 130.0 million Polish zloty (or approximately $43.9 million), and used the net proceeds to repay previous loan facilities with other lenders. On February 28, 2011 the Company, entered into a letter agreement with Bank Handlowy and WBK pursuant to which and subject to the terms and conditions contained therein, the parties agreed, to waive any breach of the Consolidated Coverage Ratio covenant and the Net Leverage Ratio covenant relating to the Calculation Period ending on December 31, 2010 and amended these ratios for purposes of the Calculation Period ending on March 31, 2011 to 1.28:1 and 8.35:1, respectively. As a result of the Letter Agreement, our failure to comply with the Consolidated Coverage Ratio covenant and the Net Leverage Ratio covenant as of December 31, 2010 did not result in a default under the Credit Facility. In connection with this agreement, the Company agreed to pay a one-time waiver fee of PLN 3.3 million (approximately $1.15 million). In addition, the Company agreed with its lenders that the amount available under the overdraft facilities included in the Credit Facility is reduced to PLN 120 million (approximately $41.6 million) and the margins on term loan and overdraft facilities will be increased (with effect from March 1, 2011) to 4.25% and 3.25%, respectively, and the margin on letters of credit issued thereunder will be increased to 2.50%.   On April 21, 2011, the Company entered into an amended set of terms for the Credit Facility. As part of the amendment, on April 22, 2011, the Company repaid the remaining 122.5 million Polish zlotys ($44.3 million) term facility while at the same time retaining the 120 million Polish zlotys ($43.4 million) overdraft facility which is currently not utilized. The overdraft facility going forward does not contain either the Consolidated Coverage Ratio or the Net Leverage Ratio previously required under the Credit Facility. Furthermore, the Company has no covenant compliance obligations at March 31, 2011 related to the Credit Facility. In addition to the elimination of covenants, the revised terms of the overdraft facility provide for an initial 100 basis point reduction in the margin charged to the Company, with further reductions coming over the next nine months, and the maximum amount available for borrowing under the overdraft facility will be reduced to 30 million Polish zlotys ($10.6 million) over the course of the next nine months as well. As of March 31, 2011, the Company has outstanding liability of $29.2 million from the term loans from Zenit Bank, Alfa Bank and Raiffeisen Bank drawn by Whitehall with renewal dates in the first quarter of 2012. As of March 31, 2011, the Company had available under existing overdraft facilities in Poland approximately $43.4 million from the Credit Facility mentioned above and $17.7 million from Pekao S.A with maturity date on April 30, 2011 available in Poland, as well as approximately $0.5 million available in Hungary and approximately $7.0 million available in Russia. Convertible Senior Notes due 2013 On March 7, 2008, the Company completed the issuance of $310 million aggregate principal amount of 3% Convertible Senior Notes due 2013 (the "Convertible Senior Notes"). Interest is due semi-annually on the 15th of March and September, beginning on September 15, 2008. The Convertible Senior Notes are convertible in certain circumstances into cash and, if applicable, shares of our common stock, based on an initial conversion rate of 14.7113 shares per $1,000 principal amount, subject to certain adjustments. Upon conversion of the notes, the Company will deliver cash up to the aggregate principal amount of the notes to be converted and, at the election of the Company, cash and/or shares of common stock in respect to the remainder, if any, of the conversion obligation. The proceeds from the Convertible Senior Notes were used to fund the cash portions of the acquisition of Copecresto Enterprises Limited and Whitehall. As of March 31, 2011 the Company had accrued interest of $0.4 million related to the Convertible Senior Notes, with the next coupon due for payment on September 15, 2011. Total obligations under the Convertible Senior Notes are shown net of deferred finance costs, amortized over the life of the borrowings using the effective interest rate method as shown in the table below:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Convertible Senior Notes</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">310,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">310,000</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Unamortized debt discount</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,102</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,311</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Debt discount related to Convertible Senior Notes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,514</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8,567</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">300,384</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">299,122</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> Senior Secured Notes due 2016 On December 2, 2009, the Company issued $380 million 9.125% Senior Secured Notes due 2016 and €380 million 8.875% Senior Secured Notes due 2016 (the "2016 Notes") in an unregistered offering to institutional investors. The Company used a portion of the net proceeds from the 2016 Notes to redeem the Company's outstanding 2012 Notes, having an aggregate principal amount of €245.4 million on January 4, 2010. The remainder of the net proceeds from the 2016 Notes was used to (i) purchase Lion Capital's remaining equity interest in Russian Alcohol by exercising the Lion Option and the Co-Investor Option, pursuant to the terms and conditions of the Lion Option Agreement and the Co-Investor Option Agreement, respectively (ii) repay all amounts outstanding under Russian Alcohol credit facilities; and (iii) repay certain other indebtedness.   On December 9, 2010, the Company issued an additional €50.0 million 8.875% Senior Secured Notes due 2016 (the "2016 Notes") in an unregistered offering to institutional investors. The Company used the net proceeds from the additional 2016 Notes to repay its term loans and overdraft facilities with Bank Handlowy w Warszawie S.A and Bank Zachodni WBK S.A. As of March 31, 2011 and December 31, 2010 the Company had accrued interest of $29.7 million and $7.1 million respectively, related to the Senior Secured Notes due 2016, with the next coupon due for payment on June 1, 2011.   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Senior Secured Notes due 2016</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">991,761</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">955,296</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Unamortized debt discount</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,581</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,660</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">988,180</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">951,636</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="85%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td height="16"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="4"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Principal repayments for the following years</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> 2011</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,684</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> 2012</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,812</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> 2013</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">300,384</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> 2014</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> 2015 and beyond</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">988,180</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,361,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table>   </div>

-4865000

725000

80956000

87849000

44028000

43805000

168527000

183000000

4370000

5131000

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">17.</td> <td valign="top" align="left">STOCK OPTION PLANS AND WARRANTS </td></tr></table> ASC Topic 718 Compensation - Stock Compensation requires the recognition of compensation expense in the Consolidated Condensed Statements of Operations related to the fair value of its employee share-based options. The Company recognizes the cost of all employee stock options on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures. Determining the fair value of share-based awards at the grant date requires judgment, including estimating the expected term that the stock options will be outstanding prior to exercise, the associated volatility and the expected dividends. Judgment is also required in estimating the amount of share-based awards expected to be forfeited prior to vesting. If actual forfeitures differ significantly from these estimates, share-based compensation expense could be materially impacted. A summary of the Company's stock option and restricted stock units activity, and related information for the three month period ended March 31, 2011 is as follows:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Total Options</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Number of Options</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center">Weighted- Average Exercise Price</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at January 1, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,300,400</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29.06</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">82,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23.06</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Exercised</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,063</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5.02</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(16,833</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27.75</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at March 31, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,352,504</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">28.65</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Exercisable at March 31, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,080,512</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29.43</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="75%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Nonvested restricted stock units</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Number of Restricted Stock Units</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center">Weighted- Average Grant Date Fair Value</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Nonvested at January 1, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">79,150</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35.82</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">378</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25.55</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Vested</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(20,223</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30.42</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,329</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16.04</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Nonvested at March 31, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">54,976</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37.96</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="16"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="4"> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Nonvested restricted stock</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Number of Restricted Stock</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center">Weighted- Average Grant Date Fair Value</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Nonvested at January 1, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">46,001</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29.84</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40,035</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">22.86</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Vested</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,000</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35.01</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,501</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29.73</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Nonvested at March 31, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">77,535</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26.18</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table> During the three months ended March 31, 2011, the range of exercise prices for outstanding options was $1.13 to $60.92. During 2011, the weighted average remaining contractual life of options outstanding will be 4.8 years. Exercise prices for options exercisable as of March 31, 2011 ranged from $1.13 to $60.92. The Company has also granted 378 restricted stock units to its employees at an average price of $25.55, during the first quarter of 2011. The Company has issued stock options to employees under stock based compensation plans. Stock options are issued at the current market price, subject to a vesting period, which varies from one to three years. As of March 31, 2011, the Company has not changed the terms of any outstanding awards. During the three months ended March 31, 2011, the Company recognized compensation cost of $0.62 million and a related deferred tax asset of $0.14 million. As of March 31, 2011, there was $3.0 million of total unrecognized compensation cost related to non-vested stock options, restricted stock units and restricted stock granted under the Plan. The costs are expected to be recognized over period through 2011-2014. Total cash received from exercise of options during the three months ended March 31, 2011 amounted to $0.07 million. For the three month period ended March 31, 2011, the compensation expense related to all options was calculated based on the fair value of each option grant using a binomial distribution model. The Company has never paid cash dividends and does not currently have plans to pay cash dividends, and thus has assumed a 0% dividend yield. Expected volatilities are based on an average of implied and historical volatility projected over the remaining term of the options. The expected life of stock options is estimated based on historical data on exercise of stock options, post-vesting forfeitures and other factors to estimate the expected term of the stock options granted. The risk-free interest rates are derived from the U.S. Treasury yield curve in effect on the date of grant for instruments with a remaining term similar to the expected life of the options. In addition, the Company applies an expected forfeiture rate when amortizing stock-based compensation expenses. The estimate of the forfeiture rates is based primarily upon historical experience of employee turnover. As individual grant awards become fully vested, stock-based compensation expense is adjusted to recognize actual forfeitures. The following weighted-average assumptions were used in the calculation of fair value:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Fair Value</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8.79</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12.57</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Dividend Yield</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Expected Volatility</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63.0%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68.2%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Weighted Average Volatility</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63.0%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68.2%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Risk Free Interest Rate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.3%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right">0.3% - 0.5%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Expected Life of Options from Grant</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.2</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   </div>

-34722000

151000

-0.34

0.02

-0.34

0.02

-881000

6992000

243128000

181088000

179428000

34912000

31046000

35478000

31651000

6397000

-14114000

1450273000

1832878000

74132000

59337000

11509000

1121000

16500000

12576000

-167753000

-22770000

-40316000

-104667000

138137000

137016000

1121000

0.17

0.02

0.17

0.02

-34873000

-0.50

0.00

-0.50

0.00

-1821000

-8814000

5678000

7012000

3170000

2641000

-34494000

-83645000

-169635000

-268051000

11121000

5197000

-81784000

-58176000

9871000

16860000

-481419000

627342000

684844000

34501000

6329000

93678000

137504000

3396182000

3562285000

408479000

360607000

1423032000

1474981000

-3321000

-348766000

-4140000

338149000

-41453000

33271000

84389000

48878000

57877000

25254000

9358000

55070000

105405000

2572000

2321000

-63086000

-22770000

-40316000

137016000

17990000

976000

135964000

23475000

6000000

17473000

1306000

505000

18568000

9000

1214000

66000

-23364000

-104667000

1121000

201477000

221584000

102000

8103000

4104000

-7500000

367954000

160250000

161371000

330894000

336139000

149806000

156711000

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">13.</td> <td valign="top" align="left">OPERATING SEGMENTS </td></tr></table> The Company operates and manages its business based upon three primary geographic segments: Poland, Russia and Hungary. Selected financial data split based upon this segmentation assuming elimination of intercompany revenues and profits is shown below: Segment information represents only continuing operations.   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="78%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Segment Net Revenues Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Segment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Poland</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,895</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,438</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Russia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">105,658</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">95,328</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Hungary</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,158</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,040</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total Net Sales</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">156,711</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">149,806</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Operating Income Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Segment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Poland before fair value adjustments</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,369</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,040</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Gain on remeasurement of previously held equity interests</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,898</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Poland after fair value adjustments</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,267</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,040</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Russia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(634</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,167</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Hungary</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">661</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,077</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Corporate Overhead</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> General corporate overhead</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,243</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,171</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Option Expense</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(693</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(859</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Total Operating Income</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,358</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,254</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="16"> </td> <td height="16" colspan="8"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Identifiable Operating Assets</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Segment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Poland</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,099,134</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,168,206</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Russia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,393,689</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,189,694</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Hungary</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,612</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,495</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Corporate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,850</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,787</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total Identifiable Assets</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,562,285</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,396,182</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="16"> </td> <td height="16" colspan="8"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Goodwill</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Segment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Poland</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">406,715</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">387,448</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Russia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,418,760</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,055,772</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Hungary</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,403</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,053</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Corporate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Total Goodwill</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,832,878</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,450,273</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   </div>

1250758000

1288564000

69412000

246000

70753000

246000

72716000

246000

45359000

72496000

1564671000

1726697000

1685162000

82994000

40316000

1296391000

694000

264917000

-150000

1564671000

60224000

1343639000

708000

160250000

-150000

1726697000

197240000

1367509000

727000

161371000

-150000

23131000

1078000

1897000

263000

66000

41344000

41333000

11000

23131000

23112000

19000

5918000

5915000

3000

758000

859000

693000

<div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">5.</td> <td valign="top" align="left">SALE OF ACCOUNTS RECEIVABLE </td></tr></table> On February 24, 2011, two subsidiaries of the Company, namely CEDC International Polska sp. z o.o. ("CEDC International") and Polmos Biaystok S.A ("Polmos Bialystok"), entered into factoring arrangements ("Factoring Agreements") with ING Commercial Finance Polska ("ING Polska") for the sale up to 290.0 million Polish zlotys (approximately $102.8 million) of receivables. The Factoring Agreements are ongoing agreements, which provide for two types of factoring, recourse and non-recourse factoring. For the three months ended March 31, 2011, the Company sold receivables in the amount of $57.2 million and recognized a loss on the sale in the statement of operations in the amount of $0.2 million in respect of the non-recourse factoring. The Company has no continuing involvement with the sold non-recourse receivables. </div> </div>

246037

150000

EX-101.SCH 7 cedc-20110331.xsd XBRL TAXONOMY EXTENSION SCHEMA 00100 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Condensed Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - Condensed Consolidated Statements of Cash Flow link:presentationLink link:calculationLink link:definitionLink 00090 - Statement - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00205 - Statement - Condensed Consolidated Statements of Operations (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Condensed Consolidated Statements of Changes in Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Organization and Description of Business link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Acquisitions link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Discontinued Operations link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Sale of Accounts Receivable link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Intangible Assets Other Than Goodwill link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Equity Method Investments in Affiliates link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Comprehensive Income/(Loss) link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - Earnings per Share link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Borrowings link:presentationLink link:calculationLink link:definitionLink 11101 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 11201 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 11301 - Disclosure - Operating Segments link:presentationLink link:calculationLink link:definitionLink 11401 - Disclosure - Interest Expense, Net link:presentationLink link:calculationLink link:definitionLink 11501 - Disclosure - Other Financial Income, Net link:presentationLink link:calculationLink link:definitionLink 11601 - Disclosure - Other Non-Operating Expense link:presentationLink link:calculationLink link:definitionLink 11701 - Disclosure - Stock Option Plans and Warrants link:presentationLink link:calculationLink link:definitionLink 11801 - Disclosure - Commitments and Contingent Liabilities link:presentationLink link:calculationLink link:definitionLink 11901 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 12001 - Disclosure - Recently Issued Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 cedc-20110331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 cedc-20110331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 cedc-20110331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document and Entity Information Abstract Document and Entity Information Statement [Table] Statement [Line Items] Document Type Amendment Flag Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Trading Symbol Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Condensed Consolidated Balance Sheets ASSETS Current Assets Cash and cash equivalents Cash and cash equivalents at end of period Cash and cash equivalents at beginning of period Cash and Cash Equivalents, at Carrying Value, Total Accounts receivable, net of allowance for doubtful accounts of $20,357 and $10,066 respectively Accounts receivable, net of allowance for doubtful accounts of $34,056 and $20,357 respectively Accounts Receivable, Net, Current, Total Inventory, Net Total Inventories Includes the sum of the amounts paid in advance for costs that will be expensed with the passage of time or the occurrence of a triggering event, interest earned but not received, value added taxes due either from customers arising from sales on credit terms, or as previously overpaid to tax authorities, fair values for all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments and carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy. All amounts in this caption are expected to be collected within one year. Prepaid Expense And Other Assets Current Prepaid expenses and other current assets Deferred Tax Assets, Net, Current Deferred Tax Assets, Net, Current, Ending Balance Deferred Tax Assets, Net, Current, Beginning Balance Deferred Tax Assets, Net, Current, Total Deferred income taxes Unamortized Debt Issuance Expense Current Unamortized Debt Issuance Expense Current Debt issuance costs Total Current Assets Total Current Assets Intangible assets, net Total intangible assets Goodwill, net Goodwill, Ending Balance Goodwill, Beginning Balance Total goodwill Property, plant and equipment, net Property, Plant and Equipment, Net, Ending Balance Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Total Deferred Tax Assets, Net, Noncurrent Deferred Tax Assets, Net, Noncurrent, Total Deferred income taxes Equity method investment in affiliates Investments in unconsolidated affiliates, total carrying value Unamortized Debt Issuance Expense Noncurrent Unamortized Debt Issuance Expense Noncurrent Debt issuance costs Total Non-Current Assets Total Non-Current Assets Total Assets Total identifiable assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts Payable, Current Accounts Payable, Current, Total Trade accounts payable Bank loans and overdraft facilities Total short term bank loans and utilized overdraft facilities Short-term Borrowings, Total Income taxes payable Carrying value as of the balance sheet date of obligations incurred and payable for real, property, unemployment and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Other Accrued Taxes Current Taxes other than income taxes Other accrued liabilities Current portions of obligations under capital leases Aggregate carrying amount, as of the balance sheet date, of current obligations related to installment payments for the acquisition of new subsidiaries, made in the form of cash and stock, where the balance due after the initial deposit depends on the performance of the business acquired. Deferred Consideration Current is expected to be paid within one year (or the normal operating cycle, if longer). Deferred Consideration Current Deferred consideration Total Current Liabilities Total Current Liabilities Long-term obligations under capital leases Senior Long Term Notes Long-term obligations under Senior Notes Total Senior Secured Notes Long-term accruals Deferred Tax Liabilities, Noncurrent Deferred income taxes Total Long Term Liabilities Total Long-Term Liabilities Stockholders' Equity Including Portion Attributable to Noncontrolling Interest [Abstract] Stockholders' Equity Common Stock ($0.01 par value, 120,000,000 shares authorized, 70,752,670 and 69,411,845 shares issued at December 31, 2010 and December 31, 2009, respectively) Common Stock, Value, Issued, Ending Balance Common Stock, Value, Issued, Beginning Balance Common Stock ($0.01 par value, 120,000,000 shares authorized, 72,716,235 and 70,752,670 shares issued at March 31, 2011 and December 31, 2010, respectively) Common Stock, Value, Issued, Total Common stock, value Additional paid-in-capital Additional Paid in Capital, Common Stock, Ending Balance Additional Paid in Capital, Common Stock, Beginning Balance Retained Earnings (Accumulated Deficit) Retained Earnings (Accumulated Deficit), Ending Balance Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Total Retained earnings Accumulated Other Comprehensive Income (Loss) Of Continuing Operations Accumulated other comprehensive income / (loss) of continuing operations Accumulated other comprehensive income Accumulated other comprehensive income of continuing operations Less Treasury stock at cost (246,037 shares at December 31, 2010 and December 31, 2009, respectively) Less Treasury Stock at cost (246,037 shares at March 31, 2011 and December 31, 2010, respectively) Treasury Stock, Value, Ending Balance Treasury Stock, Value, Beginning Balance Stockholders Equity Stockholders' Equity Attributable to Parent, Ending Balance Stockholders' Equity Attributable to Parent, Beginning Balance Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity Accounts receivable, allowance for doubtful accounts Allowance for Doubtful Accounts Receivable, Current, Ending Balance Allowance for Doubtful Accounts Receivable, Current, Beginning Balance Common stock, par value Common stock, shares authorized Common stock, shares issued Common Stock, Shares, Issued, Total Treasury stock, shares Treasury Stock, Shares, Ending Balance Treasury Stock, Shares, Beginning Balance Condensed Consolidated Statements of Operations Sales Excise taxes Excise taxes Net Sales Net sales Net sales Cost of goods sold Cost of Goods Sold, Total Gross Profit Poland before fair value adjustments Gross profit Operating expenses Operating Expenses, Total Gain on remeasurement of previously held equity interests Gain on remeasurement of previously held equity interests Operating Income Total operating profit Operating income Non operating income / (expense), net Net, Interest Income and Expense Net Interest Income Expense Interest expense, net Total interest (expense), net Interest (expense), net Foreign Currency Transaction Gain Loss Before Tax Other financial income, net Total other financial income / (expense), net Other financial income / (expense), net Other non operating (expenses), net Other non operating expenses, net Total other non operating income / (expense), net Total other non operating income / (expense), net Income / (loss) before taxes and equity in net income from unconsolidated investments Income/(loss) before taxes, equity in net income from unconsolidated investments and noncontrolling interests in subsidiaries Income before taxes and equity in net income from unconsolidated investments Income tax (expense) Income tax expense Income Tax Expense (Benefit), Total Equity in net earnings /(losses) of affiliates Equity loss in affiliates Equity in net losses of affiliates Income (Loss) from Equity Method Investments, Total Income from continuing operations Income from continuing operations Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] Discontinued operations Income /(loss) from operations of distribution business Loss from operations of distribution business (including impairment charge of $28.2 million) Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total Discontinued Operation Tax Effect Of Discontinued Operation Income tax expense Income tax (expense) Taxes on earnings - operations Discontinued Operation, Tax Effect of Discontinued Operation, Total Taxes on earnings - operations Income / (loss) on discontinued operations Loss on discontinued operations Net income / (loss) Net income / (loss) Net income / (loss) Net income / (loss) Income from continuing operations per share of common stock, basic Continuing operations Income (Loss) from Continuing Operations, Per Outstanding Share, Total Income from discontinued operations per share of common stock, basic Discontinued operations Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Share, Total Income / (loss) from discontinued operations per share of common stock, basic Net income / (loss) from operations per share of common stock, basic Net income / (loss) per common share - basic: Net income / (loss) from operations per share of common stock, basic Income / (loss) from continuing operations per share of common stock, diluted Continuing operations Income from continuing operations per share of common stock, diluted Income / (loss) from discontinued operations per share of common stock, diluted Discontinued operations Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share, Total Net income / (loss) from operations per share of common stock, diluted Net income / (loss) from operations per share of common stock, diluted Discontinued Operation, Restructuring Settlement And Impairment Provisions , before Income Tax Discontinued Operation Restructuring Settlement And Impairment Provisions Before Income Tax DiscontinuedOperationRestructuringSettlementAndImpairmentProvisionsBeforeIncomeTax Loss from operations of distribution business, impairment charge Condensed Consolidated Statements of Changes in Stockholders' Equity Statement, Equity Components [Axis] Equity Component [Domain] Common Stock [Member] Treasury Stock [Member] Additional Paid-in Capital [Member] Retained Earnings [Member] Accumulated Other Comprehensive Income, Continuing Operation [Member] Accumulated Other Comprehensive Income of Continuing Operations [Member] Accumulated Other Comprehensive Income, Discontinued Operation [Member] Accumulated Other Comprehensive Income of Discontinued Operations [Member] Shares, Issued Balance, (in shares) Balance, (in shares) Total Equity Balance Balance Total Stockholders' Equity Foreign currency translation adjustment Other Comprehensive Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total Comprehensive income (loss) Comprehensive income / (loss) Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest, Total Common stock issued in connection with options (in shares) Common stock issued in connection with options Common stock issued in connection with acquisitions (in shares) Common stock issued in connection with acquisitions Condensed Consolidated Statements of Cash Flow Cash flows from operating activities of continuing operations Adjustments to reconcile net income / (loss) to net cash provided by / (used in) operating activities: Adjustments to reconcile net income / (loss) to net cash provided by operating activities: Net Cash Provided by (Used in) Operating Activities, Discontinued Operations Net Cash Provided By Used In Operating Activities Discontinued Operations Net (income) / loss from discontinued operations Net loss from discontinued operations Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction, Total Deferred Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit), Total Deferred income taxes Unrealized foreign exchange (gains) Unrealized foreign exchange gains Cost of debt extinguishment Cost of debt extinguishment Gains (Losses) on Extinguishment of Debt, Total Stock options fair value expense Option expense Option expense Stock options fair value expense Gain on fair value remeasurement of previously held equity interest, net of impairment Gain on fair value remeasurement of previously held equity interest, net of deferred tax Gain on fair value remeasurement of previously held equity interest Gain (Loss) on Investments, Total Other non cash items Changes in operating assets and liabilities: Accounts receivable Accounts receivable Increase (Decrease) in Inventories Inventories Increase (Decrease) in Inventories, Total Prepayments and other current assets Prepayments and other current assets Increase (Decrease) in Prepaid, Deferred Expense and Other Assets, Total Increase (Decrease) in Accounts Payable Increase (Decrease) in Accounts Payable, Total Trade accounts payable Other accrued liabilities and payables Net cash provided by operating activities from continuing operations Net cash provided by operating activities from continuing operations Cash flows from investing activities of continuing operations Investment in fixed assets Purchase of fixed assets Payments to Acquire Property, Plant, and Equipment, Total Brand rights purchased Purchase of trademarks Changes in restricted cash Changes in restricted cash Increase (Decrease) in Restricted Cash, Total Acquisitions of subsidiaries, net of cash acquired Acquisitions of subsidiaries, net of cash acquired Payments to Acquire Businesses, Net of Cash Acquired, Total Net cash provided / (used in) by investing activities from continuing operations Net cash (used in)/provided by investing activities from continuing operations Cash flows from financing activities of continuing operations Borrowings on bank loans and overdraft facility Payment of bank loans, overdraft facility and other borrowings Payment of bank loans, overdraft facility and other borrowings Payment of Senior Secured Notes Payment of Senior Secured Notes Repayments of Senior Debt, Total Repayment of obligation to former shareholders Repayment of obligation to former shareholders Repayment of obligation to former shareholders Repayment of short term capital leases Decrease in short term capital leases payable Movements in capital leases payable Increase in short term capital leases payable Options exercised Proceeds from options exercised Net cash provided by / (used in) financing activities from continuing operations Net cash used in financing activities from continuing operations Cash flows from discontinued operations Net cash provided by operating activities of discontinued operations Net cash provided by / (used in) operating activities of discontinued operations Net cash used in operating activities of discontinued operations Net cash (used in) investing activities of discontinued operations Net cash provided by investing activities of discontinued operations Net cash provided by / (used in) financing activities of discontinued operations Net cash provided by financing activities of discontinued operations Net cash provided by discontinued operations Net cash used in discontinued operations Adjustments To Reconcile To Income (Loss) From Discontinuing Operations Adjustments To Reconcile To Income Loss From Discontinuing Operations Adjustment to reconcile the change in cash balances of discontinued operations Currency effect on brought forward cash balances Effect of Exchange Rate on Cash and Cash Equivalents, Total Net Increase in Cash Net increase in cash Supplemental Schedule of Non-cash Investing Activities Common stock issued in connection with investment in subsidiaries Supplemental disclosures of cash flow information Interest paid Income tax paid Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Description of Business Nature Of Operations Organization and Description of Business Basis Of Presentation [Abstract] Basis of Presentation Organization Consolidation And Presentation Of Financial Statements Disclosure Text Block Basis of Presentation Acquisitions [Abstract] Acquisitions Business Combination Disclosure [Text Block] Acquisitions Discontinued Operations and Disposal Groups [Abstract] Discontinued Operations Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Discontinued Operations DISCONTINUED OPERATIONS Sale of Accounts Receivable Transfers and Servicing of Financial Assets [Text Block] Sale of Accounts Receivable Intangible Assets Other Than Goodwill Intangible Assets Disclosure [Text Block] Intangible Assets Other Than Goodwill Equity Method Investments And Joint Ventures [Abstract] Equity Method Investments in Affiliates Equity Method Investments Disclosure [Text Block] Equity Method Investments in Affiliates Comprehensive Income/(Loss) Comprehensive Income Note Text Block Comprehensive Income/(Loss) COMPREHENSIVE INCOME/(LOSS) Earnings per Share Earnings Per Share [Text Block] Earnings per Share Borrowings [Abstract] Borrowings Debt Disclosure [Text Block] Borrowings Inventories Inventory Disclosure [Text Block] Inventories INVENTORIES Income Taxes Income Tax Disclosure [Text Block] Income Taxes Operating Segments Segment Reporting Disclosure [Text Block] Operating segments Interest Expense, Net Interest Income and Interest Expense Disclosure [Text Block] Interest Expense, Net Other Financial Income / (Expense) [Abstract] Other Financial Income, Net Other Income and Other Expense Disclosures [Text Block] Other Financial Income, Net Other Non-Operating Expense Other non-operating income / (expense) OTHER NON OPERATING INCOME / (EXPENSE) Other Nonoperating Income Expense Text Block Other Non-Operating Expense Stock Option Plans and Warrants [Abstract] Stock Option Plans and Warrants Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Text Block] Stock Option Plans and Warrants Commitments and Contingent Liabilities [Abstract] Commitments and Contingent Liabilities Commitments and Contingencies Disclosure [Text Block] Commitments and Contingent Liabilities Subsequent Events [Abstract] Subsequent Events Schedule of Subsequent Events [Text Block] Subsequent Events Recently Issued Accounting Pronouncements Schedule Of New Accounting Pronouncements And Changes In Accounting Principles Text Block Recently Issued Accounting Pronouncements RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS EX-101.PRE 11 cedc-20110331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R19.xml IDEA: Income Taxes 2.2.0.25falsefalse11201 - Disclosure - Income Taxestruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_IncomeTaxExpenseBenefitAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseIncome Taxes3false0us-gaap_IncomeTaxDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">12.</td> <td valign="top" align="left">INCOME TAXES </td></tr></table> The Company operates in several tax jurisdictions primarily: the United States of America, Poland, Hungary and Russia. All subsidiaries file their own corporate tax returns as well as account for their own deferred tax assets and liabilities. The Company does not file a U.S. Federal Tax Return in based upon its consolidated income, but does file a U.S. Federal Tax Return based on the statement of operations for transactions occurring in the United States of America. For income taxes accounted for on an interim basis, the Company estimates the annual effective tax rate and applies this rate to its pre-tax US GAAP income/(loss), unless a discrete event occurs that requires additional consideration. The Company files income tax returns in the U.S., Poland, Hungary, Russia, as well as in various other countries throughout the world in which we conduct our business. The major tax jurisdictions and their earliest fiscal years that are currently open for tax examinations are 2007 in the U.S., 2006 in Poland and Hungary and 2008 in Russia. </div>12. INCOME TAXES The Company operates in several tax jurisdictions primarily: the United States of America, Poland, Hungary and Russia. All subsidiaries filefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 falsefalseIncome Taxes12Income TaxesUnKnownUnKnownUnKnownUnKnownfalsetrue XML 13 R11.xml IDEA: Discontinued Operations 2.2.0.25falsefalse10401 - Disclosure - Discontinued Operationstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_DiscontinuedOperationsAndDisposalGroupsAbstractcedcfalsenadurationDiscontinued Operations and Disposal Groups [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringDiscontinued Operations and Disposal Groups [Abstract]falsefalseDiscontinued Operations3false0us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">4.</td> <td valign="top" align="left">DISCONTINUED OPERATIONS </td></tr></table> During the three month period ended March 31, 2010, the Company recorded an impairment charge related to goodwill upon the sale of the distribution business of 80.8 Polish zlotys ($28.2 million). The results of operations of the distribution business are included in loss from operations of distribution business net of taxes, for the three month period ended March 31, 2010. On August 2, 2010, the Company sold its distribution business in Poland to Eurocash S.A. for a purchase price of 378.5 million Polish zlotys ($129.2 million) in cash, on a debt free, cash free basis, after all price adjustments. The Company will continue to generate cash flows from the distribution business after its sale to Eurocash S.A. as the Company has signed a six year agreement with Eurocash S.A. for the distribution of certain products of CEDC's portfolio including its own brands and other exclusive import brands in Poland. Management has concluded, however, that sales of products other than CEDC's own brands constituted the significant portion of the distribution business. CEDC estimates that sales of its products through the transferred distribution network will not exceed 10% of the sales of the Company, on a consolidated basis. Management does not consider the cash flows expected to be generated under the distribution agreement with Eurocash S.A. to be significant in the future. Results of discontinued operations were as follows:   <table border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="79%"> </td> <td valign="bottom" width="15%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">155,018</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Losses from operations before taxes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,554</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Gain on disposal of discontinued operations</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Taxes on earnings — operations</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(151</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Goodwill Impairment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(28,168</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Losses from discontinued operations</td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">34,873</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left"> </td> <td valign="top" align="left"> </td></tr></table> </div>4. DISCONTINUED OPERATIONS During the three month period ended March 31, 2010, the Company recorded an impairment charge related to goodwill upon thefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosure includes the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 falsefalseDiscontinued Operations12Discontinued OperationsUnKnownUnKnownUnKnownUnKnownfalsetrue XML 14 R10.xml IDEA: Acquisitions 2.2.0.25falsefalse10301 - Disclosure - Acquisitionstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_AcquisitionsAbstractcedcfalsenadurationAcquisitions [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringAcquisitions [Abstract]falsefalseAcquisitions3false0us-gaap_BusinessCombinationDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">3.</td> <td valign="top" align="left">ACQUISITIONS </td></tr></table> Russian Alcohol Acquisition On February 4, 2011, pursuant to the agreement dated November 9, 2009, with Kylemore International Invest Corporation ("Kylemore"), an indirect minority stockholder of the Russian Alcohol Group ("Russian Alcohol"), the Company paid $5 million as a final settlement related to Russian Alcohol acquisition. Whitehall Group Acquisition On February 7, 2011, the Company entered into a definitive Share Sale and Purchase Agreement and registration rights agreement, in accordance with the terms that were agreed by the parties on November 29, 2010, and disclosed in the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 29, 2010. Pursuant to these agreements, among other things and upon the terms and subject to the conditions contained therein, we received 20% of the economic and 51% of the voting interest in the Whitehall Group ("Whitehall") previously not owned by us (currently the Company has full voting and economic ownership), as well as, the global intellectual property rights for the Kauffman Vodka brand. In exchange we paid total consideration of $92.9 million including $17.5 million for the intellectual property rights for the Kauffman Vodka brand.   The Company recorded contingent consideration representing the fair value of a right given to Mark Kauffman as a share price indemnity until the registration date. The provisional fair value of this contingent consideration was recorded at $1.7 million as of the acquisition date. This consideration was settled in the three month period ended March 31, 2011 through a payment by the Company of $0.7 million cash and the issuance of 938,501 additional shares to Mark Kauffman. As a result of this transaction, the Company acquired full voting and economic control over Whitehall Group and changed the accounting treatment for its interest in Whitehall from the equity method of accounting to consolidation beginning on February 7, 2011. Whitehall is one of the leading importers and distributors of premium wines and spirits in Russia. We believe that this acquisition will give the Company a significant base for further expansion and gaining expected synergies of the combined operations of the Company and Whitehall in the import market in Russia. The goodwill arising out of Whitehall acquisition is attributable to the ability that Whitehall provides us to develop into the leading importer of spirits in the Russian market. At March 31, 2011, the Company accounted for the acquisition of Whitehall on a provisional basis. The Company is in the process of obtaining a third party valuation of contingent consideration and customer relationships. Details of the fair value of consideration transferred are presented in the following table:   <table border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="87%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Cash</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">69,109</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Common stock</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,101</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Contingent consideration</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,723</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total Fair value of consideration transferred </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom" align="right"> 92,933</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: value of intellectual property rights to Kauffman Vodka brand</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,473</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total consideration paid for the remaining shares in Whitehall</td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 75,460</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> The provisional fair value of the net assets acquired in connection with Whitehall acquisition as of the acquisition date is:   <table border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="86%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> ASSETS</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">Whitehall</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Cash and cash equivalents</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,190</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accounts receivable</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51,263</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Inventories</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,700</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Taxes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">577</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other current assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,916</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Property, plant and equipment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">869</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Intangible assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,723</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Investments</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,871</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total Assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">139,109</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> LIABILITIES</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Trade accounts payable</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">38,887</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Short term borrowings</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,835</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Taxes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,325</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Deferred income taxes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other accrued liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,735</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total Liabilities</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,795</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Net identifiable assets and liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$ </td> <td valign="bottom" align="right"> 56,314</td> <td valign="bottom" nowrap="nowrap">   </td></tr></table> The provisional amount of goodwill recognized at the acquisition date was calculated as follows:   <table border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="87%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Fair value of previously held equity interests</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">250,156</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Consideration paid for the remaining shares in Whitehall</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">75,460</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: Net identifiable assets and liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(56,314</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Goodwill </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">269,302</td> <td valign="bottom" nowrap="nowrap">   </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   The Company recognized a one-time gain on remeasurement of previously held equity interest in the amount of $7.9 million based on a discounted cash flow model with the following assumptions: (i) discount rate of 11.13%, (ii) terminal value growth rate of 3.5%, (iii) control premium of 10%. We estimated the growth rates in projecting cash flows based on a detailed five year plan. The following table sets forth the unaudited pro forma results of operations of the Company for the three month periods ended March 31, 2011 and 2010. The unaudited pro forma results of operations give effect to the Company's acquisitions as if they occurred on January 1, 2011 and 2010. The unaudited pro forma results of operations are presented after giving effect to certain adjustments for depreciation, amortization of deferred financing costs, interest expense on the acquisition financing, and related income tax effects. The unaudited pro forma results of operations are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma results of operations do not purport to present what the Company's results of operations would actually have been if the aforementioned transactions had in fact occurred on such date or at the beginning of the period indicated, nor do they project the Company's financial position or results of operations at any future date or for any future period.   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="77%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">163,206</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">173,456</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Net income</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">838</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">25,288</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net income per share data:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Basic earnings per share of common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.01</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">0.36</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Diluted earnings per share of common stock</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.01</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">0.36</td> <td valign="bottom" nowrap="nowrap">) </td></tr></table> Kauffman Vodka is one of the leading super-premium vodkas in Russia with a strong presence in top-end restaurants, hotels and key customers. The brand is also exported to high-end customers in over 25 countries The purchase price of intellectual property rights for the Kauffman Vodka brand was treated as a separate element of this transaction and its fair value was allocated based on discounted cash flow model with the following assumptions: (i) discount rate of 11.13%, (ii) terminal value growth rate of 3.0%. We estimated the growth rates in projecting cash flows based on a detailed five year plan. This was treated as a purchase of an intangible asset with an indefinite useful life. The Company considers the Kauffman Vodka brand to have a longstanding market-leader or high brand recognition within the top premium high price market segment in Russia. The Company has a long-term strategy associated to this brand and believes that Kauffmann Vodka has a significant value to the Company's continuing operations in the top premium segment, and as such is an important factor in attracting and retaining customers. Based on the Company's development strategy with respect to the usage of Kauffman Vodka brand it was concluded that it is not planned to discontinue this brand in the foreseeable future. Given the above, we have determined that the Kauffmann Vodka brand will generate cash flows for an indefinite period of time; therefore, we have concluded that the useful life of this band is indefinite. </div>3. ACQUISITIONS Russian Alcohol Acquisition On February 4, 2011, pursuant to the agreement dated November 9, 2009, with Kylemore International InvestfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription of a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. This element may be used as a single block of text to encapsulate the entire disclosure (including data and tables) regarding business combinations, including leverage buyout transactions (as applicable).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51, 52 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 88-16 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 67-73 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph F4 -Subparagraph e -Appendix F falsefalseAcquisitions12AcquisitionsUnKnownUnKnownUnKnownUnKnownfalsetrue XML 15 R8.xml IDEA: Organization and Description of Business 2.2.0.25falsefalse10101 - Disclosure - Organization and Description of Businesstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstractcedcfalsenadurationOrganization, Consolidation and Presentation of Financial Statements [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringOrganization, Consolidation and Presentation of Financial Statements [Abstract]falsefalseOrganization and Description of Business3false0us-gaap_NatureOfOperationsus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">1.</td> <td valign="top" align="left">ORGANIZATION AND DESCRIPTION OF BUSINESS </td></tr></table> Central European Distribution Corporation ("CEDC"), a Delaware corporation incorporated on September 4, 1997, and its subsidiaries (collectively referred to as "we," "us," "our," or the "Company") operate primarily in the alcohol beverage industry. We are one of the largest producers of vodka in the world and are Central and Eastern Europe's largest integrated spirit beverages business, measured by total volume, with approximately 32.7 million nine-liter cases produced and distributed in 2010. Our business primarily involves the production and sale of our own spirit brands (principally vodka), and the importation on an exclusive basis of a wide variety of spirits, wines and beers. Our primary operations are conducted in Poland, Russia and Hungary. Additionally in 2010, we opened up a new operation in the Ukraine to import and sell our vodkas, primarily Green Mark, where we rose to an approximate 4% of market share by quarter end. We have seven manufacturing facilities located in Poland and Russia. In Poland, we are one of the largest vodka producers with a brand portfolio that includes Absolwent, Zubrowka, Bols, Palace and Soplica brands, each of which we produce at our Polish distilleries. In addition, we produce Zubrowka Biala (White Zubrowka), which has become one of the fastest growing brands in the Polish market, since we launched it in November of 2010. We produce and sell vodkas primarily in three of four vodka sectors: premium, mainstream, and economy. In Poland, we also own and produce Royal, the top-selling vodka in Hungary. We are also the largest vodka producer in Russia, the world's largest vodka market. Our Green Mark brand is the top-selling mainstream vodka in Russia and the second-largest vodka brand by volume in the world and our Parliament and Zhuravli brands are two top-selling sub-premium vodkas in Russia. As well as sales and distribution of its own branded spirits, the Company is a leading exclusive importer of wines and spirits in Poland, Russia and Hungary. </div>1. ORGANIZATION AND DESCRIPTION OF BUSINESS Central European Distribution Corporation ("CEDC"), a Delaware corporation incorporated on September 4,falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescribes the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Disclosures about the nature of operations need not be quantified; relative importance could be conveyed by use of terms such as "predominately", "about equally", or "major and other". This element is also referred to as "Business Description".Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 falsefalseOrganization and Description of Business12Organization and Description of BusinessUnKnownUnKnownUnKnownUnKnownfalsetrue XML 16 R22.xml IDEA: Other Financial Income, Net 2.2.0.25falsefalse11501 - Disclosure - Other Financial Income, Nettruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_OtherFinancialIncomeExpenseAbstractcedcfalsenadurationOther Financial Income / (Expense) [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringOther Financial Income / (Expense) [Abstract]falsefalseOther Financial Income, Net3false0us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">15.</td> <td valign="top" align="left">OTHER FINANCIAL INCOME, NET </td></tr></table> For the three months ended March 31, 2011 and 2010, respectively, the following items are included in Other financial income:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="79%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Foreign exchange impact related to foreign currency financing</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,651</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,179</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Other gains / (losses)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(605</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">733</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total other financial income, net</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,046</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,912</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   </div>15. OTHER FINANCIAL INCOME, NET For the three months ended March 31, 2011 and 2010, respectively, the following items are included in Other financialfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDiscloses other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that should be disclosed in this note, or in the income statement, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 3, 6, 7, 9 -Article 5 falsefalseOther Financial Income, Net12Other Financial Income, NetUnKnownUnKnownUnKnownUnKnownfalsetrue XML 17 R18.xml IDEA: Inventories 2.2.0.25falsefalse11101 - Disclosure - Inventoriestruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_InventoryNetAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseInventories3false0us-gaap_InventoryDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">11.</td> <td valign="top" align="left">INVENTORIES </td></tr></table> Inventories are stated at the lower of cost (first-in, first-out method) or market value. Elements of cost include materials, labor and overhead and are classified as follows:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="75%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Raw materials and supplies</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,186</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,847</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> In-process inventories</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,386</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,314</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Finished goods and goods for resale</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">99,932</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63,517</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">137,504</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">93,678</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table>   As of March 31, 2011 total inventory balances include inventory of Whitehall of $34.7 million. </div>11. INVENTORIES Inventories are stated at the lower of cost (first-in, first-out method) or market value. Elements of cost include materials, labor andfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element represents the complete disclosure related to inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 falsefalseInventories12InventoriesUnKnownUnKnownUnKnownUnKnownfalsetrue XML 18 R12.xml IDEA: Sale of Accounts Receivable 2.2.0.25falsefalse10501 - Disclosure - Sale of Accounts Receivabletruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_TransfersAndServicingAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseSale of Accounts Receivable3false0us-gaap_TransfersAndServicingOfFinancialAssetsTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">5.</td> <td valign="top" align="left">SALE OF ACCOUNTS RECEIVABLE </td></tr></table> On February 24, 2011, two subsidiaries of the Company, namely CEDC International Polska sp. z o.o. ("CEDC International") and Polmos Biaystok S.A ("Polmos Bialystok"), entered into factoring arrangements ("Factoring Agreements") with ING Commercial Finance Polska ("ING Polska") for the sale up to 290.0 million Polish zlotys (approximately $102.8 million) of receivables. The Factoring Agreements are ongoing agreements, which provide for two types of factoring, recourse and non-recourse factoring. For the three months ended March 31, 2011, the Company sold receivables in the amount of $57.2 million and recognized a loss on the sale in the statement of operations in the amount of $0.2 million in respect of the non-recourse factoring. The Company has no continuing involvement with the sold non-recourse receivables. </div> </div>5. SALE OF ACCOUNTS RECEIVABLE On February 24, 2011, two subsidiaries of the Company, namely CEDC International Polska sp. z o.o. ("CEDC International")falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringProvides the disclosures pertaining to a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 17 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS140-4 and FIN46(R)-8 -Paragraph 6 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS140-4 and FIN46(R)-8 -Paragraph B1-B12 falsefalseSale of Accounts Receivable12Sale of Accounts ReceivableUnKnownUnKnownUnKnownUnKnownfalsetrue XML 19 R3.xml IDEA: Condensed Consolidated Balance Sheets (Parenthetical) 2.2.0.25falsefalse00105 - Statement - Condensed Consolidated Balance Sheets (Parenthetical)truefalseIn Thousands, except Share datafalse1falsefalseUSDfalsefalse3/31/2011 USD ($) USD ($) / shares $As_Of_3_31_2011http://www.sec.gov/CIK0001046880instant2011-03-31T00:00:000001-01-01T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse12/31/2010 USD ($) USD ($) / shares $As_Of_12_31_2010http://www.sec.gov/CIK0001046880instant2010-12-31T00:00:000001-01-01T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_StatementOfFinancialPositionAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCondensed Consolidated Balance Sheets3false0us-gaap_AllowanceForDoubtfulAccountsReceivableCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse3405600034056falsetruefalsefalsefalse2truefalsefalse2035700020357falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryA valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5 falsefalseAccounts receivable, allowance for doubtful accounts4false0us-gaap_CommonStockParOrStatedValuePerShareus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse0.010.01falsetruefalsefalsefalse2truefalsefalse0.010.01falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalFace amount or stated value of common stock per share; generally not indicative of the fair market value per share.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsetrueCommon stock, par value5false0us-gaap_CommonStockSharesAuthorizedus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse120000000120000000falsefalsefalsefalsefalse2truefalsefalse120000000120000000falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsefalseCommon stock, shares authorized6false0us-gaap_CommonStockSharesIssuedus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse7271623572716235falsefalsefalsefalsefalse2truefalsefalse7075267070752670falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsefalseCommon stock, shares issued7false0us-gaap_TreasuryStockSharesus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse246037246037falsefalsefalsefalsefalse2truefalsefalse246037246037falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 falsefalseTreasury stock, shares26Condensed Consolidated Balance Sheets (Parenthetical) (USD $)ThousandsNoRoundingNoRoundingUnKnownfalsetrue XML 20 R14.xml IDEA: Equity Method Investments in Affiliates 2.2.0.25falsefalse10701 - Disclosure - Equity Method Investments in Affiliatestruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_EquityMethodInvestmentsAndJointVenturesAbstractcedcfalsenadurationEquity Method Investments And Joint Ventures [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringEquity Method Investments And Joint Ventures [Abstract]falsefalseEquity Method Investments in Affiliates3false0us-gaap_EquityMethodInvestmentsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">7.</td> <td valign="top" align="left">EQUITY METHOD INVESTMENTS IN AFFILIATES </td></tr></table> We held the following investments in unconsolidated affiliates:   <table border="0" cellspacing="0" cellpadding="0" width="84%" align="center"> <tr><td width="40%"> </td> <td valign="bottom" width="6%"> </td> <td width="35%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Carrying Value</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"> Type of affiliate</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Whitehall</td> <td valign="bottom">  </td> <td valign="bottom"> Equity-Accounted Affiliate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243,128</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> Total Carrying value</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">243,128</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> As of December 31, 2010, the Company had an 80% economic interest and an effective voting interest of 49% in Whitehall and a voting interest of 25% in the Moet Hennessy joint venture ("MH"), which is included in Whitehall. On February 7, 2011, the acquisition of the remaining portion of Whitehall not previously owned was completed, with Whitehall continuing to own the 50% stake in MH. The Company changed the accounting treatment for its interest in Whitehall from the equity method of accounting to consolidation starting from February 7, 2011. On March 30, 2011, the Company through its ownership of Whitehall sold its stake in MH to Moet Hennessey. As of the completion of this transaction, the Company will no longer have any direct ownership stake in MH, however, Whitehall will continue cooperation with Moet Hennessey Russia as a key distributor in the Russian market. The Company received $10.9 million of dividends from Whitehall during the year ended December 31, 2010. The summarized financial information of investments are shown in the below table with the balance sheet financial information reflecting Whitehall and MH accounted under the equity method as of December 31, 2010. The results from operations for the three months ended March 31, 2011 include the results of Whitehall from January 1, 2011 to February 7, 2011 and MH from January 1, 2011 to March 30, 2011.   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Current assets</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">142,256</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Noncurrent assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">101,329</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Current liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">101,966</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Noncurrent liabilities</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="16"> </td> <td height="16" colspan="8"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net sales</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,494</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,650</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Gross margin</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,995</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,271</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Operating loss</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,975</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,343</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Loss from continuing operations</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(11,018</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,284</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net loss</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(11,018</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,284</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Net loss attributable to CEDC</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,814</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,821</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   </div>7. EQUITY METHOD INVESTMENTS IN AFFILIATES We held the following investments in unconsolidated affiliates:   falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringEquity investment disclosure, or group of investments for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20% of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 falsefalseEquity Method Investments in Affiliates12Equity Method Investments in AffiliatesUnKnownUnKnownUnKnownUnKnownfalsetrue XML 21 R15.xml IDEA: Comprehensive Income/(Loss) 2.2.0.25falsefalse10801 - Disclosure - Comprehensive Income/(Loss)truefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ComprehensiveIncomeNoteAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseComprehensive Income/(Loss)3false0us-gaap_ComprehensiveIncomeNoteTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">8.</td> <td valign="top" align="left">COMPREHENSIVE INCOME/(LOSS) </td></tr></table> Comprehensive income/(loss) is defined as all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive income/(loss) includes net income adjusted by, among other items, foreign currency translation adjustments and our proportionate share of the comprehensive income/(loss) of our equity method affiliates. The foreign translation losses/gains on the re-measurements from foreign currencies to U.S. dollars are classified separately as foreign currency translation adjustment within accumulated other comprehensive income included in stockholders' equity. As of March 31, 2011, our functional currencies (Polish zloty, Russian ruble and Hungarian forint) used to translate the balance sheet strengthened against the U.S. dollar as compared to the exchange rate as of December 31, 2010, and as a result $137.0 million of foreign currency translation adjustment was recognized as part of total comprehensive income. </div>8. COMPREHENSIVE INCOME/(LOSS) Comprehensive income/(loss) is defined as all changes in equity during a period except those resulting from investments byfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14-26 falsefalseComprehensive Income/(Loss)12Comprehensive Income/(Loss)UnKnownUnKnownUnKnownUnKnownfalsetrue XML 22 R24.xml IDEA: Stock Option Plans and Warrants 2.2.0.25falsefalse11701 - Disclosure - Stock Option Plans and Warrantstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_StockOptionPlansAndWarrantsAbstractcedcfalsenadurationStock Option Plans and Warrants [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringStock Option Plans and Warrants [Abstract]falsefalseStock Option Plans and Warrants3false0us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">17.</td> <td valign="top" align="left">STOCK OPTION PLANS AND WARRANTS </td></tr></table> ASC Topic 718 Compensation - Stock Compensation requires the recognition of compensation expense in the Consolidated Condensed Statements of Operations related to the fair value of its employee share-based options. The Company recognizes the cost of all employee stock options on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures. Determining the fair value of share-based awards at the grant date requires judgment, including estimating the expected term that the stock options will be outstanding prior to exercise, the associated volatility and the expected dividends. Judgment is also required in estimating the amount of share-based awards expected to be forfeited prior to vesting. If actual forfeitures differ significantly from these estimates, share-based compensation expense could be materially impacted. A summary of the Company's stock option and restricted stock units activity, and related information for the three month period ended March 31, 2011 is as follows:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Total Options</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Number of Options</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center">Weighted- Average Exercise Price</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at January 1, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,300,400</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29.06</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">82,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23.06</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Exercised</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,063</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5.02</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(16,833</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27.75</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at March 31, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,352,504</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">28.65</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Exercisable at March 31, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,080,512</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29.43</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="75%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Nonvested restricted stock units</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Number of Restricted Stock Units</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center">Weighted- Average Grant Date Fair Value</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Nonvested at January 1, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">79,150</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35.82</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">378</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25.55</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Vested</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(20,223</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30.42</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,329</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16.04</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Nonvested at March 31, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">54,976</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37.96</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="16"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="4"> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Nonvested restricted stock</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Number of Restricted Stock</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center">Weighted- Average Grant Date Fair Value</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Nonvested at January 1, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">46,001</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29.84</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40,035</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">22.86</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Vested</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,000</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35.01</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,501</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29.73</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Nonvested at March 31, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">77,535</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26.18</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table> During the three months ended March 31, 2011, the range of exercise prices for outstanding options was $1.13 to $60.92. During 2011, the weighted average remaining contractual life of options outstanding will be 4.8 years. Exercise prices for options exercisable as of March 31, 2011 ranged from $1.13 to $60.92. The Company has also granted 378 restricted stock units to its employees at an average price of $25.55, during the first quarter of 2011. The Company has issued stock options to employees under stock based compensation plans. Stock options are issued at the current market price, subject to a vesting period, which varies from one to three years. As of March 31, 2011, the Company has not changed the terms of any outstanding awards. During the three months ended March 31, 2011, the Company recognized compensation cost of $0.62 million and a related deferred tax asset of $0.14 million. As of March 31, 2011, there was $3.0 million of total unrecognized compensation cost related to non-vested stock options, restricted stock units and restricted stock granted under the Plan. The costs are expected to be recognized over period through 2011-2014. Total cash received from exercise of options during the three months ended March 31, 2011 amounted to $0.07 million. For the three month period ended March 31, 2011, the compensation expense related to all options was calculated based on the fair value of each option grant using a binomial distribution model. The Company has never paid cash dividends and does not currently have plans to pay cash dividends, and thus has assumed a 0% dividend yield. Expected volatilities are based on an average of implied and historical volatility projected over the remaining term of the options. The expected life of stock options is estimated based on historical data on exercise of stock options, post-vesting forfeitures and other factors to estimate the expected term of the stock options granted. The risk-free interest rates are derived from the U.S. Treasury yield curve in effect on the date of grant for instruments with a remaining term similar to the expected life of the options. In addition, the Company applies an expected forfeiture rate when amortizing stock-based compensation expenses. The estimate of the forfeiture rates is based primarily upon historical experience of employee turnover. As individual grant awards become fully vested, stock-based compensation expense is adjusted to recognize actual forfeitures. The following weighted-average assumptions were used in the calculation of fair value:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Fair Value</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8.79</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12.57</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Dividend Yield</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Expected Volatility</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63.0%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68.2%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Weighted Average Volatility</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63.0%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68.2%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Risk Free Interest Rate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.3%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right">0.3% - 0.5%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Expected Life of Options from Grant</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.2</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   </div>17. STOCK OPTION PLANS AND WARRANTS ASC Topic 718 Compensation - Stock Compensation requires the recognition of compensation expense in the ConsolidatedfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosure of components of a stock option or other award plan under which share-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from share-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from share-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 falsefalseStock Option Plans and Warrants12Stock Option Plans and WarrantsUnKnownUnKnownUnKnownUnKnownfalsetrue XML 23 R20.xml IDEA: Operating Segments 2.2.0.25falsefalse11301 - Disclosure - Operating Segmentstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseOperating Segments3false0us-gaap_SegmentReportingDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">13.</td> <td valign="top" align="left">OPERATING SEGMENTS </td></tr></table> The Company operates and manages its business based upon three primary geographic segments: Poland, Russia and Hungary. Selected financial data split based upon this segmentation assuming elimination of intercompany revenues and profits is shown below: Segment information represents only continuing operations.   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="78%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Segment Net Revenues Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Segment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Poland</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,895</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,438</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Russia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">105,658</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">95,328</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Hungary</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,158</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,040</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total Net Sales</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">156,711</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">149,806</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Operating Income Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Segment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Poland before fair value adjustments</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,369</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,040</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Gain on remeasurement of previously held equity interests</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,898</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Poland after fair value adjustments</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,267</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,040</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Russia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(634</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,167</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Hungary</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">661</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,077</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Corporate Overhead</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> General corporate overhead</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,243</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,171</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Option Expense</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(693</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(859</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Total Operating Income</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,358</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,254</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="16"> </td> <td height="16" colspan="8"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Identifiable Operating Assets</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Segment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Poland</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,099,134</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,168,206</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Russia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,393,689</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,189,694</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Hungary</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,612</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,495</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Corporate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,850</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,787</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total Identifiable Assets</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,562,285</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,396,182</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="16"> </td> <td height="16" colspan="8"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Goodwill</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Segment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Poland</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">406,715</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">387,448</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Russia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,418,760</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,055,772</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Hungary</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,403</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,053</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Corporate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Total Goodwill</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,832,878</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,450,273</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   </div>13. OPERATING SEGMENTS The Company operates and manages its business based upon three primary geographic segments: Poland, Russia and Hungary. SelectedfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 falsefalseOperating segments12Operating SegmentsUnKnownUnKnownUnKnownUnKnownfalsetrue XML 24 R4.xml IDEA: Condensed Consolidated Statements of Operations 2.2.0.25falsefalse00200 - Statement - Condensed Consolidated Statements of OperationstruefalseIn Thousands, except Per Share datafalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse1/1/2010 - 3/31/2010 USD ($) / shares USD ($) $Duration_1_1_2010_To_3_31_2010http://www.sec.gov/CIK0001046880duration2010-01-01T00:00:002010-03-31T00:00:00Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2true0us-gaap_IncomeStatementAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCondensed Consolidated Statements of Operations3false0us-gaap_SalesRevenueGoodsGrossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse336139000336139falsetruefalsefalsefalse2truefalsefalse330894000330894falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate revenue during the period from sale of goods in the normal course of business, before deducting returns, allowances and discounts.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 falsefalseSales4false0us-gaap_ExciseAndSalesTaxesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-179428000-179428falsefalsefalsefalsefalse2truefalsefalse-181088000-181088falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe amount of excise and sales taxes included in sales and revenues, which are then deducted as a cost of sales. Includes excise taxes, which are applied to specific types of transactions or items (such as gasoline or alcohol); and sales, use and value added taxes, which are applied to a broad class of revenue-producing transactions involving a wide range of goods and services.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 06-3 -Paragraph 4 falsefalseExcise taxes5false0us-gaap_SalesRevenueGoodsNetus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse156711000156711falsefalsefalsefalsefalse2truefalsefalse149806000149806falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 truefalseNet sales6false0us-gaap_CostOfGoodsSoldus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse9737400097374falsefalsefalsefalsefalse2truefalsefalse7567400075674falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal costs related to goods produced and sold during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 2 -Article 5 falsefalseCost of goods sold7false0us-gaap_GrossProfitus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse5933700059337falsefalsefalsefalsefalse2truefalsefalse7413200074132falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.No authoritative reference available.truefalseGross profit8false0us-gaap_OperatingExpensesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse5787700057877falsefalsefalsefalsefalse2truefalsefalse4887800048878falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.No authoritative reference available.falsefalseOperating expenses9false0us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-7898000-7898falsefalsefalsefalsefalse2truefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIn a business combination achieved in stages, this element represents the amount of gain or loss recognized by the entity as a result of re measuring to fair value the equity interest in the acquiree it held before the business combination.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 48 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph q(2) falsefalseGain on remeasurement of previously held equity interests10false0us-gaap_OperatingIncomeLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse93580009358falsefalsefalsefalsefalse2truefalsefalse2525400025254falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net result for the period of deducting operating expenses from operating revenues.No authoritative reference available.truefalseOperating income11true0us-gaap_NonoperatingIncomeExpenseAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseNon operating income / (expense), net12false0cedc_NetInterestIncomeExpensecedcfalsecreditdurationNet, Interest Income and Expensefalsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse-26852000-26852falsefalsefalsefalsefalse2truefalsefalse-25676000-25676falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryNet, Interest Income and ExpenseNo authoritative reference available.falsefalseInterest expense, net13false0us-gaap_ForeignCurrencyTransactionGainLossBeforeTaxus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse3104600031046falsefalsefalsefalsefalse2truefalsefalse3491200034912falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate foreign currency transaction gain or loss (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 52 -Paragraph 30 falsefalseOther financial income, net14false0us-gaap_OtherNonoperatingExpenseus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-976000-976falsefalsefalsefalsefalse2truefalsefalse-17990000-17990falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAny other expense items resulting from secondary business-related activities, excluding those considered part of the normal operations of the business that have not been previously categorized.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 falsefalseOther non operating expenses, net15false0us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse1257600012576falsefalsefalsefalsefalse2truefalsefalse1650000016500falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Subparagraph 1(i) -Article 4 truefalseIncome before taxes and equity in net income from unconsolidated investments16false0us-gaap_IncomeTaxExpenseBenefitus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-2641000-2641falsefalsefalsefalsefalse2truefalsefalse-3170000-3170falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph a, b falsefalseIncome tax expense17false0us-gaap_IncomeLossFromEquityMethodInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse-8814000-8814falsefalsefalsefalsefalse2truefalsefalse-1821000-1821falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 19 -Subparagraph c Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 11 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 6 -Subparagraph b falsefalseEquity in net losses of affiliates18false0us-gaap_IncomeLossFromContinuingOperationsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse11210001121falsefalsefalsefalsefalse2truefalsefalse1150900011509falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis element represents the income or loss from continuing operations attributable to the reporting entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items and cumulative effects of changes in accounting principles, but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 28 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph b(1) truefalseIncome from continuing operations19true0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseDiscontinued operations20false0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTaxus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse-34722000-34722falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryOverall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph 15 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 47 -Subparagraph c Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 13 -Article 7 falsefalseLoss from operations of distribution business (including impairment charge of $28.2 million)21false0us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperationus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse-151000-151falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 47 -Subparagraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 46 falsefalseIncome tax expense22false0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse-34873000-34873falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 13 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 47 -Subparagraph c truefalseLoss on discontinued operations23false0us-gaap_ProfitLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse11210001121falsetruefalsefalsefalse2truefalsefalse-23364000-23364falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) truefalseNet income / (loss)24false0us-gaap_IncomeLossFromContinuingOperationsPerBasicShareus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse0.020.02falsetruefalsefalsefalse2truefalsefalse0.170.17falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalThe amount of income (loss) from continuing operations per each share of common stock outstanding during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 36, 37, 38 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 falsetrueIncome from continuing operations per share of common stock, basic25false0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShareus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse0.000.00falsetruefalsefalsefalse2truefalsefalse-0.50-0.50falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalThe amount of income (loss) from disposition of discontinued operations, net of related tax effect, per each share of common stock outstanding during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8, 9, 10, 36, 37, 38 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 falsetrueIncome / (loss) from discontinued operations per share of common stock, basic26false0us-gaap_EarningsPerShareBasicus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse0.020.02falsetruefalsefalsefalse2truefalsefalse-0.34-0.34falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalThe amount of net income or loss for the period per each share of common stock outstanding during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 36, 37, 38 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 truetrueNet income / (loss) from operations per share of common stock, basic27false0us-gaap_IncomeLossFromContinuingOperationsPerDilutedShareus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse0.020.02falsetruefalsefalsefalse2truefalsefalse0.170.17falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalThe amount of income (loss) from continuing operations available to each share of common stock outstanding during the reporting period and each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 11, 12, 36, 37, 38 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 falsetrueIncome from continuing operations per share of common stock, diluted28false0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShareus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse0.000.00falsetruefalsefalsefalse2truefalsefalse-0.50-0.50falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalThe amount of income (loss) from discontinued operations, net of related tax effect, per each diluted share of common stock outstanding during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section E -Paragraph Question 3 falsetrueIncome / (loss) from discontinued operations per share of common stock, diluted29false0us-gaap_EarningsPerShareDilutedus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse0.020.02falsetruefalsefalsefalse2truefalsefalse-0.34-0.34falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalThe amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 11, 12, 36 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 truetrueNet income / (loss) from operations per share of common stock, diluted228Condensed Consolidated Statements of Operations (USD $)ThousandsUnKnownNoRoundingUnKnownfalsetrue XML 25 R27.xml IDEA: Recently Issued Accounting Pronouncements 2.2.0.25falsefalse12001 - Disclosure - Recently Issued Accounting Pronouncementstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseRecently Issued Accounting Pronouncements3false0us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">20.</td> <td valign="top" align="left">RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS </td></tr></table> There were no new accounting pronouncements adopted during the three months ended March 31, 2011 that had a material impact on our condensed consolidated financial statements. </div>20. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS There were no new accounting pronouncements adopted during the three months ended March 31, 2011 that had afalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringRepresents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 2, 17, 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 01 -Paragraph b -Subparagraph 6 -Article 10 falsefalseRecently Issued Accounting Pronouncements12Recently Issued Accounting PronouncementsUnKnownUnKnownUnKnownUnKnownfalsetrue ZIP 26 0001193125-11-133542-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-11-133542-xbrl.zip M4$L#!!0````(`.)2JCY&&8T\-6\``,#:!0`1`!P`8V5D8RTR,#$Q,#,S,2YX M;6Q55`D``T=*R4U'2LE-=7@+``$$)0X```0Y`0``[#UI<]LXLM^W:OX#5IO, M9JHDFX=.Y]AR;&?6FXSCL9V=?9]2$`E)F/#0$J2/_?6O&^"ET[IL43*K/>]5_0#K4*89_DV]_KO*Y&H46%Q7OG'AY_^\NZO MM=I_/EY](;9O12[S0F(%C(;,)G<\')"3P!>BQP-&N@_DBM^RD%S[O?".PI.X M?U(_T`[JNM$Y,-J=9I,,PG!X='AX=W=W$.`+(FY_8/ENK18/^9$*&`)>EF,; M!WKZRTD\O.\=D<9AY]#0=)WH1_7ZD::1R]]4N_MNX!"8HR?>5W+CX>,#/^C# M2YIYR#T14L]B%=7RR.'>CSG-\>/\^/`/0AY!VBYTA8`^;2*]8C$EU'X<.0O:$ M[@X=[%D^&P2L][Z"6*@A!C33U`_NA5TAAZHC9`G?"]D]') M^>?*!TW3=*W>;+>U=X?9:UE7@O41NO0!/%+\*A@(3:'=DJ<8ZB/ MYLZM\B%I-GUR[PZGCI-!=C@*VKO#$2R\&[*`^W8.)Y)AP@\9%[\[3)XE/>3> M>7<84V_3I#RV;8Y,0IU+RNUS[X0.>4B=O:+HW#GN&V%1,WP_ML`X10X:AJ_A M@`78)F`#Q-\M.P?+YK)3+G`P[D70!@"BB*&](#MBX&@]#+Q4ICA1^`"U]S)9 M8N;\B\X0NA%SA%::\BV:4UOSYK?E&.4+K ME-9\>]9D3II-F5G1`RRK$A$>N[ZW?R2<_?]>^Q2W/CET[J-J02J!>$IP!-[.7@'^@C?9HV M9)Z=:Z:39%HE?AAM?/`N4^OR%$KX,3Y<,44:UBQK5WG=F*H/ASQ0,+P`C M:*(ZVH::RV,C)WMVSH*GN[06Y&FML(YHK_6:M\\/I'2(L)G M.%W\43?32=K\%@#,!L=V%Y&+/HB?>1GP@RM#:.Q#G!CDZ-OUZ;O#Y&'FC4Q_ M7W9[RCS?Y=ZLCF7BD",QH`$3LWJ>[.+=86X&JM&T"1OIA!\?;G8O$YW,1$:^ M#Z#(331TV#A)X/F9(WW'B?PC"WJ-7WPAOO:F^(Z"Q#QQA2E0)CB<('#R)S4M M8C.+N]01[RLU8(VF9AAU8&'@K+4!><()9R/#]\$L\^]>!RO?PP6ZY:'G(FI8&Q4O]7;+3.; M]KJ0/=,I:"2C@`X!@$@$P2!B4U8!+UM&&8.CEF#K`;'PNCH`#(:RT-QX7M^PG4C M:+L!.#XZOO5C&9)]^-D)WX*O_G,_?$M^^LM/?\'O(>V"7RS"!P<64UT_``-5 MLWS'H4/!CDCRZ6V%J-_>5P#E%G,<,:26S#@9?Q]2VTZ^WW$['+RO@$?TNH*# MQ2,%^%E^LLDM=7C?>U$_6':OOZZ0N+'#NN%E:1Y#Z:80(B?:SWJ[(E>]2#X"T'"H`Y=_=L$($_Q^\8*3==/&#WCS`SX?=Y.DA]IA^">T< MO&-0/C5H7V_^>79%+KY>U+Y>GET=WYQ?_$K._G-Y=G%]1AZ'67T,LH](5S49 M-9UA`J=+@S[W:C"G(](T2TW#.<[!&IOWZ[R1E_\@,"W`U_ M`\:("YT,!&$>J%KR&PVLP<_4';[UNF+XUM2K1.8(I9Z-'[2J?+$'7.G?`;<1 M'C)7$$Q8RCW+B;`+[A$I.P2$IY;J;!(+SA&91.#P431IL]`D,8!S.R*Z`0\4 MFE+X)[M7XK:\++6:F7!8##7I+,E*7N@HV2/S^%K-)1MD]BN;>KZ%H7.2,4<1 MQ?",L/DD`^O3"+R(!EFQ^Y4'0LT-;`4/FM/X9FU)5I#>H`1G0"I1SKY+F"-_A-I!W)N\83\@[J->W1/_GZK[X M%-`**8$#QON#\'VE/=N"94TR7-77;3X%*M+MPPL^V.J_619CO5XE!V?>/9SJ M0Z!G7N,>;C\("P%B4< MU?5&@3CAETVY2851?G\$L!JL^;T>\7LD\JCK!R'\;,/7'L-0+*A^$8J7I0;7 M6$&4^G#?]&$!F>%-O:JUF@7BB-7TXFZYB2H^UJ?<$^20O'%\(9CXI52,VY:% MSJY)0JD2GX`-8%E>("Y81FRG*<;\Z'&@/(V3SR3N(I'CN<#-#<3(D/X"49@I M_/$\_3X^<%$@?78,[-B:Y,8/J4-\:6\]WR/I;BYA:C^J2CP6OBS+6Z!5>6EP M7S+U]5:UTRG2:G2YM8?Z6-QM_J^)UJME6D_MUW-O?/^?J-/T/V'S MPMR$"G+'X#O^OUA(B`!.!M"?/(],0E]"!R,:Y)IYW`_P<'@$PY$+/X3)AP,: MPA`!@U=ZW,-2FG%%57S/`]3`N\WI[\+4_T6]B`8/MC6.Z%&SE=938,+7>X:H'AU@9NX2-7+:VN-U:% M[5O&*Z>L&YX+$2&9X[F5C=6A=)F_.C8!:6(1X8_.;2_U'&_'@#!WAU.=)+U'5/N$Q>@ M0?\/U.J9NIFVU#"UY(;4O!ZS,4_C6M2JR:74^Y_@V5(G>3_\'H\WL[=9`R), MRP^'_TX;,.UM4D\ MO_@$%L%H&4;3:(_`,F>P<<`^<8<%)X#[OA\LAX*=/\J*D"QL```&?74XKIC%^"TVPUL)&\!+O=4V6YVI\$P; M:RVH%O;RFG M]-:3,;-N-LTQ9GITR`V`N+CW939;#6U="--;C^B?43$XQU5L[@:DO-R27(&\ M\1>\/*36QYN["-1NQ->`G@7PHN!HN6M)>JNM;0U'>&D!G?U/?G#J1]VP%SF3 M6FXC:TO-;+1&I[G,V)L%>W$E5]<:S8U!+1?VZP4WS$Y3;X\9`=GM@D,M/O-& MTS#:C05'V@2'M'73:+6G##@'F9N(R31-W9R&T3G#;BA:8#3:1D>K3QE[?-&] MQ/!+A%,Z';UA+C'ZQTAPCPD!9JF+Z39`Y>%M4\?'!!?E];\5[]B9A;W]=WSR M^[?SZW-D&=%G;G[,I;7>WBH3_S'@(1O@?I-" MW?XP<4;<5L+->1:0UX_D_5J@*@7[!E2':=\R(@-GY)J"(<%[NI=18`VH8.0X MY7U\',2A)'W:YRJPMI/?W).; M>=+!EYV>W<-,O;[LS.4"\WG,A^4`L9-7$"*G(@1`"DO0?GQ>)!Q@GG0Y3C3T MO1PZ\)&(NG^BL,=Z!OP`M:I5CJA,M8X_!(Q[H%IPJQ+]98;7J%\GR@"7.+[+ M+=EA0T^?W_IJLS9.V)!@;)SUWU32)Y5??,D\%=S/-.KU0!C(OWW[!\W):C>`@0]`Q1*6D/..*8T7RN,[5CYQ M#^+H5<8#^7<20GE11@_1!0#R4J-]H\(.D ME)`V3J:I`_)Q"REJ,]=#"PLK4>[('D?4&]KZ`X(P#I,\/T#[T4%!O,5LB.]@ MT'1>H/Q>Z0@PLD2&'R7TIPETT_V!T$G\A#'@W"OU`2EMRNN@.5^7*`@]Y MH'`=.[D'Y`\&V'(XNV7*99$,D9?1.Q`3J69&.0/@['N\QRUT#+KH.R$A>U$@ M'0%V#ZVD;X'#XK6-Y`"IA4ZV>`!+V9=N4"_V!3!D@*>\O/$:8<*?S+`D*R&NMQ!QI/( MR=X5Q.*9SQY6&%$S4&K&G MD$?S"/Z1/T;L#3`2%XIZ27<\11@TM)B0C.%WPYBG*')L8$N_^D&:JM3GF6FI MI%Z*8*GI`F'DP@\9#APW&/H4B_XX*?>-&L#1;J3:5(D2B;*TTF!G)BM+^B-9 M:E<3^33;2R;R:<])C5.,;#J[=?D--W!>UH'[XIRX;G:JNM8IT(GK-6\W%9K/ MY7ZVB@&^+'XOXIT^`QA_GZ[U[9;*G^&[E&*Q9;'0JRW#W".I*"^[OMRKGMB- MW+-5=SX_S5GKR)EU1U[*+7^F_#HW_^M>ZZP9&%CH6?'TW=+3Z1C5CFG.H_[V M=.5F2+/_WL<7)L11I@KF;@>%_J([02],#Q1/EM_HK6J]523O9<741:734CHM ML=,RZJ;(+?`D[!PP-PX2Q]MV^9VETCU9T`:^6L.4%\8I:36J]:96.B6E'GT6 M/:H^%O=\ZV/'/#`E1$BHNB60'@(`]0G:UE-5!]4!L^E;J;,/>Q`N7LXN6'/Y M7;`YKZS[?.<7)]6=4+E47M1047D^NP\?E^Z267$K%=B6CH5:-9 MI,#@'I]RP8MQ7N@'G)668-M\;VK5EE9:@FVE&L8L,*4,;%OWMUK[(P!%9ON<:4\Q*MAI6QL63;: MS?+@^S,M"4+J]3EN3)1FH1BLOV?'?'?**JC4,6X9*RV`(.BM:KNU3]=`RIV? M\NQ8?'8L3H,H)]%-I_-RM(VS"T>\=#.[@;D:B,]\=FO/]9,)>L3V(_!5-ZR@ MUNIX10WUE'O3N^5S?3D__GC^Y?SF_&Q7CM@LRO.KM-L>UQ291[`<0IK%1V!^ MI7+SM@"FTFQ7V^T]BN'OEN*\'F`&(LQRB(=*`YGOI5RV;ELF#%BVFHW]D8DB M2T"YC5L$CJ]736./&'ZWC,`IB_.`<5EW@X2E2!1`)/0]BN`7F?O5P0:J"CP1 MAZN7YM@)(@%YM[9,;5/CHV*Y'[W?+[&(WN7C^ES'-4\;T"QK3;QO55J>Q M!H1E2+\,Z<_PCEYJ<#9EW`O,A(W#\AZGV9$B>;8NYYN5VYYC*G)"Z@NG-J=E M@V@TJZ9>WQU5NCGUJC[N3I(%ZN*V"69&2!/38[F,O@?OR((94Q,F8"4,BSI6 MI,I38?T9F57\!>516"&;>)E'839?CJ9YS-5`&C#'3NIL)-4X7M@2OCAYQXV& M5M4;>W0QH<@B<;).$K$7(QP%C&_E\GKMA9#LEB51:4(77&^4LK)E67F36RH4 M0UC*[)^%C`$76>6DZ\=?DS74O*7O7FL89QRQ"*196-=1D44J"+6CZ_ODU)U67#J52M7*!@+ M.]JJ3!]6HX[K^LF$9CW'OR.N;S,GJS6=%;R#>43N4-;5.R)O^"_IZR3`J!:, MH^L'NOFZ"C_"KWA\4E9D5W&)?N#?09=)4_.@H1I"RZ3@:%+<$GO27LLZEC`= M[JHB[H.1/N2B;1CX6'T:@4OA%R,3E)7_L&PA%KM\8#20E])WJ##CS63-02)= M<5C,QA2*/!K9''$$^,#G;E(-5M55G%E^,UD/3Y;A%=/K\*+[K^J'WRPUKBPU M"BN?7*7PK.YY+CPJ,!;*)9`/Q+=D6@U)R7]1;[0V_+H0C=9VI#TLYPE0RHJF M*9P6"[`D):'VGU%\=U7BS,8ZSA:GJK@NB%D0\O^E)2KMY-Q8#[C?LR1S^@++ MJJ<"BD53/<%(7$X]'R!.7ZK&Y>I5C#@[@Q;#)U:9L9(,6<8]JX5.;T%$)%]Q M3W:0U=-,YI\)?E)0-F.BN-*L&B``1>5[LK,(&$BQE\4#*W)%B#68EP;;]F4= M]V$4R*JP0)68;.1N#)*_BQE=W/D1*$DJ2UV@RJ2W6!^7>3&G`?5]I5NA-2J: MK'*R@,8R1W(/OH\PI(A`+F0P'_@AAB-7H5AU')>T!E>:6TC%*DPEP!E)_HZ5 MU]@48OIC40X_*:\:S"(I)M<`,8Y",`XI-,BAN<<*B-4TWO9W%EK-)7<66BOL M+#2>;F=ABT,OM@I<<;6TSAKI*1=CV>9_W, MODHCFGT%:_K4Z%M\<;.''#&ZHDG4U@*+FHQWC"?D'71;MD3_DA:3M%AZH^%9 M9'%C!Y[6/Q^U6]L7N'$AJ//2MB:*L\>M-\VJH>WJ'G?)$T_"$RVS6B_//3R? M!E31@E(%;H?=VV9[1UE]G_CA37$8PFA4C7:1>&*U3?K2/]VD=L;`G#I_AI$[ M>K0CVOHI,_3L_01WS)7X2`6W"*,!!K5%CF%E*7G7Q3AXZ%L_=H1U]\[1T`ZT M7,@M.27A,&K+NS@1:,Y:<@;L%M^1A[RN M(B'^G[VO;6X;1];]OE7['U"^2:U316M$4J^9.:E2;"?C/8GM:SLS]YPO*5J$ M+$XH4DN0=CR__G8WP!=)E"S)DD7*K#EG(TLDT&@T&HW&T]V.)0%I%M`6^/"P M!('T.6'=_/$1)ZR,"*THL#S$V@S]D+LR8.$'?V3]"%3PB`<*?W(;X`]`A^4* M'^$X?D`8,Y\-0=:HM>0-[,*_!Z5N-!G!W;#*&[4RCH+^T!*()'+Z-!Y$^+@N M)Z@)`CRH$`HC^14)W.II!DGR,$PT#'@<(PICYV.+\'/<3;"`X=`16<@*C=C! MWM*00&S(YSH!+T8EQ3WT57R96FE.4,,0?64>#0I$"[0G>"U">`27I:"J%L"43ECB0D63^3Q`^)'4C"$66YA%4%7+I[ M1#[XB&R3BX&$2U*!_Y]`O0@$-C/DV3'+;@2H46?@]+$8D)2&&0P@(D`=+R+L M5(IORAFI&I<$QT'KA,/"=0R3-L)5C)T@6@MXB,BU$`8F!4BR,E2!?QE]\#$6 MITF2;!BIZU/1HI0])""@9\89)&,DK#N2J&5EP`EE!+CO]=W()M$'=L*W,`[" MNH$$>W(":(T1:WAV,A1C$+#,6I1@L^R"4:`W5$VP9?R*_00<*4U)F1JY9&*RS!*M M=JMT=-KX7!2;_-YV[O&/WWZ)Q-&=98W??XP$#%@(F-5;4$8H52?`4=='-/4- M'!0^@E+\\>&?_V#LMP7O7(=\W$LQFJ<$MSY38,XSCWX*.+_*XK0_@Z!=!%]\ M(84;^KKB@_\Z.(FD<'_7X3^$'WR_\;^;WTWYQP&+8)CTX#?XH!_`K/5!/[JP MSQZ9!Q_J"X?V/#)WR04]RP7]*2ZT.]U.O?YRO#BVQDYHN5_@27YQ"T:A5$_' MJNA?=F`]\?UB\%TWEIW0=G-R)(N[>B992S.X8VZ[[:>1YP8]CP;_SE-*\OWPF,K"!YAT_J#]L[Y[*MWGZ30:#7,[A2- M2W2Z&3J75G-ZHV/HQJ[(7$$:#<,T&KMFY]-RV>KHVV+G)>WV9UX?D?_\A,M_ M-[CE&7J[;2Y!>SXA6QK":OM5H]GN3"O4YPSA$A,0@?7T\?$;6*YGWJ:?I':C?9$:U)N;EF:K.2OX:Q/V4F-<;=Y>;G2R.-[+SJ!IS,KDVG2] MU!`W.H$;')UZ]D4G\*AKUFA]-M7[T^ M=3Y<93@?\""JSJ%L,OAI$@O?]UW7&@O^GL6??CU8(SY*K]??SHN(REZ5Q<\W MTG`J=/YNVN][BQ_T3HV.X[?)&7T9-SM1N6W2CB^^?CV[^7IZ?G/->NE'O?O:>04H99?.2AA`T"?T0>&W)KX;_H M?4$''K3KC`2S,!Q=2#^5ATO"X_W$)PD#"$/TA5H!G+B]N]A#!?(,NV2`WM(H MD'[76W58K[$S]1-`3G:_3[G-MVSDD\*_67* MH8INY``#)RW[GF-G*I!WQK.7>AC7BXK4.SN]5L'YO/3=D2_81QCNHPC]'RSC MZV"I]VZ=T>U$1GM8>2P(XRNA:[H^OXR]];V[@,L+CS@<6KE>+_JA?XLW,_5Z MWZX2,[M,8@N3_IIL-]9&\,>"7.Q_".V5%`L?U`H7!^TBV& M4"'IT]'ARF\LHA%=FM18CVB9C3"DZ/C)4G3;5DD-.G_IRL:!GO##[G,+(9W-4KK3VIG29%,<^+;49^(QP!^(*0?!>J^ M3X6^XT:UZJ7`:L;?K.&(SF7XX=(*+H+K$+E"WA(XO4NUM8I'RE$(0D.I;U9AG#%#&'FXZI/GH?F=/8>JN=S: M,E%G0D3/9E.[WFX:K?8B@F0_ZQ*S`G?:1EMO&69S?5J>[\-MUSOSIB?/"?IT MU\M?8QGMU7H>!WP(M@JHVC.*(#CWP^J0NG:YDB*?42^O3G\_/;\^^^.4G9W# MWZ>_''ZYN+Y^EY*5[F`Z(=(J*N:70]A_Q3NT%^C27R%WP`:'HP!LTP0* M4?G.E-ULQ9`#_K//QP@G\`57&7/P=SK99HUWL&'\!X].JW#$M1T1!LYMI-(; M^>JW&EM(G@0P".:E\3PR2Q392)04"K$L9"DY(1^!(808")`_T#D_/C4'_"AS0RXD,Z=&@G`XX-NWVG6-V:@G`ID,BN;=&3C`DABY MANFFQ+*X+3%/0+3/2(,&X@5[]'WAV<#N`[F`3'"]\A\D:>I]4<<)G+ MRG(Q71=('>>$?^+>'7Q/ZU$Y@O"QS)PS.IJ"%1^DYW-8D;1J)>[/HE&=\#X? MP:%]9F#U!-05YP)C;W2S7:LGF0OA[:5%QQ(3614S_@4J*Y8G06L<)!9NR=,; MN`@O!ICB5ER#8&[P(J#=;+6G+N,F^UJ?D-6<]=VVN0HA)_PVK-SMSW>WUPMK MRGR\N+JZ^//L_//U?EDNB??HH^7]8)]`;++UM\KE/+KP=,&;6X\$[>7%`'/P=6G'] MAT?VP/X$Z^%OZ\'A[+K6J['#@XD'#MYIJ,M[=W1%I)D6?D)K3Y"O;*^_-EU M1@[M+-$8]SW3K-?J3[E6\?U)[RK3=3WK%":'7.R``QOU%N]/:"/#T`EBO>M; M$NX?/OCY9)G&3=H2$V,OQ9-['QA'-G[X6OR2QP&YR MFR,3=`J>Y)@%W1KX#V1(YTJ84<^3,#L`B9WDC+X>/QMFFO+XG10#R0?H#8UV M=9-$/`K`.GU,LBI+OF:X0'(J#4^7I&/->Z-=+>]/_#:8S)YK=%3ZW`SOM>GE M[7*\TDN=R'GK%=F*ZPEF7T0(O83B+R*Z_2L#E$>AE3(%.[SMI%`!2Z'2 MH7='7=6@M482B+W;&K5KH:E&*6<##HLY=1U[E$2.S@?'N`X0CW^%9@.YO3VD MBY8)/(SY%[[P_&>D(QMO8E1X@BK11N*FCI@R7,//D^C8C)56[$@F4);7EF3# M2+4QO4X6=C+G!(`$ZC6C\U[F/^[4S.9[^$G%)9`KGFZ&$CM:]?5%SFBBF=5) MPG)YBF!'!O<,+/PCS20\I9#I"GGZ)II" M!ZQTB%GU(J6)D@C#@L^D6B?9`E9P.F%??CEG9LV<53K35V)Z34]5-E&#)N/L MA:/JE^C#"QBE1M+P!Y6J/4W%G(XY5[%GS[HYC)$WG';4EX/%\>A&CA*='D]# MK[72+2B>6*F>I$M@8M_))8TN3&_I3$7X1=A!:-SJ-IX<"%-RK<3Z'=+:J!G- MM]2ZB9\FI5J;H@E)DFJ*Y$MM8(YT39,^D7R-F-HG<6^3)3<)+%!V&SZ&:(1T?1SK.K->I>WYZ66FBV?Z-O/YQKW;L MJ3)NNF$\=9TMV.&;1J-FIN)-LCR(5PSL6N@BDYE9(X]J@X0EFN9@1]47A?#SWWBI?Y.W[!_9G4_N3#]XL`*;V3Z7X6)J M!XWO99_2VVIJ_5SSV^,^0 M@;2I8@PBJ^]`2T>CV8T"*96V-K:T8-MX3+1@9FQ>D)"8`KGR M",:-_H&[;HD,Y)40-`(A:4G4;EP)C]`*;XQNS4BX*>%TP\Q)3?G._Y>#3)$5 MK;&>.["D08W3?&4YL$6"F'KR.YB]!P\O*Y+2E''XJ<4SA\3&[)1-&U-I:0@*J:7)>J.W M:^W)5R_Y#\M'ST*"B)2."%F7869[,^MQ"9-,_0U%IQ:O(_*&3])<3[T$DZ]* MU[X\DTV]DW6B3[P3QX:7$+@%>QS,=4C1^]>PJ$`/HO==,#OBR%AS#6><\OCF MCF:G1_BIA4'>N7IG+>G-F7I[%+3UANHC2*555 M5-XG.+5?63)SM0Z'N:-1]"WWB-SA[RF_A`M[FIS$<$A40I.YDK2!^4TTGW)@ MCD,Z)6O9@C)>^GWFW-24 M<8$U\)86UTI6U\O9Q%9:)B5':C3)+@7*7)(AI%%KZR!`JBG,E/5&U[`4P+0L M:EGG44X=IAK[1E6,TCYBBP2'/+DPR.ZQ84K1AJ'A24\MG4`6KH:D0>5)55SD MMF20.BUP5_D?)K&,6L+*7_P@P[TLYW`NIM))R%.-C?./$X#M))?^Z6`3.UK. M?>+-3#>Q>=+P@'#,V"4\B)1]2:0JM$%B(&>1Q_#5L3_&F$0@G)WB^@:.H2/K M"_J_)4M24V5?3(]9RZ/?#R)Y_I4:#O5K/6-&3)]=YLR#EGK9R(@&NQH%&I4E MN0FM1YGA9\'"UW68?+K-SAZK,B>V10I!#'VP+CUY:I\J6<;C@F6JM!FW4_L_ MS=#!TW,']"KB,[+T\\A;=<4B6OXQ$$6HKN/D+K(P%'?]A_>OID958_4:5:W= MU:C:8M>9.]^J(M&NJN`DU_7YA:IN`_8+_IH4+EH-:%#,R=N7*&IM>-`JV")3(MEU\-%E,0S-7+GA8FY78Y MS<.3K"[,^J4JN[&HRZ2M-?5&N99)I2^W(0@=K=EJETL0\O1EMM-I6-S<:5VZ M)-@\?;+0ET-.XR4<.3F2\3+M/MUQ42A]<0XL/I@4R(]49+,`FR%G(-T=$?%S M?(-[O?O'7'BSB`,[4O\)<6:]KIF=QC-(W*)'(29R[LP6_J+@-8B0T>UJNF'L MHPB5T>(P85^T?8S'W_"&^ZR&7];F*!D/,F(F/RX5F+SKO';R7$_AL'#JGT#P MM?8F3IE"1.K=Z?2.%/_SQNRDJ,=N3<>XHL5<0003MTA/@N)131J-9:\SR M"O[OWY8W&7G:D/%^^)?(Q`BI?#@)*"E! M/WNLY_;]H>]2/SM0$J9^TB?C7N:&N<11FILTT M2'Y^Z]EXS6PPW%1DM@QBQB@!.463$RQ18=,#GHGX_C4.^9YM.09AJIQ&'MZT M<%MF\MVH$LG=NLL20S>KHKIY<>Y*15EI'!,LK71!-7-#WG>N>^8OT0ZB M4EWA+]R,Y^RE.U6$KP')<)_I``1:H6G4IE/?!=5Z8_IM+9LTPHY*EO60MM MT\_MQ0"7VS0*([Z)WBR^6&YHQ,6YK6W!8;%3I)CJ75S6EFDAEVMG0N3\ZUK: M!;QNTNM:)V\:JC5>T#5>\!5M5BMZQRLZ&_A<+>DR+.G2;=LYPE4M\A==Y$4" MB%3+N]0[=I.BG&[YH^_9U;K>\;K.WO%7J[L,J[OPE\RE@GEM@A>[EXG,W%?( MM.?"02ID&GXH-*Q(U\R6KM5;%3:MVM0JY-3>;6ORX^:`3IU%0"=)@^WX8WK_C@OPY.HH#*?GW7X3\,!/Y^XW\WOYORCP,6>8Y\ M\!M\T`^8S?O.R')AD1^9!Q^.&IU6$^0E2^#"OC='J)XE5'^*T+:Q`3+AL9X0 M/!3G/#R6E;#[[JQ+/2=C2W&J8G7J^6*U(UQ=5!MKA8D,LTUN=IM&>1UMN?\^F M;FF^Z1U3;C/K$S<.H$72!SW/[LE@3EFZ?7/*K6&VIXF!Y=U1SC#Q\3%]YE)"IWH/5F`GN\\J8_J` M^YK:UM@DFG?2'($SFFN-!6R4\2>P1%8'_`*'WA[,.91F#WOQ\XT4'XP'NNV< M$]JU->QMHG+;I%W?7!S_-[NXO#F[.&>77WKGUZQW?L+^[%U=]90$F!<2RO++P;M^_ M\Y)JM_UL.US:%W'1TF/?(Z<1Y6CX:O`PB/^$5;@9E88!LXMY:;#&M..2`K1`@?3-&8,<]8A`!18 M[OBVT.+"MOCUB%@_\(,!=T)0FF5BZ`G'M'DR@>6LY&2%Q4*=+N*2U'-@J M_9A\S&\W36V:BC2'$>E0J'*WFG[X.R%5R4R-G8%4]L/(-4I?-_B0D1H0G&5(2!0S,@?T-K2""C8;+#1TT])/6BXP'G1Y)G,:H['`:@ M(49`Z5`M:P8B`@_/RYN($B,4&%Q4M:07A!E5F09S/;4SHO%DM(X<%:RS]CC< MT$J;BL>1]=UE(F!1JON#EPM<(EON/,(D>:"8B'4J7BG+MSG9SDL5LE3L*?B3 M[O2X?92=@A[8:]8=SWYUJFR$=&"7L%/PG<_28@52W8&N:35<9.Q$,"AG4L*K M_;L$*FV31_;BH79T#4&WC=)6+2Z"#M^7H"FC6ZM7V0Q?1#U^QJ,ZKT"+NQ;Y MCE'BBNV5[MN@[C/W2O>5RUB,SP:5/MSU,CC43:W>RHF$V]E">!7)7(NC!YNU M>EE#:DMF`GZ*+R6,GG.77.W#.U;#NF8V#:U9?^T)(*HM&;;D3JVU1UMRD;6C\KX0=J72 MC@76CO5.76N^^HQ7E7:DF[I&D2.XG@NTKXF?V6 M@CK25[XE/*Y`?CL%^26#(%!#]HD3#$7X9#E!]LL_,)!AY_.V6"55L+\U#8%4 M)Z:@/U:=((IA-;:[FMZLP"[5\<%LUCIE/48N9TL61B%60+^"B'R[4U*!KQ3? MYB@QFK7F'GF5RV4;_D&&8:4)=[P&#HVZ9AA%\AY6:)>7W0KKM49E_548O]>E M]1J::70+)/65TGO9V]-6K;2XDCS+KX+X51"_"N(WQ_%,$!96(5<*HGN;#:W; M+FMP7;4);_#DT:YURRH'BT\>92FEOEEP1;?^\M@*&NYM,O!BZ_72H"IP*!6, MHH)15#"*XEFS%8RB6.9LHZ75ZSG34`HSI@AZ?%_,6:-;*VVQVN6LQL(HQ`I& M40R1;]2UNEG6&_1*]VU0]QFUSAX=Y].JU[I&C2D"TF8?U!4RL^2U,0OX MR)*E`K&B:Z!JVKG.@#I/JBQF.HQ+^35J'?;(K4#4V&D>C>I5GDT/134NY]5B MHR';LES>S$BR52*'EJKS=R?=^LQL=^;5CH,FLK4RJ=BAY27#)X*1J#<4VZ4Q M.YVR@1.(D/TGLH*0BD01E26JO#?-,D>(*.%./#U8?C'A301R&:@'3S1@!3QN655^C,M%P]A^\%"R6&,BNOV+]T/LT)HJO:FQAZ$#AL*]%3@H M/2@`OL=EY5-<-DK,>HO$1\L6%Z3Q>CYL"$,I5+0$>3"B%O"!K$3+ZH\EFMEG MZ)692JM3E M"B2;8T+?:-;P6<$M$P:.<&9SN>ZJYS@<#M#>4!%)9:^A?RAL:J(X' M(A;)RNL/#BP+:YK=PH'59@5Q!?893D_,Q1G,MFU3)?C)G=8:X\0CL](64B;2 M\,#^X1ZJFR!T_L;NB4,+BD/'G']L$>=[ M]4YW=SDDM]AUCF-UL8_^I7Q*&W5G+AN!,>.Q3N'0K2TCV6_ET114?#HN:8VE M?Y-EDOXY:Z+0V&\3+KR\N[`2IR7%:=N!$20$R>W"+D6BFIX%TU/?^?3DK-AR MW:QA!`]+PW9>S45:<:Y-.K5VD5*`[.+VK!*(B:P@1JW9+JE$+&?!%$;[G<3^ ME__!4_[KTH`%A!+4WY94["NYJ.1B+\W#Q"']1^)1KK3DCE=#RZR5=D%4HK%= MT>C4C+**1LE,QSAM!E.I,BH-6:!E4&G(2C1>A88LES5YY8@?[!/>PY_%]_!7 M5OC*/(\%7!3UFEG6-;%SR7@9/CR3J.U*3D+F4?JQ7FN65:1*9H@F1_0O"D!T MH9`K!&A*\K95"G:'"M:LE;6V0248E6!L,F*J\]R*R1)^93OW^,=OOT3BZ,ZR MQN]/'-%W?1$%_&)P/;0"_A&A@L<9I&`OH%`@@F9^?$R?N;0>\;L>@@]O0'=_ M=/W^CP___`=COV4;!_(<+^+VQ1B.^]C>F88^\I$/_(#+!V^L MGQ0,!3U<\<%_'9Q$\IGO.OR'6(;O-_YW\[LI_S@@L#X]B"5E]0-F\[XSLER8 MMB/SX,.1V6@;1KU>G^3`!HA\^9'KV9'K3XU\)R.&ITX)^'LQR/U]@S.K-_6G MI_4I>K8]I,U.V< MSS=@-$PG!2_Y[#0*?(IKNJ[U:L1$BXTCX)0E,O'.9KM3:V80V"JL<5HJ=*.; M$0OL")O6*+P)]H[;D&&PCB8#J2ANY]82#D92#3!H&N/#9)I^@=.7C7?Q!I:-*/`MZ.^7-3'IR?'_Q)L[`?A`.;=5RL7 ME1B2Z#\`Y6")V]E`+_X3'A$.AEB-\,7XB40$:[`L/4M:[S0`8)G4!QH;^@\8 MLX>R;87$`J(CI8FZ@!^]F+8,#=".")TP"E4X-S+&&3A]C$="2N*HW'G,KU&; M2)YH&+35@Q_\D(*!D8;`&PX/Z?6W2:1;W'IF M5M7BP>$@.CL.S'/$!.?2\$5XSHE#?3.2-A7A&PMC-C!X@MJ%4B/;R')4A5`- M(HS#JK&K="NP,^9;5JM3^)4E5+26*&N,5:NS:HR5BEJ:(F:YB">]N<3+6WQ@ M.0_JTNFRJM`'7>T;2\0WN6DUCB11UEH^MVIB7VQBDU"6[<_19/63Q=,SOZ[) MLAV7ZWKZG*N=^W7=EQ0H\J'9U.K[D$-LYPNOR,L,?;-\]OQ^2UY9>4PORP)< MR3C;UJHY;&G-9I%*OBR1_+CT>\5G//;"`J\IM6NESE_=33%O\AJ4XW@6SH74*525D MWS6<"9K(]J-;EV]8Q3VKX654C?RX%"ADJ;NESO)W2Z\&5R1O\C8!*UII,N?C M1Y^%*IO$J)VJ4]4E#V*@J=-_!DC0S$+JC(,/1_6:V4B)S^WNN10MQOA-4U2O MU8UG$73BN'0)_V),4AT^GZI-,FHIHBHHXYHJIUM8*.-I[^K\[/SS-;L\O6+7 MO_>N3E-*]P'%.)EP5XD=#ZFH1SA,LH)'89)7]Y84%.7<5FLP=E4A7(\)7`@) M+DD"^&1*X;Y%>9_GF-D%QXFLGHNWLWHNWM;NOE3HIES\ZYDPR[-S/5 M#4AQ96$F$X#9;;-K^**-(6 ML.P6O(WG]F*`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`6" MW;T#L>+%Y@XBA3NU[>.65AGWNQ>(0FUI9I&@%WNZI94,UEAQH_):[\9KK>XA M*[_U*QC@<\W%G?MK*K]U9=I6IFUQ!:+R6U=^ZU!9:'82E#ZYZS6\X]]"&[D0U?.3(JU;KUX:B@-;\VL4 M"&B!TZO\)P_ZCN!L'#CPE2.8RX6`GRS5M(JH@7'_X*%Z"AI7U1'2V!H["JB, M`@;)IJG9DRH(E*&=S:9E9YB;FTHJ8&+H&COS&%8@H(H+T%9`)'D^?/E7)$(L MH8@Q.X/(=1^3`:IHGX!C%`_%]"`5Q[X'M(<.%CVXYI[C!^S<#^$Y2\P?V8.% M19]=_T$-$)L02(O\>:JVP]R*#G,*^LPMFC)56X5BDR\&IS_[,`UW_`J&=>$= M6V+8\VS\Y_0_D0,K!)@AGE&;)EL$YL@\^'#4Z>BP$#/DKD#'ED:PN([-]`A: MW:ZQJ1'`#^'C5XKO/@,ID+(W26Q/?+\8?->-91EL-$S=Z$P2F-_-NK0LS:D- MD9!3=*JJ_[-:;J=V<>O__-]O9S?_P[Z>WOQ^<<+.SO\XO;[Y>GI^_3 MI[,O9[V;T^N4_'TH"O0G9T/NVJ3ET^)`3F;5P9X;>2#D=`*G#<<:#!S7@8_B M?4E+_'0:*Y;X:=0W6N(G?L1L5I6#5KG]6/,878I3>IG&,;E;Q6MXI9HKVZR5 ME*CT8RL('E&A_6&Y$5]CX]GL1+T.(5]?./(T\HK["+E27D"R;A['/.6)/T@_ M)[OC(G';_:7H!I;P-LLF)8S.KVP6USU+*EWM;!H_NH[ MG[\`%7BF*/>,I>+%<@?9PD)E=@Z>38^1?FBY M+'%3W#_EIMAK8\0M0RV69QQ7JCHLE1C%Q&7MF3T3ILK8*?\&7_$B5Y[EQP)# MJGJ$A,IUNQ'@2%-0H='8\A[9T+*9Y;%._2WC?=_S1TZ?.>@,Y"(DC!+\*`L' M8+V`>S^4=\/J`>BHT7V+]\.)_TF^E/>DT7P;H[>^^CQDOW//XT(\LK]\>(S= M@^45!9P='GS]_>"=QAZ&3G^(4*@L]"OIIL8N//:)WP:1%3RF@VQ+=)4:53-WOT,R'F MRJ%[=\6]"093N7$"LI$+2U5DP(%D&_-9>F'O$&3-"N@7>GTNY^;BNXJ'6P`! MF+X9J&>G/V9W.`S\Z&Y(',49#<30&4_.._#)IM\S'!(MYOHP[8$$->+WMA-008Z$IDSO&AOZ#_R>!UJ& M3&HH#KF##TG,G13*26K9522$8R'VSV(_.'8GPL"YC4*4+BFF\A%/`0)KI9GZ M[&H"'G+0339[H]=K709-N6I6;.?>@?.<+:3,IWS,`#-HC8'>0H\&L)W8NJ45!(49NJ.8TC3I- M@*H9*.Y3&%RULZB=038[H1>HCW];WJ2JC%\'!3%7C\:C?K*%.2IL/9';/:RJ MW5H15M5NK(Y_:N\._[3%KI?SJ%7WUA7HX(6;+\N455"#%[DY/XZ"`$\I\"L/ MJVP/U25YZ8"P^R(#>L/0C.8>%7PKLMH[][W^*]9\!02$5"JP$H94%]9US32Z M)16)O3$*7<>Z=5PG='BE'W>])"K]6`G#A'[LMBI;\:5MQ5>K$(MS3*KT8"4# M996!/,.P$$BJ?8'V+,F+/>;`XKTUKDJ@M^:+4>:9U.4_6QAAN4V\F'K"2A'W2@V70>LP*9=H`B@@.?79\>G+\NE1A M<7SEAQVMHY=,[LNO``LT_[K6,8KD(MS3`HBE`G!5$+:,B,F/2^7G6BI;1F=1 MMHQY1>^6+ATV57+L)]8E['GV->(2;JR??)/%[O2.7N],U6*;[?!Y%*U6O$YO M=QO3U>&>HNB3'W`0&AEOU'^\29,N?;8<#SU9'_D`GH%7-\@[L]'5)^OLK4#' M=@:P&JM-O=YHO=0`OGD!AZ6-"8@V.`7-1KNSX@A20K8TA%4GH=74-S2$^/<+ M;UY]Q.>Q.T-D;E?/I6;%,I=FMSW!N"5I$O@,AZ=.?^+57N2((3YY,3CAM^$F M"XGJ#5UOS%"XL/M-4KL:-Y]!I>_;21:Z=8N"ZHUFW6B;D]Q2#2_=W?*;3,C%DKH`_3:M=J4, MGF+O3<`M$06/E<2N;ZF:'=U\%:(VR9>BF%[(_->Q[V^5_\^PO"K.5P;7CGA; MV5N;Y>=ZYM8:3K[7Q]I],+4N>?#1$D[_>HC53]9WEYK9D1HPT)K>7F6L$W1L M;Q"+#<'90=2-EQS$B>-&L*$78"ZRE&QS(%N?CV4'DFLLB7,>7@PVBZ`X,AN= M]B+'[F)*MC2&M>]-7X;V;6FIHWJMN>9@EE[KFQK9RDMEYP/;DCI[WJ1M1B%L M5<=M?W#;ORX]TCL++<@U[NFV?T5YU.E,@5?6)AKF(P?FN`JM'Q!3J2"5;+(< MV22LM`\6H#46_#V+/_UZL$;%,IBMMP=+!&7$SS?2`F<8>+'10!M79?C2#5F+ M\39!M"Z#]B8JMTW:V?GQQ==3=M/[?Z?7[&DBUT/F[KRHI`Q^YEB"E0DLPVFY M+`1;XJ\H<(3M]"6X9!PX6&@1N\$2@KBVN,WH$$6%!'LC'CA]2V.7OFMYML9^ MC[P[*WBDXH"R]F:-];#^:'0K'-N!MN#%@>-224(GH'*R?3\8^T@,$1#P,`J@ M:TNP!X[%%45<6#$N@*A>L_F`!P%6F86W9,$2ZC:3CWJR*JWM0]]8`)?ZM]BW MVG6-?>(VC1WMJ"OJ&CER:PDLXPAG0RJ:VD\*S5*17E0#&H/SFFSRB>9D6[XL M/"GB\R=R;[JV8XJ-!.;V,;^VK#"\D/?0)Y4[1:*0%5QD"E%BL]"SYOUO`@&D)9$IDG!V:&ZQ^.QZ]"3CI#?ACZQ:!SP(WSR MVW4*(__(I!@F:6DJ;6D99=$?#"/:PE/P))0"KCMN!3C]N(1$'V8%B\NJ22-C2::$=TF]>%*HH37^$]CF*4G'YXQZO3TY M:/BFA=_(P5./654"/W?PYUBES)G^.=$*BS;N.5L\%^@`WJ#9U&Q-(32GNEJ? MCM4LH79]"N:_'!VG/V%"!?_(/;Y9\*BIYV)Q9KI\/EVK\JO; M,I>E."5APT2OR&6CU:DW9P3WV43CF<@+?=I@-HB\S;N,F-_SIHA<$5RN=V<0 M`^O32%>Z4V+>\VSX)H"C_Y?4=-VD)'?T=NGK=MI/+9)E*-KZJ%:$XK0ZK9F-?PO#N@)K M%8Y)^]<_;YXN+DS[,O7U+B0^<2T%((SKN!V6"L(W%@7A3RZ4U5=!N_4VKVI#SIJ(7VB\ M73H?1?Q.:_XKF_I^!UWGI/98G,+CI?*]O,IB+?G5?&X#]@O^6I5R*>"4@9E! M^*E%LU;5>MG<'G[N>T?6"&%E?]-N,;.1O5_$[$+F.%LV*]*FG]NR-MCFL);; MM@HCO3>!97/HX<U5%.I*- MO%=MXM4F7J9-_#@2,`H>L("[\JY_Z(Q?V89>P$327:W1;I=4FY=_7R^@0'3T M(A4=>E6;^Q>"OJ4!OBP^J:.ZK#3E_V?OVIH31Y+U7ZGHF(BQ(V0/0D+`G#@/ MM)ONX]@>[#7NF3W[,B&@,-H6$J.+W61%>-"UVJMMD2Z<1;0XS(*@B55V5Z%0'ZP=M_O6!9*CXE`7H7=R*,?V:YR MJ<=>:VI&2Z9J1FKS<62!T$_J9%&Y6.5B]^MBJ[6_Q68&J?=]?6S-!EBE4^NR M^?+36QPXDDE.B;-:IM8RS1U(W*.E3HA<.[-;45PA7UX-$:HW-<.LGZ((5='_ M&^"E1GX,!KAD][=3PX==`52,!SDQXQ_EC9W^S?;L)Y[,GF1GAYC$+D)YT.?[ M0X>=<[\XT81,P.P0/T":OM,(:((G88$38()O0(?^D\>2O=G#/#G821XF(7WB MF""13P9X(3ZB8PI]P3]^F,2.5.&.#`G$_N9$OK# M"8$LG@:/@=\V9BT\4W?.B7SVW1BY`"N\42[[^8EZ++E?T#3S0X?G-/,;SV>6 M#,_SL6>!CTG626JW@[>BX4QDU"^-J>1L]I76Z(VH\F)!Z_L4J(_9Y#DBZ]Q_ MHHR?3(!PMN@SR)DWI,AA_#@B`TP1M]UYR&$1GOW1=SOCO^N,88KG0Y>"="2, MC^*1@]]QZFGDL$G![JCW[`2^A[."Y`1DCS@IX6 M\$'\'I0!+B@1=(QI/&/7?^$(#PR'(9%<,J.!XX\2\=2$H/$.2!S2<>P2E&XV MK%>=8AX]LH85TL@U>TUN/88`$8QLY!/C7*=_0Q[]F3,D1J-V9=2T%0D.[,%% M"AGSL"-$S1!W5`&N%H'=`K)T!F,GB!1?(= M!H%(F>@[./E]?^8R*)%_QX/`?_D.GSH#4,`7>%\#T9G;KD;N$7_`GK(_?0DH M]]9/HL\9,82MAYAI M2:GYZ+LA;R+W9HI/L!KGI%0MWG?2RW`"TT\3$`8TOP%3)M__CLX,Y!B%+INO M`8U>!+^70O`)QMTS1JR,]<:?:VC]8A<]P=1V/)2/P)]RN)'A7['#[:@0\VP2 M%N4RQ&QQ7K M)T._;J=O#^TX%#9E-@.N.'9"&K.^3)Y#-+IOS!`JHA.^?I#.'&&+Y2B,@M\HU_( M!>6:='D^>9-O9"*N2UYL'B]O?M4Y%"G+6M;?;\KDP`T-*LI$WA. M,7?+/VYTDZ6W=@T[6G\57O0Z=O5];LEU&PRS45N&7\XZVI*$8N"]EE%?AAE> M3P%'(I^KV^O=;Z]UB6^O?^_V'N\>;D^M0E4>PA\OF%FY)!9?QN(Y_1<:8"S. MT,?%S]@)0EQ]:81_PI(W4U;"[3(+,^7!3->DZ])I`N[+7D\"T+#R4>"`LFG$ MM0 M\.E-GD(&/LB1P8/]DODXYL_"F!?Q.Z_S`GEVBT9-TULR[1:/<5FI1&+Y!,F4 MZ>;FI.\MKV:!/T0H-B?;;IR7,93PSJJI&-G MQW/""1V1)]\?\04D_X2I5P$-;5=%?AQ;0=IMK6W(=`&EC*VZ'/3%O&XFH"_%45O6!UFM": M[S1ZPVA;>FL1E>:]#G;^]ZI-/[1#YU^SW&#V8^EVER\>&F^^GFPZ5& M;/*)NO8+B\#,/8"9]OP;QXOLTUFT%$MD:D1OMYL<5=&)0A+&@]`9.3:++;U` M:4_PC4A`QQ14$.$F,;KSPPO5/I`/<8C_^G$`_PDHI0\WB!7JS3]<$G_&$1YG M`>AZ`*Q(H/1L=^B#K2<#^@Q/,(B]40P#G5^3/SB8HN_1!.K.!7YC(@^'JT3\ MU!3!4C3WX@=N%H::\!"_=^TPHH$G^/ESF#:&Z4%/G#?AS`F<**4E)(,X=#P: M(A8FM7'EPK#N^$J*HYYJ`@AR!C3]<#!R",9FU*^;&6\3L#P/FKH",T8#!+J$ MUL4P.+VC9'HY/A3:[&MR%P$ MN+$PD]"(-W1F#'62<>Y22R$>G2D(220@_+`U1`1TH?MGBDBQ#F.WC4:)@@4` MR8C84I'W@,B?2"=K;4!AD@U'VP"$\FA(5D+`C'RFG3` M>N)KC&+!&`8R"@UZ\'H\`Y(\4*BT@T06OGT/;*`(Q92/C/.'XIH6"&.C!ZHS MMN8A,E\0*Q2["?R0-0'"00#+^BNT`YY=Z(R:_##XW!''R MX%$O'MM#<%,("@:?A$2XLD)VM?P[KP@F'QV@BURP M+5>*YWJ9'P?O>&(CL"B#B\OQ=HRC[%'"\.:'I0@D$:5Q0-9@Q!G*+,Q)[ M0[RG=I#3I.<_,X^`C7+3\T=NE(G:<)59-N*(EP>OC5.E@H>'L.T)?X4GZ=2) MIQK#,07[1NTI-S1/<"S):!\_FS*Z0$QYG:_=14 M5$97A&=CHUVO'C@V;@:TS+?E'!=_FL\LM[6I:&66C&1BQ+7,"5]Q,IN`"2SQ*PWDZ,TO_@+5L$*Y$O*5 M"&9*=X5DH0-6$'4+R$?7'2XN!@2:+J[(4"T8.]*%2LCE0JRR<&9M!);&W4;. M\;[&CGM>[L*5=&HUN['!R+[#(/\Z_A71TZ^'!D,_AP$<; M;N"*925>&49]<4M9B))]#:)87N->J?_L>+:'V]8.KO+YP0-O"OZVISDQ6TW+ MVF16-B3N8`,M-F]7IH['@H<=)AX]PF+D@/-I&"W=;&\RS@UI.]@XBT]GPSCT M.,7C!YW/>G,CF[DA:0<;9K'I;)E&:R.IW6J8Z4LB+;_,"3);K:5+CE>][4), M,38VFJUFY! MT%CX%OO2\4;W`0VQZ`I^O1L+OV&[?4S_9FG;"L]@YU/GNK3GX1\[_=L^'GS? M/W3[W=XC.QC/B%VQ9J_PJ@T_Z^7,$J1XS&(%5L["JC)>>,[I$GY[-V0G9%A8)T_'SZL;8X>H`SS0L$?_B;$2&9[' M!G2,5Q(E3F@ZGY>\'A.F)C"3^19E:3/\!+1 M:U?_9"]U@L@9@B'5:]CY`WV*1:&=_M6_KDF'M0>#$74DYF3DLW)229"&B,C@ M_2R2,TJ-/I98^RMVQ'5%.BXV+"SBY=*(KN0U.X_#MOV9XXFSAVE:MTYCO?-) MX%-SP2K9L44N/NHA/2Z61X)9QK_EGKU,J]X!51[%A$*\%@#^C&TG@(F:<:?& M#HTRVE#WQ1DJ+XK$YBQ_F0`C7ZH;QIG#9X]7#0N3UJ'O3)R2>AS7)/7&:2?C MU^5`D@ID[Q0%$?6_DB'R8](12!C3`C%W23?LI'MJS[%*'Z+3L1N1I.\YM0/1 MV]I:47J%3`_JNX@Z(N&$T@C/S]^H@L7/NV&B0&A8V<*L#);P#*M=0,39BEY" M8]771CY0N*$6C7T_@D>7=&B%/5EM>#90L2K-5T@+>=]PXL,*U4*6I(ONO&69%+ESW`9R-?/`=-!*^=!P^QFSUH/3&S_RBD/S6$0W+Y MO3A3:5(]O<+54@AK3F<,5L:+4MN7EU!@-SK=5`.2,G9)%5%VLSL+_"NP@[:X MT$3L)QJPA0$>9$PYN!3G.S^KQMLD#^U:6BT2.L,K57_JIQIECYZA%2=$.A!+ M"I[-U`G:AJ=Q#O%Q\`:LX>Q.>HE&42TILG]`[S%KTEY!'1V/Q:H#GB1XN5_T M*+OL[=?2Y@Y+48*O#V(Z*CF:;G>U(V.:!7378D3?*)JRDZ+=Z MHUG?A+1UX6?;4+71`&=@"$'K>!G#I]YV4?.[N'\$8L^VD,A MXX]9"AN_&C_N&<+(6@%K'Q(P;:R_]\_O]E\0JXLH]:R7H_Z`,.0 MGWE_"N+^3"T.#Y-%,GT/#5#GAQ/^.:2CX9\@)O$T9HYTW5!6'&/^QISENY-4 MKS=7V1HU2>5/TLJ[O0VGR:P9NM*EG:8I>2J+1D,TV5OOQIXYD>UN-A%J`G:? M`/@S;,99BH!B^J&8_D!Q$T!'73OPP$V$BO.'XOQCP.*.YTK@"[*]V/6<;C1K MRD6NYITLJTTU1P>;HQT6FVIVMIX=M<:4@_]JB7EXGJL5YI$87]D%9EKYAGU; M7_9&Q3T5S`-N2!OX=/?X?]T'\OFVU^G=W':^DMO>S=UO78WTNH^GE?O[^77P M0?A>V($W$M>96N'(0TOS\L$2EBHX,*J-212@+.HH2ZA�-0R(I4,4J)"K0 ML"$O3I@#E=^EL*H0Q%]Y/JL1CT;GY88E6H#J6LT\]_I[2A#83J2M5[666,X^ M\H\;78EM=,73>NN*9UW.59%[W157PCW?\Y=01TK$%($-9WM%LL.*3DL@K2"Z M2'-%7-R[A-W;9'M/#JAB!UZ/RL3%L?AJZPVRESLOD]:",;E-LVF42NP] M(C\'T?S>M;T(+`P&QLRFR]EYNTIWS7J;Z+54[(7Z@C!.M7>D>E/BL6(T'86? M`W_ZT?:^?Z*#4IG<:EB+<$JK.MR1I*W1&8O1TI_X0?1(@ZD(\_R*\4YW`U@N M;(!U5HQM[;4L>X^(/9%?"HMWH!UCWNYF[*GN#QH,G;!<3U?7S?4L7]5YF;06 M8^X2$F=Q2L=.5#*(VU7=,)87"FD_V_=?(`E9ASV>U=PC!;+D5E1E@.4D)AQE MB&5']Q]U$+N$R!^5\.WBS*4Q!.5$;>](>L%EO+Z$7E%J[Z=G0"N0V'6,$4IF M/H^68'1,NKJ"B6-7=^(`[WQRI!0C8#^4%W6=M$9AJ!_)GXC#G;KR'(YF67C.6"'W=WXX4 M%>.1]IRQR61N/59RW:T]:GG^$')C#.L M9KNQ?E*S/G>FJQ1NK:=GT8_F%FZ?Z-@9.CN6E&:L"9>[-*[<8^^=%+\5%C?>/!QR.$] M88%SPY(&PELO_TP"`JQRC[>MN5"3-O?XH7O3[3U^_7]RV^]_ZWXBG9N;NV^] MQ]O>%W+_<->#SS?=W^")$ZM"_"C*H#)0!#2OV+ M3@"TS$;<<>`8M!R)EEF!7=9Z;67;QK69M>T_TV`4V.-HH0.PA4XH4@PC=\ZJ M%,01_/PWUJ7`B@FKWH,VV9-H0!@\N\-"A#DK`HAM"O9[/0E.G,=5C% M!S]W/@(\70=DD4O`7-EUKJQR\@QUG2EX`_8GQ*P7G8ORJ#@R]!Y<^(1LK6#J MC!=\8^)I8W$0Z`.\"QA"4?Q\YH-80W-)M7514(;K'1E.L#9N1C=GB"@//^;\ MRE[&+<&454UY%CSVP!&P$O'"7680^%/[AS.-IZ`/O!C/L^VXS/`CI6#91=WG M;+K620PKR\`KSJ?=@C\+PK0LR3(16)46J]-N[UC7.K\E;TF?4-,?6#4'&(T" M\MG=6QK2>LN[^^Y#AZV=^]TOI[EJ3BTBC\$559=Y+:60U7,>B`!1M"YH;6=^ M4DR=UU?'HC/^4V#/P$F``V7Z$?[Z9K7F/G5%!:%T<3QBY3S`!D>+_8`]$VUR MNPD#B9E!6C*FK);(,'6O;.L<)N79QZR"-"O[@L6IJ>N__$J$*B\4U@&_S&MF M@`'VP,<,TWO67"FG[2JN5!%PJ%4<<,@\'N#0'KO.Z?0)P\L4`QS:2MKWB'V2 MZ#.N&L796<@L>4!^X<9N>8]?EAKK^QU8>A*QAMX]R,S[KNV$U4!^C)^JHRR= MTEPHO*63PEL27N1PIG8GI=L44J#LYTYB@)MY,VDDDV^H*B*8)8U9GOQILZ&U MVC(!V1PCD5Z)Q()(M#33:%54)"KOJ/FYTGF90PEQG?1:0[,:5=4")1Q[%8YV M0S/J596-BBT/Q>&Z,HA'EOF&IBMSJ$1C%4F65C,+'Q=)(AJKUHL*!?'P*(AG MP8NW7:\ZV]SVNI^A-.+]&`LP/Z^E@CSG!GK#TIK%[W`D<01*)O8B$V9;:]6J M"M29LXS\XT8A3RS:Y=V0&+DB8MZ(,5$EN-Y<]Q6Q#;*:GHI%Q-PEL)J$HVJL M M/;91LH7\@GFX+-5IRB#F&'@`9E#E4FLGU!T1RO#I>&(5#<_-;$IX?=C46NUS MOUE6`I$CZ91LJ+I+5A7U#G:#+.NVQ1Y'6$!/[5IDM+:ZKM6M9D5-KO*_:B-S MY(V,2@`X226XL`Q3(A50];V/9`LM3:^L=ZS8:E&%^LLA\Y9U[D%\2ASR)E"K M-4_(`E9K-7CC!S,?`7;1AYK5[2_3%#W'QE#(^M`U9; MF4(E!A>MADQ16EL:0G6?K.Z3SS$CN4Q_OY_\XPVSDD[4[\L3AMG6C+,'*E%R M$/U/O:'5&S)=X95W,LIK*X4Z%3FO2I+BZ^)3["=1T4#EE4HX99_HD$X'-'AK MUJ1,/)5S/U.M6TB5#BN!U:GPU:/"C#^EG96NU=IM39LPL6ET(.Z9K0-S6K)=,5T7C912J'06VW-:E?5459L5:CBQR41^Z9F MZ?6*RKPRA/N`R#$TL[)5IBJ_1$QCR)5E/+(>F+K6:E0ULU99QGU(A-9LG5)R MC8I/4_%IYXMWPB/!%N[K#WW_+8.=E>=XTM`:5EVKMZJZ]JR^SY5)%HRVI>FM MJNY,W[:%*B9LKS%A.\\WI_2+[X]>'-<]DKZ?Q\Q6):1&14%5;LI4%-3VCZ_: M+E;J'$U%04E@=504E(J"DF([8=:PW*':6"I),%I-S32KFG-6>;>L(J"DT`)= M,_66UK34]982BIQ0_+>]:^MM4PG"[T?6;")+SA@?`/L-P-KYIN/V9G9"X.D:57#*.><6^Y< MX7D'5#[,'O(!*4\U9\Y^\.@&(6E%-8C")XCG_4]YZ0;GW/!L#(4WACA_>-[V M=-[V="[+E:^P'V[&6K_B7N;8GY_)4;G:5)5JTRCJ]&CQ0W^>;*&A257%*,%( M*/PI=GC&^KHT%:/0?+;0C-*%113C5R=LV1-Q\.63SVN/&(\_3]>C[PB,;D1% MJ.\V-QTFOGW;!U=[X3#S][>__T+HR^L?J,W<'XP^]HD[NF8><&0""&A]1QZ^ M5MI\U M(B,+"'6*04[&T&QJ>F-##$/L$G[%N4^L-QB06H/I/P8]#\:/@NUN\/G@#AN- M&17?+VP_VSQJ!:='C/8\8/Z_8)_(,GIE&;[>:LC*(O@Y;(=!W7>#+R:_;(); M:>B[12U+>^?:`&-5CXSZJ%Q'G6K_5"N&?&30^V8:?*[P+A?,==D3>-_M7&E# M4[76DNP5"5D@I':DAM)H+6N?A$!0.V0.#(IX^"RV"R?@QW5#7L2P(B(#A/3! MQ%!TO65LB>"*FHYO`5VW(BXSVO8\U[[W@VRASZX9%0A=YCC0Y&KZ&?HW_7DB M;+VIR;J2`#L+K(.KFK*3F\0R!VW3]$>^`^VL&V](7-'&)4-"N3TA81'F#HBR MJ0_2IW4S&8UW!E*D14N]+7?$K':<'DM9,P=9+?(8:5``!D"A*):S,K7/-K MFT`P#YPG3R;F@(O8LF3$C%/2J)$_[;,LT>9%\T6SW/]C;\;EUH54/H=//;@8 M?K:==Y^):]H\C3\\8+=7=#7]XX]5)\=T[-,B#L_%@3V#'K.F6A(R\FD7O[#C MDZP1,G&17%8;,2L&*5#L'WM>)D9.@9P=3G(4B9Z=3%Q`'U)31!$;#:@7'D1/;^JG"/L$=DJ88`] MWB"T?)TN@TLC.]RQU5RN/A`K<&M0FX5T MO163LB:`ZKN8\@?B\C:U>L2=V*:(BP^7-L74M+$3?H\Q*I"S"=IOH@S/M`H/ MVE'YH;!N4%1L*#R.RR9W!QGN#GG2PI]2::MOTH M:'2)2>R)L`Q>1WT0$8<9]"*(T4<6Z!B=KJ*GH6T.$8B8V!8)4<*C\E[&X3.* MB*D*.A$U*B.UM1,S)^]7DZ?AS<$+A#D;=Z0@TU88!'!1_:0 M*D>V^VJGHFZG-<\XF$]P'8^8#YB`L7>:45=F#RC@2O#T2$&VA3!R&`=BZ:LM M3&_`9QF%N`>;#3+B[B_-W1ZNNH2/B>G-.M2Z!].?4V*(.;1#9C0(A/M,F#,) MY0>V'4`2NB[<;\'4WBJ/.1_R5JO0;1APEZ/U7%(5;LS:Z!WVA>U?5]>780DG MU9B'MR(A"X2U.91Y!/3!Y MZ`"U&ESZ\NGYWG7@Q_]02P,$%`````@`XE*J/KJ]\L=N#```O,D``!4`'`!C M961C+3(P,3$P,S,Q7V-A;"YX;6Q55`D``T=*R4U'2LE-=7@+``$$)0X```0Y M`0``[5W;9`($DG51G3N767:E*FA1)3YVW+L<6H&DC,9)( MX'S]2+X0$RQ+MB%()OW2!+9DK;V6Y*W[US_GD\!Y`81"C,X;G8-VPP'(PSY$ MH_/&C#9=ZD'8^//?__S'UW\UFW]=#NX<'WNS"4#,\0AP&?"=5\C&SA7!E`XA M`<[SPAG`%\"<1SQDKR[_)L[?Z1VT#WJ=P].#PR^GQ\?.F+'I6:OU^OIZ0$0" M&ML?>'C2;,:/O'0I?P1/'#[[\*"S_.4J?CQ&9\Y1Z[1UV.YTG,Y9KW?6_N(\ MW"_M[CF:(509!A#]?N;/6RJ135:ZSNGI:2O\E9M2>$;#]'?8-[P@.\UA1_;W2C]'X^,DR%D<861#Q`GC7^@.("^(.G2#03ZQS'@-#<< M\9B?@]L5-")+P7R+N7.,\&31$E:M0OFVMHMB^2OM#_M30$)*-@E']H`/Q'7E MTO&W`+]N"=5;]C$FSPV\61`"O>,(8APBUXVK(^TV,&>`I_"7WT(FGL@K;;OM M-)UEOOSS,FLGG;<39^[$N8=H.)X`>RL/"D3-Q625H!A8C`4"&M74&6WQ)G?D MNE-184];(&#+;T1]/6VV.W%]_2/^^M<%I2EP@?L,@K#A3OWXZ[C;ZW:.>E]. MCHXZW>,V_YBX?V<%OIH1PMV;6^[81A2_US[J'?5Z)^VC[A$'D"I^2C\79!6) M2[PD?_YQ35*KC6-LT:*SR23,K0FY`I+T0X(G6FZ-GX^+8,'$!X2_?!O.C/(B MXJEXO!LTG%<`1V,6_C(E$!/(%N>-PQUR)VKO!?+%?S?_F\$7-Q"U^H)=N80L M>,CP'S>8`0FG6FE-Y3J/OG7*RT.U1PH7GH=G'-4`>(`C?`[`#\`4M3HG23V( M+XPPYOO0?+YOT0L'@R97Q6OP1!P'/Z3.X]@*5O>G!1V,UX68$SV MTA"Q%+-J;E:">UFLB+.F-!C\VMOK$^,/(TN MT)N9J>P6Z@4IX-@4#3$7C2`/\);-S!MAPW*]_#^8EJ0WL)F/9TF(2&V>(>L#'V19>>LG`V0L*XQ+HV5!?!9V(_ M25IE"Z6UGL[J:.WI,]U!]QD&D/%,^"OID6'O]Q@'O/0T$K.D)JN2K?9=#G<\ M,98J;?YHSKJA>6(NY?KUMDH3JCV]A62&X,%=B.D!O0F356.CR2XW7Z(!T!Z* M'\>\17X"9'*)"<&OO*_J,7*YD!GC0Y.$)X)&RJJ&6VM>( MY6(8=S-?%LT`107-H2W7M@:4%<=G3Q@_!W`4K9K,ISX_48VH+P%TR_U"22.=C$")19;0C]>^YC34>?8UX*\< MQIBZ$_-K;#'N M,!J)?N$/S("T:[QN62^J=0':4\WKCVC,TV4&2L3Q7">LTH1:KZ-U=QG1X,L$HA)6[[^>=F7D$:S*3$:[I0"L6 MG>UT9Y[OPZAP#R[T;U$9!>G;"H>[9"6]/'$/45CP6\0` M`52LWE_-I=@ZZ`\L@7GJ*ZFO,D+=KA?M47SL$31Z`RL;,5ZWM%%!VR4^8^19 MTVWV2.:[.'0N>E%(I)*R,$\BNH2L4ZF"90^%CVX`Z`"\`#0#8FLAE>^_RS(U MCU05-1DCP[JX+&8U](HNKZ&Q>JZSOEQ+8YH=72@S&>2X"`?'Q18FVC@`I- M:.@AMBBBWMQ,V;[/<968G;+@S;**\1I2+_(7\-_.Y_E`>U13)PCRU%)F/ M+X'-GO`V$YP&_G3@$'O=GYN]% MU*?*:W^U5LHS%@5%R>+F!T`>QRX!ERZ%GD0ZF;;+O3'\7Z=[M.,3UM0!#R]\ M6.X00>EU42NYF%<[])DJLYQ)#=Z>IK5(.U)<.@7RJ[.(JKK!GLCQO<^N83!C M0#:W*K&VL$F-2UZY44WG8WZ-R..K9,.J=$!MF];"$BJ48[W%5-T5)9O8'>]? M>;MK-$V9=/=*K]SN%?$4)WR,6;`IDD6CPM-T] MZ9P<=3O')SML1\1%3[S4#P2_0,[JY>(G%:=1+F?U+SP&7Z)SM_3WRU3+U+S6 MI#*]ZTW,%EQDS\NKP'8Q\\2P!>;6Y:%PP):IEB]JT42>_>Z6-[ M/K.G&W@-I@1X,&(5^1?1#0ZYP[+R%'NFG[(>L6>B,3D:JM@Z!$6JO55)<:_8 M<\J6>EG73\1#ND#<#E-ZH=U;%GNJH?-(/"R@N#,Q?;9EMO*?2*.`,>P[U M3EK$/E(OFLNTW5,QZ/LBUL(7"]J&"_^_LQB*.-B4._&6>YD^X0'@?3H/!B#< M_Y",5#]A33^'"X\EHMKJ,_=4G!_OTUCDI^8W>.\'3\46K^A*,^X<`%_$K6;R MZ2IETCU57&G7),.*;0N:QW60HNU'_)%0NDDW-\VG6#1]DJA$/OILLDH>")BZ MT$^&-N+`\0)%9U!&E\AJRT,"O@E M48P%X]7K`),;+M(HQ1C]VIT7VE+2SO%39!OQ6"(_"P;!]W#?WD=)JN*)DS8, M>$M<&4'<\.HAS4S-T]O'K1ZJXB)[YO]Y>@6C_0!@:1+_(EI@4 MR>)31N5<9-'Q.A*'?H/(1=Z&(V[-3,U3W<=%W%5<9,^:2H[:`\`/N[*7+OJ= MLY0IR]0\@6R!S8QF2=<5]FS<&(!IW-;VAPHA9)GNJ1"T76%1*)S&%-W%K:F% M-^-/-:B<85&DFT8U`.&E?@\N80M-5;Q/\JD-/9=8%+D.@#\+UWUSV8\Q84^` M3.++7^]$(-9_#N`H-TPMD,/>ZJ>:ARQ::Y^.KDKJJ4@6>RJHRBY2+L8W4U!O MJ\OIS1P0<3V)=(!&E>Y3.@7\8L]B?8D3M;8^E\K#/!U]W#A+\8W,%JR]V.1F M^HWD:9["JLMA76);VSMOP0".YF!\9R(X\^.;^<;VV'#Q M>1Z%Z(D(23GK6%[-M1!A/@\H&W>L6-I8^I1:G__Z_;>+/VS[^Y>[`0JX'T>$ M*>0+@A4)T(RJ">H)+N6("H*&"W1'GXA"]WRD9AA&4ONH47-K#:_>JM7/6Z>G M:*+4M.TXL]FL)K2"3.5K/H]L.W7Y!4MP`W/L3$F&;,JDP\U=:VDR>GM=JM1SS-A,%]X'*9-?1-)WD M)8A*VI;&U8#[6!DV=X:`"B7T-WLI9NLAVZO;)UYM+@,+TH70A>`AN2,C9+"V MU6)*.I:DT334,9JQB2"CCN63P+=URMV31/_3O0+>=`7U.`L(`W[A0?*0!IK/ M[*V\&?4FF(V)[+-[Q?T?$QX&4$E7_\54+2RD`?Q]U]^(4SO3Y>,H/.>,1PM' M2SD'\N@DD6/A[QM\08*7O.G,-DU.:*@*T@&Z5*8X$USW61C3*; M\)PY1>M>5R(2\1%*'2/*T+KK/U'JW&0!\A!R?P-'J!=N+G(I2Y-`B4R8BZ4# MF_,8XZDFL.604&4CFL:6[7KI;9*W' MHREG.L7=.96[P.?K9+&L*K`K-J."^EW:3DOYC;7.!7`.#=72VDCPJ#C+*02^ M=RA30;F`\8Y5MU`L`26?ZGAP^(&4/8-ZF2ZFN505R!Z)HIM)HN,U&L]$X<\\;9Z>N5P9SRSZB#.IR0ZPDFP`\XLD>=YTV!KE, MYL@=B[+--F4[75N+<9VF'/R5Y.,!3J4R%HO=C.1*ELI)_9V8!GW6PU.J<+B5GQTZI3)U\DZF=L122<[NB()H2'"%!:-L++>2521<*DN- M=[)4%,3AZ'EY&:-''KN^'T=QJ`\S-VI"A,8JR$3OO$^DS^`81N#`HRB+`=8- MM+OFABF7D`/8*Y6SYALY.T"<5:#UDDH_00@R!R%VJ\52J3T],K5;(ZWDDIHU MQP-89OKPN/,DO29X).[,1>:>/?T+V+E'YO10O8V!Y,*KK>DCAUR2H&,I$7_H7<@$"R+[4L:K6ZKGA&V(5*&+W).T#=PKRKPJ39KG]X
"CZ@:<%FTL*X+5*$WW8^S==25S'O1%OV5"T+'K!<+09B_>!"82>R; M3+/`?`O-KMT-_HVETGGX1M3-Z`'/;PG$"2B-]ZN9 M\G)2R8I,@M53YBLD+^<4(`^XBQS+617:]?VJ[5@9J&1MF2TTZ9DN8Z%#,C,C MZ:7,RQL#4E[-B?"I+.X:WV"HU)HX>W>G\/\Y@L*8G^_ MQ5&&_`1[&0[0$\D>T$42I^F&)!BM7]`-><09NHTWV9-'?R/IHV_?G;S[]O3] MQW?O?_SX_??H()^&[.+FGB"4U*"?/N2PI\?_^/KEUG_`6^^(1&GF M17Z)Q,2LLW%8,P7>!$&=G8KQ$,F6+$ M25UZ'P?^$=/RDP]2-O:;?W^2AGL6!9=11K*79;2)DRU7K+-UFB6>G^6$./N" MDB'><<$B0SU+ZGQZB9^3IO_L$%M"'/LQM9A==L0IYNB;)-Y:,2;9B"V0_AVN MPT.):N(D.(WWB8]MOF/N-_E(?>=9<$9]",5D+AI'1[_A0#A.KD$)DWG,'-DU%^GB,PZSX#7,1'X]. M3G,7(7_][UOZ$3%C[\Y;EZY'BJX#FM=`VEEEUJ"&F$3U51K2-GQ#'0H@]"L' M^Y=`KB`!'#!YQ!&=41*BNF9+48*'51,&X6E$J@("JTN"B4UFD4X%6 ME[O$8UG6VY?M.E:)>?#W^=5"R6"N"K4_SOKY%2,W/KF$00((\".+S,4-OB;_Y&WLYE]>!3.K`N@9:.B!3!R5L(@!@^O#!?5&B1='[E MZ&([UP\=W*PJTLY$0TLD>"W"=&`?(I3W,PEQJ(<3;E3ME$ M!<_2E#+1H6R'0#!JI6:UJD!UB-E5135\,R%_>WMY=^O$5Y>AF-'';\!"ZH"& M\:8J'``":822"VU@+'"`%>3"2Q_.HH#][_+W/7GT0LI:>I9=>$GR0A?.OWOA M7E>?88@+HT!6@E45R@AQ=@6SX*JI5,V/5F)-+R/]105\P$7,*B)-8(%X8 M"KV2^GZ\IPS>8!]39MS(.)ME]$AYB9,7RII&^#H(C#=1L5GU'M6_S^XMFH,WM*$`X3H`H\0& M;"HU:VQ;7"=YY)+A\WK'<"HTT5MD#3FH[K0.6 MS=$`[EI8B%- MBR7)C].,(=#0\(F$(0V!$18CR[MSC,#.2U/O'G-Z9$O_G_!?Q[[/^?'Y7SR4 M)>3^GD;--+K$C]S?DX@NN#BE>P2_,/MY99SI1E.1'+?`IF=G2#1)CT27U.6!E!2IFDFI7R M>8[9-#Z1E)*@\82X:4@5@-&62^G+.W3&A);C\S^2E#*VXW=SV`U)I@\^DX?. M(%4//PY#\3/3#XH01QB]T`_\;MX+//WM1&(BB8HH+N+(,F^4QROS1J`C"26M M5^@7__[(EUDQSX6LV">\P92=X,Y[%F)U[O5:,6"",P,AJK%:"_CLH5LG+\T: M18F!*(JTD'I<#Y?KFD"8!:ND8!Y5'C%!)KHF$>^\2')-*6%G;#Z);*#1_`") M2.33$$<$0".&^;]$=%VGH<(?./B$U]DR3??L@\O5I270-T0$"/6M1"J"?2,L MF'#?@K6&_E1P$4-&.781VDSIH;61V>L5J3TX&R(7EX7DLO!=%W36O66WKX%Q MX+RZ\YP:]GRZ+M,THAV0=XF)IO7QFV0X:Q_P<['JR=]N/("DL"E3BLQ5CBHWJ?P`!2IIW%L,83CD4!A@V^FP M#V@;:--S,%WN^-#YGZ=34Z/MKS&7[FQIC5F>:9O:=1YL9/'W$@C8T*^3F'Z% M[.6:LLC[&OV^)SNV^="?=+:CP#@$$S&J3J(-?G;'T9I`XUX4XEZ4X/&'CCC^:2$!'DFP32>="&8H1;9_YH^SE*\X>XH`5R*09 M/U+7B*V%AK'V#N:K9JX!G=V^6_EHWAODT&C+P:G:Y/"\]&2S(2'QLJ8*S1/. MVTE2@6#,[ZD%5.Z@E;(L$/!*T073S4Z?2Y MW8<@$R^1/8]VW!=LR`&/P5+IYAE/9UC%4C-,6=W4SM&&MHWY?E MV?GRR_)N>7F+SJX^H=N[U<5__6WUY=/ES>V?T>7__65Y]T]WM-*L24(;`KCF M&;1+T$-#:I==XX0*(O2:+V\37GLO;"$PNPY\"`Q[$5C-NNH*85X)W"@VW`]T(WS'4ZVYW&2Q$\DNM>^ M.J*"!&JRI6>ZUE.K"39_"RT=#PWU./>BWU`8>Y&\`D35+TB\388VGJ]Q[?.$ M_N8BB-@Z9?#\7A]:UV7:9U00ED.:3[@N-V0N'(<\XF*5L&Z"IQ8MZ(`% M.$WH8KPX/=`!PIP6M'.C:/!3/65JORY,_Q*O0W+OB3O!1.3_`NY%I>+P:\H) M]L(%VA6U'_L(;W=A_%(\X=^2<5M8*I$["JPN`@M=Q`[ED"/HYRG ML-Q0H+?L=O/!I6%VAUG^BH%'[!&]$#$V/'[YVG_Q*8MD0[U_=(^3;V:^9&SY M:>0M8@&/.`+@?15+Y@6[\D,_>)%+)_Y549J;6XU;[4*"6:/,1*DN5.T8LZ]6 M)NQH+,.3EA$ZDV:X\':$A7;82_&J])3MBM6%!-66T424>C_&-@R`1HS=[&@S M5W+=20^7O'T4L!8(@C0*&>TQK]CFY5&L.S$)^*H51RWQ4CL\Q#O%!@*4[Q.W M``.]2]S)43,)='^?\%>Q#]NO+%ICJ07[4Q[E5#4LP:$GVZ/PE]3#D$=--+P2 ME4,;V2['\W_?$]'TFI&*\!-*]VO*-?$2WHUFR_(Z,A!BKPGS`?-NCJGHO_Y$ MW2BN<*(=W\L$)?Z=8]NSA=/8IB7": M"O[H5+Y#1P)PSN/'$9V;Z7RR5/15G&'M*8P*$N@41L]T[12F"3;_ M*8R.AV:6GT,B!HH8+.+`0`PVWOGL MX[B#0#T0.<54U9^2'',$@$_&<%7!ODSDC>?BW&0'`A51V(I\_I8*!\, M_9H/]R^@G2+4G$$G[,K7<5M?Y6N``:7C-.S6LF\',/,GVY0,*!YX+9\71F__ M=/+NY)2];R"*FQ;H]/W)XN2$_X=2\?:P?,'A#_9\Q`\GBQ^^>[_X_H<3?DCV M_GBQ^__2X'9M=Q6;U3ACYA'V_7.$$?3A?H_WQI6\` MW_&SG[]%_JK;DDOM4I^E,:1QI"7+]Q^^XVI:T?.&8G^EGN,A MU^I3E5:?GLRAU=VO&HZ@`Z"9/3L!Y(E][UX@8Q9V!P&O._#":X\$RT@>A%3D MT4AL@@A4ZFTL4JWFNQ-K_N)O0Y::=2P%(J^_."+1D3R,@ENTQA#F6CY3)7$7 MJ.X0W%G39A"V<\F;V9'I-.+RAHK#A< M/"PQ1ZQ6KC#!#Q3I8K-+\`..4KHO$+?*OL1INMIK,V#/%4\1F]#/A.LP+NA-J]M!;9I_$AJ3LU`&;G^`ZSU5Y<%U4`AV?^UYYH-.6.!4\CGR/I M!6/A1#64@T4)72TBNRO!-&C@U8"MXMBT[W2N;6=[Q5VE%PJ+4DQT;AYCF5VL MN<\_PS!^8K[H^[T/2"3`F&!O)PPOZT?2-)%DT7``]4Q)*X)EU-!Q43<5":BZ(?I3I@"-@6N M[5`J!\LTV%HE=.;H;IMOIZYQ.BJ& MBBHQ=_2-,Y^>%05JW3/0Q`#7+YT0&KTZ!(?4)S4O'7K4*"MT39]$49^I]#FT M(WI49[Y5AP0HO/Y4^3#3'5%E"EXN:LZ^S#$*A(ZR4<@#%L&@26HUAW3@B*7. MM/:,18#!'K)4>=!GI&O*[LBA@!GG!WKN3K0^7!;7PFYQ&LR#N6WW*R9::!C[ M[6"^:L,:T-GMN)4/A=^/`O8ZGVC-5CS.6:#SCG[Z&I.Y#YF\$---ZR..]OCG M.`[2GY,XU?;HT0`#'3:ULEX[<%)"SG_HU,)&\XB#`4,_:_SLDQ2S!"QCAK=C MUHBFA`1ZSEC/=.TIXR;8_,\8ZWAH/F',(=7='V:JEAB'66CW=H6UM_"5H(ZX MM@K;K8Z-PL&[M8*)AF;0OR"E8QMG`]=YF]R.TW0Z3CL/BT?@=/9D2IJM-IS9 MVSC4)U$.H*"2)TIFZTF3&@A`LD0QOB+:3#,64-XS.$3#3;#=W[HZ->5]U^4R];L^@@`/JR*ACN-:! M\1!H_HZ+:@Z:+YL4?>VQ!(116GM^/1*ODBSZK,L$X,'8TV815[7#T06:WXXDD M:"X)'G_\`B55+!9][1+\2.)]&KZ@!QP&"(OZ62+'@THPO+IY@5I7R]M@79ZW M"@F\MC:95JZN)1C<^GK(0\N*M9SNPF!G0&O.KRB++=^[48>),T<%%K.LOI8Y ML_E=40IUWF6XTG'^9H`'8YK&`E4-M1-I=K,UY*B9-V.O7AVH&+L(+8/F;Q8H MPKVV4II6!UN"IL'8G7``C0HZ&*\Z#V@`X1I*]#.C2J-NBC[GLK^`"P= M(-'F[05@SWR#]RGY;K^Y;\E\P;BT/*7A3;LX]6%;+*IY<-CA-T9AOZN%0-]Y M'^[R1EQF/\<))O?RY3C_Y2[QHI0Z<6KD+&YGX<(YS\_=><^:!<&*`LS2VT/( MZB)L@3[[>2'*GH12L,[B:VDE._>5&B1['?CJI&AZK(\YN<,"'DEK8;[R/I("% M>19)RXA&D:+:5B37H70,*^F=C1M!$%RD\V<0@WN><62I.K&HSRYQIDS*S%*! M5#DS;_R9N@55UROAI04G,_6=C`ZS)Y:J,XX&#FGKL!IB!HSYY1 M*8O723D63+#MRF0>*Z9RT6L>^0>(ZL_N%"=-C%2Z7Z*" M+&=TDN0J?8XCK"\WTT)#+A-:YILNO0$*Y'XU?.@4C7[H,@@""KQ[,XZG3/B: M^0I+KMDSG1(>O948NC;9H-'GD+C1Z8BO=ZSF9I1EM[I*&?"OQ@<;\/N/$2+VB&]F$G(NR;8SFXWVQ70ZY_,S9_'[[[&$L>4"/Z1%+))`Y* MT:YPMMK0\,CH;K\M*1<,S4YLO>F9T0$V1ALF35:)*KU**X$%8G4@=%&D1!?N M/OIK<$(WXO35YLH9'Z`4R4#J@X2+9OI&HP[C*4:>G*KS&(GT[/YD5+ZUB6*9 MW.0^IC05YE$"D@K?P?S(6A;JP^PBIIT*7EIB.@'H+2F<+-GN/)+PJP3^@Y?< M\V=5_O3^QW?OT990!QM'0(_<3CM?ZJ5H@8Q7K46>W2US0F[L=923PA)'7N(.\:)^=>2ORV5SRL MJ;BP^!H+:W?>5R/AX.&?@C_[DS-$_R6:DXM'@ZL-^M>,N@N%!7VEOU!)[$*X M,?!S5G-PRF?.%XA20ZM]EF:>:-O.J;J1AK.)O.Q]EA4]%[Q7CPGHNX]PR:-9 M<]KJVS0A^*OP;L-GPO!$U+V-54^?9W1:;N,!73P%MYB;8I,]JBW,W9I>YK*N MY3MF7'C-/&I@@=K3MS%>:U"O`IR_1;V>"Y-M3N,HU4T7.U1*)E4N#!?N2$CS M$XQ3A?YH+FYF/Y%PG^%@\':V3L>%D-!"8.LM;96(FYO:)H=FZY[U_C80`[D0 M`_:?BOGVN-;QS>#O.^IG=7N7:^W,+"FZX-9Z3<*`O:Y#KJX'KY,%^PZYO3&F MY35O?LV_>J_MKR3O4O+O,)"5+!J&O06T&SN]`^;;]GH2%'RW5^-C[*W#I)[% M=HL$(>F`9K)*7W&#TRS9^]D^H9+=XBP+Q7N54;`LBI.OD_B1I(K>#0?S--DH M``ULIYNLHO7M^$/`-,V=2@[CVKS:6*@<#-'14#D<*L=#B@KR>9OU`D]:GSD[ MGV7&=FUO3<--W3@#`316GFVVK&[!+)IW7Z!?_#W$8T(D5E^L[ MKM0:X@*]"VHC6.VA4!/$^5\.->>JWS/;%P\4!?/F%]4!_BS[++BBIH*;BWB[ MBR/&^MDST3[!W8X#K)9M@BC5484`IX9Z;IK/<^T=U/T\`"[9O;&*_MFE6`\^^9]5SHNM@4P.A7`0ZM*Q=\N\I=Y%>\ M7>-$(ZL"#NK]7@W#]1=\#X``WO!5VZP1E=%W&0YVE;U4H'#*-/[:Q7 M%4D-.;L&M;'14)T<&.70@S1&D]X^\_W]=A^R'1WO>93)"T6Y M@%)'1J`'D+(>8P**Y/008C!IZ.$<-UU>21*)QRIJ1&4J=*&\(:%5\6GSRF"S MP%,GJILB0+:NS'L.LO96BF[:N\$DV%A\"SEG;;Z3Y]Y6KSE9<=;NIYH)?4., M8;8_9M:4G;&GRS3=:PM!ZB!`.5$%F[44:.7O\V<\&X,W$YP<9($$T/S'@Q:L MGGOT1Y]:\5LBZ^\GN@N^,^L\-!++LY]&')[`%!U$90/1:O_0N[C>/31O'JI- ML8]#'.I\8\RIJ1^$C$$9X,1D/+8U#Y6I3^AF]#M3BBC-']1)O5;Y.DO[9E!. M!P^3=9&B_K'3LRC@/X4\OCL+_GLOWAJH5!P3]HR!S]+/^!,6_]=,^GS#`SY& M.N/T-AXWG6%LF,=29Q-,^]"TGS\TG96DD5?0!GS=$VYNVC;+K0]TL^?9*FR@ MDH_ZC0,7KA=T7T`;,02>:C`7[FJ-/75V]U1?1<@\I1BJ>H**W+.IJJ_A5+$0X058/3.2+9`XH%-=<2.G#YS!^2LTON2E0P.^V:<707&EKP$/>9-,PT_,"&R6&@';O"&6.% MWR,-<'#^\@ME?!G)O61T?T9-XY%:`TY5>]L.;1R+.(S>CCLU50T?A_+LMC`F MVTVK80:Q8>95NY\"D_OXAO,=(N$F$Y7F1VZBPVG MKL.DIAD*ZG[&=--6O]8Q_C@`MT&F$D)QB:08BF4*DWPP%"FZY5``]FN?F>]. M#HW6+PQ@G_(0ZQNE+4_40;4K7_W:IM%HZ@84:9O[='47,U69ZW":`(7:8TU$ M4:H]E"!,L?8X7"O[;/$5_KJBVV]_R1U$01Z5]'6UV].T]-/6;,\V(>2O\XC?4,89%JYHY'XQKZ6X[M>S6`L_];C+>T36,>+(D MY6S+3A;_4'D2(PR@-Y"[A:B]=*P'G_\]XRY>FKVQ*AB\?L>KX``]`SM("+HF MX%V("WFJZ`MVI$U#IV#OBQ]=.,C^A#4S"]7W)'T0 M)SN?\%JW%!O@P5B;L4!5$^M$FMVN##E2'+*EO.0\H"!4TZIX0$;DG"1]0XJ^ M@G`\49R*Q4OO=61^!9VBNQ&95PJRKJD8,KAH*SU0``-6=VA9;]1R-"!A*C$4FV2RVHPC-A@#8+69+$0]N)AMB0]PVMF*M MF6XH7\ZHU!;1+7N6\B.UD'AK$O:O,YI43\]\/]Y3ZZ7VBLDCN\IJ/$TJ5%=T M4R]6NU8V\1S01QU3JL:%')!5QDE(H%!Z6B'`K8;%@Q$=DI(UGH`:CBMVHA"D MW4`J"`Y81H,;U05_#HO>YEC?,$==073&0DR$&8GK`;T9)O@";FRIFK)=)WCG MD2`_`)?)L[-(M)H]XRN\\429$7/%+]B(WNXP3"@YX$G,V6PH.$=]$57I+-Z+ M^?Y$=,K*9"#HC)-Q6L[QW-(`,37^2E)D]7(R6Y>7]["Y$'M20==5=Y8'5M?> M2Z\XO\!SQ4EI!#*+\"62`ZY'R9&I6A;1LL1VQ0!'%0JX;JZO='>)%U#WD`NS M4W\A<+\@7&)=(E9([/O)'@=?RNR%>0+%G*(KOL1Z$CJR6Z;D'/`_EKQJ\K&> M`*]FN_C**+4>.D,[[*:U9BZ'$GV-M_!5^C^,XBN[==]RW\CHKJFXD&1TZ7Z> MQ?O53(<;+D.;'!-@Q$,W,VA"`,09[$:L*;XX]NU+;LJ;,5XOJ M`+:KVY!GN@R`YL,&2W1->7I@&U9J;N/)TW?E'BY.GL_+8B1)H)S&`G$J"Q[% M%X3<2&XU!%]&&96+L)U+6UK>`,\1'Z(3J-5U'"+!>PPU1\U'0WZ/6WN=V_H2XY(3Z5G\45QEF"0S17$C=J M<=JS,W4)*0*TNP^[*.%L/;BZJ*XDLJQ5M2/(V0DW+#+PU+FTR2BWF=*;7Q M4VFO+(5FG(:N=M%9$_4:[>FKA3 MCJ7GU!@X&$O*KCB:7FQWYNHW.=77D*M/8A_C@+^[=NY%O[4T<5&#`D7]+6S7 MHGL%W/Q1O):)9E(L3I+XB6I(RJZ@KBDP"F,ODL67CS@)$F^3H8WGLWH+Z$>5 M;XKBT-6F0WG4H##*T\9V57E4<+,KCYX)W9Z`N9I2'MILJZSF!(2U&8.V6C3*@%+_^?O6;'W59R!715R1X2^ M&Q@K"4K@BA#NM+FJRG*#0_;=KKTD>S$TX28*O"'KQ-"9\R$\J%&KF=%K%5.J M>!V2>]'$.8M9>\4M71[X.WH/<1C@Q`5+=U"NONUE9A=K=I<@6V13[_80)]D= M3K:R=\`7=C"T*OC7Y2RM*$`Y#&LAZ_[#&!W`G5CRUJZN*:.!J%5LD2^HH)"1 M@?,J0\7+3S@1?VY4(YTC%URJ.^R>UFA'`C[KT<<>;?!!LR0]5?8KW0J*()(] M26JDJ/,LAB/(5I0>O#9SM'B*W0#/`<,S?6J]$PG6Q"R>4I=@".=P4+GIY[9@PV!Y/.31X>#)P+!YRHHH)P ML!.UH.F.$[6>B"XG:DS0"2=JR:U!+:GVDOHKVK1=AB<;G`[S6"C MSK-NHGHF$H=M#$8T3!\'/K6TT].3#]+.V&^J[ZY4WEJYB\NG5MBQ2"E%VRG! M&`3GM<#QIH"9XW!JD]AF$/M[Q@\?8O1/IKLU6])$=S$JJ+(?Y,OF\E4L1AO5 MB*/5M+:L7&XV MV,]6FTOYEO:-E^%5Q&]91[S=`VMU].B%+8]+VI&`"4[ZB%F-36SP9P]-[)EK M'GS(E]D1YK3X#:LDWM\_9*R^],E+@KI"PT0G(PAZ*>7;H)P(8E28P/SPAUV/ MX?^HD'*CT%XMYC5.2!P<]FQIV:*9DX#+,-B*>9A0,,4'R1_8,:>,KJL%;Q=@ MC8)&$H94A%%U/0(PL\]A_)2_WU@D/Z-`D\T(8_;6:T<%P7"R<.8XQG0+H^.<\27VV(D5)('M@]>6[A,TWW[ M0_8Y!(S6*IBL*F#ES[/K4F/L9BP6;[4^(ZGPU$:8P-IEIUP-:TS0YU?(VWX:G=B0>'Z MTJ*?&"NGHAI:T`/O`"H>7;_VB+Z18Q4$JK-GD\UZ%\_R[P`=.P\'5]S)$""( MO1(&_LE9LN?.>\9IZU<_@`)KZ:IB]J"#:Q4$HF%KB\@?W)M99XM9'1F1?>TM^(^T^:Y6=,P@#9_U&G MI#@%&(4JS&G`B*PW[_Q4:"]0C3K/'U7ILV6P&`&50Z!?\T'^->_IP%P3PV?B M$T[]A.SRBWO**!_V,6I%_Z< MQ/M=J_^W)@&P-/04LU@U+/%A%I1>3#9[ME7++TLR8A\O"2%!"6PIFE12X`6K M+L(R\L-]0*)[M8$*RDAC&PNW M5M3IYL7$,8PBH\&%P:FD7-Y>K*[NEE>_7'Y"J^O+F[.[Y>KJ%MC]W25>E&[H MAZ?>_!8GCX37C+67PG3@P#@N(T&J7JD587:78\!-L\3%$V5Y9[X?[UE2Y@;[ MF#PZT$U2*4TE_R(>Z.U:0ZVI.*1YW<)VZJ*>A!O:V<5?0U\+*CRX+>C4CZ(% M*0<6NW%D=M=&#Y_+OL+9Y;-O_Q"3*_DY_8-7/;8E%:Q(`B<6>8A:) M14M\F,1B+R:;-THY%23(H`H=?LC+*:&<%%AF<6I1283.-AL2$D_QJ-;<5]K5 MLIHO9C8$@*ZS6XM8N\QNC#W_579+UBQ4U*D%;T(Y73+%BWB[2_`#CE+RB,6% M`/;L7M==V2XLH*NP9L+4;KJVH\Q_D=6$']6%Q!)+MGLY%GUOW-2O+@??C>:4 MAK4Z\RX<5W2LRZ&IE(R_T0E>]S:B0!JKF>O$I:\DJZ_7-Y=_N[RZ7?[]$BVO MZ,^75)+5[2VT_5]Z2<0>,+[&R2U[_[!C8=&#`X5Q'>S7@C8-[/PA6BLCS4!% M@J,=W95S!,=TIG,WH(=W0VO:8WT=,+C>=$:XN>)5XA!VJ^['%0\ MX-YZ)T@!!7$52,ML>0.H`0)T\4?#1[,VLP"$N^1CSRMT(1A>9Q;U73IHH+*M M=N9KU5AJT/F+K-KX4#QMN\[<2I78\>^,FK.43$0'>+G"6>?QK@H4ZK1,SW;] M>*P)!W`>IF-"<4XD0.';(Q5,VYRNMJ$`*XKQ>:H>'DYQ;`X:)8I;WG&`)`I3 MF"L1T8?KJ[]?7MVM;I:7T*6<1?N;R^<=CE)\CB.\(=U.O@,+N-U0NS#*]D-J M%+AV1&W\Z-H3\2Y&KBB4S8K0A@*L2L8K@AX>3HEL_&BN0:XM"0-$`3>&O$D_ MD7?)BV<*KY.86G7>LO\6W\NN_N55=!QT^."1:,.8UZ@34[7#40C/;K`CDO6&E#J1LVE'&`-9)M9TC?7%9B M+!#%<4J]SJ(@_X7DT:J6WIZ2"TIH);1>+XW(`*NJ!8]Z[951-[ND=:C1;JT" M$\@^U')UK8%9\7]Q=:SF5EH;_YJ@0;3U-1>G;-K;C0/4DM>4L68LP:]TE'<7 MI>$#W;C`<:$ MILPU5>ON;YOV:P/,GS^PMN)-^:_I\.R.Z__SDL3K>/O%"`W`["W$*4S>``?& MW(T9:^;)^6MX`A5Q7!Z-YMA@^[_))(*NTBT"YM6&UZV?>RD.V`4B:JZBZS?C M\UYT]SY_*6&NO1?VNS/V:+1!]\9Q1P%KYCC%9!WT=AQS"(A6C^/SK^QP*+.F M\4;\T^,] M_>D+\=8DY"_;7")WHH(V)7Z'J(>7+"WH`!QW=Z:/7.M963<.HN<5M[!5JK; ME.[7*?Y]3P>X?,1=.U$M+,3VLX/QA" M1?\!!_N0Q:H'@G06*II@`A4JF@M5*U3L1IN_4-&4IZ:F24R^L6J:"_BZ,$`R MQVSH"C_)+L:BFCFB__1QL>(]L,U>NHRJ,(2N?[M0NW,:E3+0`[CC34KMQ=SA M9.=_8G75W=?_HF6M[?L09NSBXO5+U?\I/OZ9G5%_WUQ^95"U"Y%RW]_H4S3G^E/ M]!\LNTU_^/]02P,$%`````@`XE*J/KO$&L.^&@``*[X!`!4`'`!C961C+3(P M,3$P,S,Q7W!R92YX;6Q55`D``T=*R4U'2LE-=7@+``$$)0X```0Y`0``[5U+ M<^,XDKYOQ/X'KN>P,Q'KLN1'E551M1-^=GC&92DL]\SLJ8,B(0G;%*`&2=NJ M7S\`'Q(I$B1`@B)$.?K091M((C._3`")1.+;7]\7CO$*B`LQ^G[4_]0[,@"R ML`W1[/N1[QZ;K@7AT5__]S__X]M_'1__Z_KYT;"QY2\`\@R+`-,#MO$&O;EQ M0[#K3B$!QF1E/,-7X!EC//7>3/J;B+YQ_JGWZ;Q_.OAT>CGX_-F8>][RZ\G) MV]O;)\(ZN%'[3Q9>'!]'G[PV7?H)VCGX]NFG_OHO-]'G,?IJ7)P,3DY[_;[1 M_WI^_K5W:8Q^K-O]H-Q,85E#!Z+?)_1;!A4(!2V_/KNPE3KM[.X;?_D7S\>Q]8<+,QCB%S/1-:F%R.3UZ\_&`Q.@K_2IB[\ MZ@;]'[%E>H&*2L=E<%NPGX[C9L?L5\?]T^.S_J=WUSZB,C",;P0[X!E,C6`` M7[W5$GP_LU8D@Q1-E([_!R`:(PHW^ MP\4.M!F\KDV'Z6T\!Q2@U<8O0G>77(RHC2%O#CQHF4Y3+&U]I&'^UG]UA]/A M$I``&RK5Q?M`*WPUI4"AK^V0XYNYB6;`?4!C#UN_S[%CTXGD[@^?NH"&N"[\ MXBXY-]WYO8/?FF)S3;XV3[?0M1SL^@0,RZ*H#4CF-"'"IQ.3GKA)*"D=Z95%TNE#>W_%(*!P;^Q>F,S;R M@5W1*Y<34SC>L>F`X?3*LK!/S>096`"^FA-&H=*(^>04COF!@@K-("5[Y;IT MWAU23TU>J!O[!6/[#3IR\X,4785,25'1^7FDK9FP31[9X[`F0\IW-]54%G MR*CTQY@0_,;(5W7#"0)*K>^5H@D36!F?*0I*1\;`\F*^UQA9@H+*=4+HO-%L M#&:!+59=%&3IJ/6K@,[9WMW[DBVEGH!7W9%F"*F4)O/+]Q#1G1_A1[[5J_7&_2,8V--D?X[)FJ8R#9"LD:2;L`"9<+!5NH3#@N$8E*F$?:; MWXH&?C5Q/6):7DS(,2?`"2D)]?OM\]GYZ9?ST\^#T][I^27]]&DL>-%11RJ( MI$ZM)0S7^NZ)[Q[/3'/)HK:#$X11^),-(`O:#HY[_2AH^R?ZJ_5H7^B7MKC9 M_C,;]'GOXOSB_/Q+O]<[^]SK)P:=Q,L523-@$BNF3?^9@5`ZSARU.%D&@:-C M:PZ=-22F!"_JBCD:&!9D$!,;D.]']%^^2X>-`Y^[B63M6%U7=*PV&^^]8\YR M])7Z>R<55LYAI+%3/306LTTW-A!3SNU;ZL8*+"W5KI,:%.ND_H09C=3X M12-6NPXK4H332).7>FCRQBJ@T9/L>.H#\]^_II$06.,5AADEP4N8.?8]E M![(YG^]N"SIU6,72;,<:YX5[OIULQT751DM%DOV$8J:4HZV8Z9JTD:1M1,2- MB'H3N`:.M_[--JZC7_^V'NEPNCY`&N$PK803;97IRI1]UK\XO_QR<=&[O.C1 M?S9DQ"+,ACD1)6RE&VECI+6EOK%3"4YW&X45UV&T)!!2Y59;[30JH`:>[D18 MXZIP22`FU%D'(=O6],F2&ME!)/T?2_IY-9W@:-*[,0E9T>GB'Z;C;Z^`I?IJ MJF\1U6757IUCS6&0S;=[`EXD(YYU%W3IE-*E&>6>Q%#&IX#VLQ]#47(9"[CR M`'%!T#*)DL\MHB1.NUH%V2VYJ$@VZ10*2AGCGMK(:?T5D`G.T;NT=^"<[X\( M6)K0CO)]J#,+4H%2DLD[WA?HU@EUUV*6>]"CPO#;7+G?1L-_,=]#*93.#@4] M.H&3JGQR3XWT\A*_(G.!B0=_`OL63#R6/,6VRY%%%/@)H8Z=0$!-=KF'42I\ M1:M+R8*I)+=-)]`@SAGW^$I2\=@S':T4OWWYA7K"NW?+\5G4<7/_A;-J+.^J M*4RDEY$5.2W85.B@_!(%=TN)(HK*VP?HH*@1P4M`O!7+GP].&_[PX9(%-/E[ MNJ(NW5"H-(<%*WT=E)RW*GW"R))>LF\Z=4/1%7C4;<6N$":<:YX9R58IOXP$Z4F2FU^?SVW=.P'*M-A&DYF_@P>R`<78'*"MMV M1UWR;'8VK2(IA:P\.19=W*D[.*G!;T'(5@14$\#^)//(@*&L6]>Q4(G_#B?[R&#G(`$CC9+: MN?O:+5*S,GQ`47+RB.774-5Z'H$3WV,'*R^8R0DCCW)#QS.+BW:7%BY0^9&N MHW('TNKL!CQ1!Z7P'OM6,^T@M0,,Y.R[1*2BZ/Q4OZO.5[8-0UY&)K0?4+0+ M30B%=^!6VO$#7C7DI/F^_AEX)D3`CM]UH7L1?^$[K.0078]""_(FQ?*.'["I M(:<]N9R?X";8RG)>,AI.PXV7.'6@0/&W$-R:_1P^S+%EW?"P&F MZY-5Z7(KV_"P@28I%]D0Q;9"`Q$$*CE!8,:0KYXJR8ZMYUV%3B?S?W)MHO*;KU1'-2NP7U12^JU!J..@]^8%NXQN<7^Q)OZ3K:86TG^K`P-[=Q)99WE[-=K"T*_8J:) M8`.USR$)Q&4'2Z_-@ZQE(4->SRZ#H2K[^MV/RVO:,0@(LZ@J9SD17&MQ0>W2Y4G` M[A@[_(5TJE7'%"_"G7YKY6"F&1$\Y>8C)%IT3&-EG"E*`=;"0J.E+)I%E=!X M]"!%R7[LPG=!?(QC/VP/+*^L.'X5XP/IT.3YP? M4/`G`L`S%1/;]072^L6$:$@>^>MMY=_I&'YV(Q_9/%RMUX=KD]MDR90YGTW+ MCL%'E,,&CN];T_\3I9!F.WY.I3B84=JO8]BHQJ^B9W8Y:8AT\[+Q9(DAY648 M\MIJIZ9J@MXH3)[;1I/CVXSEW6,"X"PJZF"M7HB)7"I`RAV;X9A[NP93VN;% M?.=8N02%S@%)E0PZ^\Q(=4\+K7PPZ!1AA MAF.T=.+H+RV#6^A:H1B`O9$"W2L/I^RA)9'L%3E2G494#1'$&*M[NS!]S[6] MRD=YDA`0UM;:D0,\1=0UQ:("-&6!VJ3(.EM*(E5'`?@ZINB4)'*SP5^U-Y9$G0ZS3&ZLHA M1EO="H*:;#OCVE+Q5=:`>][MAKRV'0.+.(\Q$#J1P23DAV^AX[-[:G5GLR2= MCL%'#?\QM.J6)='$QT@Z8&F825'L-.#J2R*.!-0]+&Y[,;7MQR/&!6>VJ'7' ML"+#98R#VB'*S.RFT=WJ*E613D6K(O$N6FM3'TG9Q>O3+^>G%X/+_F!P.:#_ M5/7L6)XO>P;TL[[E^80">0P\JI1@-,A^6"Q-2-@/(X)?H9N35Y.7TJO^*_OD M-#*:VSB-74JG@>,037S-S=Q$,^`^('X9OQ)__L\^#+E_/S-@O%KH?\PBJ&E?$5--+.?U07>W8) M(L"JYJ_0KSD(^6=%DC%B5G?U#KDE/HKZZ*MOOHX*%"O,HN9ZWN+C%B],R#NI MSFVKKUZ%592SA1#F5'/U)NI__0"+"2`:J3-7\*E1F M3LM.J5.4/\T?%N$\EU*HVL(^G5*R/*<%>18ZJ'O[F9-"/>&BUA.=MTL?&=;SV=M M5U7)637QR]!<(3OXR0E5:O^_']Z&3N3.0'9+VF(A%G`+PO]S4+2KSW<'HZU* M3&`7?:%-^EQ>3J'"N;:9CW4'J#N4CZ+BO!G'W.K+"&SI$BZ3;X/\D=!,P^5S M\,=AP*9[]PX(JS3/W49($^H.!A7Q+A`2:-/M<;@,'MY2@!0^GKAK4[68'U$2[-]Y7`BR7%"Y5V,\!*"O#H=,]\ZC08SC@@=TM0!#[8#D MWFJUE"U5=0'#8,\=LC\BDK57_7N+M@8%(EVR4!JGZY!D^_GBICN_=_";8'+X M><7DSO3)?X`M2@=_:E?SHXZY_V6W0]3\!C(PSN0%"M M7:]^I?IX0.N7$:XL#[X&#]7GQ0_*W@Q00ES?U8NH=K,^J$')Z/=(@CF"]84`TE+JF)3QTV:'UZJ65V:VN%S9Y#9RE5K1)"*O'*Z_H4>*0BW@/)@03,Z MP[Q:L.W1S\(ZF/P>'RBL+B;-4^EN(Z#+/7A0TNL#+_5$I2A7AN>7VL1;^0M- MOR("3`?^Y$9294A\(%&AW`H26/:\?"\3@,LD`-PANGMG8O:A.P\#!;=@PGW2 MN:S?!_[J"DLV/65_0)\*DFH("5EW]?]NWVJZ,`A5UU@ M3;Q+K<=1>+R6&*)RP.6V_0!8%0')OG,M!Z@V/5I"_.PXE\HY.#&NK8H@%[P\ MU*S^FQ\`;U/0`IE$+3\DDKI)D.`NJL!07D!1D,`'#I5)K2C'24]475D6]JF@ MJ9@!?"VH&B?253LDU52G"#X$I2![Q+`_V]>L2-@:!=%/4K+"8$KT.404E;'? MZ1>SMF0Q(F!I0CL.F,5&*AXB_>L)I MHJR5-AF_C63Z:H>QG2;0-2"[SKY6R9%5&-AL*%U=DKAV8&XN75V%9+B;D_;2 MU"ZE=,)-%?>*F:,B0.&WNU)=5L" MA/6\IMKIOT'EY4R\HA+1_'FB9[",EA##:0D(\IH>-@B$)=+=\_BD",8`T2$) M(FC3^`-#@C)I=L_89K)N4@C/('A:9&02;R6(I>TN'XB2DDRS>\!!J[BR_>"J M(K6M.2;>"R"+Z,CXD85JAA,'S@HW?!(4#AUU]035W0M[R:5B113*D#AL&-:6 ME*)+?HIJSC0%0XD*U:7]/@`G+Q[9BWR2N6P:QET%I=](R.JP$=J`[&2O#>Y[ MW#6_.%2U,&LQ+>V@VEQ4M8(@N#N5]EYJ5UCZ30E-[0"D3OM99.U=;;=+S:": M<_A6&ZK"-`\>JO4DI:@ZIHYK2,'U2FVH"M,\>*C6DU3#E>G:#%U+*4+%2O&@ MH%A?,HINC2G:JO`>J\\M8?""TY6"-EP7;9GK$]0.837V(`U)0U7B42)*V)H' MNYM.@45%>_=NS4TT`\]4V$,49`ZB((&5)>6_FDY!1289$EU"ES+^N5'G5I=@ MV<%+/30L0Z*+J*C-OZ(H<7+NT@Q/5W1Z)V1%'6[PH)L4D+;Z'@Z"1!A7%*$- M7Z6BG!#O$`%TN`@J+GE6YV&S5@'$1!A7C%L'7Y#-V=TZV/4)*`GSUR7;5;^E M7";\:FDZO.;*04>BA7:*;D1+63"4B4#S#.FQOUPZ@3V83BRQ!S3%9!'JJN1= M0+'>VF%#@1.HPSK_5J5U_044$./FQS=NX(5^CA+R&TVAJ-IW-J[F< M.4@EX?;.5TR/:7I:?HB2::B-N:K7<.J,1(SQ!MX2W9&97YLN=(?3I)`$K?HT M:]4!,6:^*7(J3#AGF$6&6=B\-7.KA=*-H%^H2J[I6'_G&*OJS^AEZ@)(2!KP M3H2QO^8?U*]P87Z[U@P\7K7DI:80W>]M>VBM-42JSL/&ME27I&@J`*@^,DE-!U/W27V#6=7PCV MEX6V*$VBO0=64P.B.S/'MR&:Y3,@;L!UR>IEVA41D7IGM0F![*\_&)L.W4GP M7_DH\0@768_`*++E=DS32!!MR[B"-TRI(AA4QH"\PB#271S(+>G3FJ/('5=B MI1C6.2SS"Y)4M'$#4AI-VKT*AO?7S+?+8`;ESU_F)OH%8_L-.HZ@O7_.VON& MM!'2-@+B!J-NK,FW&,1/,?X$O+OWR.?'@RM]*4N&1)O'%:EABJ\1!'IJ9_]5 M]+IUG%&)Y_UU`9QG1Q_0U70*'6AZ0'0;\"7K!$+B1DC=2)`W(#(2'U"Q+>`P M0OWZWS!$WC_H#W10A=L":1+MY>KFCU3^"YGV9->\402.D>/)G1O,OK:NL5WO9:ODC*[/O MLF[:6+6DWE+9955XW%_SO3,)HLL8EC@^GE-Y"MKM(&=:CB@92[H@#VFU-I%M M,55BI_SF[4W%6T,JG7EY[;4SR3+=I"95*:[VUPBO,2'XC7$J9G[]7L[1\X:& MDO/F-;G"8^:<5NU%M<'$DPA6Y[?6QEY*M)`*,TNPLK]&DO.2;XF5Y*1=)8FT M%SP)Q[!Z`EYI."BO:8MAGV@X,O$>?A=M;$U$,^F`CB13^VQUZ[1-0:O+28L* MB1@AE=:36E-REC3:J^DNAC0BFNH^+*<3C?,&;C#9@EUBR(MKM M714*!_8,EIAX41:!F-D+]-3.^I4B(75QJ*(P]M=5Q+=I(C]*US:"OB(G!2NF M943$_L=@Y-J^-17Z_0U_Y8>L)=U:OP<6#NT*V5O*DSIHE:6DG1,0U6_>W;&Z M?.^OO0M/E(I%M[=QW8 MZ-8@#'Z2MF$I&MI8KZQ.4[<5:G.\YW;[A#$P\RL!?F6;K( M/TU"3/'->$YR4T#4"*D:`=G@=O":L`I@%PR\:+X5ZM;FG8;8CTZ#P\)KTP4V M.\VG&(QLB+#R><%^\7JU:1,]ROEZ!R M6,!U/EGX",:,_O0(S0ET@N(W@MXB/U4AU;S,O M*F^45JI"D4"6E`01O5Q`!2UO)4_597U_+7WL3USPAT]IW;U*1.1S4JDVE(R( ME))I?VM\A7,]MVU[\6]K#FR?W2#;'EQI_+N\IUY66*:I5#R[(G/[:V?LCA_R MG%58]2VZ^A>>#"#Z3PM(G(>=YF12Q?2-\`/&Y@O&UB?:>Q;@C<#$NL^EA5'T46K[-?GE8Q>B!"4L[&O=%@V$.$A3RB;#'N);*/94AI[Y>? M__ZWLQ_Z_=\N;J]1Q,-D19A"H2!8D0@]4K5$EX)+.:>"H-DSNJ4/1*$[/E>/ M&-ZD^.AH,!PGZ#@X"0Z&HQ$:G1X=G0[?HIL/N=P'\&9.FP1EN"0KC"`< M3(Y[)=,>#P=<+$!I.`I^^W!]9^1Z5O#T:29BNB&NWV0*AP%E4F$6DDP^INRS M1UP7S\#A'+XFGUHS.CDY"4QI)AJ2*-R0U"]T)(V[_>%A_W!4MCI2N739AN/` M%F:BT`34\YK(3>%$!EF!5CKI#T<&7F&Q(.HC7A&YQB%IMH?$1#>E]URLKL@< M)S%8]27!L2&LA[!2@LX2138$$E:(`'4(G6'&N,(*VIAYUF_6:\KF/'V$%SI6 MIX+'Y!ZL1OK/I]N)VT"%GSCCJ^=`2P5W`&R,O.0L(@Q:(_R1/*:1;GT7.-;\ MWBT)M-\>HM&XMXM";E]F843FE%'C"32XX1#U48X'_W-(5,9$*2BRJ&=!%:I: M2P((4_:S^;\61`*XB=XUO$BU4Q&?9HCC,(E?H%A8METO?9LQ]LV)S$OE=#Y= M$V'<:L7H%DT_M0=MJ2W0$9^C`K\C^2M)OL1R^3[FC[M2G.OY"3YZ&<$:'6GX MCE\_OU=I%G+.HG=,4?4\@>Y>K(PC%4J]HGX6AR=5%C,PA%F$+!PJX76T?>T@ M>@,9(%-+HBCXN/.(NJG=-+P>OV1X13]N5/+/CO)7&VYWYKX-3--`W+(1;!N( MN^;PV@/S$K,%D1-VIWCX>M$%&&RE7^ M`]E*N[;A;!M75(8QEXD@4['`C/YA+(?A^HK(4-"U?IK.+Q))&9%I3KZCCH_M M$8P$(SVTYY#P4$8U8WT)5S.=(7>4-E!Z@26%3_&FY'F509>(G["#.F$&1#-3 MANG8:6#G/(2.2=+29'=+F9^/PSH?9>V.A@8:]#\.DPF60)65U8=&*3\U1W5J MRCC=DD)[ENYP3*;S\S#D"8SWMR0D]`'/8E+E::NL//YG,84$O!:5]E&Q<_FO^IL6E!D45$) M5N?[!7#'9P.?EWP%7B]A-D4?X*L#47+-ZXG]-C$_;V_KO&T`(8L4_*BQNMEZ MX[>'!:-L(6^(N%MB41OK:N5^=DX<7U6*@"`100:C(Z5I3L6%X(\Z:+6I5%'B M)6(T=,R@UKK M->N/1#DF.U4)/S&.=80,`Z4@/R&`Z;AI^F3T#/`]99B%%,>VMW$0M$W,SY)C M#<'..'.DM'_KN&K-U4?.\BXH;>E.LEQR?K8<*P:6+8#J%]U>"M:QU;0^I[?< MIF:+YB;&3)ZSZ+]8".P8EGRB?LX/WNP942 MULK]1#F6#`H$9"$Z3AHXT?L&3,7/$RD3$J7;"="V;P2()RPDSN2]I9:7OP/' M2D.&BRPP*I#1)O3_`:_Z1Y_YOR5S9$[TG^IS]>.>I*NUWEJR[[`(M;[_+D"P M%AR2!MU)!1EL!E#3WKQY8)I+)0JI51G"4I#YN*=;6E\?X1\>'HY^!XW!TRK. M1!15NI;+`@=I(/D3PGJ[)=A?US=Y;.$Y*#@\O\IA_BJ.QWA&XI8^@ZS#YVN- M\%=QM]I%M/`:5!Q>ET^9.)T_"\IW4.!I\X[*&?C.A4+,>5EFVRTB>TOIFH<& MR*.BG_J97E^_ZH\.^H>CP9.,,AMW,:&(]6XF9'H[F^"^E-2R\DQ!UWJ\0WW; M[C5MJ38=;*$M#DKJ"XS71CL@L2H`^P7@SA892$86^L2AAGZ;W9]J$X]8"-OV M4X!^`?`R0UXQ,OK-BP,3$?H:MC"8:YLGP-MF2WI/S1@S[D&ZDJST``?#O)ZN M.S8J[=0A@8PF/U_S@:QF1-@42_CIW\`U)>>L`>T$JKM@P6>M7G!&% MQ7,1I09'ZS&S8XW*BF;VR@3X+TA$E2"?-O0%,VI$IN(S'RA@622"&%/M],H-?9Y@\Q^JKY++"S+GI7V^/!S?`GD_6\='HO1E M06-X1**+YT\PZYP4*]#GH:(/9L%JV^%2&[)7P-G;`&4;5);-?.T^=WQ;^7=R MJ.F[,=T^#`-@5&2VIRN=@:=\/SN";-N$9XUM@XA[\J0N8AY^WO"OE;C3W3PE M4)GDJY"XS3F8(4+O$J7606]CZ3''0"O$M1/]/APV#5*>R[7G::J5]\[M9#U^ M@HRFO:V71:YGH5Y"8_DB4''SBYJ[1N5%@.D\WV(M[H15(_!:8/L5HO)5CZK' M6\KVRX$MIX6!E']SRM1_X"$!=JJ^[:ZV7VX7!_ZJGCE+]LMXSPYNU9MVHOOE M7HL-SJJ;NZGLE[NNTR[9<%CM0UN)[I=[U2W/6@O=7KY?CCBN:M;Z#J_(?KGC MGM+H6\14KKG$L:FW1M?N:OOE]B=P@PM%_R#1%9DIO0NKD[WT*ZHDIVV%]S(] M]1L/!7?&&OW\"4$L!`AX#%`````@`XE*J/D89C3PU;P`` MP-H%`!$`&````````0```*2!`````&-E9&,M,C`Q,3`S,S$N>&UL550%``-' M2LE-=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`XE*J/KJ]\L=N#```O,D` M`!4`&````````0```*2!@&\``&-E9&,M,C`Q,3`S,S%?8V%L+GAM;%54!0`# M1TK)375X"P`!!"4.```$.0$``%!+`0(>`Q0````(`.)2JCZ!3`L``00E#@``!#D!``!02P$"'@,4````"`#B4JH^L_@VT;,P``"* MJ@(`%0`8```````!````I('+@0``8V5D8RTR,#$Q,#,S,5]L86(N>&UL550% M``-'2LE-=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`XE*J/KO$&L.^&@`` M*[X!`!4`&````````0```*2!S;(``&-E9&,M,C`Q,3`S,S%?<')E+GAM;%54 M!0`#1TK)375X"P`!!"4.```$.0$``%!+`0(>`Q0````(`.)2JCZFN6I\&`D` M`,A/```1`!@```````$```"D@=K-``!C961C+3(P,3$P,S,Q+GAS9%54!0`# I1TK)375X"P`!!"4.```$.0$``%!+!08`````!@`&`!H"```]UP`````` ` end XML 27 R16.xml IDEA: Earnings per Share 2.2.0.25falsefalse10901 - Disclosure - Earnings per Sharetruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_EarningsPerShareAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseEarnings per Share3false0us-gaap_EarningsPerShareTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">9.</td> <td valign="top" align="left">EARNINGS PER SHARE </td></tr></table> The following table sets forth the computation of basic and diluted earnings per share for the periods indicated.   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="78%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Basic:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Net income from continuing operations</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,121</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,509</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Loss on discontinued operations</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(34,873</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Net income / (loss)</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,121</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">23,364</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Weighted average shares of common stock outstanding (used to calculate basic EPS)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">71,208</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">69,194</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Net effect of dilutive employee stock options based on the treasury stock method</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">93</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">426</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Weighted average shares of common stock outstanding (used to calculate diluted EPS)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">71,301</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">69,620</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Net income / (loss) per common share - basic:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Continuing operations</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.02</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.17</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Discontinued operations</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.00</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">0.50</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.02</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">0.34</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Net income / (loss) per common share - diluted:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Continuing operations</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.02</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.17</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Discontinued operations</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.00</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">0.50</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.02</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">0.34</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> Employee stock options granted have been included in the above calculations of diluted earnings per share since the exercise price is less than the average market price of the common stock during the three month periods ended March 31, 2011 and 2010. In addition there is no adjustment to fully diluted shares related to the Convertible Senior Notes as the average market price was below the conversion price for the periods. </div>9. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the periods indicated.   falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure pertaining to an entity's earnings per share.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 falsefalseEarnings per Share12Earnings per ShareUnKnownUnKnownUnKnownUnKnownfalsetrue XML 28 R9.xml IDEA: Basis of Presentation 2.2.0.25falsefalse10201 - Disclosure - Basis of Presentationtruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_BasisOfPresentationAbstractcedcfalsenadurationBasis Of Presentation [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringBasis Of Presentation [Abstract]falsefalseBasis of Presentation3false0us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">2.</td> <td valign="top" align="left">BASIS OF PRESENTATION </td></tr></table> Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). CEDC's subsidiaries maintain their books of account and prepare their statutory financial statements in their respective local currencies. The subsidiaries' financial statements have been adjusted to reflect accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present our financial condition, results of operations and cash flows for the interim periods presented have been included. Operating results for the three month period ended March 31, 2011 are not necessarily indicative of the results that may be expected for the year ended December 31, 2011. The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2010, filed on March 1, 2011. Our significant interim accounting policies include the recognition of a pro-rata share of certain estimated annual sales incentives, marketing, promotion and advertising costs, generally in proportion to sales, and the recognition of income taxes using an estimated annual effective tax rate. </div>2. BASIS OF PRESENTATION Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally acceptedfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS140-4 and FIN46(R)-8 -Paragraph 8, C1, C7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 2-6 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4, 14, 15 falsefalseBasis of Presentation12Basis of PresentationUnKnownUnKnownUnKnownUnKnownfalsetrue XML 29 R6.xml IDEA: Condensed Consolidated Statements of Changes in Stockholders' Equity 2.2.0.25truefalse00300 - Statement - Condensed Consolidated Statements of Changes in Stockholders' EquitytruefalseIn Thousandsfalse1falsefalseUSDtruefalse{us-gaap_StatementEquityComponentsAxis} : Common Stock [Member] 1/1/2011 - 3/31/2011 USD ($) $Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMemberhttp://www.sec.gov/CIK0001046880na0001-01-01T00:00:000001-01-01T00:00:00falsefalseus-gaap_CommonStockMemberus-gaap_StatementEquityComponentsAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_CommonStockMemberus-gaap_StatementEquityComponentsAxisexplicitMemberUnit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2falsefalseUSDtruefalse{us-gaap_StatementEquityComponentsAxis} : Treasury Stock [Member] 1/1/2011 - 3/31/2011 USD ($) $Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMemberhttp://www.sec.gov/CIK0001046880na0001-01-01T00:00:000001-01-01T00:00:00falsefalseus-gaap_TreasuryStockMemberus-gaap_StatementEquityComponentsAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_TreasuryStockMemberus-gaap_StatementEquityComponentsAxisexplicitMemberUnit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$3falsefalseUSDtruefalse{us-gaap_StatementEquityComponentsAxis} : Additional Paid-in Capital [Member] 1/1/2011 - 3/31/2011 USD ($) $Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMemberhttp://www.sec.gov/CIK0001046880na0001-01-01T00:00:000001-01-01T00:00:00falsefalseus-gaap_AdditionalPaidInCapitalMemberus-gaap_StatementEquityComponentsAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_AdditionalPaidInCapitalMemberus-gaap_StatementEquityComponentsAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$4falsefalseUSDtruefalse{us-gaap_StatementEquityComponentsAxis} : Retained Earnings [Member] 1/1/2011 - 3/31/2011 USD ($) $Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMemberhttp://www.sec.gov/CIK0001046880na0001-01-01T00:00:000001-01-01T00:00:00falsefalseus-gaap_RetainedEarningsMemberus-gaap_StatementEquityComponentsAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_RetainedEarningsMemberus-gaap_StatementEquityComponentsAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$5falsefalseUSDtruefalse{us-gaap_StatementEquityComponentsAxis} : Accumulated Other Comprehensive Income of Continuing Operations [Member] 1/1/2011 - 3/31/2011 USD ($) $Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeContinuingOperationMemberhttp://www.sec.gov/CIK0001046880na0001-01-01T00:00:000001-01-01T00:00:00falsefalsecedc_AccumulatedOtherComprehensiveIncomeContinuingOperationMemberus-gaap_StatementEquityComponentsAxisxbrldihttp://xbrl.org/2006/xbrldicedc_AccumulatedOtherComprehensiveIncomeContinuingOperationMemberus-gaap_StatementEquityComponentsAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$6falsefalseUSDtruefalse{us-gaap_StatementEquityComponentsAxis} : Accumulated Other Comprehensive Income of Discontinued Operations [Member] 1/1/2011 - 3/31/2011 USD ($) $Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMemberhttp://www.sec.gov/CIK0001046880na0001-01-01T00:00:000001-01-01T00:00:00falsefalsecedc_AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMemberus-gaap_StatementEquityComponentsAxisxbrldihttp://xbrl.org/2006/xbrldicedc_AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMemberus-gaap_StatementEquityComponentsAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$7falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880na0001-01-01T00:00:000001-01-01T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$1false0us-gaap_SharesIssuedus-gaaptruenainstantNo definition available.falsefalsefalsetruefalsefalsefalsetruefalsefalseperiodstartlabelinstant2010-01-01T00:00:000001-01-01T00:00:001truefalsefalse6941200069412falsefalsefalsetruefalse2truefalsefalse246000246falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7falsefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.No authoritative reference available.falsefalseBalance, (in shares) at Dec. 31, 20092false0us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestus-gaaptruecreditinstantNo definition available.falsefalsefalsetruefalsefalsefalsetruefalsefalseperiodstartlabelinstant2010-01-01T00:00:000001-01-01T00:00:001truefalsefalse694000694falsetruefalsetruefalse2truefalsefalse-150000-150falsetruefalsetruefalse3truefalsefalse12963910001296391falsetruefalsetruefalse4truefalsefalse264917000264917falsetruefalsetruefalse5truefalsefalse8299400082994falsetruefalsetruefalse6truefalsefalse4031600040316falsetruefalsetruefalse7truefalsefalse16851620001685162falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A falsefalseBalance at Dec. 31, 20093false0us-gaap_ProfitLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse00falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse00falsefalsefalsetruefalse4truefalsefalse-104667000-104667falsefalsefalsetruefalse5truefalsefalse00falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse-104667000-104667falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) falsefalseNet income / (loss)4false0us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecreaseus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse00falsefalsefalsetruefalse4truefalsefalse00falsefalsefalsetruefalse5truefalsefalse-22770000-22770falsefalsefalsetruefalse6truefalsefalse-40316000-40316falsefalsefalsetruefalse7truefalsefalse-63086000-63086falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAdjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 52 -Paragraph 13, 20, 31 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 24 -Subparagraph b Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 19, 26 falsefalseForeign currency translation adjustment5false0us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterestus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse00falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse00falsefalsefalsetruefalse4truefalsefalse-104667000-104667falsefalsefalsetruefalse5truefalsefalse-22770000-22770falsefalsefalsetruefalse6truefalsefalse-40316000-40316falsefalsefalsetruefalse7truefalsefalse-167753000-167753falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 falsefalseComprehensive income (loss)6false0us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercisedus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse263000263falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7falsefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of shares issued during the period as a result of the exercise of stock options.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 falsefalseCommon stock issued in connection with options (in shares)7false0us-gaap_StockIssuedDuringPeriodValueStockOptionsExercisedus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse30003falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse59150005915falsefalsefalsetruefalse4truefalsefalse00falsefalsefalsetruefalse5truefalsefalse00falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse59180005918falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryValue stock issued during the period as a result of the exercise of stock options.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 falsefalseCommon stock issued in connection with options8false0us-gaap_StockIssuedDuringPeriodSharesAcquisitionsus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse10780001078falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7falsefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of shares of stock issued during the period pursuant to acquisitions.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 53 -Subparagraph b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51 -Subparagraph d Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 falsefalseCommon stock issued in connection with acquisitions (in shares)9false0us-gaap_StockIssuedDuringPeriodValueAcquisitionsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1100011falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse4133300041333falsefalsefalsetruefalse4truefalsefalse00falsefalsefalsetruefalse5truefalsefalse00falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse4134400041344falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryValue of stock issued pursuant to acquisitions during the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 falsefalseCommon stock issued in connection with acquisitions10false0us-gaap_SharesIssuedus-gaaptruenainstantNo definition available.falsefalsefalsetruefalsefalsefalsefalsetruefalseperiodendlabelinstant2010-12-31T00:00:000001-01-01T00:00:001truefalsefalse7075300070753falsefalsefalsetruefalse2truefalsefalse246000246falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7falsefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.No authoritative reference available.falsefalseBalance, (in shares) at Dec. 31, 201011false0us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestus-gaaptruecreditinstantNo definition available.falsefalsefalsetruefalsefalsefalsefalsetruefalseperiodendlabelinstant2010-12-31T00:00:000001-01-01T00:00:001truefalsefalse708000708falsefalsefalsetruefalse2truefalsefalse-150000-150falsefalsefalsetruefalse3truefalsefalse13436390001343639falsefalsefalsetruefalse4truefalsefalse160250000160250falsefalsefalsetruefalse5truefalsefalse6022400060224falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse15646710001564671falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A falsefalseBalance at Dec. 31, 201012false0us-gaap_ProfitLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse00falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse00falsefalsefalsetruefalse4truefalsefalse11210001121falsefalsefalsetruefalse5truefalsefalse00falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse11210001121falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) falsefalseNet income / (loss)13false0us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecreaseus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse00falsefalsefalsetruefalse4truefalsefalse00falsefalsefalsetruefalse5truefalsefalse137016000137016falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse137016000137016falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAdjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 52 -Paragraph 13, 20, 31 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 24 -Subparagraph b Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 19, 26 falsefalseForeign currency translation adjustment14false0us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterestus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse00falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse00falsefalsefalsetruefalse4truefalsefalse11210001121falsefalsefalsetruefalse5truefalsefalse137016000137016falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse138137000138137falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 falsefalseComprehensive income (loss)15false0us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercisedus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse6600066falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7falsefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of shares issued during the period as a result of the exercise of stock options.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 falsefalseCommon stock issued in connection with options (in shares)16false0us-gaap_StockIssuedDuringPeriodValueStockOptionsExercisedus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse758000758falsefalsefalsetruefalse4truefalsefalse00falsefalsefalsetruefalse5truefalsefalse00falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse758000758falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryValue stock issued during the period as a result of the exercise of stock options.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 falsefalseCommon stock issued in connection with options17false0us-gaap_StockIssuedDuringPeriodSharesAcquisitionsus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse18970001897falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7falsefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of shares of stock issued during the period pursuant to acquisitions.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 53 -Subparagraph b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51 -Subparagraph d Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 falsefalseCommon stock issued in connection with acquisitions (in shares)18false0us-gaap_StockIssuedDuringPeriodValueAcquisitionsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1900019falsefalsefalsetruefalse2truefalsefalse00falsefalsefalsetruefalse3truefalsefalse2311200023112falsefalsefalsetruefalse4truefalsefalse00falsefalsefalsetruefalse5truefalsefalse00falsefalsefalsetruefalse6truefalsefalse00falsefalsefalsetruefalse7truefalsefalse2313100023131falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryValue of stock issued pursuant to acquisitions during the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 falsefalseCommon stock issued in connection with acquisitions19false0us-gaap_SharesIssuedus-gaaptruenainstantNo definition available.falsefalsefalsetruefalsefalsefalsefalsetruefalseperiodendlabelinstant2011-03-31T00:00:000001-01-01T00:00:001truefalsefalse7271600072716falsefalsefalsetruefalse2truefalsefalse246000246falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7falsefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.No authoritative reference available.falsefalseBalance, (in shares) at Mar. 31, 201120false0us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestus-gaaptruecreditinstantNo definition available.falsefalsefalsetruefalsefalsefalsefalsetruefalseperiodendlabelinstant2011-03-31T00:00:000001-01-01T00:00:001truefalsefalse727000727falsetruefalsetruefalse2truefalsefalse-150000-150falsetruefalsetruefalse3truefalsefalse13675090001367509falsetruefalsetruefalse4truefalsefalse161371000161371falsetruefalsetruefalse5truefalsefalse197240000197240falsetruefalsetruefalse6truefalsefalse00falsetruefalsetruefalse7truefalsefalse17266970001726697falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A falsefalseBalance at Mar. 31, 2011720Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $)ThousandsThousandsUnKnownUnKnownfalsetrue XML 30 R5.xml IDEA: Condensed Consolidated Statements of Operations (Parenthetical) 2.2.0.25falsefalse00205 - Statement - Condensed Consolidated Statements of Operations (Parenthetical)truefalseIn Millionsfalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse1/1/2010 - 3/31/2010 USD ($) / shares USD ($) $Duration_1_1_2010_To_3_31_2010http://www.sec.gov/CIK0001046880duration2010-01-01T00:00:002010-03-31T00:00:00Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2true0us-gaap_IncomeStatementAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCondensed Consolidated Statements of Operations3false0cedc_DiscontinuedOperationRestructuringSettlementAndImpairmentProvisionsBeforeIncomeTaxcedcfalsedebitdurationDiscontinued Operation, Restructuring Settlement And Impairment Provisions , before Income Taxfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse2820000028.2falsetruefalsefalsefalse2truefalsefalse2820000028.2falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryDiscontinued Operation, Restructuring Settlement And Impairment Provisions , before Income TaxNo authoritative reference available.falsefalseLoss from operations of distribution business, impairment charge22Condensed Consolidated Statements of Operations (Parenthetical) (USD $)HundredThousandsUnKnownUnKnownUnKnownfalsetrue XML 31 R23.xml IDEA: Other Non-Operating Expense 2.2.0.25falsefalse11601 - Disclosure - Other Non-Operating Expensetruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_OtherNonoperatingIncomeExpenseAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseOther Non-Operating Expense3false0cedc_OtherNonoperatingIncomeExpenseTextBlockcedcfalsenadurationOTHER NON OPERATING INCOME / (EXPENSE)falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">16.</td> <td valign="top" align="left">OTHER NON-OPERATING EXPENSE </td></tr></table> For the three months ended March 31, 2011 and 2010, the following items are included in Other Non-Operating Expense:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="79%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Early redemption call premium</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">($</td> <td valign="bottom" align="right">14,115</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Write-off of unamortized offering costs</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,076</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Other gains / (losses)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(976</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">201</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total other non operating expense, net</td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">976</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">($</td> <td valign="bottom" align="right">17,990</td> <td valign="bottom" nowrap="nowrap">) </td></tr></table> Other non-operating items in the three month period ended March 31, 2010 include early redemption call premium as well as write-off of unamortized offering costs both related to the 2012 Senior Secured Notes that were refinanced with the new 2016 Senior Secured Notes in January 2010. </div>16. OTHER NON-OPERATING EXPENSE For the three months ended March 31, 2011 and 2010, the following items are included in Other Non-Operating Expense:falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringOTHER NON OPERATING INCOME / (EXPENSE)No authoritative reference available.falsefalseOther Non-Operating Expense12Other Non-Operating ExpenseUnKnownUnKnownUnKnownUnKnownfalsetrue XML 32 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Adjustments To Reconcile To Income (Loss) From Discontinuing Operations No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Net, Interest Income and Expense No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. OTHER NON OPERATING INCOME / (EXPENSE) No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Aggregate carrying amount, as of the balance sheet date, of current obligations related to installment payments for the acquisition of new subsidiaries, made in the form of cash and stock, where the balance due after the initial deposit depends on the performance of the business acquired. Deferred Consideration Current is expected to be paid within one year (or the normal operating cycle, if longer). No authoritative reference available. No authoritative reference available. No authoritative reference available. Discontinued Operation, Restructuring Settlement And Impairment Provisions , before Income Tax No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Accumulated Other Comprehensive Income (Loss) Of Continuing Operations No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Includes the sum of the amounts paid in advance for costs that will be expensed with the passage of time or the occurrence of a triggering event, interest earned but not received, value added taxes due either from customers arising from sales on credit terms, or as previously overpaid to tax authorities, fair values for all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments and carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy. All amounts in this caption are expected to be collected within one year. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Net Cash Provided by (Used in) Operating Activities, Discontinued Operations No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Carrying value as of the balance sheet date of obligations incurred and payable for real, property, unemployment and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Unamortized Debt Issuance Expense Current No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Unamortized Debt Issuance Expense Noncurrent No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. XML 33 R21.xml IDEA: Interest Expense, Net 2.2.0.25falsefalse11401 - Disclosure - Interest Expense, Nettruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_InterestIncomeExpenseNetAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseInterest Expense, Net3false0us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">14.</td> <td valign="top" align="left">INTEREST EXPENSE, NET </td></tr></table> For the three months ended March 31, 2011 and 2010, respectively, the following items are included in Interest income / (expense):   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="76%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three months ended March 31,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Interest income</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">525</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,305</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Interest expense</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(27,377</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(26,981</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total interest (expense), net</td> <td valign="bottom">  </td> <td valign="bottom">($</td> <td valign="bottom" align="right">26,852</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">($</td> <td valign="bottom" align="right">25,676</td> <td valign="bottom" nowrap="nowrap">) </td></tr></table>   </div>14. INTEREST EXPENSE, NET For the three months ended March 31, 2011 and 2010, respectively, the following items are included in Interest income /falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis text block may contain information related to interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 1 - 9 -Article 9 falsefalseInterest Expense, Net12Interest Expense, NetUnKnownUnKnownUnKnownUnKnownfalsetrue XML 34 R13.xml IDEA: Intangible Assets Other Than Goodwill 2.2.0.25falsefalse10601 - Disclosure - Intangible Assets Other Than Goodwilltruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_IntangibleAssetsNetExcludingGoodwillAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseIntangible Assets Other Than Goodwill3false0us-gaap_IntangibleAssetsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">6.</td> <td valign="top" align="left">INTANGIBLE ASSETS OTHER THAN GOODWILL </td></tr></table> The major components of intangible assets are:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Non-amortizable intangible assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Trademarks</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">676,456</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">627,221</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Amortizable intangible assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Customer relationships</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,477</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">815</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less accumulated amortization</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,089</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(694</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,388</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">121</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total intangible assets</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">684,844</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">627,342</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> Management considers trademarks associated with high or market-leader brand recognition within their market segments to be indefinite-lived assets, based on the length of time they have existed, the comparatively high volumes sold and their general market positions relative to other products in their respective market segments.   Based on this and together with the evidence provided by analyses of vodka products life cycles, market studies, competitive and environmental trends, we believe that these trademarks will continue to generate cash flows for an indefinite period of time, and that the useful lives of these trademarks are therefore indefinite. In accordance with ASC Topic 350-30, intangible assets with an indefinite life are not amortized but are reviewed at least annually for impairment. These trademarks include Soplica, Zubrowka, Absolwent, Royal, Parliament, Green Mark, Zhuravli, Kauffman Vodka, Urozhay and the trademark rights to Bols Vodka in Poland, Hungary and Russia. The change in the recorded book value of trademarks between March 31, 2011 and December 31, 2010 resulted mainly from the acquisition of the Kauffman Vodka trademark for $17.5 million and foreign exchange translation differences of $31.9 million caused by appreciation of Polish zloty against the U.S. dollar. </div>6. INTANGIBLE ASSETS OTHER THAN GOODWILL The major components of intangible assets are:   falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis block of text may be used to disclose all or part of the information related to intangible assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 44, 45, 46 falsefalseIntangible Assets Other Than Goodwill12Intangible Assets Other Than GoodwillUnKnownUnKnownUnKnownUnKnownfalsetrue XML 35 R26.xml IDEA: Subsequent Events 2.2.0.25falsefalse11901 - Disclosure - Subsequent Eventstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_SubsequentEventsAbstractcedcfalsenadurationSubsequent Events [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringSubsequent Events [Abstract]falsefalseSubsequent Events3false0us-gaap_ScheduleOfSubsequentEventsTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">19.</td> <td valign="top" align="left">SUBSEQUENT EVENTS </td></tr></table> On April 21, 2011, the Company entered into an amended set of terms for the Credit Facility. As part of the amendment, on April 22, 2011, the Company repaid the remaining PLN 122.5 million ($44.3 million) term facility while at the same time retaining the PLN 120 million ($43.4 million) overdraft facility which is currently not utilized. The overdraft facility will not contain either the Consolidated Coverage Ratio or the Net Leverage Ratio previously required under the Credit Facility. Furthermore, the Company has no covenant compliance obligations at March 31, 2011 related to the Credit Facility. In addition to the elimination of covenants, the revised terms of the overdraft facility provide for an initial 100 basis point reduction in the margin charged to the Company, with further reductions coming over the next nine months, and the maximum amount available for borrowing under the overdraft facility will be reduced over the course of the next nine months as well. </div>19. SUBSEQUENT EVENTS On April 21, 2011, the Company entered into an amended set of terms for the Credit Facility. As part of the amendment, onfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescribes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 11 falsefalseSubsequent Events12Subsequent EventsUnKnownUnKnownUnKnownUnKnownfalsetrue XML 36 R1.xml IDEA: Document and Entity Information 2.2.0.25falsefalse00090 - Statement - Document and Entity Informationtruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalsefalsefalse5/6/2011 As_Of_5_6_2011http://www.sec.gov/CIK0001046880instant2011-05-06T00:00:000001-01-01T00:00:00Unit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli02true0cedc_DocumentAndEntityInformationAbstractcedcfalsenadurationDocument and Entity Information Abstractfalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringDocument and Entity Information AbstractfalsefalseDocument and Entity Information3false0dei_DocumentTypedeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse0010-Q10-Qfalsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherus-types:SECReportItemTypenaThe type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other.No authoritative reference available.falsefalseDocument Type4false0dei_AmendmentFlagdeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:booleanItemTypenaIf the value is true, then the document as an amendment to previously-filed/accepted document.No authoritative reference available.falsefalseAmendment Flag5false0dei_DocumentPeriodEndDatedeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002011-03-312011-03-31falsefalsetruefalsefalse2falsefalsefalse00falsefalsetruefalsefalseOtherxbrli:dateItemTypedateThe end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD.No authoritative reference available.falsefalseDocument Period End Date6false0dei_DocumentFiscalYearFocusdeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse0020112011falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:gYearItemTypepositiveintegerThis is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.No authoritative reference available.falsefalseDocument Fiscal Year Focus7false0dei_DocumentFiscalPeriodFocusdeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Q1Q1falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherus-types:fiscalPeriodItemTypenaThis is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.No authoritative reference available.falsefalseDocument Fiscal Period Focus8false0dei_TradingSymboldeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00cedccedcfalsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:normalizedStringItemTypenormalizedstringTrading symbol of an instrument as listed on an exchange.No authoritative reference available.falsefalseTrading Symbol9false0dei_EntityRegistrantNamedeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00CENTRAL EUROPEAN DISTRIBUTION CORPCENTRAL EUROPEAN DISTRIBUTION CORPfalsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:normalizedStringItemTypenormalizedstringThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 falsefalseEntity Registrant Name10false0dei_EntityCentralIndexKeydeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse0000010468800001046880falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherus-types:centralIndexKeyItemTypenaA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 falsefalseEntity Central Index Key11false0dei_CurrentFiscalYearEndDatedeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00--12-31--12-31falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:gMonthDayItemTypemonthdayEnd date of current fiscal year in the format --MM-DD.No authoritative reference available.falsefalseCurrent Fiscal Year End Date12false0dei_EntityFilerCategorydeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Large Accelerated FilerLarge Accelerated Filerfalsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherus-types:filerCategoryItemTypenaIndicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.No authoritative reference available.falsefalseEntity Filer Category13false0dei_EntityCommonStockSharesOutstandingdeifalsenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2truefalsefalse7272262872722628falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesIndicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, InstrumentNo authoritative reference available.falsefalseEntity Common Stock, Shares Outstanding212Document and Entity InformationUnKnownNoRoundingUnKnownUnKnownfalsetrue XML 37 R2.xml IDEA: Condensed Consolidated Balance Sheets 2.2.0.25falsefalse00100 - Statement - Condensed Consolidated Balance SheetstruefalseIn Thousandsfalse1falsefalseUSDfalsefalse3/31/2011 USD ($) USD ($) / shares $As_Of_3_31_2011http://www.sec.gov/CIK0001046880instant2011-03-31T00:00:000001-01-01T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse12/31/2010 USD ($) USD ($) / shares $As_Of_12_31_2010http://www.sec.gov/CIK0001046880instant2010-12-31T00:00:000001-01-01T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$4true0us-gaap_AssetsCurrentAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCurrent Assets5false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse168112000168112falsetruefalsefalsefalse2truefalsefalse122324000122324falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseCash and cash equivalents6false0us-gaap_AccountsReceivableNetCurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse296513000296513falsefalsefalsefalsefalse2truefalsefalse478379000478379falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAmount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3 -Subparagraph a(1) -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5 falsefalseAccounts receivable, net of allowance for doubtful accounts of $34,056 and $20,357 respectively7false0us-gaap_InventoryNetus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse137504000137504falsefalsefalsefalsefalse2truefalsefalse9367800093678falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).No authoritative reference available.falsefalseInventories8false0cedc_PrepaidExpenseAndOtherAssetsCurrentcedcfalsedebitinstantIncludes the sum of the amounts paid in advance for costs that will be expensed with the passage of time or the occurrence of...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse7041500070415falsefalsefalsefalsefalse2truefalsefalse3520200035202falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes the sum of the amounts paid in advance for costs that will be expensed with the passage of time or the occurrence of a triggering event, interest earned but not received, value added taxes due either from customers arising from sales on credit terms, or as previously overpaid to tax authorities, fair values for all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments and carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy. All amounts in this caption are expected to be collected within one year.No authoritative reference available.falsefalsePrepaid expenses and other current assets9false0us-gaap_DeferredTaxAssetsNetCurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse8784900087849falsefalsefalsefalsefalse2truefalsefalse8095600080956falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 falsefalseDeferred income taxes10false0cedc_UnamortizedDebtIssuanceExpenseCurrentcedcfalsedebitinstantUnamortized Debt Issuance Expense Currentfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse27390002739falsefalsefalsefalsefalse2truefalsefalse27390002739falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryUnamortized Debt Issuance Expense CurrentNo authoritative reference available.falsefalseDebt issuance costs11false0us-gaap_AssetsCurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse763132000763132falsefalsefalsefalsefalse2truefalsefalse813278000813278falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 9 -Article 5 truefalseTotal Current Assets12false0us-gaap_IntangibleAssetsNetExcludingGoodwillus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse684844000684844falsefalsefalsefalsefalse2truefalsefalse627342000627342falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 45 falsefalseIntangible assets, net13false0us-gaap_Goodwillus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse18328780001832878falsefalsefalsefalsefalse2truefalsefalse14502730001450273falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 43 falsefalseGoodwill, net14false0us-gaap_PropertyPlantAndEquipmentNetus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse221584000221584falsefalsefalsefalsefalse2truefalsefalse201477000201477falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 12 -Paragraph 5 -Subparagraph b, c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7 falsefalseProperty, plant and equipment, net15false0us-gaap_DeferredTaxAssetsNetNoncurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse4380500043805falsefalsefalsefalsefalse2truefalsefalse4402800044028falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 falsefalseDeferred income taxes16false0us-gaap_EquityMethodInvestmentsus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse243128000243128falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized.No authoritative reference available.falsefalseEquity method investment in affiliates17false0cedc_UnamortizedDebtIssuanceExpenseNoncurrentcedcfalsedebitinstantUnamortized Debt Issuance Expense Noncurrentfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse1604200016042falsefalsefalsefalsefalse2truefalsefalse1665600016656falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryUnamortized Debt Issuance Expense NoncurrentNo authoritative reference available.falsefalseDebt issuance costs18false0us-gaap_AssetsNoncurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse27991530002799153falsefalsefalsefalsefalse2truefalsefalse25829040002582904falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 truefalseTotal Non-Current Assets19false0us-gaap_Assetsus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse35622850003562285falsefalsefalsefalsefalse2truefalsefalse33961820003396182falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7 truefalseTotal Assets21true0us-gaap_LiabilitiesCurrentAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCurrent Liabilities22false0us-gaap_AccountsPayableCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse8001800080018falsefalsefalsefalsefalse2truefalsefalse114958000114958falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 falsefalseTrade accounts payable23false0us-gaap_ShortTermBorrowingsus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse7249600072496falsefalsefalsefalsefalse2truefalsefalse4535900045359falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryReflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Subparagraph 2, 3 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Subparagraph a(1) -Article 7 falsefalseBank loans and overdraft facilities24false0us-gaap_AccruedIncomeTaxesCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse33250003325falsefalsefalsefalsefalse2truefalsefalse51020005102falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph b(1) -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 15, 21 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Section Appendix E -Paragraph 289 falsefalseIncome taxes payable25false0cedc_OtherAccruedTaxesCurrentcedcfalsecreditinstantCarrying value as of the balance sheet date of obligations incurred and payable for real, property, unemployment and other...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse9852500098525falsefalsefalsefalsefalse2truefalsefalse182232000182232falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of obligations incurred and payable for real, property, unemployment and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).No authoritative reference available.falsefalseTaxes other than income taxes26false0us-gaap_OtherAccruedLiabilitiesCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse105405000105405falsefalsefalsefalsefalse2truefalsefalse5507000055070falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 falsefalseOther accrued liabilities27false0us-gaap_CapitalLeaseObligationsCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse838000838falsefalsefalsefalsefalse2truefalsefalse758000758falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAmount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid within one year (or one operating cycle, if longer) of the balance sheet date.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 7, 10, 13 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 falsefalseCurrent portions of obligations under capital leases28false0cedc_DeferredConsiderationCurrentcedcfalsecreditinstantAggregate carrying amount, as of the balance sheet date, of current obligations related to installment payments for the...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse50000005000falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of current obligations related to installment payments for the acquisition of new subsidiaries, made in the form of cash and stock, where the balance due after the initial deposit depends on the performance of the business acquired. Deferred Consideration Current is expected to be paid within one year (or the normal operating cycle, if longer).No authoritative reference available.falsefalseDeferred consideration29false0us-gaap_LiabilitiesCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse360607000360607falsefalsefalsefalsefalse2truefalsefalse408479000408479falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 truefalseTotal Current Liabilities30false0us-gaap_CapitalLeaseObligationsNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse10960001096falsefalsefalsefalsefalse2truefalsefalse11750001175falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAmount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 7, 10, 13 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 falsefalseLong-term obligations under capital leases31false0us-gaap_SeniorLongTermNotesus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse12885640001288564falsefalsefalsefalsefalse2truefalsefalse12507580001250758falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Senior note holders are paid off in full before any payments are made to junior note holders.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 falsefalseLong-term obligations under Senior Notes32false0us-gaap_OtherAccruedLiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse23210002321falsefalsefalsefalsefalse2truefalsefalse25720002572falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe noncurrent portion (due beyond one year or one operating cycle) of other accrued expenses (expenses incurred at the end of the reporting period but not yet paid) not otherwise defined in the taxonomy.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 falsefalseLong-term accruals33false0us-gaap_DeferredTaxLiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse183000000183000falsefalsefalsefalsefalse2truefalsefalse168527000168527falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryRepresents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42 falsefalseDeferred income taxes34false0us-gaap_LiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse14749810001474981falsefalsefalsefalsefalse2truefalsefalse14230320001423032falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22, 23, 24, 25, 26, 27 -Article 5 truefalseTotal Long-Term Liabilities35true0us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseStockholders' Equity36false0us-gaap_CommonStockValueus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse727000727falsefalsefalsefalsefalse2truefalsefalse708000708falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryDollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsefalseCommon Stock ($0.01 par value, 120,000,000 shares authorized, 72,716,235 and 70,752,670 shares issued at March 31, 2011 and December 31, 2010, respectively)37false0us-gaap_AdditionalPaidInCapitalCommonStockus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse13675090001367509falsefalsefalsefalsefalse2truefalsefalse13436390001343639falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryValue received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 falsefalseAdditional paid-in-capital38false0us-gaap_RetainedEarningsAccumulatedDeficitus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse161371000161371falsefalsefalsefalsefalse2truefalsefalse160250000160250falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cumulative amount of the reporting entity's undistributed earnings or deficit.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 falsefalseRetained earnings39false0cedc_AccumulatedOtherComprehensiveIncomeLossOfContinuingOperationscedcfalsecreditinstantAccumulated Other Comprehensive Income (Loss) Of Continuing Operationsfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse197240000197240falsefalsefalsefalsefalse2truefalsefalse6022400060224falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAccumulated Other Comprehensive Income (Loss) Of Continuing OperationsNo authoritative reference available.falsefalseAccumulated other comprehensive income40false0us-gaap_TreasuryStockValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-150000-150falsefalsefalsefalsefalse2truefalsefalse-150000-150falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryValue of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 85-6 -Paragraph 3 falsefalseLess Treasury Stock at cost (246,037 shares at March 31, 2011 and December 31, 2010, respectively)41false0us-gaap_StockholdersEquityus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse17266970001726697falsefalsefalsefalsefalse2truefalsefalse15646710001564671falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 truefalseTotal Stockholders' Equity42false0us-gaap_LiabilitiesAndStockholdersEquityus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse35622850003562285falsetruefalsefalsefalse2truefalsefalse33961820003396182falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of all Liabilities and Stockholders' Equity items.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7 truefalseTotal Liabilities and Stockholders' Equity238Condensed Consolidated Balance Sheets (USD $)ThousandsUnKnownUnKnownUnKnownfalsetrue XML 38 FilingSummary.xml IDEA: XBRL DOCUMENT 2.2.0.25 true Sheet 00090 - Statement - Document and Entity Information Document and Entity Information http://www.cedc.com/taxonomy/role/StatementDocumentAndEntityInformation false R1.xml false Sheet 00100 - Statement - Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets http://www.cedc.com/taxonomy/role/StatementCondensedConsolidatedBalanceSheets false R2.xml false Sheet 00105 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Condensed Consolidated Balance Sheets (Parenthetical) http://www.cedc.com/taxonomy/role/StatementCondensedConsolidatedBalanceSheetsParenthetical false R3.xml false Sheet 00200 - Statement - Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations http://www.cedc.com/taxonomy/role/StatementCondensedConsolidatedStatementsOfOperations false R4.xml false Sheet 00205 - Statement - Condensed Consolidated Statements of Operations (Parenthetical) Condensed Consolidated Statements of Operations (Parenthetical) http://www.cedc.com/taxonomy/role/StatementCondensedConsolidatedStatementsOfOperationsParenthetical false R5.xml false Sheet 00300 - Statement - Condensed Consolidated Statements of Changes in Stockholders' Equity Condensed Consolidated Statements of Changes in Stockholders' Equity http://www.cedc.com/taxonomy/role/StatementCondensedConsolidatedStatementsOfChangesInStockholdersEquity false R6.xml false Sheet 00400 - Statement - Condensed Consolidated Statements of Cash Flow Condensed Consolidated Statements of Cash Flow http://www.cedc.com/taxonomy/role/StatementCondensedConsolidatedStatementsOfCashFlow false R7.xml false Sheet 10101 - Disclosure - Organization and Description of Business Organization and Description of Business http://www.cedc.com/taxonomy/role/DisclosureOrganizationAndDescriptionOfBusiness false R8.xml false Sheet 10201 - Disclosure - Basis of Presentation Basis of Presentation http://www.cedc.com/taxonomy/role/DisclosureBasisOfPresentation false R9.xml false Sheet 10301 - Disclosure - Acquisitions Acquisitions http://www.cedc.com/taxonomy/role/DisclosureAcquisitions false R10.xml false Sheet 10401 - Disclosure - Discontinued Operations Discontinued Operations http://www.cedc.com/taxonomy/role/DisclosureDiscontinuedOperations false R11.xml false Sheet 10501 - Disclosure - Sale of Accounts Receivable Sale of Accounts Receivable http://www.cedc.com/taxonomy/role/DisclosureSaleOfAccountsReceivable false R12.xml false Sheet 10601 - Disclosure - Intangible Assets Other Than Goodwill Intangible Assets Other Than Goodwill http://www.cedc.com/taxonomy/role/DisclosureIntangibleAssetsOtherThanGoodwill false R13.xml false Sheet 10701 - Disclosure - Equity Method Investments in Affiliates Equity Method Investments in Affiliates http://www.cedc.com/taxonomy/role/DisclosureEquityMethodInvestmentsInAffiliates false R14.xml false Sheet 10801 - Disclosure - Comprehensive Income/(Loss) Comprehensive Income/(Loss) http://www.cedc.com/taxonomy/role/DisclosureComprehensiveIncomeLoss false R15.xml false Sheet 10901 - Disclosure - Earnings per Share Earnings per Share http://www.cedc.com/taxonomy/role/DisclosureEarningsPerShare false R16.xml false Sheet 11001 - Disclosure - Borrowings Borrowings http://www.cedc.com/taxonomy/role/DisclosureBorrowings false R17.xml false Sheet 11101 - Disclosure - Inventories Inventories http://www.cedc.com/taxonomy/role/DisclosureInventories false R18.xml false Sheet 11201 - Disclosure - Income Taxes Income Taxes http://www.cedc.com/taxonomy/role/DisclosureIncomeTaxes false R19.xml false Sheet 11301 - Disclosure - Operating Segments Operating Segments http://www.cedc.com/taxonomy/role/DisclosureOperatingSegments false R20.xml false Sheet 11401 - Disclosure - Interest Expense, Net Interest Expense, Net http://www.cedc.com/taxonomy/role/DisclosureInterestExpenseNet false R21.xml false Sheet 11501 - Disclosure - Other Financial Income, Net Other Financial Income, Net http://www.cedc.com/taxonomy/role/DisclosureOtherFinancialIncomeNet false R22.xml false Sheet 11601 - Disclosure - Other Non-Operating Expense Other Non-Operating Expense http://www.cedc.com/taxonomy/role/DisclosureOtherNonOperatingExpense false R23.xml false Sheet 11701 - Disclosure - Stock Option Plans and Warrants Stock Option Plans and Warrants http://www.cedc.com/taxonomy/role/DisclosureStockOptionPlansAndWarrants false R24.xml false Sheet 11801 - Disclosure - Commitments and Contingent Liabilities Commitments and Contingent Liabilities http://www.cedc.com/taxonomy/role/DisclosureCommitmentsAndContingentLiabilities false R25.xml false Sheet 11901 - Disclosure - Subsequent Events Subsequent Events http://www.cedc.com/taxonomy/role/DisclosureSubsequentEvents false R26.xml false Sheet 12001 - Disclosure - Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements http://www.cedc.com/taxonomy/role/DisclosureRecentlyIssuedAccountingPronouncements false R27.xml false Book All Reports All Reports false 1 38 6 0 3 142 false false As_Of_12_31_2009 2 As_Of_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember 2 As_Of_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMember 2 As_Of_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember 1 As_Of_3_31_2010 1 As_Of_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMember 2 Duration_1_1_2010_To_12_31_2010 5 As_Of_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember 1 Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember 5 Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 5 As_Of_12_31_2009_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeContinuingOperationMember 1 As_Of_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember 1 Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeContinuingOperationMember 5 As_Of_5_6_2011 1 As_Of_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember 1 As_Of_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMember 2 Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember 5 Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 5 As_Of_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember 1 Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember 7 Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember 7 As_Of_12_31_2010_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 1 As_Of_12_31_2009_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 1 Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeContinuingOperationMember 5 As_Of_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember 2 As_Of_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember 1 As_Of_12_31_2010_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeContinuingOperationMember 1 As_Of_12_31_2010 41 As_Of_3_31_2011 41 Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember 5 Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMember 7 As_Of_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember 2 Duration_1_1_2010_To_3_31_2010 63 As_Of_3_31_2011_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeDiscontinuedOperationMember 1 As_Of_3_31_2011_us-gaap_StatementEquityComponentsAxis_cedc_AccumulatedOtherComprehensiveIncomeContinuingOperationMember 1 Duration_1_1_2011_To_3_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMember 7 Duration_1_1_2011_To_3_31_2011 97 Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember 5 true true EXCEL 39 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\R8S=E9F$T8E\W83@V7S0V8V5?.3(V,U\S.#0T M860V9#8P-38B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;F1E;G-E9%]#;VYS;VQI9&%T961?4W1A=&5M M93$\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE M/D]R9V%N:7IA=&EO;E]A;F1?1&5S8W)I<'1I;VY?;SPO>#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/D)A#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE M/D1I#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN=F5N=&]R:65S/"]X M.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O&5S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D]T M:&5R7TYO;D]P97)A=&EN9U]%>'!E;G-E/"]X.DYA;64^#0H@("`@/'@Z5V]R M:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I7;W)K5])#I7;W)K#I3='EL97-H965T($A2968],T0B5V]R:W-H965T3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\R8S=E9F$T M8E\W83@V7S0V8V5?.3(V,U\S.#0T860V9#8P-38-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,F,W969A-&)?-V$X-E\T-F-E7SDR-C-?,S@T-&%D M-F0V,#4V+U=O'0O:'1M;#L@8VAA2!) M;F9O2`P-BP@,C`Q,3QB'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$6UB;VP\ M+W1D/@T*("`@("`@("`\=&0@8VQA2!2 M96=I2!# M96YT3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,3`T-C@X,#QS<&%N/CPO'0^+2TQ,BTS,3QS<&%N/CPO M3X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%\R8S=E9F$T8E\W83@V7S0V8V5?.3(V,U\S.#0T860V M9#8P-38-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,F,W969A-&)? M-V$X-E\T-F-E7SDR-C-?,S@T-&%D-F0V,#4V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$2P@<&QA;G0@86YD(&5Q=6EP;65N="P@;F5T/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XR,C$L-3@T/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XT,RPX,#4\2!M971H;V0@:6YV97-T;65N="!I;B!A M9F9I;&EA=&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XP/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S6%B;&4\+W1D/@T*("`@ M("`@("`\=&0@8VQA&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ.#,L M,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%\R8S=E9F$T8E\W83@V7S0V8V5?.3(V,U\S.#0T M860V9#8P-38-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,F,W969A M-&)?-V$X-E\T-F-E7SDR-C-?,S@T-&%D-F0V,#4V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'!E M;G-E2!H96QD M(&5Q=6ET>2!I;G1E'!E;G-E*2P@;F5T/"]S=')O;F<^/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%\R8S=E9F$T8E\W83@V7S0V8V5?.3(V,U\S.#0T860V9#8P-38-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,F,W969A-&)?-V$X-E\T-F-E7SDR M-C-?,S@T-&%D-F0V,#4V+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$;G5M<#XW,C4\&-H86YG M92!G86EN'1I;F=U:7-H;65N=#PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S2!H96QD M(&5Q=6ET>2!I;G1E#PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA2!O<&5R871I M;F<@86-T:79I=&EE6UE;G0@;V8@8F%N:R!L;V%N6UE;G0@ M;V8@4V5N:6]R(%-E8W5R960@3F]T97,\+W1D/@T*("`@("`@("`\=&0@8VQA M2!F:6YA;F-I;F<@86-T:79I=&EE'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$"!P86ED/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAAF%T:6]N(&%N M9"!$97-C'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`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`@("`\+W1R/@T*("`@("`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`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA6QE/3-$)V)O#L@;6%R9VEN+6QE9G0Z(#0E.R<^ M/&9O;G0@F4],T0R/CQI/E)U6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE;6]R92!);G1E6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O M='1O;3H@,'!X.R!M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!E M;G1E2!T:&4@<&%R=&EE2!R:6=H M=',@9F]R('1H92`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`M,65M.R!M87)G:6XM;&5F=#H@ M,65M.R<^/&9O;G0@F4],T0R/DQE2!R:6=H=',@=&\@/&D^2V%U9F9M86X@5F]D M:V$\+VD^(&)R86YD/"]F;VYT/CPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQAF4],T0R/CQB/B`\+V(^ M/&(^(#PO8CX\8CXF;F)S<#LD/"]B/CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/CQB/B`\+V(^/&(^(#PO8CX\8CX@/"]B/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@6QE/3-$)V)O M6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE#L@9F]N="US M:7IE.B`Q,G!X.R<^)FYB6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/CPO='(^#0H\='(@6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I M9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD M96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6QE/3-$)W1E>'0M:6YD96YT.B`M M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R M/E1A>&5S/"]F;VYT/CPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/B9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/E!R;W!EF4],T0R/B9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS M1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD M96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R M/C$W+#@W,3PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R M87`],T1N;W=R87`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`M,65M.R!M87)G:6XM;&5F=#H@ M,65M.R<^/&9O;G0@F4],T0R/E-H;W)T('1E6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6QE/3-$)W1E>'0M:6YD96YT.B`M M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R M/D1E9F5R6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6QE/3-$)W1E>'0M:6YD96YT.B`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`\+V(^/&(^-38L,S$T/"]B/CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;2!N;W=R87`],T1N;W=R87`^/&9O;G0@6QE/3-$)VUA#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R!M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF5D(&%T('1H92!A8W%U:7-I=&EO;B!D871E('=A6QE M/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT M+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!B;W)D97(],T0P M(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0V."4@ M86QI9VX],T1C96YT97(^#0H\='(^/'1D('=I9'1H/3-$.#6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R M/C(U,"PQ-38\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@;F]W M6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@ M,65M.R<^/&9O;G0@F4],T0R/D-O;G-I9&5R871I;VX@<&%I M9"!F;W(@=&AE(')E;6%I;FEN9R!S:&%R97,@:6X@5VAI=&5H86QL/"]F;VYT M/CPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^ M/&9O;G0@F4],T0R/DQE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/BDF;F)S M<#L\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)V9O;G0M"!S;VQI9#LG('9A;&EG;CTS1&)O='1O;3XF M;F)S<#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W1E>'0M:6YD96YT.B`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`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;2!C;VQS<&%N/3-$-B!A;&EG;CTS1&-E;G1EF4],T0Q/B9N8G-P.SPO9F]N M=#X\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C M;&%SF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^ M#0H\='(^/'1D/B`\+W1D/@T*/'1D(&-O;'-P86X],T0T/B`\+W1D/@T*/'1D M(&-O;'-P86X],T0T/B`\+W1D/CPO='(^#0H\='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R0\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S M3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^ M#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S MF4],T0R/BDF;F)S<#L\+V9O;G0^/"]T9#X\+W1R/@T*/'1R M/CQT9#X@/"]T9#X-"CQT9"!C;VQS<&%N/3-$-#X@/"]T9#X-"CQT9"!C;VQS M<&%N/3-$-#X@/"]T9#X\+W1R/@T*/'1R(&)G8V]L;W(],T0C8V-E969F/CQT M9"!V86QI9VX],T1T;W`^#0H-"CQP('-T>6QE/3-$)W1E>'0M:6YD96YT.B`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`Q,G!X.R<^)FYB"!S M;VQI9#LG('9A;&EG;CTS1&)O='1O;2!C;VQS<&%N/3-$,B!A;&EG;CTS1&-E M;G1E3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA"!S;VQI9#LG('9A;&EG;CTS1&)O='1O;2!C;VQS<&%N/3-$,B!A;&EG;CTS M1&-E;G1E3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F M=#H@,65M.R<^/&9O;G0@F4],T0R/DYE="!S86QE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/BDF;F)S M<#L\+V9O;G0^/"]T9#X\+W1R/@T*/'1R(&)G8V]L;W(],T0C8V-E969F/CQT M9"!V86QI9VX],T1T;W`^#0H-"CQP('-T>6QE/3-$)W1E>'0M:6YD96YT.B`M M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R M/D=A:6X@;VX@9&ES<&]S86P@;V8@9&ES8V]N=&EN=65D(&]P97)A=&EO;G,\ M+V9O;G0^/"]P/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT(&-L M87-S/3-$7VUT('-I>F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0R/BDF;F)S<#L\+V9O;G0^/"]T9#X\+W1R/@T*/'1R M('-T>6QE/3-$)V9O;G0M6QE/3-$)V)O6QE/3-$ M)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/DQOF4] M,T0R/B@F;F)S<#LD/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M M(&%L:6=N/3-$F4],T0R/BDF;F)S<#L\+V9O;G0^/"]T9#X\ M+W1R/@T*/'1R('-T>6QE/3-$)V9O;G0M6QE/3-$)V)O6QE/3-$)V)O#L@9F]N="US:7IE.B`Q.'!X.R<^)FYB M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/&1I M=CX@/&9O;G0@F4],T0R/@T*/"]F;VYT/@T*/&1I=CX-"@T* M/'1A8FQE('-T>6QE/3-$)V)O#L@;6%R M9VEN+6QE9G0Z(#0E.R<^/&9O;G0@F4],T0R/D]N($9E8G)U M87)Y)FYB2!#141#($EN=&5R;F%T:6]N86P@4&]L7-T;VLB*2P@96YT97)E9"!I;G1O(&9A M8W1OFQO='ES("AA<'!R;WAI;6%T96QY("9N8G-P.R0Q,#(N."!M:6QL M:6]N*2!O9B!R96-E:79A8FQE7!E#L@;6%R9VEN+6QE9G0Z M(#0E.R<^/&9O;G0@F4],T0R/D9O2!S;VQD(')E M8V5I=F%B;&5S(&EN('1H92!A;6]U;G0@;V8@)FYB'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA'0^/&1I=CX@#0H-"CQT86)L92!S='EL93TS1"=B;W)D M97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!M87)G:6XM;&5F=#H@ M-"4[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA#L@9F]N="US:7IE.B`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)W1E>'0M:6YD96YT.B`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`\+W1D/CPO='(^#0H\ M='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0R/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V)O6QE/3-$)V)O3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0Q M/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0R/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@6QE/3-$)V)O6QE/3-$)V)OF4],T0R/CQB M/B9N8G-P.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M M(&%L:6=N/3-$3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB/C8R-RPS-#(\ M+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&YO=W)A<#TS M1&YO=W)A<#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)V)O M6QE/3-$)V)O6QE/3-$)VUA#L@;6%R9VEN+6)O M='1O;3H@,'!X.R!M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA#L@;6%R9VEN+6QE9G0Z(#0E M.R<^/&9O;G0@F4],T0R/D)AFAA>3PO:3X@86YD M('1H92!T2!A;F0@4G5S#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@F4],T0R/E1H M92!C:&%N9V4@:6X@=&AE(')E8V]R9&5D(&)O;VL@=F%L=64@;V8@=')A9&5M M87)KFQO='D@86=A M:6YS="!T:&4@52Y3+B!D;VQL87(N(#PO9F]N=#X\+W`^(#PO9&EV/CQS<&%N M/CPO7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V)O#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@#L@9F]N M="US:7IE.B`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O#LG(&%L:6=N/3-$8V5N=&5R/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE7!E)FYB"!S;VQI9#LG('9A;&EG M;CTS1&)O='1O;2!C;VQS<&%N/3-$,B!A;&EG;CTS1&-E;G1E6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@ M3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C`\+V9O;G0^/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@;F]W6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@6QE/3-$)V)O6QE/3-$)V)OF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB/B9N8G-P.R0\+V(^/"]F;VYT M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB/B9N8G-P.R0\+V(^/"]F;VYT/CPO M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)VUA#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@29N8G-P.S6QE/3-$)VUA#L@;6%R9VEN+6)O M='1O;3H@,'!X.R!M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!2=7-S:6$@87,@82!K97D@9&ES=')I8G5T M;W(@:6X@=&AE(%)U6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!M M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!M87)G:6XM M;&5F=#H@-"4[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA#L@9F]N="US:7IE M.B`Q,G!X.R<^)FYBF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4] M,T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM M;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/D-UF4],T0R M/B9N8G-P.R0\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X- M"@T*/'`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`Q.'!X.R<^)FYB'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/&1I M=CX@#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE2!O=VYE2P@86UO;F<@ M;W1H97(@:71E;7,L(&9O2!M971H M;V0@869F:6QI871E2!T2X@/"]F;VYT M/CPO<#X-"@T*/'`@6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEFQO='DL(%)U2!TF5D(&%S('!A7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V)O M#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@6QE/3-$)VUA#L@;6%R9VEN+6)O='1O M;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L M92!B;W)D97(],T0P(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@ M=VED=&@],T0W-B4@86QI9VX],T1C96YT97(^#0H\='(^/'1D('=I9'1H/3-$ M-S@E/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#8E/B`\ M+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#8E/B`\+W1D/@T*/'1D/B`\+W1D M/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^ M/&9O;G0@F4],T0R/D)AF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/CPO M='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/C$L,3(Q/"]F;VYT M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&YO=W)A<#TS1&YO=W)A<#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/BDF;F)S<#L\ M+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)V9O;G0M"!S;VQI9#LG('9A;&EG;CTS1&)O='1O;3XF;F)S M<#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$ M)V)O6QE/3-$)W1E>'0M:6YD96YT.B`M M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R M/CQB/DYE="!I;F-O;64@+R`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`\+W1D/@T*/'1D(&-O;'-P86X],T0T/B`\+W1D/@T*/'1D M(&-O;'-P86X],T0T/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O M<#X-"@T*/'`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`N,#(\+V9O;G0^ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@;F]W6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)V)O6QE/3-$)V)O6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G M:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/DYE="!I;F-O M;64@+R`H;&]S6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UEF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE M/3-$)V)O6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/C`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`Q,"!D M:60@;F]T(')E2X@26X@8V]N;F5C=&EO;B!W:71H('1H:7,@86=R965M96YT+"!T M:&4@0V]M<&%N>2!A9W)E960@=&\@<&%Y(&$@;VYE+71I;64@=V%I=F5R(&9E M92!O9B!03$X@,RXS)FYB2`F;F)S M<#LD,2XQ-2!M:6QL:6]N*2X@26X@861D:71I;VXL('1H92!#;VUP86YY(&%G M#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@2!R97!A:60@=&AE(')E M;6%I;FEN9R`Q,C(N-29N8G-P.VUI;&QI;VX@4&]L:7-H('IL;W1Y2!W:&EL92!A="!T:&4@ MFQO='ES("@F;F)S<#LD-#,N-"!M:6QL:6]N*2!O=F5R9')A9G0@9F%C M:6QI='D@=VAI8V@@:7,@8W5R2X@26X@861D:71I;VX@=&\@=&AE(&5L:6UI;F%T:6]N(&]F(&-O M=F5N86YT2!P7,@*"9N8G-P.R0Q,"XV(&UI;&QI;VXI(&]V97(@=&AE(&-O=7)S92!O9B!T M:&4@;F5X="!N:6YE(&UO;G1H#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@F4],T0R/D%S M(&]F($UA#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@&EM871E;'D@)FYB2`F;F)S M<#LD,"XU(&UI;&QI;VX@879A:6QA8FQE(&EN($AU;F=A&EM871E;'D@)FYB6QE/3-$)VUA#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O M;G0@F4],T0R/CQI/D-O;G9E#L@;6%R9VEN+71O<#H@-G!X.R!M87)G:6XM8F]T M=&]M.B`P<'@[(&UA6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B!O9B!-87)C:"!A;F0@4V5P=&5M8F5R+"!B96=I;FYI;F<@;VX@ M4V5P=&5M8F5R)FYB6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE'0@8V]U<&]N(&1U92!F;W(@ M<&%Y;65N="!O;B!397!T96UB97(F;F)S<#LQ-2P@,C`Q,2X@5&]T86P@;V)L M:6=A=&EO;G,@=6YD97(@=&AE($-O;G9E#L@9F]N="US:7IE M.B`Q,G!X.R<^)FYBF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4] M,T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/C,Q M,"PP,#`\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@;F]W6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/E5N86UOF5D(&1E8G0@9&ES M8V]U;G0\+V9O;G0^/"]P/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/CQF M;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B@R+#$P,CPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N;W=R87`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`N(%1H92!R96UA:6YD M97(@;V8@=&AE(&YE="!P2`H:6DI)FYB M#L@;6%R M9VEN+6QE9G0Z(#0E.R<^/&9O;G0@F4],T0R/D]N($1E8V5M M8F5R)FYB6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6UE;G0@;VX@2G5N929N8G-P.S$L(#(P,3$N(#PO M9F]N=#X\+W`^#0H-"CQP('-T>6QE/3-$)VUA#L@;6%R M9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`^ M#0H-"CQT86)L92!B;W)D97(],T0P(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D M9&EN9STS1#`@=VED=&@],T0W-B4@86QI9VX],T1C96YT97(^#0H\='(^/'1D M('=I9'1H/3-$-S0E/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T M:#TS1#8E/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#8E/B`\+W1D/@T* M/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/CPO='(^#0H\='(^ M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D/B`\ M+W1D/@T*/'1D(&-O;'-P86X],T0T/B`\+W1D/@T*/'1D(&-O;'-P86X],T0T M/B`\+W1D/CPO='(^#0H\='(@8F=C;VQO3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M M:6YD96YT.B`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`^#0H-"CQT86)L92!B;W)D97(] M,T0P(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0W M-B4@86QI9VX],T1C96YT97(^#0H\='(^/'1D('=I9'1H/3-$.#4E/B`\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#,E/B`\+W1D/@T*/'1D M/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;2!W:61T:#TS1#,E/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\ M+W1D/@T*/'1D/B`\+W1D/CPO='(^#0H\='(^/'1D/B`\+W1D/@T*/'1D(&-O M;'-P86X],T0T/B`\+W1D/@T*/'1D(&-O;'-P86X],T0T/B`\+W1D/CPO='(^ M#0H\='(^/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;2!C;VQS<&%N/3-$,CX\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE MF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\ M+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@ M,65M.R<^/&9O;G0@F4],T0R/C(P,3(\+V9O;G0^/"]P/CPO M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT(&-L87-S/3-$7VUT('-I M>F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQAF4] M,T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S6QE M/3-$)W1E>'0M:6YD96YT.B`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`\+W1D M/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@F4],T0R/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\ M+W1D/CPO='(^#0H\='(@6QE/3-$)V)O3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB/B9N8G-P.R0\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X- M"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T M=&]M/B`\+W1D/CPO='(^#0H\='(@6QE/3-$)V)O6QE/3-$)V)O#L@9F]N="US:7IE.B`Q.'!X.R<^)FYB'10 M87)T7S)C-V5F831B7S=A.#9?-#9C95\Y,C8S7S,X-#1A9#9D-C`U-@T*0V]N M=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\R8S=E9F$T8E\W83@V7S0V8V5? M.3(V,U\S.#0T860V9#8P-38O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/&1I=CX@#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L M;&%P6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O M='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`^#0H-"CQT M86)L92!B;W)D97(],T0P(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS M1#`@=VED=&@],T0W-B4@86QI9VX],T1C96YT97(^#0H\='(^/'1D('=I9'1H M/3-$-S4E/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#8E M/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#8E/B`\+W1D/@T*/'1D/B`\ M+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`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`@3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)W1E>'0M:6YD96YT.B`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`Q<'@[ M)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)VUA#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R!M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\9&EV/B`-"@T*/'1A8FQE('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE2!O<&5R871E"!J=7)I3H@=&AE(%5N:71E9"!3=&%T97,@;V8@06UE"!R971U&5S(&%C8V]U;G1E9"!F M;W(@;VX@86X@:6YT97)I;2!B87-I"!R871E(&%N9"!A<'!L:65S('1H M:7,@"!54R9N8G-P.T=!05`@:6YC;VUE+RAL M;W-S*2P@=6YL97-S(&$@9&ES8W)E=&4@979E;G0@;V-C=7)S('1H870@#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@F4],T0R M/E1H92!#;VUP86YY(&9I;&5S(&EN8V]M92!T87@@2!O<&5N(&9O2!A;F0@,C`P."!I;B!2=7-S:6$N(#PO9F]N=#X\+W`^(#PO9&EV M/CQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE M/3-$)V)O6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2!R979E;G5E#L@9F]N="US:7IE.B`Q M,G!X.R<^)FYBF4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!C;VQS M<&%N/3-$-B!A;&EG;CTS1&-E;G1E3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA#LG(&%L M:6=N/3-$8V5N=&5R/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE MF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\ M='(^/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D/B`\+W1D M/@T*/'1D(&-O;'-P86X],T0T/B`\+W1D/@T*/'1D(&-O;'-P86X],T0T/B`\ M+W1D/CPO='(^#0H\='(@8F=C;VQO3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$ M8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T* M/'`@3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0R/B9N8G-P.R0\+V9O;G0^ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/E)U M6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$ M8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S M6QE/3-$)W1E>'0M:6YD96YT.B`M,65M M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/E!O M;&%N9"!B969O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`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`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^ M/&9O;G0@F4],T0R/D-OF4],T0Q/B9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\ M+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`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`],T1N M;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/CPO='(^#0H\='(^/'1D/B`\+W1D/@T*/'1D(&-O;'-P86X],T0X M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C M;&%S#LG(&%L:6=N/3-$8V5N M=&5R/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE M/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O M;G0@F4],T0R/E-E9VUE;G0\+V9O;G0^/"]P/CPO=&0^#0H\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S6QE/3-$)W1E>'0M:6YD96YT M.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/C$L,#DY M+#$S-#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`] M,T1N;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQAF4],T0R M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/DAU;F=AF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`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`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`@#LG/B9N8G-P M.SPO<#X@/"]D:78^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%\R8S=E9F$T8E\W83@V7S0V8V5?.3(V,U\S.#0T860V9#8P-38- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,F,W969A-&)?-V$X-E\T M-F-E7SDR-C-?,S@T-&%D-F0V,#4V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA#L@ M;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@F4],T0R/D9O2P@=&AE(&9O;&QO=VEN9R!I=&5M#L@9F]N="US:7IE.B`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;2!C;VQS<&%N/3-$-B!A;&EG;CTS1&-E M;G1E3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q M/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D M/CPO='(^#0H\='(^/'1D/B`\+W1D/@T*/'1D(&-O;'-P86X],T0T/B`\+W1D M/@T*/'1D(&-O;'-P86X],T0T/B`\+W1D/CPO='(^#0H\='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R0\+V9O;G0^/"]T9#X- M"CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^ M#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/BDF M;F)S<#L\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQAF4],T0R/BDF;F)S<#L\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T M>6QE/3-$)V9O;G0M"!S;VQI9#LG M('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$)V)O6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM M;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/E1O=&%L(&EN=&5R M97-T("AE>'!E;G-E*2P@;F5T/"]F;VYT/CPO<#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0R/BDF;F)S<#L\ M+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/&1I M=CX@#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@ M,'!X.R!M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA#L@9F]N="US:7IE.B`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;2!C;VQS<&%N/3-$-B!A;&EG;CTS1&-E M;G1E3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q M/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D M/CPO='(^#0H\='(^/'1D/B`\+W1D/@T*/'1D(&-O;'-P86X],T0T/B`\+W1D M/@T*/'1D(&-O;'-P86X],T0T/B`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`M,65M M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/E1O M=&%L(&]T:&5R(&9I;F%N8VEA;"!I;F-O;64L(&YE=#PO9F]N=#X\+W`^/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4] M,T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA#L@9F]N="US:7IE.B`Q.'!X.R<^)FYB M'1087)T7S)C-V5F831B7S=A.#9?-#9C95\Y,C8S7S,X-#1A9#9D-C`U M-@T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\R8S=E9F$T8E\W83@V M7S0V8V5?.3(V,U\S.#0T860V9#8P-38O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'!E;G-E/&)R/CPO'!E;G-E/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X M=#X\'0^/&1I=CX@#0H-"CQT86)L92!S='EL93TS1"=B M;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!M87)G:6XM;&5F=#H@-"4[)SX\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA'!E;G-E.B`\+V9O;G0^/"]P/@T*#0H\<"!S='EL93TS1"=M87)G:6XM=&]P M.B`P<'@[(&UA#L@9F]N="US:7IE.B`Q,G!X.R<^ M)FYBF4],T0Q/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!C;VQS<&%N/3-$ M-B!A;&EG;CTS1&-E;G1E3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P M.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D/B`\+W1D/@T*/'1D(&-O;'-P M86X],T0T/B`\+W1D/@T*/'1D(&-O;'-P86X],T0T/B`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`^#0H-"CQP('-T>6QE/3-$ M)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/D]T:&5R(&=A:6YS("\@*&QOF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C(P,3PO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N;W=R87`^/&9O M;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO M='(^#0H\='(@6QE/3-$)V)O6QE/3-$)V)O M3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA'!E;G-E+"!N970\+V9O;G0^/"]P/CPO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/BDF;F)S<#L\+V9O;G0^/"]T9#X\+W1R/CPO=&%B;&4^#0H-"CQP M('-T>6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X M.R!M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!R M961E;7!T:6]N(&-A;&P@<')E;6EU;2!A2`R,#$P+B`\+V9O;G0^/"]P/B`\+V1I=CX\'0O:F%V87-C3X-"B`@ M("`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`^#0H-"CQP('-T>6QE/3-$)VUA M#L@;6%R9VEN+6)O='1O;3H@,'!X.R!M87)G:6XM;&5F M=#H@-"4[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$ M)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I M>F4Z(#$R<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!B;W)D97(],T0P(&-E M;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0W-B4@86QI M9VX],T1C96YT97(^#0H\='(^/'1D('=I9'1H/3-$-S0E/B`\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#8E/B`\+W1D/@T*/'1D/B`\+W1D M/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;2!W:61T:#TS1#8E/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T* M/'1D/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R M87`],T1N;W=R87`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`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M"!S;VQI9#LG M('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$)V)O6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM M;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/D]U='-T86YD:6YG M(&%T($UAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!C;&%S3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$ M)VUA#L@9F]N="US M:7IE.B`Q<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!B;W)D97(],T0P(&-E M;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0W-B4@86QI M9VX],T1C96YT97(^#0H\='(^/'1D('=I9'1H/3-$-S4E/B`\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#6QE/3-$)V)O3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/CQI/DYU;6)EF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^ M/&9O;G0@F4],T0R/D=R86YT960\+V9O;G0^/"]P/CPO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT(&-L87-S/3-$7VUT('-I>F4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0R/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!C;&%S3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@ M,65M.R<^/&9O;G0@F4],T0R/E9E6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0R/BDF;F)S<#L\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/C,P+C0R/"]F;VYT M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&YO=W)A<#TS1&YO=W)A<#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0R/BDF;F)S M<#L\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQA M6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE MF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R M/C4T+#DW-CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R M87`],T1N;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S M3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/CQI/DYU;6)E6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE2`Q+"`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`],T1N;W=R M87`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`^#0H-"CQT86)L92!B;W)D97(],T0P M(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0W-B4@ M86QI9VX],T1C96YT97(^#0H\='(^/'1D('=I9'1H/3-$-S0E/B`\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#DE/B`\+W1D/@T*/'1D/B`\ M+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;2!W:61T:#TS1#DE/B`\+W1D/@T*/'1D/B`\+W1D/@T*/'1D/B`\+W1D M/@T*/'1D/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`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`@3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@ MF4],T0R/D5X<&5C=&5D($QI9F4@;V8@3W!T:6]N6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/&1I=CX@#0H-"CQT86)L92!S='EL M93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE2!I6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE7-T;VL@06-Q=6ES:71I;VXL('1H92!# M;VUP86YY(&ES(')E<75I7-T;VL@=VEL;"!M86ME(&EN=F5S=&UE;G1S(&]F(&%T(&QE87-T(#2`H87!P2`F;F)S M<#LD,C"!Y96%R2!H860@:6YV97-T960@-S8N-29N M8G-P.VUI;&QI;VX@4&]L:7-H('IL;W1Y("AA<'!R;WAI;6%T96QY("9N8G-P M.R0R-RXQ(&UI;&QI;VXI(&EN(%!O;&UO7-T;VLN(#PO9F]N=#X\ M+W`^#0H-"CQP('-T>6QE/3-$)VUA#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@ M,'!X.R!M87)G:6XM;&5F=#H@-"4[)SX\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!E:71H97(@<&%R='D@;VX@2!S:&]R="!N;W1I8V4N(%1H=7,L('1H97)E(&ES(&$@2=S('-U<'!L>2!O9B!P7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE M/3-$)V)O6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE#L@;6%R9VEN+6QE9G0Z(#0E.R<^/&9O;G0@ MF4],T0R/D]N($%P2X@07,@<&%R="!O9B!T:&4@86UE;F1M M96YT+"!O;B!!<')I;"9N8G-P.S(R+"`R,#$Q+"!T:&4@0V]M<&%N>2!R97!A M:60@=&AE(')E;6%I;FEN9R!03$X@,3(R+C4F;F)S<#MM:6QL:6]N("@F;F)S M<#LD-#0N,R!M:6QL:6]N*2!T97)M(&9A8VEL:71Y('=H:6QE(&%T('1H92!S M86UE('1I;64@2!N;W0@=71I;&EZ960N(%1H92!O=F5R9')A9G0@9F%C M:6QI='D@=VEL;"!N;W0@8V]N=&%I;B!E:71H97(@=&AE($-O;G-O;&ED871E M9"!#;W9E2X@ M1G5R=&AE&EM=6T@86UO=6YT(&%V86EL86)L92!F;W(@8F]R'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!)'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!) M'0^/&1I=CX@#0H-"CQT86)L92!S='EL93TS1"=B M;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\>&UL M('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC&UL/@T*+2TM+2TM/5].97AT M4&%R=%\R8S=E9F$T8E\W83@V7S0V8V5?.3(V,U\S.#0T860V9#8P-38M+0T* ` end XML 40 R25.xml IDEA: Commitments and Contingent Liabilities 2.2.0.25falsefalse11801 - Disclosure - Commitments and Contingent Liabilitiestruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_CommitmentsAndContingentLiabilitiesAbstractcedcfalsenadurationCommitments and Contingent Liabilities [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringCommitments and Contingent Liabilities [Abstract]falsefalseCommitments and Contingent Liabilities3false0us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">18.</td> <td valign="top" align="left">COMMITMENTS AND CONTINGENT LIABILITIES </td></tr></table> The Company is involved in litigation from time to time and has claims against it in connection with matters arising in the ordinary course of business. In the opinion of management, the outcome of these proceedings will not have a material adverse effect on the Company's operations. The Polmos Bialystok Acquisition As part of the Share Purchase Agreement related to the October 2005 Polmos Bialystok Acquisition, the Company is required to ensure that Polmos Bialystok will make investments of at least 77.5 million Polish zloty (approximately $27.5 million) during the six years after the acquisition was consummated. As of March 31, 2011, the Company had invested 76.5 million Polish zloty (approximately $27.1 million) in Polmos Bialystok. Supply Contracts The Company has various agreements covering its sources of supply, which, in some cases, may be terminated by either party on relatively short notice. Thus, there is a risk that a portion of the Company's supply of products could be curtailed at any time. </div>18. COMMITMENTS AND CONTINGENT LIABILITIES The Company is involved in litigation from time to time and has claims against it in connection with mattersfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringIncludes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 falsefalseCommitments and Contingent Liabilities12Commitments and Contingent LiabilitiesUnKnownUnKnownUnKnownUnKnownfalsetrue XML 41 R7.xml IDEA: Condensed Consolidated Statements of Cash Flow 2.2.0.25falsefalse00400 - Statement - Condensed Consolidated Statements of Cash FlowtruefalseIn Thousandsfalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse1/1/2010 - 3/31/2010 USD ($) / shares USD ($) $Duration_1_1_2010_To_3_31_2010http://www.sec.gov/CIK0001046880duration2010-01-01T00:00:002010-03-31T00:00:00Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$3true0us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringCash generated by or used in operating activities of continuing operations; excludes cash flows from discontinued operations.falsefalseCash flows from operating activities of continuing operations4false0us-gaap_ProfitLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse11210001121falsetruefalsefalsefalse2truefalsefalse-23364000-23364falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) falsefalseNet income / (loss)5true0us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseAdjustments to reconcile net income / (loss) to net cash provided by operating activities:6false0cedc_NetCashProvidedByUsedInOperatingActivitiesDiscontinuedOperationscedcfalsedebitdurationNet Cash Provided by (Used in) Operating Activities, Discontinued Operationsfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse3487300034873falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryNet Cash Provided by (Used in) Operating Activities, Discontinued OperationsNo authoritative reference available.falsefalseNet loss from discontinued operations7false0us-gaap_DepreciationAndAmortizationus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse51310005131falsefalsefalsefalsefalse2truefalsefalse43700004370falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 falsefalseDepreciation and amortization8false0us-gaap_DeferredIncomeTaxExpenseBenefitus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse725000725falsefalsefalsefalsefalse2truefalsefalse-4865000-4865falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section I -Subsection 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 289 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 falsefalseDeferred income taxes9false0us-gaap_ForeignCurrencyTransactionGainLossUnrealizedus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-31651000-31651falsefalsefalsefalsefalse2truefalsefalse-35478000-35478falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate unrealized foreign currency transaction gain or loss (pretax) included in determining net income for the reporting period. Represents the aggregate of gains and losses on transactions that are unsettled as of the balance sheet date, which is therefore an adjustment to reconcile income (loss) from continuing operations to net cash provided by (used in) continuing operations. (Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting entity's financial statements. For certain entities, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses.)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 52 -Paragraph 30 falsefalseUnrealized foreign exchange gains10false0us-gaap_GainsLossesOnExtinguishmentOfDebtus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse1411400014114falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAmount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 26 -Paragraph 20, 21 falsefalseCost of debt extinguishment11false0us-gaap_StockOptionPlanExpenseus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse693000693falsefalsefalsefalsefalse2truefalsefalse859000859falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe noncash expense that accounts for the value of stock options distributed to employees as compensation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i falsefalseStock options fair value expense12false0us-gaap_IncomeLossFromEquityMethodInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse88140008814falsefalsefalsefalsefalse2truefalsefalse18210001821falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 19 -Subparagraph c Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 11 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 6 -Subparagraph b falsefalseEquity loss in affiliates13false0us-gaap_GainLossOnInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-6397000-6397falsefalsefalsefalsefalse2truefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain or loss of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain or loss which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains or losses realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments of the subject investments.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 13, 22 falsefalseGain on fair value remeasurement of previously held equity interest, net of deferred tax14false0us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOtherus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse17800001780falsefalsefalsefalsefalse2truefalsefalse85760008576falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTransactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseOther non cash items15true0us-gaap_IncreaseDecreaseInOperatingCapitalAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseChanges in operating assets and liabilities:16false0us-gaap_IncreaseDecreaseInAccountsReceivableus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse268051000268051falsefalsefalsefalsefalse2truefalsefalse169635000169635falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseAccounts receivable17false0us-gaap_IncreaseDecreaseInInventoriesus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-5197000-5197falsefalsefalsefalsefalse2truefalsefalse-11121000-11121falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseInventories18false0us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssetsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-16860000-16860falsefalsefalsefalsefalse2truefalsefalse-9871000-9871falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the value of this group of assets within the working capital section.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalsePrepayments and other current assets19false0us-gaap_IncreaseDecreaseInAccountsPayableus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-83645000-83645falsefalsefalsefalsefalse2truefalsefalse-34494000-34494falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseTrade accounts payable20false0us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-58176000-58176falsefalsefalsefalsefalse2truefalsefalse-81784000-81784falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in other obligations or expenses incurred but not yet paid. This element may be used when there is no other more specific or appropriate element.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseOther accrued liabilities and payables21false0us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse8438900084389falsefalsefalsefalsefalse2truefalsefalse3327100033271falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash from (used in) the entity's continuing operations. This element specifically EXCLUDES the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in operating activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 -Footnote 10 truefalseNet cash provided by operating activities from continuing operations22true0us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringCash generated by or used in investing activities of continuing operations; excludes cash flows from discontinued operations.falsefalseCash flows from investing activities of continuing operations23false0us-gaap_PaymentsToAcquirePropertyPlantAndEquipmentus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-505000-505falsefalsefalsefalsefalse2truefalsefalse-1306000-1306falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c falsefalsePurchase of fixed assets24false0us-gaap_PaymentsToAcquireIntangibleAssetsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-17473000-17473falsefalsefalsefalsefalse2truefalsefalse-6000000-6000falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c falsefalsePurchase of trademarks25false0us-gaap_IncreaseDecreaseInRestrictedCashus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse481419000481419falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash inflow (outflow) for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15, 16, 17 falsefalseChanges in restricted cash26false0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquiredus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-23475000-23475falsefalsefalsefalsefalse2truefalsefalse-135964000-135964falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15, 17 falsefalseAcquisitions of subsidiaries, net of cash acquired27false0us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-41453000-41453falsefalsefalsefalsefalse2truefalsefalse338149000338149falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash from (used in) the entity's investing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in investing activities. Such reporting would necessitate the entity to use the Net Cash Provided by (Used in) Discontinued Operations, Total element provided in the taxonomy.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 -Footnote 10 truefalseNet cash (used in)/provided by investing activities from continuing operations28true0us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringCash generated by or used in financing activities of continuing operations; excludes cash flows from discontinued operations.falsefalseCash flows from financing activities of continuing operations29false0us-gaap_ProceedsFromBankDebtus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse1856800018568falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash inflow from bank borrowing during the year.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph b falsefalseBorrowings on bank loans and overdraft facility30false0us-gaap_RepaymentsOfBankDebtus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-4104000-4104falsefalsefalsefalsefalse2truefalsefalse-8103000-8103falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow to settle a bank borrowing during the year.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b falsefalsePayment of bank loans, overdraft facility and other borrowings31false0us-gaap_RepaymentsOfSeniorDebtus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse-367954000-367954falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow for a debt where holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b falsefalsePayment of Senior Secured Notes32false0us-gaap_RepaymentsOfRelatedPartyDebtus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse75000007500falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow for the payment of borrowing made from related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b falsefalseRepayment of obligation to former shareholders33false0us-gaap_ReductionOfShortTermCapitalLeaseObligationsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-102000-102falsefalsefalsefalsefalse2truefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow for a borrowing recorded for a lease meeting the criteria for capitalization (with maturities within one year or the normal operating cycle of the entity, if longer).No authoritative reference available.falsefalseDecrease in short term capital leases payable34false0us-gaap_ProceedsFromShortTermCapitalLeaseObligationsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse90009falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash inflow from proceeds received from lessor related to capital lease obligation.No authoritative reference available.falsefalseIncrease in short term capital leases payable35false0us-gaap_ProceedsFromStockOptionsExercisedus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse6600066falsefalsefalsefalsefalse2truefalsefalse12140001214falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash inflow associated with the amount received from holders exercising their stock options.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a falsefalseProceeds from options exercised36false0us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-4140000-4140falsefalsefalsefalsefalse2truefalsefalse-348766000-348766falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash from (used in) the entity's financing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in financing activities. Such reporting would necessitate the entity to use the Net Cash Provided by (Used in) Discontinued Operations, Total element provided in the taxonomy.No authoritative reference available.truefalseNet cash used in financing activities from continuing operations37true0us-gaap_NetCashProvidedByUsedInDiscontinuedOperationsAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCash flows from discontinued operations38false0us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperationsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse-9303000-9303falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis element represents cash provided by (used in) the operating activities of the entity's discontinued operations during the period. This element should only be used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in operating activities reflect only cash flows attributable to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 falsefalseNet cash used in operating activities of discontinued operations39false0us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperationsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse328000328falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis element represents cash provided by (used in) the investing activities of the entity's discontinued operations during the period. This element should only be used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in investing activities reflect only cash flows attributable to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 falsefalseNet cash provided by investing activities of discontinued operations40false0us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperationsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse56540005654falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis element represents cash provided by (used in) the financing activities of the entity's discontinued operations during the period. This element should only be used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in financing activities reflect only cash flows attributable to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 falsefalseNet cash provided by financing activities of discontinued operations41false0us-gaap_NetCashProvidedByUsedInDiscontinuedOperationsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse-3321000-3321falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryNet change in cash associated with the entity's discontinued operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 truefalseNet cash used in discontinued operations42false0cedc_AdjustmentsToReconcileToIncomeLossFromDiscontinuingOperationscedcfalsedebitdurationAdjustments To Reconcile To Income (Loss) From Discontinuing Operationsfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse00falsefalsefalsefalsefalse2truefalsefalse33210003321falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAdjustments To Reconcile To Income (Loss) From Discontinuing OperationsNo authoritative reference available.falsefalseAdjustment to reconcile the change in cash balances of discontinued operations43false0us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse69920006992falsefalsefalsefalsefalse2truefalsefalse-881000-881falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe effect of exchange rate changes on cash balances held in foreign currencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 25 falsefalseCurrency effect on brought forward cash balances44false0us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse4578800045788falsefalsefalsefalsefalse2truefalsefalse2177300021773falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change between the beginning and ending balance of cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 truefalseNet increase in cash45false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsetruefalsefalseperiodstartlabel1truefalsefalse122324000122324falsefalsefalsefalsefalse2truefalsefalse126439000126439falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseCash and cash equivalents at beginning of period46false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsetruefalseperiodendlabel1truefalsefalse168112000168112falsefalsefalsefalsefalse2truefalsefalse148212000148212falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseCash and cash equivalents at end of period47true0us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringDesignated to encapsulate the entire footnote disclosure that gives information on the supplemental cash flow activities for noncash (or part noncash) transactions for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.falsefalseSupplemental Schedule of Non-cash Investing Activities48false0us-gaap_StockIssuedus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse2313100023131falsefalsefalsefalsefalse2truefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe fair value of stock issued in noncash financing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 32 falsefalseCommon stock issued in connection with investment in subsidiaries49true0us-gaap_SupplementalCashFlowInformationAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseSupplemental disclosures of cash flow information50false0us-gaap_InterestPaidus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse63290006329falsefalsefalsefalsefalse2truefalsefalse3450100034501falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalizedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 29 falsefalseInterest paid51false0us-gaap_IncomeTaxesPaidus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse70120007012falsetruefalsefalsefalse2truefalsefalse56780005678falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 29 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 27 -Subparagraph f falsefalseIncome tax paid249Condensed Consolidated Statements of Cash Flow (USD $)ThousandsUnKnownUnKnownUnKnownfalsetrue XML 42 R17.xml IDEA: Borrowings 2.2.0.25falsefalse11001 - Disclosure - Borrowingstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001046880duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0cedc_BorrowingsAbstractcedcfalsenadurationBorrowings [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringBorrowings [Abstract]falsefalseBorrowings3false0us-gaap_DebtDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">10.</td> <td valign="top" align="left">BORROWINGS </td></tr></table> Bank Facilities On December 17, 2010, the Company entered into a term and overdraft facilities Agreement (the "Credit Facility") with Bank Handlowy w Warszawie S.A. ("Bank Handlowy"), as Agent, Original Lender and Security Agent, and Bank Zachodni WBK S.A. ("WBK"), as Original Lender. The Credit Facility provides for a credit limit of up to 330.0 million Polish zloty (or approximately $ 111.5 million) which may be disbursed as one term loan and two overdraft facilities to be used to (i) refinance existing credit facilities and (ii) finance general business purposes of the borrowers. On December 20, 2010, the Company drew approximately 130.0 million Polish zloty (or approximately $43.9 million), and used the net proceeds to repay previous loan facilities with other lenders. On February 28, 2011 the Company, entered into a letter agreement with Bank Handlowy and WBK pursuant to which and subject to the terms and conditions contained therein, the parties agreed, to waive any breach of the Consolidated Coverage Ratio covenant and the Net Leverage Ratio covenant relating to the Calculation Period ending on December 31, 2010 and amended these ratios for purposes of the Calculation Period ending on March 31, 2011 to 1.28:1 and 8.35:1, respectively. As a result of the Letter Agreement, our failure to comply with the Consolidated Coverage Ratio covenant and the Net Leverage Ratio covenant as of December 31, 2010 did not result in a default under the Credit Facility. In connection with this agreement, the Company agreed to pay a one-time waiver fee of PLN 3.3 million (approximately $1.15 million). In addition, the Company agreed with its lenders that the amount available under the overdraft facilities included in the Credit Facility is reduced to PLN 120 million (approximately $41.6 million) and the margins on term loan and overdraft facilities will be increased (with effect from March 1, 2011) to 4.25% and 3.25%, respectively, and the margin on letters of credit issued thereunder will be increased to 2.50%.   On April 21, 2011, the Company entered into an amended set of terms for the Credit Facility. As part of the amendment, on April 22, 2011, the Company repaid the remaining 122.5 million Polish zlotys ($44.3 million) term facility while at the same time retaining the 120 million Polish zlotys ($43.4 million) overdraft facility which is currently not utilized. The overdraft facility going forward does not contain either the Consolidated Coverage Ratio or the Net Leverage Ratio previously required under the Credit Facility. Furthermore, the Company has no covenant compliance obligations at March 31, 2011 related to the Credit Facility. In addition to the elimination of covenants, the revised terms of the overdraft facility provide for an initial 100 basis point reduction in the margin charged to the Company, with further reductions coming over the next nine months, and the maximum amount available for borrowing under the overdraft facility will be reduced to 30 million Polish zlotys ($10.6 million) over the course of the next nine months as well. As of March 31, 2011, the Company has outstanding liability of $29.2 million from the term loans from Zenit Bank, Alfa Bank and Raiffeisen Bank drawn by Whitehall with renewal dates in the first quarter of 2012. As of March 31, 2011, the Company had available under existing overdraft facilities in Poland approximately $43.4 million from the Credit Facility mentioned above and $17.7 million from Pekao S.A with maturity date on April 30, 2011 available in Poland, as well as approximately $0.5 million available in Hungary and approximately $7.0 million available in Russia. Convertible Senior Notes due 2013 On March 7, 2008, the Company completed the issuance of $310 million aggregate principal amount of 3% Convertible Senior Notes due 2013 (the "Convertible Senior Notes"). Interest is due semi-annually on the 15th of March and September, beginning on September 15, 2008. The Convertible Senior Notes are convertible in certain circumstances into cash and, if applicable, shares of our common stock, based on an initial conversion rate of 14.7113 shares per $1,000 principal amount, subject to certain adjustments. Upon conversion of the notes, the Company will deliver cash up to the aggregate principal amount of the notes to be converted and, at the election of the Company, cash and/or shares of common stock in respect to the remainder, if any, of the conversion obligation. The proceeds from the Convertible Senior Notes were used to fund the cash portions of the acquisition of Copecresto Enterprises Limited and Whitehall. As of March 31, 2011 the Company had accrued interest of $0.4 million related to the Convertible Senior Notes, with the next coupon due for payment on September 15, 2011. Total obligations under the Convertible Senior Notes are shown net of deferred finance costs, amortized over the life of the borrowings using the effective interest rate method as shown in the table below:   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Convertible Senior Notes</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">310,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">310,000</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Unamortized debt discount</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,102</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,311</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Debt discount related to Convertible Senior Notes</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,514</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8,567</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">300,384</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">299,122</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> Senior Secured Notes due 2016 On December 2, 2009, the Company issued $380 million 9.125% Senior Secured Notes due 2016 and €380 million 8.875% Senior Secured Notes due 2016 (the "2016 Notes") in an unregistered offering to institutional investors. The Company used a portion of the net proceeds from the 2016 Notes to redeem the Company's outstanding 2012 Notes, having an aggregate principal amount of €245.4 million on January 4, 2010. The remainder of the net proceeds from the 2016 Notes was used to (i) purchase Lion Capital's remaining equity interest in Russian Alcohol by exercising the Lion Option and the Co-Investor Option, pursuant to the terms and conditions of the Lion Option Agreement and the Co-Investor Option Agreement, respectively (ii) repay all amounts outstanding under Russian Alcohol credit facilities; and (iii) repay certain other indebtedness.   On December 9, 2010, the Company issued an additional €50.0 million 8.875% Senior Secured Notes due 2016 (the "2016 Notes") in an unregistered offering to institutional investors. The Company used the net proceeds from the additional 2016 Notes to repay its term loans and overdraft facilities with Bank Handlowy w Warszawie S.A and Bank Zachodni WBK S.A. As of March 31, 2011 and December 31, 2010 the Company had accrued interest of $29.7 million and $7.1 million respectively, related to the Senior Secured Notes due 2016, with the next coupon due for payment on June 1, 2011.   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Senior Secured Notes due 2016</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">991,761</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">955,296</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Unamortized debt discount</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,581</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,660</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">988,180</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">951,636</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="85%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td height="16"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="4"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Principal repayments for the following years</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> 2011</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,684</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> 2012</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,812</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> 2013</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">300,384</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> 2014</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> 2015 and beyond</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">988,180</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,361,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table>   </div>10. BORROWINGS Bank Facilities On December 17, 2010, the Company entered into a term and overdraft facilities Agreement (the "Credit Facility") withfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringInformation about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 falsefalseBorrowings12BorrowingsUnKnownUnKnownUnKnownUnKnownfalsetrue

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

¨ (Do not check if a smaller reporting company)

Smaller Reporting Company