0001144204-12-012007.txt : 20120229 0001144204-12-012007.hdr.sgml : 20120229 20120229161455 ACCESSION NUMBER: 0001144204-12-012007 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120229 DATE AS OF CHANGE: 20120229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GARMIN LTD CENTRAL INDEX KEY: 0001121788 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 980229227 STATE OF INCORPORATION: V8 FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31983 FILM NUMBER: 12652973 BUSINESS ADDRESS: STREET 1: MUHLENTALSTRASSE 2 CITY: SCHAFFHAUSEN STATE: V8 ZIP: CH-8200 BUSINESS PHONE: 41 52 630 1600 MAIL ADDRESS: STREET 1: MUHLENTALSTRASSE 2 CITY: SCHAFFHAUSEN STATE: V8 ZIP: CH-8200 10-K 1 v303209_10k.htm 10-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

x

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

or

¨

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 0-31983

 

GARMIN LTD.

(Exact name of registrant as specified in its charter)

 

 

Switzerland

(State or other jurisdiction

of incorporation or organization)

98-0229227

(I.R.S. Employer Identification No.)

Mühlentalstrasse 2

8200 Schaffhausen

Switzerland

(Address of principal executive offices)

 

N/A

(Zip Code)

 

Registrant’s telephone number, including area code: +41 52 630 1600

 

Securities registered pursuant to Section 12(b) of the Act:

 

Registered Shares, CHF 10.00 Per Share Par Value   NASDAQ Global Select Market
(Title of each class)   (Name of each exchange on which registered)

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES þ NO ¨

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ¨ NO þ

 

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 þ NO ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES þ NO ¨

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

 

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.

 

Large Accelerated Filer þ Accelerated Filer ¨
   
Non-accelerated Filer ¨ Smaller reporting company ¨
(Do not check if a smaller reporting company)  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ¨    NO þ

 

Aggregate market value of the common shares held by non-affiliates of the registrant as of June 25, 2011 (based on the closing price of the registrant's common shares on the Nasdaq Stock Market for that date) was $3,996,788,770.

 

Number of shares outstanding of the registrant’s common shares as of February 23, 2012:

Registered Shares, CHF 10.00 par value – 208,077,418 (including treasury shares)

Documents incorporated by reference:

Portions of the following document are incorporated herein by reference into Part III of the Form 10-K as indicated:

 

Document  

Part of Form 10-K into

which Incorporated

Company's Definitive Proxy Statement for the 2012 Annual Meeting of Shareholders which will be filed no later than 120 days after December 31, 2011.   Part III

 

 

 
 

 

Garmin Ltd.

 

2011 Form 10-K Annual Report

 

Table of Contents

 

Cautionary Statement With Respect To Forward-Looking Comments 3
     
Part I
     
Item 1. Business 3
Item 1A. Risk Factors 25
Item 1B. Unresolved Staff Comments 36
Item 2. Properties 36
Item 3. Legal Proceedings 37
Item 4. Mine Safety Disclosures 41
  Executive Officers of the Registrant 41
 
Part II
     
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42
Item 6. Selected Financial Data 42
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 62
Item 8. Financial Statements and Supplementary Data 64
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95
Item 9A. Controls and Procedures 95
Item 9B. Other Information 97
     
Part III
     
Item 10. Directors, Executive Officers and Corporate Governance 98
Item 11. Executive Compensation 99
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99
Item 13. Certain Relationships and Related Transactions, and Director Independence 100
Item 14. Principal Accounting Fees and Services 100
     
Part IV
     
Item 15. Exhibits, Financial Statement Schedules 101
  Signatures 106

 

 
 

 

CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING COMMENTS

 

The discussions set forth in this Annual Report on Form 10-K contain statements concerning potential future events. Such forward-looking statements are based upon assumptions by the Company's management, as of the date of this Annual Report, including assumptions about risks and uncertainties faced by the Company. In addition, management may make forward-looking statements orally or in other writings, including, but not limited to, in press releases, in the annual report to shareholders and in the Company’s other filings with the Securities and Exchange Commission. Readers can identify these forward-looking statements by their use of such verbs as “expects,” “anticipates,” “believes” or similar verbs or conjugations of such verbs. Forward-looking statements include any discussion of the trends and other factors that drive our business and future results in “Item 7. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.” Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their date. If any of management's assumptions prove incorrect or should unanticipated circumstances arise, the Company's actual results could materially differ from those anticipated by such forward-looking statements. The differences could be caused by a number of factors or combination of factors including, but not limited to, those factors identified under Item 1A “Risk Factors.” Readers are strongly encouraged to consider those factors when evaluating any forward-looking statements concerning the Company. The Company does not undertake to update any forward-looking statements in this Annual Report to reflect future events or developments.

 

Part I

 

Item 1.Business

 

This discussion of the business of Garmin Ltd. ("Garmin" or the "Company") should be read in conjunction with, and is qualified by reference to, “Management's Discussion and Analysis of Financial Condition and Results of Operations” under Item 7 herein and the information set forth in response to Item 101 of Regulation S-K in such Item 7 is incorporated herein by reference in partial response to this Item 1. Beginning in 2011, for external reporting purposes, the Company identified five operating segments – Auto/Mobile, Aviation, Marine, Outdoor and Fitness. Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker (CODM), who allocates resources and assesses performance of each segment individually. Prior to 2011, the Outdoor and Fitness operating segments were combined into a single reportable segment due to the similar nature of those products, their production processes, the types of customers served, their distribution processes, and similar economic conditions. Management re-evaluated the combination of these operating segments and determined that based on the growth characteristics of these segments they should now be reported as two distinct reportable segments. The segment and geographic information included in Item 8, “Financial Statements and Supplementary Data,” under Note 8 is incorporated herein by reference in partial response to this Item 1.

 

Garmin was incorporated in Switzerland on February 9, 2010 as successor to Garmin Ltd., a Cayman Islands company (“Garmin Cayman”). Garmin Cayman was incorporated on July 24, 2000 as a holding company for Garmin Corporation, a Taiwan corporation, in order to facilitate a public offering of Garmin Cayman shares in the United States. On June 27, 2010, Garmin became the ultimate parent holding company of the Garmin group of companies pursuant to a share exchange transaction effected for the purpose of changing the place of incorporation of the ultimate parent holding company of the Garmin group from the Cayman Islands to Switzerland (the “Redomestication”). Pursuant to the Redomestication, all issued and outstanding Garmin Cayman common shares were transferred to Garmin and each common share, par value U.S. $0.005 per share, of Garmin Cayman was exchanged for one registered share, par value 10 Swiss francs (“CHF”) per share, of Garmin. Garmin owns, directly or indirectly, all of the operating companies in the Garmin group.

 

Garmin’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statement and Forms 3, 4 and 5 filed by Garmin’s directors and executive officers and all amendments to those reports will be made available free of charge through the Investor Relations section of Garmin’s website (http://www.garmin.com) as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission (the “SEC”). The SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

 

3
 

 

The reference to Garmin’s website address does not constitute incorporation by reference of the information contained on this website, and such information should not be considered part of this report on Form 10-K.

 

Company Overview

 

Garmin is a leading, worldwide provider of navigation, communication and information devices and applications, most of which are enabled by Global Positioning System (“GPS”) technology. Garmin designs, develops, manufactures and markets a diverse family of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products for the automotive/mobile, outdoor, fitness, marine, and general aviation markets.

 

Overview of the Global Positioning System

 

The Global Positioning System is a worldwide navigation system which enables the precise determination of geographic location using established satellite technology. The system consists of a constellation of orbiting satellites. The satellites and their ground control and monitoring stations are maintained and operated by the United States Department of Defense, which maintains an ongoing satellite replenishment program to ensure continuous global system coverage. Access to the system is provided free of charge by the U.S. government.

 

Prior to May 2000, the U.S. Department of Defense intentionally degraded the accuracy of civilian GPS signals in a process known as Selective Availability (‘‘SA’’) for national security purposes. SA variably degraded GPS position accuracy to a radius of 100 meters. On May 2, 2000, the U.S. Department of Defense discontinued SA. In a presidential policy statement issued in December 2004, the Bush administration indicated that the U.S. does not intend to implement SA again and is committed to preventing hostile use of GPS through regional denial of service, minimizing the impact to peaceful users. With SA removed, a GPS receiver can calculate its position to an accuracy of approximately 10 meters or less, enhancing the utility of GPS for most applications.

 

The accuracy and utility of GPS can be enhanced through augmentation techniques which compute any remaining errors in the signal and broadcast these corrections to a GPS device. The Federal Aviation Administration (“FAA”) has developed a Wide Area Augmentation System (‘‘WAAS’’) comprising ground reference stations and additional satellites that improve the accuracy of GPS positioning available in the United States and most of Canada and Mexico to approximately 3 meters. WAAS supports the use of GPS as the primary means of enroute, terminal and approach navigation for aviation in the United States. The increased accuracy offered by WAAS also enhances the utility of WAAS-enabled GPS receivers for consumer applications. The FAA announced on July 11, 2003 that the WAAS system had achieved initial operating capability and that the system was available for instrument flight use with appropriately certified avionics equipment. Since that time, the FAA has installed additional ground reference stations and has launched additional WAAS satellites.

 

Japan’s MTSAT-based Satellite Augmentation System (“MSAS”) achieved initial operating capability for en route, terminal and approach navigation for aviation on September 27, 2007. The European Geostationary Navigation Overlay Service (EGNOS) aviation Safety of Life (“SoL”) service achieved initial operating capability for en route, terminal, and approach navigation on March 2, 2011.

 

Recent Developments in the Company’s Business

 

Since the inception of its business, Garmin has delivered over 97 million products, which includes the delivery of almost 16 million products during 2011.

 

4
 

 

Acquisitions

 

In June 2011, Garmin acquired Tri-Tronics Inc., the leading designer and manufacturer of electronic dog training equipment.

 

In July 2011, Garmin acquired NAVIGON AG (now known as Garmin Würzburg GmbH), a leader in the portable navigation device market in Germany and a worldwide leader in navigation applications for smartphones.

 

In September 2011, Garmin acquired Garmin Distribution Africa (Pty.) Ltd. (now known as Garmin Southern Africa (Pty) Ltd.), the distributor of Garmin’s automotive, outdoor recreation, fitness and marine products in southern Africa, and Garmap (Pty) Ltd., a South African mapping and mobile applications provider.

 

In December 2011, Garmin acquired Centro GPS Lda. (now known as Garmin Chile Lda.), the distributor of Garmin’s automotive, outdoor recreation, fitness and marine products in Chile.

 

Automotive/Mobile Product Introductions

 

In January 2011, Garmin announced the nüvi® 2400 series of portable navigation devices featuring a five-inch display and a range of optional features including voice-activated navigation, lifetime traffic and map updates, and advanced route planning and calculation with Garmin’s nüRoute™ technology. Also in January 2011, Garmin announced the dēzl™ series of navigation devices designed for the trucking industry incorporating truck-specific points of interest (POIs) with The National Truck & Trailer Services (NTTS) Breakdown Directory, hours, fuel and mileage logging and truck speed limits.

 

In August 2011, Garmin announced the nüvi 30, 40 and 50 series of budget portable navigation devices and the nüvi 3400 series of premium portable navigation devices with features including Garmin’s Guidance 3.0 navigation engine.

 

Outdoor Product Introductions

 

Garmin entered the personal and property tracking market in 2011 with the introduction of the GTU 10 GPS locator and web-based tracking service. The GTU 10 won a 2011 Popular Mechanics Editor’s Choice award and a National Geographic Adventures 2011 Gear of the Year award.

 

Garmin expanded its line of products for golfers in 2011 with the introduction of the Approach® G6 GPS golf handheld device that comes preloaded with 25,000 worldwide golf courses and an internal rechargeable battery.

 

In June 2011, Garmin announced the Astro® 320 handheld dog tracking GPS device with increased range, enhanced mapping capabilities and a new user interface.

 

In May 2011, Garmin announced the MontanaTM ruggedized GPS handheld device with a color touchscreen, dual display orientation, a barometric altimeter, a 3-axis electronic compass, a 5 megapixel camera in certain models and support for a wide range of Garmin mapping products. Garmin also announced a redesigned and upgraded version of its eTrex®series of GPS handheld devices with enhanced ergonomics an improved user interface and, in certain models, a color screen with expanded mapping capabilities.

 

Garmin also introduced a redesigned and upgraded range of Rino® handheld two-way radios with integrated GPS in 2011. Certain models feature barometric altimeter, 3-axis electronic compass and NOAA weather radio.

 

Fitness Product Introductions

 

Garmin added to its line of products for fitness enthusiasts in 2011 with the Forerunner® 610, the first touchscreen GPS-enabled watch in Garmin’s Forerunner series, and the Forerunner 910XT multisport GPS-enabled watch which provides swimming metrics and tracks distance, speed/pace, elevation and heart rate for running and cycling. Garmin also introduced the FR70 low profile fitness watch.

 

5
 

 

Garmin expanded its line of products for cyclists in 2011 with the introduction of the Edge® entry-level 200 cycling computer.

 

Garmin also announced Garmin FitTM, its first fitness app for the iPhone and Android phones that uses the phone’s GPS to let users track metrics such as speed, pace, distance, time, calories and with the help of Garmin accessories displays heart rate and cadence.

 

Marine Product Introductions

 

Garmin added to its marine product lineup in 2011 with the introduction of the GDLTM 40 cellular marine weather receiver, the GHSTM 20 and 20i wireless remote handsets for Garmin’s VHF 200 and 300 series marine radios and an update to the GHPTM 12 marine autopilot.

 

Aviation Product Introductions

 

During 2011, Garmin introduced the GTNTM 650 and 750 series touchscreen-controlled integrated VHF navigation receiver/instrument landing systems receiver and VHF communication transmitter/receiver. The GTN 650 and GTN 750 features include graphical flight planning with victor airways and high-altitude jet routes, high-resolution terrain mapping, remote transponder, remote audio control (750 series only), SafeTaxi® and electronic chart capabilities (750 series only).

 

In March 2011, Garmin announced the G1000HTM integrated glass flight deck system designed specifically for helicopters, including an optional Helicopter Terrain and Awareness System (HTAWS). Also in March 2011 Garmin announced the G2000TM, a premium touchscreen-controlled integrated flight deck designed for high performance piston aircraft.

 

In September 2011 Garmin announced the aera® 795 and 796 touchscreen portable aviation navigation devices. The 796 features 3D Vision which uses GPS position and the terrain-alerting database to recreate a 3D behind-the-aircraft perspective view of the topographic landscape.

 

Products

 

Garmin has achieved a leading market position and a history of growth in revenues and profits by offering ergonomically designed, user-friendly products with innovative features and designs covering a broad range of applications and price points. Garmin’s target markets are currently broken down into its five main business segments – automotive/mobile, outdoor, fitness, marine and aviation.

 

Automotive/Mobile

 

Garmin offers a broad range of automotive navigation products, as well as a variety of products and applications designed for the mobile GPS market. Garmin believes that its products are known for their value, high performance, ease of use, innovation, and ergonomics. The table below includes a sampling of the primary automotive and mobile products that Garmin currently offers to consumers around the world.

 

6
 

 

nüvi®

(59 models)The nüvi is Garmin’s popular personal navigation device (PND). All nüvi models combine a full-featured GPS navigator (with built-in maps) with Garmin’s uniquely simple user interface. Different nüvi models and optional add-ons offer a plethora of additional feature sets, including a wide screen display, integrated traffic receiver for traffic avoidance (including some models with lifetime traffic updates), bundled lifetime map updates, spoken street names, voice activated navigation, speed limit indication, lane assist with PhotoReal junction views - more than 58 thousand high quality photos of actual upcoming junctions, 3-D building view, Bluetooth® hands-free capability, built-in maps of Europe, and the ability to add custom points of interest and a custom GPS voice. Bluetooth enabled models are compatible with Garmin Mechanic and ecoRoute HD, which provide engine monitoring, sensor and gauge data, fuel efficiency and engine diagnostics. The nüvi 3700 series offers a super-thin design and such other newer features as a multi-touch glass display, nüRoute™ technology, 3-D terrain view, and pedestrian mode. In August 2011 Garmin announced the 2012 line of nüvis, featuring a tiered series of PNDs – Essential (the nüvi 30/40/50 series), Advanced (the nüvi 2405 and 2505 series) and Prestige (the nüvi 3400 series). New to the 2012 line are, among other features, the advanced Guidance 2.0 and 3.0 navigation engines for a faster, more intuitive user interface. In January 2012, Garmin announced the nüvi 3500 series, our newest flagship PNDs and first GPS navigators that combine the ultra-thin form factor with a large, 5-inch glass display. The 3500 series is part of the Prestige line of 2012 nüvis and includes the most premium features available on any device such as the Guidance 3.0 navigation engine, Digital 3D Traffic and compatibility with Garmin’s newest Android application, Smartphone Link. In fiscal years 2011, 2010, and 2009, the nüvi class of products represented approximately 48%, 54%, and 63% of Garmin’s total consolidated revenues, respectively.

 

zūmo®

(4 models)Motorcycle-specific navigators with features including a glove-friendly touch screen with high bright sunlight-readable display, motorcycle mount, vibration-tested design, and Bluetooth wireless technology. A microSD (secure digital) card slot allows riders to share their favorite places and rides with fellow zūmo riders. The zūmo 660 and 665 feature 3-D building view and lane assist with junction view and a digital fuel gauge. The 665 includes an antenna for XM Satellite Radio®, XM NavWeather® and XM NavTraffic® (subscription is required for XM content).

 

dēzl™

(2 models)In January 2011, Garmin announced the dēzl series, a new line of Garmin navigators designed exclusively for the over-the road trucking industry. The dēzl  features a large five-inch display, a built-in loudspeaker, and offers a number of additional user-friendly features including truck-specific points of interest (POIs) with The National Truck & Trailer Services (NTTS) Breakdown Directory, hours, fuel and mileage logging, truck speed limits and advanced navigation and route planning and calculation with Garmin’s nüRoute™ technology. The dēzl series is comprised of two models: the dēzl 560LT, a traffic-enabled model that notifies drivers of traffic delays and road construction and suggests detours around them; and the dēzl 560LMT that adds map updates, letting users download the most up-to-date maps and points of interest up to four times a year.

 

StreetPilot® ApplicationLaunched in January 2011, this smartphone application allows Apple iPhone or GPS-enabled iPad users to download premium Garmin navigation to their device, allowing for turn-by-turn, voice-prompted directions and other popular Garmin navigation features.

 

 

Streetpilot Onboard

Application for iPhoneAnnounced in August 2011, the StreetPilot Onboard App for iPhone offers onboard mapping and navigation, giving drivers and travelers an unparalleled range of industry-leading options for efficient routing, effortless planning and stress-free touring wherever they may go.

 

Smartphone LinkLaunched in January 2012, Smartphone Link is the first Android application to provide live services to PNDs. Smartphone Link creates a seamless navigation experience between any Bluetooth enabled 2012 Garmin nüvi and an Android smartphone allowing them to communicate and share data. Among other functionalities, the application lets nüvi users add live services, such as traffic information, traffic camera images, weather and fuel prices to their navigation device, utilizing the smartphone's mobile data plan. Smartphone Link is available at no cost in the Android Market and includes several free live services as well as premium content available through subscriptions. 

 

7
 

 

NAVIGON

Applications for

iPhoneIn November 2011, NAVIGON (now Garmin Würzburg GmbH) launched the second generation of its award-winning iPhone navigation app, NAVIGON 2.0 for iPhone. The new version completely redefines core elements of iPhone navigation, including a new and unique map management function and an in application purchase option for quarterly map updates, both not found in any other onboard navigation app. Also included is a very simple and intuitive user interface. Existing NAVIGON for iPhone users receive the update to the new version at no cost.

 

NAVIGON

Applications for

WindowsWith NAVIGON’s Windows applications, users can turn their Windows mobile phones into a mobile navigation device with features such as text-to-speech spoken turn-by-turn navigation instructions, Reality View Pro junction information and depictions, and Lane Assist Pro.

 

NAVIGON

Applications for

AndroidWith NAVIGON’s Android applications, users can turn their Android mobile phones into a mobile navigation device with features such as text-to-speech spoken turn-by-turn navigation directions, Reality View Pro junction information and depictions, Lane Assist Pro, and live real-time weather and traffic information.

 

Outdoor

 

The table below includes a sampling of the outdoor products that Garmin currently offers to consumers around the world.

 

Dakota®

(2 models)The Dakota series is Garmin’s entry level series of handheld GPS navigators with built-in mapping. The Dakota 10 is a rugged, palm-sized navigator that offers a touchscreen display, high-sensitivity GPS, and a built-in worldwide basemap. The Dakota 20 adds a barometric altimeter, 3-axis electronic compass, and a microSD™ card slot for optional customized maps. The 20 model also allows a user to share waypoints, tracks, routes and geocaches wirelessly with other compatible Dakota, Foretrex®, Oregon® and Colorado® users.

 

8
 

 

Oregon®

(4 models)The Oregon series combines a bright 3-inch color touchscreen, rugged design and a variety of hiker-friendly features. The Oregon 450 and Oregon 450t offer a rugged, sunlight-readable, touchscreen along with a built-in basemap with shaded relief, a high-sensitivity receiver, barometric altimeter, 3-axis electronic compass, microSD™ card slot, picture viewer and more. The high-end Oregon 550 and 550t models each come with a built-in 3.2 megapixel autofocus digital camera with 4x digital zoom, and each photo taken by these devices is automatically geotagged with the location of where it was taken, allowing the user to navigate back to that exact spot in the future.

 

Rino®

(8 models)Handheld two-way Family Radio Service (FRS) and General Mobile Radio Service (GMRS) radios that integrate two-way voice communications with GPS navigation. Features include patented “peer-to-peer position reporting” so you can transmit your location to another Rino radio. The Rino 110 offers an FRS/GMRS radio plus basic GPS navigator. The Rino 120 adds an internal basemap and MapSource compatibility for street-level mapping. The Rino 130 has 24 MB of internal memory, built-in electronic compass, barometric sensor, and National Oceanic and Atmospheric Administration (NOAA) weather radio receiver. The Rino 520HCx has a high sensitivity GPS receiver, 5 watts of transmit power, color display, mini-USB interface, and a turn-by turn automatic route calculation for use in automobiles. The Rino 530HCx has all of the features of the Rino 520HCx, plus a seven-channel weather receiver, electronic compass, and barometric altimeter. In June 2011 Garmin announced the redesigned and upgraded Rino 610, 650 and 655t. The Rino 610 is an entry level 1-watt FRS/GMRS radio handheld GPS radio is powered by four AA batteries and comes pre-loaded with a worldwide basemap. The Rino 650 and 655t 5-watt FRS/GMRS radios have a communication range of up to 20 miles and have evolved to include a 2.6” glove-friendly touchscreen and include features such as a barometric altimeter, 3-axis tilt compensated compass and NOAA weather radio.

 

Montana™

(3 models)In May 2011, Garmin announced the Montana handheld GPS device – the most advanced Garmin handheld featuring a ruggedized design with multiple mounting and battery options, dual-orientation and screen layout options and support for a wide range of Garmin cartography. It has a barometric altimeter for elevation profiling and ability to profile the route ahead using an included worldwide elevation model. The included 3-axis compass gives it a heading while standing still or when not held level.Montana 600 is the base model and features a 4-inch color touchscreen dual orientation display and supports multiple mapping options like BirdsEye Satellite Imagery, BlueChart® g2 and TOPO U.S. 24K. Montana has key features for the outdoors such as a 3-axis tilt-compensated compass and barometric altimeter. Montana 650 adds a 5 megapixel camera, and Montana 650t adds preloaded TOPO U.S. 100K maps.

 

eTrex®

(8 models)In May 2011, Garmin announced the redesigned and upgraded eTrex handheld GPS device – evolving from one of the world’s most reliable and popular handhelds, with millions sold. This entry level option has been given enhanced ergonomics, an improved interface, paperless geocaching and in certain models, a 65k color screen with expanded mapping capabilities. These new additions, along with up to 25 hours of battery life, make the new eTrex more versatile and user-friendly, while maintaining its durability.

 

9
 

 

GPSMAP®62

(5 models)Rugged outdoor handheld devices for hunters, hikers, geocachers and outdoors enthusiasts. The basic GPSMAP 62 includes a built-in worldwide basemap with shaded relief. The GPSMAP 62s adds a 3-axis tilt-compensated electronic compass and wireless connectivity for sharing routes, tracks, waypoints and geocaches between other compatible Garmin handhelds. The GPSMAP 62s also includes a barometric altimeter that tracks changes in pressure to pinpoint the precise altitude. In addition to these features, the GPSMAP 62st includes preloaded 100K topographic maps for the entire United States (or preloaded 50K topographic mapping of Canada for the Canadian version). The GPSMAP 62stc and GPSMAP 62sc were announced in June 2011. The GPSMAP 62stc features a 3-axis tilt-compensated compass, a barometric altimeter, 5 megapixel autofocus camera with photo navigation, preloaded TOPO U.S. 100K maps and supports custom maps and BirdsEye™ Satellite imagery (subscription required). The GPSMAP 62sc features a 3-axis tilt-compensated compass, a barometric altimeter, a 5 megapixel autofocus camera with photo navigation, and support for Custom Maps and BirdsEye™ Satellite imagery (subscription required).

 

Approach®

(4 models)The Approach G5 is a waterproof, touchscreen, handheld GPS for golfers that features over 17,500 preloaded golf course maps. Approach G5 uses a high-sensitivity GPS receiver to measure individual shot distances and show the exact yardage to fairways, hazards and greens. A statistic-tracking feature allows users to track and analyze their golf statistics. The Approach G3 is a smaller, lighter version of the G5, yet still offers over 17,500 preloaded courses. The Approach S1 is a wearable golf watch that displays precise yardages to the front, back and middle of greens and comes preloaded with over 17,500 courses. In September 2011, Garmin introduced the Approach S1W, which is a white version of the Approach S1, so that customers could choose between the colors black and white for their Approach S1. In January 2012 Garmin announced the newest Approach model – the Approach G6. The Approach G6 is a sleek, slim glove-friendly device weighing just over three ounces that comes preloaded with over 25,000 worldwide courses.

Astro®

(2 models)High sensitivity GPS-enabled dog tracking system. The Astro 220 is designed to pinpoint up to ten dogs’ positions at one time through all-weather collars and a handheld system. The system also provides a Dog Tracker page and a Covey Countertm to assist the hunter. It is loaded with many of the features of our outdoor devices including: barometric altimeter, electronic compass, microSD slot, area calculator and a waterproof exterior. In June 2011 Garmin announced the Astro 320, which includes increased range, a simplified user interface, and enhanced mapping capability. With the included redesigned antenna, the maximum range between the Astro 320 and a Garmin tracking collar was increased by nearly 30 percent.  Like the Astro 220, the Astro 320 can track up to ten dogs per receiver at once, and the unit is fully compatible with Garmin’s DC 20, DC 30, and DC 40 dog tracking collars and accessories. In addition to the pre-installed basemap, the Astro 320 can be loaded with 100k or 24k Topo maps or photorealistic BirdsEye™ Satellite Imagery ($29.99 annual subscription required).  The Astro 320 has 1.7 gigabytes of on-board memory available for loading maps, and a microSD slot for pre-loaded cards.

 

GTU™ 10 GPS TrackerOn January 4, 2011, Garmin announced the GTU 10, which is a GPS locator that combines a web-based tracking service with GPS technology so the user can keep track his or her children, pets and property by monitoring the device’s location through either Garmin’s secure website using any computer or with the free Garmin Tracker™ app.

 

10
 

 

Fitness

 

The table below includes a sampling of the fitness products and applications that Garmin currently offers to consumers around the world.

 

Forerunner®

(12 models)Compact, lightweight training assistants for athletes with integrated GPS sensor (except for the FR60 and FR 70 fitness watches) that provide time, speed, distance, pace and other data. Some models also offer a heart rate monitoring function. The FR 60 and FR70 are entry-level advanced fitness watches that allow runners and walkers to track their workouts and automatically upload their data (via a wireless USB ANT™ Stick) to a personal computer. The Forerunner 405 is a compact-sized, wrist-worn GPS-enabled device that allows runners and joggers to track their speed, distance, heart rate and location, access their training history or challenge a Virtual Partner™ and automatically upload their data wirelessly to a personal computer. The Forerunner 405CX adds heart-rate based calorie computation and improved comfort to the numerous features available on the Forerunner 405. The Forerunner 410 offers an enhanced touch bezel designed to allow users to quickly scroll and select features on the run. The Forerunner 610 is Garmin’s first ever touch-screen fitness watch and it also adds the new Virtual Racer™, which allows runners to race against their previous best times, using data stored on the watch. The Forerunner 310XT model, which was designed specifically for triathletes, is water-resistant to 50m and tracks biking and running data (and optional heart rate data). In October 2011, Garmin announced the Forerunner 910XT, which is the only all-in-one GPS-enabled device that provides detailed swim metrics and tracks distance, speed/pace, elevation and heart rate for running and cycling. Designed for both open water and pool swimming, Forerunner 910XT is water resistant to 50 meters and is Garmin’s first multisport watch to offer extensive swim metrics, including swim distance, stroke identification, stroke count and pool lengths.

 

Edge®

(3 models)Integrated personal training systems designed for cyclists. The Edge 200 measures speed, distance, time, calories burned, climb and descent, altitude and more. The Edge 500 is geared toward performance-driven cyclists and tracks the cyclist’s distance, speed, location and elevation with high sensitivity GPS, and also tracks the cyclist’s heart rate with an optional heart rate monitor (sold separately). The newest model, the Edge 800, added a touchscreen interface to the Edge family of products.

 

Garmin Fit™ ApplicationIn October 2011, Garmin announced Garmin Fit for iPhone and Android, Garmin’s first fitness app that lets users track metrics such as speed, pace, distance, time, calories, and with optional Garmin accessories displays heart rate and cadence. Garmin Fit also maps and automatically uploads workouts to Garmin’s Garmin Connect, which is Garmin’s website where users can track their workout data.

 

Vector™In August 2011, Garmin announced Vector, which is a high-precision pedal based power meter for cyclists. Vector is a light-weight direct measurement power meter and it is designed for quick installation, portability, and ease-of-use.

 

Marine

 

Garmin’s marine products include handhelds, network products and multifunction displays, fixed-mount GPS/chartplotter products, instruments, fishfinders, radar, autopilots, VHF radios, marine networking products, and sounder products. The table below includes a sampling of some of the marine products that Garmin currently offers to consumers.

 

11
 

 

Marine Chartplotters and Networking Products

 

GPSMAP® 7000 series

(4 models)The GPSMAP 7000 series of large format multi-function displays introduced Garmin’s G Motion technology, which represents an upgrade in speed, smoothness and clarity over prior plotters. G Motion technology delivers ultra-smooth map panning and zooming with virtually seamless graphical updating in all dimensions.  The 7000 series chartplotters also feature a low-level backlight display and a backlit keypad for use in low-light conditions without compromising vision. The GPSMAP 7x15 series offers a huge 15-inch diagonal XGA (1024 x 768 pixel) sunlight readable touchscreen display, and is offered in two models – the GPSMAP 7015 with an enhanced worldwide satellite imagery basemap; and the GPSMAP 7215, which comes pre-loaded with highly detailed U.S. coastal charts and Explorer Charts for the Bahamas.   Mariners can also opt for the same XGA resolution in a 12-inch diagonal screen configuration with the GPSMAP 7012 and GPSMAP 7212 models, which offer a worldwide basemap and coastal charts respectively.  All models are compatible with an optional wireless remote and a wireless mouse for additional flexibility and also offer expanded “plug-and-play” access to onboard sensors, with NMEA 2000 and Garmin Marine Network connectivity (the Garmin Marine Network is a system that combines GPS, radar, XM WX Satellite Weather, sonar, and other data). 

 

GPSMAP6000 series

(4 models)Like the 7000 series, the 6000 series models also offer Garmin’s G Motion technology and the features to improve visibility in low-light conditions. The GPSMAP 6x12 series features a traditional soft-key interface with an alphanumeric keypad and a 12-inch diagonal XGA (1024 x 768 pixel) sunlight readable display.  Within this family, Garmin offers the GPSMAP 6012 with an enhanced worldwide satellite imagery basemap; and the GPSMAP 6212 with highly detailed U.S. coastal charts and Explorer Charts for the Bahamas preloaded.  For a smaller display, the GPSMAP 6x08 series offers an 8-inch VGA (640 x 480) sunlight readable display with a soft-key interface. The models in the GPSMAP 6000 series are all compatible with an optional wireless remote and also offer expanded “plug-and-play” access to onboard sensors, with NMEA 2000 and Garmin Marine Network connectivity. 

 

GPSMAP 5000 series

(6 models)These touch-screen multifunction displays for the Garmin Marine Network (a system that combines GPS, radar, XM WX Satellite Weather, sonar, and other data) offer ease of use and video-quality resolution and color. The 5212 and 5208 come pre-loaded with detailed U.S. coastal charts, including Explorer Charts, and are compatible with Garmin’s BlueChart® g2 Vision™ charts (sold separately) which offer high-resolution satellite imagery, 3-D map perspective, aerial reference photos, and auto guidance. The 5215 and 5015 offer 15-inch diagonal sunlight-readable touchscreen displays.

 

GPSMAP 4000 series/

4200 series (6 models)These multifunction displays for the Garmin Marine Network offer ease of use and video-quality resolution and color. The 4212 and 4208 come pre-loaded with detailed U.S. coastal charts, including Explorer Charts, and are compatible with Garmin’s BlueChart® g2 Vision™ charts (sold separately) which offer high-resolution satellite imagery, 3-D map perspective, aerial reference photos, and auto guidance. The 4210 and 4010 feature 10.4-inch diagonal sunlight- readable displays and Garmin’s newer marine user interface.

 

GPSMAP 6x0and 7x0 series

(6 models)The 6x0 series chartplotters offer a super-bright WVGA touchscreen display and provide navigational support for both marine mode and automotive mode (when loaded with optional City Navigator® NT road maps for North America). The 7x0 models are touchscreen controlled stand-alone marine chartplotters offering radar capability and built-in sonar.

 

12
 

 

GPSMAP 5x6 and 5x1

series (8 models)Building upon the success of the GPSMAP 400 and 500 series, the new chartplotters in the GPSMAP 5x6 and 5x1 series come standard with an internal high-sensitivity GPS receiver that allows for faster acquisition times and better satellite tracking so that boaters are able to acquire and maintain a GPS fix more easily. In addition, these units boast an improved, high-speed digital design that will increase map drawing and panning speeds. The sounder (“s”) version of each model comes with a powerful dual-frequency transducer that clearly illustrates depth contours, fish targets and structures in either fresh or salt water. Many of the new models in this series are also NMEA 2000 certified and can interface with Garmin’s full lineup of NMEA 2000 marine sensors and autopilots, as well as many other third-party sensors.

 

GPSMAP 4x1

series (4 models)With a 4-inch QVGA sunlight-readable display, the GPSMAP 4x1 series was designed for the boater who wants high performance in a small package. These units feature a high-sensitivity GPS receiver and faster processors, and are offered with the same cartography configuration as the GPSMAP 5x1 series. Likewise, the GPSMAP 4x1s series is also available with a built-in sonar with a 500-watt RMS dual-frequency transducer for offshore use and a 400-watt RMS with a dual beam transducer for inland use. For satellite weather and radio data, the GPSMAP 441 and 421 are also compatible with the GXM 51 receiver.

 

GSD 22, 24

and 26These “black-box” sounders interface with Garmin display units and chartplotters and enhance their utility by providing the depth sounder and fish finder functions in a remote mounted package.

 

GMS 10The GMS 10 Network Port Expander is the "nerve center" of the Garmin Marine Network. This 100-Mbit switch is designed to support the connection of multiple sensors to the Garmin Marine Network.

 

Other Marine Products

 

GMI™ 10The GMI 10 is a NMEA 2000 and NMEA 0183 compliant instrument that displays data from multiple remote sensors on one screen. Mariners can use the GMI 10 to display instrument data such as depth, speed through the water, water temperature, fuel flow rate, engine data, fuel level, wind direction and more, depending upon what sensors are connected.

 

GPSMAP 78sc

Marine-friendly GPS handheld featuring a new contemporary industrial design with rubber side grips. The GPSMAP 78sc includes high-end features such as a 3-axis tilt-compensated electronic compass, wireless data transfer between compatible units and preloaded cartography for the coastal United States.

 

VHF Marine Radios

(4 models)This series of marine radios offers differing feature sets for the radio needs of all types of mariners. The VHF 100 is an entry-level, NMEA 0183 compatible VHF marine radio. The VHF 200 is NMEA 2000 compatible. The next step up is the VHF 300, which is designed for 35+ foot boats and is NMEA 2000 and NMEA 0183 compatible and offers multi-station support. Also designed for 35+ foot boats, the VHF 300 AIS is NMEA 2000 and NMEA 0183 compatible, offers multi-station support, and monitors all AIS channels at the same time.

 

13
 

 

Marine

Autopilot Systems

(5 models)The newest entry to Garmin’s marine autopilot lineup is the GHP 12, a full-featured marine autopilot designed initially for sailboats. This second-generation autopilot is designed for 20- to 70-foot sailboats with linear-actuated steering systems. In June 2011 Garmin announced that the GHP 12 was updated to also support powerboats with both solenoid-driven and cable-actuated steering systems, as well as those with third party hydraulic pumps. The GHP 10 autopilot is also for powerboats and comes with Garmin’s patented Shadow Drive™ technology, which automatically disengages the autopilot if the helm is turned, allowing the helmsman to maneuver the boat. This autopilot automatically re-engages when a steady course is held by the helmsman. The TR-1 Gold Marine Autopilot offers worry-free remote steering and speed control to operators of small gasoline outboard motor boats up to 20 horsepower. Finally, the GHP 10V Autopilot System for Volvo Penta IPS and Sterndrive Joystick Systems is approved for use with boats that have an integrated Volvo Penta IPS steering and propulsion system and features Garmin’s proven and innovative Shadow Drive™ technology, a patented capability that automatically disengages the autopilot if the helm is turned, allowing for quick and safe manual maneuvers without manually disengaging the autopilot.

 

Fishfinders
(11 models)Garmin offers 11 different fishfinder options spanning various price points. The latest addition to Garmin’s fishfinder lineup is six different models of Garmin’s new echo™ fishfinder series, a line of standalone fishfinders that all offer an updated look and new Garmin HD-ID™ target tracking technology. The echo™ line ranges in price points from models with grayscale displays to the highest-end echo 550C, which features a video-quality 640x480 pixel 5-inch VGA screen, a powerful 500-watt sonar transmitter, and offers fish arch display and bottom tracking as deep as 1,900 feet. In addition to the echo™ series, Garmin also offers five additional fishfinder options. All of these models feature Garmin’s Ultrascroll™ technology, which allows boaters to get a faster refresh rate on their sonar display, and dual-beam transducer operation. Three of these models offer color displays. The Fishfinder 400C comes with dual beam or dual frequency transducers for easy adaptability to either freshwater or saltwater fishing. It also offers a new, easy-to-use interface and built in CANet connectivity to enable sonar data to be shared with compatible Garmin chartplotters.

 

Radar
(9 models)Garmin offers both radomes and open array radar products with compatibility to any network-compatible Garmin chartplotter so that the chartplotter can double as the radar screen. The GMR™ 18 is a digital radome product with a 4 kilowatt radar with 36 nm range that is 0.45 m in diameter and comes with an antenna with 5.0° beamwidth. The GMR 404 and 406 open array radar scanners provide even greater clarity and a 72 nautical mile range. The GMR 18 HD and GMR 24 HD radomes feature digital signal processing providing sharper radar imagery and improved target separation. The newest generation of open-array digital radar scanners are the GMR™ 1204/1206 xHD, the GMR 604/606 xHD and the GMR 404/406 xHD models, which transmit with 12, 6 and 4 kilowatts of power respectively. All six of these open-array scanners have a maximum effective range of 72 nautical miles. These new xHD scanners provide up to eight times more sampling data than Garmin’s current open-array offerings.

 

14
 

 

Aviation

 

Garmin’s aviation product line includes GPS-enabled navigation, VHF communications transmitters/receivers, multi-function displays, electronic flight instrumentation systems (EFIS), automatic flight control systems, traffic advisory systems and traffic collision avoidance systems, terrain awareness and warning systems, instrument landing system (ILS) receivers, surveillance products, audio panels, cockpit datalink systems and more.

 

Garmin’s aviation products have won prestigious awards throughout the industry for their innovative features and ease of use. The GNS 430/530W offers multiple features and capabilities integrated into a single product. This high level of integration minimizes the use of precious space in the cockpit, enhances the quality and safety of flight through the use of modern designs and components and reduces the cost of equipping an aircraft with modern electronics. The GNS 430 was recognized by Flying Magazine as the Editor’s Choice Product of the Year for 1998. In 1994, and again in 2000, Garmin earned recognition from the Aircraft Electronics Association for outstanding contribution to the general aviation electronics industry. The GPSMAP 295 won Aviation Consumer Magazine’s Gear of the Year award for best aviation portable product in 2000 and again in 2001. Flying Magazine’s editors awarded the GPSMAP 396 with a 2005 Editors’ Choice Award for outstanding achievements. The GPSMAP 496, introduced in 2006, won the “2006 Gear of the Year” award from Aviation Consumer magazine. Flying Magazine’s editors awarded Garmin a 2007 Flying Editors’ Choice Award for making the safety and precision of WAAS (Wide Area Augmentation System) available in its GPS navigation systems. Garmin was also selected as “Best GPS Ever” by Aviation Consumer magazine for the GPSMAP® 696 in 2009, and in 2010 the Garmin aera™ series aviation GPS was selected as best portable product. Garmin has been ranked No. 1 among aviation cockpit electronics manufacturers for product support in Professional Pilot magazine’s survey of its readers in each of the last eight survey years. Aviation International News also ranked Garmin No. 1 in product support in 2011 and in each of the preceding eight years, as well. Garmin received the Airline Technology Achievement Award from Air Transport World Magazine in January 2005 for championing the development of Automatic Dependent Surveillance-Broadcast (ADS-B) technology, an enabling technology for air traffic management.

 

Garmin’s aviation products are sold in both new aircraft/helicopters and the retrofit market where existing aircraft/helicopters are fitted with the latest electronics from Garmin’s broad product line.

 

Garmin has also expanded its range of avionics offerings to leading General Aviation aircraft manufacturers such as the Cessna Aircraft Company, Cirrus Aircraft, Hawker Beechcraft Corporation, Diamond Aircraft Industries, Embraer, Piper Aircraft, Inc., DAHER- SOCATA and Quest Aircraft through the installation of the G1000 integrated flight deck as original equipment aboard new aircraft. This system integrates attitude, heading, air data, navigation, communication, engine monitoring, and other aircraft functions into a single cohesive system which interfaces with the flight crew using a set of large, bright TFT displays. The G1000 also includes an integrated autopilot, the GFC700. Garmin has expanded its G1000 certifications to the business jet segment, such as Cessna’s Citation Mustang jet and Embraer’s Phenom 100 and Phenom 300. Garmin also has expanded the G1000 certifications to the helicopter market with the G1000H, a version of the G1000 specifically designed for helicopters which has been selected by Bell Helicopter Textron, Inc. as original equipment for the Bell 407GX. Garmin has also announced its next generation integrated flight deck systems, the G3000 and G5000. Cessna Aircraft Company announced in October 2010 that they have selected Garmin’s G5000 for their flagship business jet, the Citation Ten. Both Honda Aircraft Corporation and Piper Aircraft simultaneously announced that the G3000 has been selected for the HondaJet and PiperJet, respectively. In March 2011, Garmin announced the G2000, a premium touchscreen-controlled integrated flight deck designed for high performance piston aircraft.

 

15
 

 

The table below includes a sampling of some of the aviation products currently offered by Garmin:

 

Handheld and portable aviation products:

 

aera® series

(6 models)Garmin’s newest aviation handheld series combines the latest aviation portable with a full-featured automotive GPS, allowing pilots to transition between aviation to automotive mode with one touch. Featuring a crisp 4.3-inch QVGA wide-format display with touchscreen interface, all four aera models come with preloaded automotive maps, a built-in terrain/obstacles aviation database, patented Panel Page instrument display, and other features. When in aviation mode, pilots see colorful icons that use intuitive pictures and labels to indicate their function. The exterior of each aera model (500, 510, 550 and 560) is identical, but the software features of each model are tailored to those seeking an entry, mid or high-level aviation handheld. In September 2011, Garmin announced a new series of portable navigation devices, the aera 796 and aera 795. As Garmin’s new flagship portable aviation product, the aera 796 incorporates the popular features of the GPSMAP® 696, while also adding new capabilities such as a touchscreen user interface, pilot-selectable screen orientation and 3D Vision. The aera 796 also takes the pilot one step closer to a paperless cockpit with a digital document viewer, scratch pad and pre-loaded geo-referenced AeroNav IFR and VFR enroute charts. The aera 795 has the same features as the aera 796 except does not include XM radio and weather.

 

GPSMAP 695/696The GPSMAP 696 offers a bright 7-inch screen, preloaded detailed electronic charts, preloaded airways and IFR map mode. The GPSMAP 696 has a receiver for XM radio and XM WX Satellite Weather (U.S. customers only) that gives next generation radar (NEXRAD), aviation routine weather reports (METARs), terminal aerodrome forecasts (TAFs), temporary flight restrictions (TFRs), lightning, winds aloft, turbulence forecasts, and several other important weather products (XM subscription required). The GPSMAP 695 has the same features except for XM radio and weather. In July 2010, Garmin announced that the 695/696 would receive new enhanced chart capabilities.

 

Pilot My-Cast℠Pilot My-Cast by Garmin is a premium flight planning, flight plan filing, and pre-flight weather application for display on compatible mobile phones. Compared to other aviation weather mobile phone applications, Pilot My-Cast is unique because it receives aviation data directly from the National Weather Service, Environment Canada, and Federal Aviation Administration. Pilot My-Cast is available for both the iPhone and iPad. In March 2011, Garmin announced a new version of the Garmin Pilot My-Cast application for Apple iOS-based devices that offers geo-referenced approach charts, secondary navigational capability and optional integration with XM WX Weather.

 

SafeNav™ Powered

by Garmin™In March 2011, Garmin and I.D. Systems, Inc., a leading provider of wireless asset management technology, announced the availability of SafeNav™ Powered by Garmin™, an on-vehicle, GPS-based navigation and alert system designed to provide airport vehicle operators with real-time situational awareness, with the goal of avoiding accidental runway incursions.

 

Integrated avionics systems:

 

G5000™Announced in October 2010, the G5000is the first touchscreen-controlled integrated glass avionics suite designed for FAR Part 25 business jets. The G5000, which is scalable for use in a wide range of two-crew aircraft, from light jets to super-midsize and larger models, is designed specifically for crew-flown turbine aircraft and combines a dual multi-sensor flight management system (FMS), touchscreen vehicle management units, and multi-pane cockpit displays. These widescreen displays with touchscreen controls give pilots more useful information at their fingertips than ever before, such as worldwide weather, Garmin’s synthetic vision technology (SVT™), aircraft synoptics, electronic flight charts, and more.

 

16
 

 

G3000Announced in October 2009, the G3000, which is designed for use in FAR Part 23 turbine aircraft, is the first touchscreen-controlled integrated flightdeck for light turbine aircraft.  It features extra-wide 14.1-inch displays with split-screen MFD viewing functionality and PFD terrain simulation in 3-D perspective with SVT™ Synthetic Vision Technology. In July 2010, Garmin announced a new stability augmentation function for the G3000 (and its predecessor G1000) called Garmin’s Electronic Stability and Protection (Garmin ESP) system. This electronic monitoring and correction technology for G3000 and G1000 integrated flight decks works to assist the pilot in maintaining the aircraft in a safe, flight-stable condition, helping in certain situations to prevent the onset of stalls and spins, steep spirals or other loss-of-control conditions should the pilot become distracted, disoriented or incapacitated during flight. Garmin ESP will be offered as an option on select G3000 and G1000-equipped aircraft.

 

G2000®Announced in March 2011, the G2000 is Garmin’s premium glass flight deck for piston aircraft, bringing a touchscreen user interface, graphical flight synoptics, enhanced situational awareness and more to the cockpit. As with the G3000 and G5000, the G2000 utilizes the GTC™ 570 vehicle management system, a 5.7-inch diagonal touchscreen controller that uses a desktop-like menu interface with intuitive icons. The GTC 570 allows for full control for radio management, audio management, flight management, weather systems management, synoptics, and other vehicle systems. The touchscreen also enhances ease of use through functions like “back” and “home” that let pilots quickly retrace their steps or return to the home screen. The GTC 570 vehicle management system uses patent pending, infrared touchscreen technology, audio and visual feedback, and animation to help pilots know exactly how the system is responding to their input.

 

G1000®The G1000 integrates navigation, communication, attitude, weather, terrain, traffic, surveillance and engine information on large high-resolution color displays. The G1000 offers general aviation airplane manufacturers an easy-to-install solution for flight displays and provides the aircraft owner the benefits of a state-of-the-art avionics system which relies on modern technologies such as solid state components and bright, sunlight-readable TFT displays.

 

G1000H®In March 2011, Garmin announced the G1000H, an all-glass avionics system designed specifically for the VFR Part 27 helicopter market. The G1000H provides important flight data, flight instrumentation, navigation, communication, weather, terrain, traffic, identification, and diagnostics and maintenance computer, and presents it digitally to the pilot on large, high-resolution displays.

 

G600The G600 brings the style and function of an all-glass integrated avionics suite to the retrofit market for FAR Part 23 Class I, II or III aircraft. The G600 incorporates two individual displays, a PFD and MFD, in a customized package specifically designed for easy retrofit installation. The G600 is designed to communicate and integrate with Garmin’s WAAS enabled panel mount products, and provides essential information such as attitude, air data, weather, terrain and traffic. Garmin has received the FAA’s Approved Model List Supplemental Type Certification (AML STC) for the G600, which will simplify certification for over 600 different aircraft models.   In May 2011 Garmin announced that the FAA approved a Supplemental Type Certificate (STC) package for Reduced Vertical Separation Minimum (RVSM) certification of the G600 installed in select aircraft. The STC package is available for G600 installations on the Cessna 441 Conquest II with an ARC 1000 autopilot, which enables Conquest II operators to fly RVSM flight profiles from Flight Level 290 to the aircraft’s maximum operating altitude. This allows Conquest II pilots to gain fuel savings, lower their carbon footprint, increase range and give them the flexibility to fly above bad weather.

 

17
 

 

G500Designed specifically for FAR Part 23 Class I/Class II aircraft (single and twin engine aircraft under 6,000 lbs.), the G500 is an affordable, dual-screen electronic flight display that works with a pilot’s separate Garmin avionics stack to provide a fully TSO’d “glass cockpit” retrofit option. The G500 does not include all of the same standard functionality as the G600 (for example, the G500 does not offer SVT (Synthetic Vision Technology) or a standard GAD 43 interface adapter in the standard package, but these features are available options).

 

G500HAn all-glass avionics system designed specifically for the VFR Part 27 helicopter market. The G500H contains dual 6.5-inch LCD screens, mounted side-by-side in a single bezel, which puts Primary Flight Display (PFD) and Multi-Function Display (MFD) capabilities right in front the helicopter pilot. The G500H has been optimized for rotorcraft and offers features like helicopter synthetic vision technology (HSVT™), helicopter-specific databases with over 7,000 heliports and nearly 30,000 additional low-altitude obstacles, XM WX Satellite Weather with NEXRAD, and the ability to display video from a forward looking infrared (FLIR) camera or other video sources.

 

G900X™An all-glass integrated avionics system specifically designed for kitplane builders of the Lancair and Van’s RV-series aircraft. The G900X is a fully-customizable glass cockpit for installation in experimental/kitbuilt and light sport aircraft. The G900X offers a customizable PFD/MFD combination that features one, two or three all-glass displays; magnetometer; ADAHRS (combined air data and AHRS unit) and engine monitoring.

 

GDU 370/375Multifunction displays for the light sport retrofit and experimental aircraft markets.

 

Panel-mount aviation products:

 

GNS 400W Series

(3 models)The GNS 430W is the Wide Area Augmentation System (WAAS) successor to Garmin’s popular GNS 430, which was the world’s first ‘‘all-in-one’’ IFR certified GPS navigation receiver/traditional VHF navigation receiver/instrument landing systems receiver and VHF communication transmitter/receiver. Features available in different 400 series models include 4-color map graphics, GPS, communication and navigation capabilities. In 2010, Garmin announced a new Helicopter Terrain Awareness and Warning System (HTAWS) as an option for the GNS 430W/530W series navigators. When added to the GNS 430W/530W, helicopter pilots will receive graphical and audible alerts of potential terrain and obstacle conflicts along the flight path.

 

GTN 650 and 750In March 2011 Garmin announced the GTN 650 and 750, which are the successors to the GNS 430W and 530W. The GTN 650 and GTN 750 feature new capabilities for GPS/NAV/COM systems like touchscreen operation, graphical flight planning with victor airways and high-altitude jet routes, remote transponder, remote audio control (750 series only), SafeTaxi® and electronic chart capabilities (750 series only).

 

GTS™ TAS and

TCAS I SystemsThe GTS 800 series of traffic avoidance products combines active and passive surveillance data to pinpoint specific traffic threats. The systems use Garmin’s patent-pending CLEAR CAS™ technology and correlate automatic dependent surveillance broadcast (ADS-B) with radar targets. The GTS 800 TAS is a lower-cost system, offering 40 watts of transmit power and a range of up to 12 nautical miles. The GTS 820 TAS delivers 250 watts of transmit power and up to 40 nautical miles of interrogation range. The GTS 850 TCAS I satisfies all TCAS I collision avoidance criteria for higher-capability turboprops and jets. It features the same 250 watt performance as the GTS 820, and also meets the FAA’s TCAS I certification criteria

 

18
 

 

GI-102A & 106ACourse deviation indicators (CDIs). The GI-106A is a course deviation indicator that displays rectilinear needle movements indicating where an aircraft is located relative to a VOR radial, GPS course, or instrument landing system signal, and contains integral GPS, NAV and VLOC mode annunciators.

 

GMA

(5 models)The GMA 340 is a feature-rich audio panel with six-place stereo intercom and independent pilot/co-pilot communications capabilities. The GMA 347 has automatic squelch, digital clearance recorder, and a full-duplex telephone interface. The GMA 340 and 347 are both TSO’d. The GMA 240 is a versatile, non-TSO’d audio panel designed for experimental and light sport aircraft. In March 2011 Garmin announced the GMA 350 and GMA 350H audio panels. Designed for fixed wing and rotorcraft, respectively, the GMA 350 and 350H have industry-first features like voice recognition, 3D spatial audio processing, advanced auto squelch, and ambient noise based volume adjustment so that pilots’ workload is decreased while increasing their situational awareness.

 

GTX™ 330 & 330DFAA-certified Mode S transponders with data link capability, including local air traffic information at FAA radar sites equipped with Traffic Information Service (TIS). These transponders may also be optionally upgraded to provide 1090 MHz Extended Squitter (ES) transmission capabilities, which will increase situational awareness once the Automatic Dependent Surveillance-Broadcast (ADS-B) system is fully implemented.

 

GTX 327 & 328FAA-certified transponders which transmit altitude or flight identification to air traffic control radar systems or other aircraft’s air traffic avoidance devices and feature solid-state construction for longer life. The GTX 327 offers a digital display with timing functions. The 328 is designed exclusively for Europe and satisfies the European requirement for a Mode S solution that meets the reduced certification requirements for the VFR Mode S mandate.

 

GDL 90The GDL 90 was the first airborne Automatic Dependent Surveillance-Broadcast (ADS-B) product certified by the FAA to TSO C145A standards. The GDL 90 allows pilots in the cockpit and air traffic controllers on the ground to “see” aircraft traffic with much more precision than has ever been possible before without the costly infrastructure of ground based tracking radar. The GDL 90 relies on the infrastructure that is part of the FAA’s NextGen program. This program is currently under development with implementation of the ground-based portion of the ADS-B network taking place throughout the U.S.A. Additional installations of the ADS-B ground stations are planned. The ground stations can track aircraft movement and are also used to broadcast traffic and weather services direct to the cockpit. Pilots equipped with the GDL 90 and operating within the ground station coverage area will receive aircraft traffic and real-time weather information free of charge.

 

GSR 56The GSR 56 is Garmin’s newest datalink product. It provides pilots with access to on-demand global weather information, text/voice communications and near real-time position tracking through the Iridium satellite network (subscription required). In addition to the many on-demand satellite weather features, the GSR 56 offers a worldwide tracking solution that continuously monitors an aircraft’s status enroute. It can automatically provide GPS-referenced position reports at predetermined intervals so those on the ground can track a plane’s flight status and position.

 

19
 

 

GDL 69 and 69AThe GDL 69 offers the ability to provide real-time weather information to the aircraft which can be displayed on one of several panel-mounted devices, such as the GNS 430W, GNS 530W, GTN 650, GTN 750, GMX200, G500, G500H, G600, as well as fully integrated G1000/G2000/G3000/G5000 systems. The GDL 69 and GDL 69A receive real-time weather information broadcast by the XM WX Satellite radio system. In addition, the GDL 69A expands the utility of the system by providing CD quality audio provided by XM Satellite Radio (separate subscriptions for weather data and audio required).

 

GMX 200™A large (6.5-inch) sunlight-readable, high-resolution, multi-function display.

 

SL 30 and SL 40The SL30 is a compact VHF navigation and communications unit that combines a 760-channel VHF communications radio with 200-channel glideslope and localizer receivers. The SL40 is a 760-channel VHF communications radio only. Both the SL30 and SL40 feature 10 watt communications transmitters.

 

GWX™ 68The GWX 68 is an all-in-one antenna/receiver/transmitter that brings real-time weather to Garmin’s newest multi-function displays.

 

Sales and Marketing

 

Garmin’s non-aviation products are sold through a worldwide network of approximately 4,000 independent dealers and distributors in approximately 100 countries who meet our sales and customer service qualifications. No single customer’s purchases represented 10% or more of Garmin’s consolidated revenues in the fiscal year ended December 31, 2011. Marketing support is provided geographically from Garmin’s offices in Olathe, Kansas (North, South and Central America), in the U.K. (Eastern Europe, Middle East and Africa), France, Germany, Italy, Spain, Portugal, Austria, Sweden, Denmark, Finland, Belgium, Norway, Netherlands, Poland, Brazil, Australia (also covering New Zealand), China and in Taiwan (Asia). Garmin’s distribution strategy is intended to increase Garmin’s global penetration and presence while maintaining high quality standards to ensure end-user satisfaction.

 

Garmin’s U.S. consumer product sales are handled through its network of dealers and distributors who are serviced by a staff of regional sales managers and in-house sales associates. Some of Garmin’s larger consumer products dealers and distributors include:

 

·Best Buy—one of the largest U.S. and Canadian electronics retailers;

 

·Amazon.com—internet retailer;

 

·Costcoan international chain of membership warehouses that carry quality, brand name merchandise;

 

·Halford’s—a large European retailer specializing in car parts and accessories;

 

·Petra—a large distributor who sells to a wide range of dealers;

 

·Target—one of the nation’s largest general merchandise retailers;

 

·Wal-Mart—the world’s largest mass retailer; and

 

·Wynit—a large distributor which sells to a wide range of dealers.

 

Garmin’s Europe, Middle East, Australia/New Zealand and Africa consumer product sales are handled through our in-country subsidiaries or local distributors who resell to dealers. Working closely with Garmin’s in-house sales and marketing staff in the U.K. and U.S., these in-country subsidiaries or independent distributors are responsible for inventory levels and staff training requirements at each retail location. Garmin’s Taiwan-based marketing team handles the Company’s Asia sales and marketing effort.

 

20
 

 

Garmin’s retrofit avionics and aviation portable products are sold through select aviation distributors around the world and, in the case of aviation portable products, also through catalogs and pilot shops. Garmin’s largest aviation distributors include Aircraft Spruce & Specialty Co., Sportsman’s Market, TGH Aviation, Sarasota Avionics and Elliott Aviation. Avionics distributors have the training, equipment and certified staff required for at-airport installation of Garmin’s avionics equipment.

 

In addition to the traditional distribution channels mentioned, Garmin has many relationships with original equipment manufacturers (OEMs). In the consumer market, Garmin’s products are sold globally to automotive and motorcycle OEMs, either directly or through tier 2 sourcing. These OEMs include Chrysler, Toyota, Suzuki, Volkswagen, Harley-Davidson, Ford, BMW and BMW Motorrad, Honda, Mercedes Benz, Smart Car, Peugeot, Hyundai, Kia, Mazda, Nissan, Volvo, Bombardier, and Polaris. In 2011, Chrysler introduced Garmin navigation on the 2012 Jeep Grand Cherokee and also announced Garmin navigation on their new uConnect Touch system in partnership with Panasonic, which will launch on select 2012 models.    In addition, Garmin continues to sell products and applications to Kenwood for bundling with Kenwood’s OEM products. Garmin also has relationships with certain rental car companies including Dollar/Thrifty, Enterprise, Avis, Budget, National, Europcar, Alamo, and Hertz (Europe). Garmin has also developed promotional relationships with certain automotive dealerships in certain countries including BMW, Southeast Toyota, Penske, Mazda, Saab and Ford. Garmin’s products are also standard equipment on various models of boats manufactured by Ranger Tugs, Cutwater Boats (a Division of Fluid Motion, LLC), Bayliner Boats (a division of Brunswick Corporation), Bavaria Yacht, Broom Boats Ltd., Chaparral Boats, Inc., Andros Boats, Inc., Edgewater Boats, LLC, Bennington Marine, LLC, Cigarette Racing Team, LLC, Cobalt Boats, LLC, G3 Boats (a division of Yamaha Motor Corp.), Gulf Craft, Inc., Fairline Boats, Ltd. and Regal Marine Industries, Inc. and are optional equipment on boats manufactured by Tiara Yachts, Inc., Grand Banks Yachts, Ltd., Maritimo Offshore Pty Ltd., Mastercraft/Hydra-Sport Boat Company, LLC, Yellowfin Yachts, LLC, Sea Ray Corporation, Scout Boats, Inc., The Hinckley Company, Hunt Yachts, Inc., Zodiac Hurricane Technologies, Inc, Sea Hunter, Inc., Contender Boats Inc., Nautic Global Group, and Viking Yacht. In the aviation market, Garmin’s avionics are either standard equipment or options on various models of aircraft built by Bell Helicopter Textron, Inc., Cessna Aircraft Company, Cirrus Aircraft, DAHER-SOCATA, Diamond Aircraft Industries, Inc., Embraer SA, Eurocopter, an EADS Company, Hawker Beechcraft Aircraft Company, Piper Aircraft, Inc., Quest Aircraft Company, and Robinson Helicopter Company.

 

Competition

 

The market for navigation, communications and information products is highly competitive. Garmin believes the principal competitive factors impacting the market for its products are design, functionality, quality and reliability, customer service, brand, price, time-to-market and availability. Garmin believes that it generally competes favorably in each of these areas.

 

Garmin believes that its principal competitors for portable automotive products are TomTom N.V. and MiTAC Digital Corporation (“MiTAC”) (which distributes products under the brand names of Magellan, Mio, and Navman). Garmin believes that its principal competitors for outdoor product lines are Magellan, a subsidiary of MiTAC, Lowrance Electronics, Inc., a subsidiary of Navico (“Lowrance”) and Delorme. Garmin believes that its principal competitors for fitness products are Nike, Inc., Polar Electro Oy, Suunto Oy, Timex Corp., and Bryton Corp. For marine chartplotter products, Garmin believes that its principal competitors are Raymarine Inc. (“Raymarine”), Furuno Electronic Company (“Furuno”), and Simrad and Lowrance (subsidiaries of Navico). For Garmin’s fishfinder/depth sounder product lines, Garmin believes that its principal competitors are Lowrance, Raymarine, the Humminbird division of Johnson Outdoors, Inc., and Furuno. For Garmin’s general aviation product lines, Garmin considers its principal competitors to be Honeywell, Inc., Avidyne Corporation, L-3 Avionics Systems, Rockwell Collins, Inc., Sagem Avionics, Inc., Universal Avionics Systems Corporation, Chelton Flight Systems, Aspen Avionics, and Free Flight Systems. For Garmin’s Family Radio Service and General Mobile Radio Service product line, Garmin believes that its principal competitors are Motorola Solutions, Inc., Cobra Electronics Corporation and Midland Radio Corporation.

 

21
 

 

Research and Development

 

Garmin’s product innovations are driven by its strong emphasis on research and development and the close partnership between Garmin’s engineering and manufacturing teams. Garmin’s products are created by its engineering and development staff, which numbered 2,558 people worldwide as of December 31, 2011. Garmin’s manufacturing staff includes manufacturing process engineers who work closely with Garmin’s design engineers to ensure manufacturability and manufacturing cost control for its products. Garmin’s development staff includes industrial designers, as well as software engineers, electrical engineers, mechanical engineers and cartographic engineers. Garmin believes the industrial design of its products has played an important role in Garmin’s success. Once a development project is initiated and approved, a multi-disciplinary team is created to design the product and transition it into manufacturing.

 

Below is a table of Garmin’s expenditures on research and development over the last three fiscal years.

 

   December 31,   December 25,   December 26, 
($'s in thousands)  2011   2010   2009 
Research and devlopment  $298,584   $277,261   $238,378 
Percent of net sales   10.8%   10.3%   8.1%

 

Manufacturing and Operations

 

Garmin believes that one of its core competencies and strengths is its manufacturing capability at its Sijhih, Jhongli and LinKou, Taiwan facilities, its Olathe, Kansas facility, and its Salem, Oregon facility. Garmin believes that its vertically integrated approach has provided it the following benefits with respect to all products other than a few select marine products (VHF radios and AIS receivers), and our accessory products, all of which are also manufactured by one or more third parties.

 

Reduced time-to-market. Utilizing concurrent engineering techniques, Garmin’s products are introduced to production at an early development stage and the feedback provided by manufacturing is incorporated into the design before mass production begins. In this manner, Garmin attempts to reduce the time required to move a product from its design phase to mass production deliveries.

 

Design and process optimization. Garmin uses its manufacturing resources to rapidly prototype design concepts, products and processes in order to achieve higher efficiency, improved quality and yields, lower cost and better value for customers. Garmin’s ability to fully explore product design and manufacturing process concepts has enabled it to optimize its designs to minimize size and weight in GPS devices that are functional, waterproof, and rugged.

 

Logistical agility. Operating our own manufacturing and distribution facilities helps Garmin minimize problems, such as component shortages and long component lead times which are common in the electronics industry. Many products can be re-engineered to bypass component shortages or reduce cost and the new designs can be delivered to market quickly. Garmin reacts rapidly to changes in market demand by striving to maintain a safety stock of long-lead components and by rescheduling components from one product line to another. Operating our own manufacturing facilities also allows Garmin to quickly adjust the mix of product production, helping to foster faster delivery response to the customer.

 

Garmin’s design, manufacturing, distribution, and servicing processes in our US, Taiwan, and UK facilities are certified to ISO 9001, an international quality standard developed by the International Organization for Standardization. Garmin’s automotive operations in Taiwan and Olathe have also achieved TS 16949 certification, a quality standard for automotive suppliers. In addition, Garmin’s aviation operations have achieved certification to AS9100, the quality standard for the aviation industry.

 

22
 

 

Garmin International, Inc., Garmin (Europe) Ltd and Garmin Corporation have also achieved certification of their environmental management systems to the ISO14001 standard. This certification recognizes that Garmin’s subsidiaries have systems and processes in place to minimize or prevent harmful effects on the environment and to strive continually to improve its environmental performance.

 

Materials

 

Although most components essential to Garmin’s business are generally available from multiple sources, certain key components, including, but not limited to, microprocessors, certain liquid crystal displays (“LCDs”), and certain  application-specific integrated circuits (“ASICs”) are currently obtained by the Company from single or limited sources, which subjects Garmin to supply and pricing risks. Many of these and other key components that are available from multiple sources, including, but not limited to, NAND flash memory, dynamic random access memory (“DRAM”), GPS chipsets and certain LCDs, are subject at times to industry-wide shortages and commodity pricing fluctuations.

 

Garmin and other participants in the personal computer, tablet, mobile communication, aviation electronics and consumer electronics industries also compete for various components with other industries that have experienced increased demand for their products. In addition, Garmin uses some custom components that are not common to the rest of the personal computer, tablet, mobile communication and consumer electronics industries, and new products introduced by the Company often utilize custom components available from only one source until Garmin has evaluated whether there is a need for, and subsequently qualifies, additional suppliers. When a component or product uses new technologies, initial capacity constraints may exist until the suppliers’ yields have matured or manufacturing capacity has increased. Garmin makes efforts to manage risks in these areas through the use of supply agreements for strategically important components. Nevertheless, if Garmin’s supply of a key single-sourced component for a new or existing product were delayed or constrained, if such components were available only at significantly higher prices, or if a key manufacturing vendor delayed shipments of completed products to Garmin, Garmin’s financial condition and operating results could be materially adversely affected. Garmin’s business and financial performance could also be adversely affected depending on the time required to obtain sufficient quantities from the original source, or to identify and obtain sufficient quantities from an alternative source. Continued availability of these components at acceptable prices, or at all, may be affected if those suppliers decided to concentrate on the production of common components instead of components customized to meet Garmin’s requirements.

 

Seasonality

 

Our sales are subject to significant seasonal fluctuation. Sales of our consumer products are generally significantly higher in the fourth quarter, due to increased demand for automotive/mobile products during the holiday buying season, and, to a lesser extent, the second quarter, due to increased demand during the spring and summer marine season and the Father’s Day/graduation buying season. Sales of consumer products are also influenced by the timing of the release of new products. Our aviation products do not experience much seasonal variation, but are more influenced by the timing of the release of new products when the initial demand is typically the strongest.

 

Backlog

 

Our sales are generally of a consumer nature and there is a relatively short cycle between order and shipment. Therefore, we believe that backlog information is not material to the understanding of our business. We typically ship most orders within 72 hours of receipt.

 

Intellectual Property

 

Our success and ability to compete is dependent in part on our proprietary technology. We rely on a combination of patent, copyright, trademark and trade secret laws, as well as confidentiality agreements, to establish and protect our proprietary rights. In addition, Garmin often relies on licenses of intellectual property for use in its business.  For example, Garmin obtains licenses for digital cartography technology for use in our products from various sources.

 

23
 

 

As of January 23, 2011, Garmin’s worldwide IP portfolio includes over 600 patents and 400 trademark registrations.  Garmin was selected as a constituent of the 2011/2012 Ocean Tomo® 300 Patent Index which recognizes companies with high intellectual property value. We believe that our continued success depends on the intellectual skills of our employees and their ability to continue to innovate.  Garmin will continue to file and prosecute patent applications when appropriate to attempt to protect Garmin’s rights in its proprietary technologies. 

 

There is no assurance that our current patents, or patents which we may later acquire, may successfully withstand any challenge, in whole or in part. It is also possible that any patent issued to us may not provide us with any competitive advantages, or that the patents of others will preclude us from manufacturing and marketing certain products. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our products or to obtain and use information that we regard as proprietary. Litigation may be necessary in the future to enforce our intellectual property rights, to protect our trade secrets, to determine the validity and scope of the proprietary rights of others or to defend against claims of infringement or invalidity.

 

Regulations

 

The telecommunications industry is highly regulated, and the regulatory environment in which Garmin operates is subject to change. In accordance with Federal Communications Commission (“FCC”) rules and regulations, wireless transceiver products are required to be certified by the FCC and comparable authorities in foreign countries where they are sold. Garmin’s products sold in Europe are required to comply with relevant directives of the European Commission. A delay in receiving required certifications for new products, or enhancements to Garmin’s products, or losing certification for Garmin’s existing products could adversely affect our business. In addition, aviation products that are intended for installation in “type certificated aircraft” are required to be certified by the FAA, its European counterpart, the European Aviation Safety Agency, and other comparable organizations before they can be used in an aircraft.

 

Because Garmin Corporation, one of the Company’s principal subsidiaries, is located in Taiwan, foreign exchange control laws and regulations of Taiwan with respect to remittances into and out of Taiwan may have an impact on Garmin’s operations. The Taiwan Foreign Exchange Control Statute, and regulations thereunder, provides that all foreign exchange transactions must be executed by banks designated to handle such business by the Ministry of Finance of Taiwan and by the Central Bank of the Republic of China (Taiwan), also referred to as the CBC. Current regulations favor trade-related foreign exchange transactions. Consequently, foreign currency earned from exports of merchandise and services may now be retained and used freely by exporters, while all foreign currency needed for the import of merchandise and services may be purchased freely from the designated foreign exchange banks. Aside from trade-related foreign exchange transactions, Taiwan companies and residents may, without foreign exchange approval, remit outside and into Taiwan foreign currencies of up to $50 million and $5 million respectively, or their equivalent, each calendar year. Currency conversions within the limits are processed by the designated banks and do not have to be reviewed and approved by the CBC. The above limits apply to remittances involving a conversion between New Taiwan Dollars and U.S. Dollars or other foreign currencies. The CBC typically approves foreign exchange in excess of the limits if a party applies with the CBC for review and presents legitimate business reasons justifying the currency conversion. A requirement is also imposed on all enterprises to register all medium and long-term foreign debt with the CBC.

 

Environmental Matters

 

Garmin’s operations are subject to various environmental laws, including laws addressing air and water pollution and management of hazardous substances and wastes.  Substantial noncompliance with applicable environmental laws could have a material adverse effect on our business.  Currently, we do not anticipate material capital expenditures for environmental control facilities.

 

24
 

 

Environmental regulation of Garmin’s products is increasing.  Many of Garmin's products are subject to laws relating to the chemical and material composition of our products and their energy efficiency.  Garmin is also subject to laws requiring manufacturers to be financially responsible for collection, recovery and recycling of wastes from certain electronic products. Compliance with current environmental laws does not have a material impact on our business, but the impact of future enactment of environmental laws cannot yet be fully determined and could be substantial.

 

Garmin has implemented multiple Environmental Management System (“EMS”) policies in accordance with the International Organization for Standardization (ISO) 14001 standard for Environmental Health and Safety Management.  Garmin’s EMS policies set forth practices, standards, and procedures to ensure compliance with applicable environmental laws and regulations at Garmin’s Kansas headquarters facility, Garmin’s European headquarters facility, and Garmin’s Taiwan manufacturing facility.

 

Regulatory and “Green Procurement” demands from our customers are also increasing, particularly in the areas of restricted substance use and environmentally-friendly design and manufacture initiatives.  The overall impacts of these customer requirements cannot yet be established.  Garmin is committed to improving our products and processes to meet our customer needs.

 

Employees

 

As of December 31, 2011, Garmin had 9,229 full and part-time employees worldwide, of whom 3,403 were in the United States, 62 were in Canada, 4,403 were in Taiwan, 1,023 were in Europe, and 338 were in other global locations. Except for some of Garmin’s employees in Brazil and Sweden, none of Garmin’s employees are represented by a labor union and none of Garmin's North American or Taiwan employees are covered by a collective bargaining agreement. Garmin considers its employee relations to be good.

 

Item 1A. Risk Factors

 

The risks described below are not the only ones facing our company. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations. If any of the following risks occur, our business, financial condition or operating results could be materially adversely affected.

 

Risks Related to the Company

 

The demand for personal navigation devices (PNDs) may be eroded by replacement technologies becoming available on mobile handsets and factory-installed systems in new autos.

 

We have historically experienced substantial growth in the automotive/mobile segment which has resulted in GPS/navigation technologies being incorporated into competing devices such as mobile handsets and new automobiles through factory-installed systems. Mobile handsets are frequently GPS-enabled and many companies are now offering navigation software for mobile devices. The acceptance of this technology by consumers has halted our growth and could further reduce margins. Navigation systems are also becoming more prevalent as optional equipment on new automobiles. Increased navigation penetration on new automobiles could cause further declines in sales of our portable navigation devices and further reduce margins.

 

Our financial results are highly dependent on the automotive/mobile segment, which represents approximately 58% of our revenues and is maturing.

 

We have historically experienced substantial growth in the automotive/mobile segment of our business as the products have become mass-market consumer electronics in both Europe and North America. This market has peaked as penetration rates increase and competing technologies emerge. This has resulted in lower revenues and lower earnings per share.

 

25
 

 

Economic conditions and uncertainty could adversely affect our revenue and margins.

 

Our revenue and margins depend significantly on general economic conditions and the demand for products in the markets in which we compete. The current economic weakness and constrained consumer and business spending has resulted in decreased revenue and in the future, could result in decreased revenue and problems with our ability to manage inventory levels and collect customer receivables. In addition, financial difficulties experienced by our retailer and OEM customers have resulted, and could result in the future, in significant bad debt write-offs and additions to reserves in our receivables and could have an adverse affect on our results of operations.

 

Gross margins for our products may fluctuate or erode.

 

Gross margins on our automotive/mobile products have been declining and are expected to decline in 2012 due to price reductions in the increasingly competitive market for personal navigation devices (PNDs) that are not fully offset by material cost reductions. In addition, our overall gross margin may fluctuate from period to period due to a number of factors, including product mix, competition and unit volumes. In particular, the average selling prices of a specific product tend to decrease over that product’s life. To offset such decreases, we intend to rely primarily on component cost reduction, obtaining yield improvements and corresponding cost reductions in the manufacture of existing products and on introducing new products that incorporate advanced features and therefore can be sold at higher average selling prices. However, there can be no assurance that we will be able to obtain any such yield improvements or cost reductions or introduce any such new products in the future. To the extent that such cost reductions and new product introductions do not occur in a timely manner or our products do not achieve market acceptance, our business, financial condition and results of operations could be materially adversely affected.

 

Changes in our United States federal income tax classification or in applicable tax law could result in adverse tax consequences to our shareholders.

 

We do not believe that we (or any of our non-United States subsidiaries) are currently a ‘‘passive foreign investment company’’ for United States federal income tax purposes.  We do not expect to become a passive foreign investment company.  However, because the passive foreign investment company determination is made annually based on whether the company’s income or assets meet certain thresholds as determined under United States federal tax principles which are based on facts and circumstances that may be beyond our control, we cannot assure that we will not become a passive foreign investment company in the future.  If we are a passive foreign investment company in any year, then any of our shareholders that is a United States person could be liable to pay tax on their pro rata share of our income plus an interest charge upon some distributions by us or when that shareholder sells our common shares at a gain.  Further, if we are classified as a passive foreign investment company in any year in which a United States person is a shareholder, we generally will continue to be treated as a passive foreign investment company with respect to such shareholder in all succeeding years, regardless of whether we continue to satisfy the income or asset tests mentioned above.

 

We do not believe that we (or any of our non-United States subsidiaries) are currently a Controlled Foreign Corporation (CFC) for United States federal income tax purposes. We do not expect to become a CFC. The CFC determination is made daily based on whether the United States shareholders own more than fifty percent of the voting power or value of the Company. Only United States persons that own ten percent or more of the voting power of the Company’s shares qualify as United States shareholders. If the Company were to be classified as a CFC for an uninterrupted thirty day period in any year, the Company’s shareholders that qualify as United States shareholders could be liable to pay US income tax at ordinary income tax rates on their pro-rata share of certain categories of the Company’s income for the period in which the Company is classified as a CFC. As the Company cannot control the ownership of the Company’s stock nor can the Company control which shareholders participate in the Company’s stock buyback program, ownership changes could result that create United States shareholders which increase the risk of Garmin being treated as a CFC.

 

26
 

 

Legislative proposals have been considered in the United States within the past few years that could increase the United States tax burden of corporations with international operations and could broaden the circumstances under which foreign corporations could be considered resident in the United States   Our tax position could be adversely impacted by changes in United States or foreign tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by any tax authority. We cannot predict the outcome of any specific legislative proposals.

 

If we are not successful in the continued development, introduction or timely manufacture of new products, demand for our products could decrease.

 

We expect that a significant portion of our future revenue will continue to be derived from sales of newly introduced products. The market for our products is characterized by rapidly changing technology, evolving industry standards and changes in customer needs. If we fail to introduce new products, or to modify or improve our existing products, in response to changes in technology, industry standards or customer needs, our products could rapidly become less competitive or obsolete. We must continue to make significant investments in research and development in order to continue to develop new products, enhance existing products and achieve market acceptance for such products. However, there can be no assurance that development stage products will be successfully completed or, if developed, will achieve significant customer acceptance.

 

If we are unable to successfully develop and introduce competitive new products, and enhance our existing products, our future results of operations would be adversely affected. Our pursuit of necessary technology may require substantial time and expense. We may need to license new technologies to respond to technological change. These licenses may not be available to us on terms that we can accept or may materially change the gross profits that we are able to obtain on our products. We may not succeed in adapting our products to new technologies as they emerge. Development and manufacturing schedules for technology products are difficult to predict, and there can be no assurance that we will achieve timely initial customer shipments of new products. The timely availability of these products in volume and their acceptance by customers are important to our future success. From time to time we have experienced delays in shipping certain of our new products and any future delays, whether due to product development delays, manufacturing delays, lack of market acceptance, delays in regulatory approval, or otherwise, could have a material adverse effect on our results of operations.

 

If we are unable to compete effectively with existing or new competitors, our resulting loss of competitive position could result in price reductions, fewer customer orders, reduced margins and loss of market share.

 

The markets for our products are highly competitive, and we expect competition to increase in the future. Some of our competitors have significantly greater financial, technical and marketing resources than we do. These competitors may be able to respond more rapidly to new or emerging technologies or changes in customer requirements. They may also be able to devote greater resources to the development, promotion and sale of their products. Increased competition could result in price reductions, fewer customer orders, reduced margins and loss of market share. Our failure to compete successfully against current or future competitors could seriously harm our business, financial condition and results of operations.

 

27
 

 

We rely on independent dealers and distributors to sell our products, and disruption to these channels would harm our business.

 

Because we sell a majority of our products to independent dealers and distributors, we are subject to many risks, including risks related to their inventory levels and support for our products. In particular, our dealers and distributors maintain significant levels of our products in their inventories. If dealers and distributors attempt to reduce their levels of inventory or if they do not maintain sufficient levels to meet customer demand, our sales could be negatively impacted.

 

Many of our dealers and distributors also sell products offered by our competitors. If our competitors offer our dealers and distributors more favorable terms, those dealers and distributors may de-emphasize or decline to carry our products. In the future, we may not be able to retain or attract a sufficient number of qualified dealers and distributors. If we are unable to maintain successful relationships with dealers and distributors or to expand our distribution channels, our business will suffer.

 

Our quarterly operating results are subject to fluctuations and seasonality.

 

Our operating results are difficult to predict. Our future quarterly operating results may fluctuate significantly. If such operating results decline, the price of our stock would likely decline. As we expand our operations, our operating expenses, particularly our advertising and research and development costs, may increase as a percentage of our sales. If revenues decrease and we are unable to reduce those costs rapidly, our operating results would be negatively affected.

 

Historically, our revenues have been weaker in the first quarter of each fiscal year and have recently been lower than the preceding fourth quarter. Our devices are highly consumer-oriented, and consumer buying is traditionally lower in these quarters. Sales of certain of our marine and automotive products tend to be higher in our second fiscal quarter due to increased consumer spending for such products during the recreational marine, fishing, and travel season. Sales of our automotive/mobile products also have been higher in our fourth fiscal quarter due to increased consumer spending patterns on electronic devices during the holiday season. In addition, we attempt to time our new product releases to coincide with relatively higher consumer spending in the second and fourth fiscal quarters, which contributes to these seasonal variations.

 

Our quarterly financial statements will reflect fluctuations in foreign currency translation.

 

The operation of Garmin’s subsidiaries in international markets results in exposure to movements in currency exchange rates. We have experienced significant foreign currency gains and losses due to the strengthening and weakening of the U.S. dollar. The potential of volatile foreign exchange rate fluctuations in the future could have a significant effect on our results of operations.

 

The currencies that create a majority of the Company’s exchange rate exposure are the Taiwan Dollar, Euro, and British Pound Sterling. Garmin Corporation, headquartered in Sijhih, Taiwan, uses the local currency as the functional currency. The Company translates all assets and liabilities at year-end exchange rates and income and expense accounts at average rates during the year. In order to minimize the effect of the currency exchange fluctuations on our net assets, we have elected to retain most of our Taiwan subsidiary’s cash and investments in marketable securities denominated in U.S. dollars.

 

Nonetheless, U.S. GAAP requires the Company at the end of each accounting period to translate into Taiwan Dollars all such U.S. Dollar denominated assets held by our Taiwan subsidiary. This translation is required because the Taiwan Dollar is the functional currency of the subsidiary. This U.S. GAAP-mandated translation will cause us to recognize gain or loss on our financial statements as the Taiwan Dollar/U.S. Dollar exchange rate varies. Such gain or loss will create variations in our earnings per share. Because there is minimal cash impact caused by such exchange rate variations, management will continue to focus on the Company’s operating performance before the impact of the foreign currency translation.

 

28
 

 

If we do not correctly anticipate demand for our products, we may not be able to secure sufficient quantities or cost-effective production of our products or we could have costly excess production or inventories.

 

We have generally been able to increase production to meet this increasing demand. However, the demand for our products depends on many factors and will be difficult to forecast. We expect that it will become more difficult to forecast demand as we introduce and support multiple products, as competition in the market for our products intensifies and as the markets for some of our products mature to the mass market category. Significant unanticipated fluctuations in demand could cause the following problems in our operations:

 

·If demand increases beyond what we forecast, we would have to rapidly increase production. We would depend on suppliers to provide additional volumes of components and those suppliers might not be able to increase production rapidly enough to meet unexpected demand.

 

·Rapid increases in production levels to meet unanticipated demand could result in higher costs for manufacturing and supply of components and other expenses. These higher costs could lower our profit margins. Further, if production is increased rapidly, manufacturing quality could decline, which may also lower our margins and reduce customer satisfaction.

 

·If forecasted demand does not develop, we could have excess production resulting in higher inventories of finished products and components, which would use cash and could lead to write-offs of some or all of the excess inventories. Lower than forecasted demand could also result in excess manufacturing capacity or reduced manufacturing efficiencies at our facilities, which could result in lower margins.

 

We have benefited in the past from Taiwan government tax incentives offered on certain high technology capital investments that may not always be available.

 

Our effective tax rate is lower than the U.S. federal statutory rate, in part because we have benefited from incentives offered in Taiwan related to our high technology investments in Taiwan. The loss of these tax benefits could have a significant effect on our financial results in the future.

 

We may experience unique economic and political risks associated with companies that operate in Taiwan.

 

Relations between Taiwan and the People’s Republic of China, also referred to as the PRC, and other factors affecting the political or economic conditions of Taiwan in the future could materially adversely affect our business, financial condition and results of operations and the market price and the liquidity of our shares. Our principal manufacturing facilities where we manufacture all of our products, except our panel-mounted aviation products, are located in Taiwan.

 

Taiwan has a unique international political status. The PRC asserts sovereignty over all of China, including Taiwan, certain other islands and all of mainland China. The PRC government does not recognize the legitimacy of the Taiwan government. Although significant economic and cultural relations have been established during recent years between Taiwan and the PRC, the PRC government has indicated that it may use military force to gain control over Taiwan in certain circumstances, such as the declaration of independence by Taiwan. Relations between Taiwan and the PRC have on occasion adversely affected the market value of Taiwanese companies and could negatively affect our operations in Taiwan in the future.

 

Our intellectual property rights are important to our operations, and we could suffer loss if they infringe upon other’s rights or are infringed upon by others.

 

We rely on a combination of patents, copyrights, trademarks and trade secrets, confidentiality provisions and licensing arrangements to establish and protect our proprietary rights. To this end, we hold rights to a number of patents and registered trademarks and regularly file applications to attempt to protect our rights in new technology and trademarks. However, there is no guarantee that our patent applications will become issued patents, or that our trademark applications will become registered trademarks. Moreover, even if approved, our patents or trademarks may thereafter be successfully challenged by others or otherwise become invalidated for a variety of reasons. Thus, any patents or trademarks we currently have or may later acquire may not provide us a significant competitive advantage.

 

29
 

  

Third parties may claim that we are infringing their intellectual property rights. Such claims could have a material adverse effect on our business and financial condition. From time to time we receive letters alleging infringement of patents, trademarks or other intellectual property rights. Litigation concerning patents or other intellectual property is costly and time consuming. We may seek licenses from such parties, but they could refuse to grant us a license or demand commercially unreasonable terms. We might not have sufficient resources to pay for the licenses. Such infringement claims could also cause us to incur substantial liabilities and to suspend or permanently cease the use of critical technologies or processes or the production or sale of major products.

 

We may become subject to significant product liability costs.

 

If our aviation products malfunction or contain errors or defects, airplane collisions or crashes could occur resulting in property damage, personal injury or death. Malfunctions or errors or defects in our marine navigational products could cause boats to run aground or cause other wreckage, personal injury or death. If our automotive or marine products contain defects or errors in the mapping supplied by third-party map providers or if our users do not heed our warnings about the proper use of these products, collisions or accidents could occur resulting in property damage, personal injury or death. If any of these events occurs, we could be subject to significant liability for personal injury and property damage and, under certain circumstances, could be subject to a judgment for punitive damages. We maintain insurance against accident-related risks involving our products. However, there can be no assurance that such insurance would be sufficient to cover the cost of damages to others or that such insurance will continue to be available at commercially reasonable rates. In addition, insurance coverage generally will not cover awards of punitive damages and may not cover the cost of associated legal fees and defense costs, which could result in lower margins. If we are unable to maintain sufficient insurance to cover product liability costs or if our insurance coverage does not cover the award, this could have a materially adverse impact on our business, financial condition and results of operations.

 

We depend on our suppliers, some of which are the sole source for specific components, and our production would be seriously harmed if these suppliers are not able to meet our demand and alternative sources are not available, or if the costs of components rise.

 

We are dependent on third party suppliers for various components used in our current products. Some of the components that we procure from third party suppliers include semiconductors and electroluminescent panels, liquid crystal displays, memory chips, batteries and microprocessors. The cost, quality and availability of components are essential to the successful production and sale of our products. Some components we use are from sole source suppliers. Certain application-specific integrated circuits incorporating our proprietary designs are manufactured for us by sole source suppliers. Alternative sources may not be currently available for these sole source components.

 

In the past we have experienced shortages of liquid crystal displays and other components. In addition, if there are shortages in supply of components, the costs of such components may rise. If suppliers are unable to meet our demand for components on a timely basis and if we are unable to obtain an alternative source or if the price of the alternative source is prohibitive, or if the costs of components rise, our ability to maintain timely and cost-effective production of our products would be seriously harmed.

 

We depend on third party licensors for the digital map data contained in our automotive/mobile products, and our business and/or gross margins could be harmed if we become unable to continue licensing such mapping data or if the royalty costs for such data rise.

 

We license digital mapping data for use in our products from various sources. There are only a limited number of suppliers of mapping data for each geographical region. The two largest digital map suppliers are NAVTEQ Corporation and Tele Atlas N.V. NAVTEQ Corporation is owned by Nokia Oyj and Tele Atlas N.V. is owned by TomTom N.V. Nokia and TomTom are both competitors of Garmin.

 

30
 

 

Although we do not foresee difficulty in continuing to license data at favorable pricing due to the long term license extension signed between Garmin and NAVTEQ in November 2007 (extending our NAVTEQ license agreement through 2017 with an option to extend through 2021), if we are unable to continue licensing such mapping data and are unable to obtain an alternative source, or if the nature of our relationships with NAVTEQ changes detrimentally, our ability to supply mapping data for use in our products would be seriously harmed.

 

We may pursue strategic acquisitions, investments, strategic partnerships or other ventures, and our business could be materially harmed if we fail to successfully identify, complete and integrate such transactions.

 

We intend to evaluate acquisition opportunities and opportunities to make investments in complementary businesses, technologies, services or products, or to enter into strategic partnerships with parties who can provide access to those assets, additional product or services offerings, additional distribution or marketing synergies or additional industry expertise. We may not be able to identify suitable acquisition, investment or strategic partnership candidates, or if we do identify suitable candidates in the future, we may not be able to complete those transactions on commercially favorable terms, or at all.

 

Any past or future acquisitions could also result in difficulties assimilating acquired employees (including cultural differences with foreign acquisitions), operations, and products and diversion of capital and management’s attention away from other business issues and opportunities. Integration of acquired companies may result in problems related to integration of technology and inexperienced management teams. In addition, the key personnel of the acquired company may decide not to work for us. We may not successfully integrate internal controls, compliance under the Sarbanes-Oxley Act of 2002 and other corporate governance matters, operations, personnel or products related to acquisitions we have made in previous years or may make in the future. If we fail to successfully integrate such transactions, our business could be materially harmed.

 

We may have additional tax liabilities.  

 

We are subject to income taxes in Switzerland, the United States and numerous foreign jurisdictions. Significant judgment is required in determining our worldwide provision for income taxes. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. We are regularly under audit by tax authorities. Although we believe our tax estimates are reasonable, the final determination of tax audits and any related litigation could be materially different from our historical income tax provisions and accruals. The results of an audit or litigation could have a material effect on our income tax provision, net income or cash flows in the period or periods for which that determination is made.

 

Failure to obtain required certifications of our products on a timely basis could harm our business.

 

We have certain products, especially in our aviation segment, that are subject to governmental and similar certifications before they can be sold. For example, FAA certification is required for all of our aviation products that are intended for installation in type certificated aircraft. To the extent required, certification is an expensive and time-consuming process that requires significant focus and resources. An inability to obtain, or excessive delay in obtaining, such certifications could have an adverse effect on our ability to introduce new products and, for certain aviation OEM products, our customers’ ability to sell airplanes. Therefore, such inabilities or delays could adversely affect our operating results. In addition, we cannot assure you that our certified products will not be decertified. Any such decertification could have an adverse effect on our operating results.

 

Our business may suffer if we are not able to hire and retain sufficient qualified personnel or if we lose our key personnel.

 

Our future success depends partly on the continued contribution of our key executive, engineering, sales, marketing, manufacturing and administrative personnel. We currently do not have employment agreements with any of our key executive officers. We do not have key man life insurance on any of our key executive officers and do not currently intend to obtain such insurance. The loss of the services of any of our senior level management, or other key employees, could harm our business. Recruiting and retaining the skilled personnel we require to maintain and grow our market position may be difficult. For example, in some recent years there has been a nationwide shortage of qualified electrical engineers and software engineers who are necessary for us to design and develop new products, and therefore, it has sometimes been challenging to recruit such personnel. If we fail to hire and retain qualified employees, we may not be able to maintain and expand our business.

 

31
 

 

There is uncertainty as to our shareholders’ ability to enforce certain foreign civil liabilities in Switzerland and Taiwan.

 

We are a Swiss company and a substantial portion of our assets are located outside the United States, particularly in Taiwan. As a result, it may be difficult to effect service of process within the United States upon us. In addition, there is uncertainty as to whether the courts of Switzerland or Taiwan would recognize or enforce judgments of United States courts obtained against us predicated upon the civil liability provisions of the securities laws of the United States or any state thereof, or be competent to hear original actions brought in Switzerland or Taiwan against us predicated upon the securities laws of the United States or any state thereof.

 

A shut down of U.S. airspace or imposition of restrictions on general aviation would harm our business.

 

Following the September 11, 2001 terrorist attacks, the FAA ordered all aircraft operating in the U.S. to be grounded for several days. In addition to this shut down of U.S. airspace, the general aviation industry was further impacted by the additional restrictions implemented by the FAA on those flights that fly utilizing Visual Flight Rules (VFR). The FAA restricted VFR flight inside 30 enhanced Class B (a 20-25 mile radius around the 30 largest metropolitan areas in the USA) airspace areas. The Aircraft Owners and Pilots Association (AOPA) estimated that these restrictions affected approximately 41,800 general aviation aircraft based at 282 airports inside the 30 enhanced Class B airspace areas. The AOPA estimates that approximately 90% of all general aviation flights are conducted VFR, and that only 15% of general aviation pilots are current to fly utilizing Instrument Flight Rules (IFR).

 

The shutdown of U.S. airspace following September 11, 2001 caused reduced sales of our general aviation products and delays in the shipment of our products manufactured in our Taiwan manufacturing facility to our distribution facility in Olathe, Kansas, thereby adversely affecting our ability to supply new and existing products to our dealers and distributors.

 

Any future shut down of U.S. airspace or imposition of restrictions on general aviation could have a material adverse effect on our business and financial results.

 

Many of our products rely on the Global Positioning System.

 

The Global Positioning System (GPS) is a satellite-based navigation and positioning system consisting of a constellation of orbiting satellites. The satellites and their ground control and monitoring stations are maintained and operated by the United States Department of Defense. The Department of Defense does not currently charge users for access to the satellite signals. These satellites and their ground support systems are complex electronic systems subject to electronic and mechanical failures and possible sabotage. The satellites were originally designed to have lives of 7.5 years and are subject to damage by the hostile space environment in which they operate. However, of the current deployment of satellites in place, some have been operating for more than 12 years.

 

To repair damaged or malfunctioning satellites is currently not economically feasible. If a significant number of satellites were to become inoperable, there could be a substantial delay before they are replaced with new satellites. A reduction in the number of operating satellites may impair the current utility of the GPS system and the growth of current and additional market opportunities. GPS satellites and ground control segments are being modernized. GPS modernization software updates can cause problems. We depend on public access to open technical specifications in advance of GPS updates.

 

32
 

 

GPS is operated by the U. S. Government, which is committed to maintenance and improvement of GPS; however if the policy were to change, and GPS were no longer supported by the U. S. Government, or if user fees were imposed, it could have a material adverse effect on our business, results of operations, and financial condition.

 

Some of our products also use signals from Satellite Based Augmentation Systems (SBAS) that augment GPS, such as the U.S. Wide Area Augmentation System (WAAS), Japanese MTSAT-based Satellite Augmentation System (MSAS), European Geostationary Navigation Overlay Service (EGNOS). Any curtailment of SBAS operating capability could result in decreased user capability for many of our aviation products, thereby impacting our markets.

 

Any of the foregoing factors could affect the willingness of buyers of our products to select Global Positioning System-based products instead of products based on competing technologies.

 

Any reallocation or repurposing of radio frequency spectrum could cause harmful interference with the reception of Global Positioning System signals. This interference could harm our business.

 

Our Global Positioning System technology is dependent on the use of the Standard Positioning Service (SPS) provided by the U.S. Government’s Global Positioning System satellites. The Global Positioning System operates in radio frequency bands that are globally allocated for radio navigation satellite services. International allocations of radio frequency are made by the International Telecommunications Union (ITU), a specialized technical agency of the United Nations. These allocations are further governed by radio regulations that have treaty status and which may be subject to modification every two to three years by the World Radio Communication Conference.  Each country also has regulatory authority on how each band is used.  In the United States, the Federal Communications Commission (FCC) and the National Telecommunications and Information Administration share responsibility for radio frequency allocations and spectrum usage regulations.

 

Any ITU or national reallocation of radio frequency spectrum, including frequency band segmentation or sharing of spectrum, or other modifications of the permitted uses of relevant frequency bands, may materially and adversely affect the utility and reliability of our products and have significant negative impacts on our business and our customers. For example, the FCC is currently considering a proposal by a private party, LightSquared, to repurpose spectrum adjacent to the GPS bands for terrestrial broadband wireless operations in metropolitan areas throughout the United States.  If the FCC were to permit implementation of LightSquared’s proposal as is, terrestrial broadband wireless operations would create harmful interference to GPS receivers within range of such operations.    

 

Our business is subject to disruptions and uncertainties caused by war or terrorism.

 

Acts of war or acts of terrorism, especially any directed at the GPS signals, could have a material adverse impact on our business, operating results, and financial condition. The threat of terrorism and war and heightened security and military response to this threat, or any future acts of terrorism, may cause a redeployment of the satellites used in GPS or interruptions of the system. To the extent that such interruptions have an effect on sales of our products, this could have a material adverse effect on our business, results of operations, and financial condition.

 

Privacy concerns relating to our technology could damage our reputation and deter current and potential users from using our products and applications.

 

Concerns about our practices with regard to the collection, use, disclosure, or security of personal information, user location information or other privacy related matters, even if unfounded, could damage our reputation and operating results. While we strive to comply with all applicable data protection laws and regulations, as well as our own posted privacy policies, any failure or perceived failure to comply may result in proceedings or actions against us by government entities or others, or could cause us to lose users and customers, which could potentially have an adverse effect on our business.

 

33
 

 

Regulatory authorities around the world are considering a number of legislative and regulatory proposals concerning data protection. In addition, the interpretation and application of consumer and data protection laws in the U.S., Europe and elsewhere are often uncertain and in flux. It is possible that these laws may be interpreted and applied in a manner that is inconsistent with our data practices. If so, in addition to the possibility of fines, this could result in an order requiring that we change our data practices, which could have an adverse effect on our business and results of operations. Complying with these various laws could cause us to incur substantial costs or require us to change our business practices in a manner adverse to our business.

 

Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.

 

In the ordinary course of our business, we collect and store sensitive data, including intellectual property, our proprietary business information and that of our customers and suppliers, and some personally identifiable information of our customers and employees, in our facilities and on our networks. The secure processing, maintenance and transmission of this information is important to our operations. Despite our security measures, our information technology and infrastructure may be vulnerable to attacks by hackers or breached due to employee error or other disruptions. Any such breach could compromise our networks and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in legal claims or proceedings, disrupt our operations, damage our reputation, and cause a loss of confidence, which could adversely affect our business.

 

We may be exposed to certain regulatory and financial risks related to climate change.

 

Climate change is receiving increasing attention worldwide.  Some scientists, legislators and others attribute global warming to increased levels of greenhouse gases, including carbon dioxide, which has led to significant legislative and regulatory efforts to limit greenhouse gas emissions.

 

Various regulatory and legislative measures to address greenhouse gas emissions are in different phases of implementation or discussion. In the aftermath of its 2009 “endangerment finding” that greenhouse gas emissions pose a threat to human health and welfare, the EPA has begun to regulate greenhouse gas emissions under the authority granted to it under the Clean Air Act. At the federal legislative level, Congressional passage of legislation adopting some form of federal mandatory greenhouse gas emission reduction, such as a nationwide cap-and-trade program, does not appear likely at this time, although it could be adopted at a future date. It is also possible that Congress may pass alternative climate change bills that do not mandate a nationwide cap-and-trade program and instead focus on promoting renewable energy and energy efficiency, which could increase the cost of doing business.

 

Because it is uncertain what laws and regulations will be enacted, we cannot predict the potential impact of such laws and regulations on our future consolidated financial condition, results of operations or cash flows.

 

Risks Relating to Our Shares

 

The volatility of our stock price could adversely affect investment in our common shares.

 

The market price of our common shares has been, and may continue to be, highly volatile. During 2011, the price of our common shares ranged from a low of $30.14 to a high of $40.39. A variety of factors could cause the price of our common shares to fluctuate, perhaps substantially, including:

 

·announcements and rumors of developments related to our business, our competitors, our suppliers or the markets in which we compete;
·quarterly fluctuations in our actual or anticipated operating results;

 

34
 

 

·the availability, pricing and timeliness of delivery of components, such as flash memory and liquid crystal displays, used in our products;
·general conditions in the worldwide economy, including fluctuations in interest rates;
·announcements of technological innovations;
·new products or product enhancements by us or our competitors;
·product obsolescence and our ability to manage product transitions;
·developments in patents or other intellectual property rights and litigation;
·developments in our relationships with our customers and suppliers;
·research reports or opinions issued by securities analysts or brokerage houses related to Garmin, our competitors, our suppliers or our customers; and
·any significant acts of terrorism against the United States, Taiwan or significant markets where we sell our products.

 

In addition, in recent years the stock market in general and the markets for shares of technology companies in particular, have experienced extreme price fluctuations which have often been unrelated to the operating performance of affected companies. Any such fluctuations in the future could adversely affect the market price of our common shares.

 

Our officers and directors exert substantial influence over us.

 

As of January 10, 2012, current members and former members of our Board of Directors and our executive officers, together with members of their families and entities that may be deemed affiliates of or related to such persons or entities, beneficially owned approximately 44.40% of our outstanding common shares. Accordingly, these shareholders may be able to determine the outcome of corporate actions requiring shareholder approval, such as mergers and acquisitions. This level of ownership may have a significant effect in delaying, deferring or preventing a change in control of Garmin and may adversely affect the voting and other rights of other holders of our common shares.

 

The rights of our shareholders are governed by Swiss law.

 

The rights of our shareholders are governed by Swiss law and Garmin Ltd.’s articles of association and organizational regulations. The rights of shareholders under Swiss law differ from the rights of shareholders of companies incorporated in other jurisdictions. For example, Swiss law allows our shareholders acting at a shareholders’ meeting to authorize share capital that can be issued by the board of directors without approval of a shareholders’ meeting, but this authorization is limited to 50% of the existing registered share capital and must be renewed at a shareholders’ meeting at least every two years. Additionally, subject to specified exceptions, including the exceptions described in our articles of association, Swiss law grants preemptive rights to existing shareholders to subscribe for new issuances of shares and other securities. Swiss law also provides that dividends must be approved by shareholders at the general meeting of our shareholders.

 

We may not be able to make distributions or repurchase shares without subjecting you to Swiss withholding tax.

 

If we are unable to make distributions, if any, through a reduction of par value or to pay dividends, if any, out of qualifying capital contribution reserves, then any dividends paid by us will generally be subject to a Swiss federal withholding tax at a rate of 35%. The withholding tax must be withheld from the gross distribution and paid to the Swiss Federal Tax Administration. A U.S. holder that qualifies for benefits under the Convention between the United States of America and the Swiss Confederation for the Avoidance of Double Taxation with Respect to Taxes on Income may apply for a refund of the tax withheld in excess of the 15% treaty rate (or in excess of the 5% reduced treaty rate for qualifying corporate shareholders with at least 10% participation in our voting stock, or for a full refund in case of qualified pension funds). Payment of a capital distribution in the form of a par value reduction or a dividend out of qualifying capital contribution reserves is not subject to Swiss withholding tax. However, there can be no assurance that our shareholders will approve a reduction in par value or a dividend out of qualifying capital contribution reserves, that we will be able to meet the other legal requirements for a reduction in par value, or that Swiss withholding rules will not be changed in the future. In addition, over the long term, the amount of par value and qualifying capital contribution reserves available for us to use for par value reductions or dividends will be limited. If we are unable to make a distribution through a reduction in par value or to pay a dividend out of qualifying capital contribution reserves, we may not be able to make distributions without subjecting you to Swiss withholding taxes.

 

35
 

 

Under current Swiss tax law, repurchases of shares for the purposes of capital reduction are treated as a partial liquidation subject to 35% Swiss withholding tax on the difference between the par value and the repurchase price. However, the portion of the repurchase price that is attributed to the qualifying capital contribution reserves of the shares repurchased will not be subject to the Swiss withholding tax. We may follow a share repurchase process for future share repurchases, if any, similar to a "second trading line" on the Swiss Stock Exchange in which Swiss institutional investors buy shares on the open market and sell these shares to us and are generally able to receive a refund of the Swiss withholding tax. However, if we are unable to use this process successfully, we may not be able to repurchase shares for the purposes of capital reduction without subjecting you to Swiss withholding taxes.

 

Item 1B. Unresolved Staff Comments

 

None.

 

Item 2. Properties

 

The following are the principal properties owned or leased by the Company and its subsidiaries:

 

Garmin International, Inc. and Garmin USA, Inc. occupy a facility of approximately 1,120,000 square feet on 42 acres in Olathe, Kansas, where the majority of product design and development work is conducted, the majority of aviation panel-mount products are manufactured and products are warehoused, distributed, and supported for North, Central and South America. Garmin’s subsidiary, Garmin Realty, LLC also owns an additional 46 acres of land on the Olathe site for future expansion. In connection with the bond financings for the facility in Olathe and the previous expansion of that facility, the City of Olathe holds the legal title to the Olathe facility which is leased to Garmin’s subsidiaries by the City. Upon the payment in full of the outstanding bonds, the City of Olathe is obligated to transfer title to Garmin’s subsidiaries for the aggregate sum of $200. Garmin International, Inc. has purchased all the outstanding bonds and continues to hold the bonds until maturity in order to benefit from property tax abatement.

 

Garmin Corporation owns and occupies a 249,326 square foot facility in Sijhih, Taipei County, Taiwan, a 223,469 square foot facility in Jhongli, Tao-Yang County, Taiwan, and an approximately 580,000 square foot facility in LinKou, Tao-Yang County, Taiwan. In these three facilities, Garmin Corporation manufactures all of Garmin’s consumer and portable aviation products and warehouses, markets and supports products for the Pacific Rim countries.

 

Garmin AT, Inc. leases approximately 15 acres of land in Salem, Oregon under a ground lease. This ground lease expires in 2030, but Garmin AT has the option to extend the ground lease until 2050. Garmin AT, Inc. owns and occupies a 115,000 square foot facility for office, development and manufacturing use and a 33,000 square foot aircraft hangar, flight test and certification facility on this land. Garmin AT, Inc. also leases 43,870 square feet of office space in a separate Salem, OR building for Garmin’s newly-opened West Coast customer support call center.

 

Garmin International, Inc. leases 148,320 square feet of land at New Century Airport in Gardner, Kansas under a ground lease which expires in 2026. Garmin International, Inc. owns and occupies a 47,254 square foot aircraft hangar, flight test and certification facility on this land which is used in development and certification of aviation products.

 

36
 

 

Garmin Würzburg GmbH leases approximately 40,000 square feet in Würzburg, Germany for office and research and development activities. Navigon S.R.L. leases approximately 11,355 square feet in Cluj, Romania for research and development activities.

 

Various Garmin subsidiaries lease an additional: (i) 48,625 square feet of office space in Olathe, Kansas for a call center operation; (ii) 24,748 square feet of aggregate office space in two buildings in Tempe, Arizona for software development; and (iii) 33,120 square feet of office space in two buildings in Tucson, Arizona, used as offices and a product production, repair and shipping facility.

 

Garmin (Europe) Ltd. owns and occupies a 155,000 square foot building located in Totton, Southampton, England, used as offices and a distribution facility.

 

Item 3. Legal Proceedings

 

Ambato Media, LLC v. Clarion Co., Ltd., Clarion Corporation of America, Delphi Corporation, Fujitsu Limited, Fujitsu Ten Corporation of America, Garmin Ltd., Garmin International, Inc., Victor Company of Japan Ltd., JVC Americas Corporation, JVC Kenwood Holdings, Inc., J&K Car Electronics Corporation, LG Electronics, Inc., LG Electronics USA, Inc., MiTAC International Corporation, MiTAC Digital Corporation, Mio Technology USA Ltd., Navigon, Inc. Nextar Inc.,Panasonic Corporation, Panasonic Corporation of North America, Pioneer Corporation, Pioneer Electronics (USA) Inc.,Sanyo Electric Co., Ltd., Sanyo North America Corporation, Sanyo Electronic Device (U.S.A.) Corporation,TomTom N.V., TomTom International B.V., and TomTom, Inc.

 

On August 14, 2009, Ambato Media, LLC filed suit in the United States District Court for the Eastern District of Texas against Garmin Ltd. and Garmin International, Inc. along with several codefendants alleging infringement of U.S. Patent No. 5,432,542 (“the ’542 patent”). On September 28, 2009, Garmin filed its answer and counterclaims asserting the ’542 patent is invalid and not infringed. On July 18, 2011, the court issued an order construing the claims of the ‘542 patent. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity or financial position, Garmin believes that the claims are without merit and intends to vigorously defend this action.

 

Avocet Sports Technology, Inc. v. Garmin International, Inc., Implus Footcare, LLC d/b/a Highgear, Polar Electro, Inc., Brunton d/b/a Brunton Outdoor Group, and Casio America, Inc.

 

On August 18, 2011, Avocet Sports Technology, Inc. filed suit in the United States District Court for the Northern District of California against five companies, including Garmin International, Inc., alleging infringement of U.S. Patent No. 5,058,427 (“the ‘427 patent”). On November 16, 2011, Garmin filed its answer asserting that each asserted claim of the ‘427 patent is not infringed and/or invalid. Garmin believes that the asserted claims of the ‘427 patent are not infringed and/or are invalid. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity, or financial position, Garmin believes.

 

Bandspeed, Inc. v. Acer, Inc., Acer American Corporation, Belkin International, Inc., Belkin,Inc., Casio Computer Co., Ltd., Xasio Hitachi Mobile CommunicationsCo. Ltd., Xasio America, Inc., Dell Inc., Garmin International, Inc., Garmin USA, Inc., GN Netcom A/S, GN U.S. Inc. a/k/a GN Netcom Inc., Hewlett-Packard Company, Hewlett-Packard Development Company, L.P., HTC Corporation, HTC America, Inc., Huawei Technologies Co. Ltd., Kyocera Corporation, Kyocera International, Inc., Kyocera Communications, Inc., Kyocera Wireless Corporation, Lenovo (United States), Inc.,LG Electronics, Inc., LG Electronics U.S.A. Inc., LG Electronics Mobilecomm U.S.A. Inc., Motorola, Inc., Nokia Corporation, Nokia Inc., Pantech Wireless, Inc. Plantronics, inc., Research in Motion Ltd., Research in Motion Corporation, Samsung Telecommunications America, LLC, TomTom International B.V., TomTom, Inc., Toshiba Corporation, Toshiba America information Systems, Inc., and Toshiba America, Inc.

 

37
 

 

On June 30, 2010, Bandspeed, Inc. filed suit in the United States District Court for the Eastern District of Texas against 38 companies, including Garmin International, Inc. and Garmin USA, Inc. alleging infringement of U.S. Patent No 7,027,418 (“the ‘418 patent”) and U.S. Patent No 7,670,614 (“the ‘614 patent”). On January 21, 2011, Bandspeed, Inc. filed an amended complaint adding additional claims against several of the codefendants, but not against Garmin. On February 22, 2011, Garmin filed its answer to the amended complaint with counterclaims asserting that the asserted claims of the ’418 and ’614 patents are invalid and not infringed. On August 15, 2011, the court granted Garmin’s motion to transfer venue and transferred the case to the Western District of Texas. On December 23, 2011, Bandspeed, Inc. filed a second amended complaint adding additional claims against Garmin. On January 24, 2012, Garmin filed a motion to dismiss these additional claims. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity or financial position, Garmin believes the claims in this lawsuit are without merit and intends to vigorously defend this action.

 

Beacon Wireless Solutions, Inc. et al. v. Garmin International, Inc., and Garmin USA, Inc.

 

On March 21, 2011, Beacon Wireless Solutions, Inc. (“Beacon”) and Beacon Wireless Europe (UK) Limited (“Beacon Europe”) filed suit in the United States District Court for the District of the Western District of Virginia against Garmin International, Inc. and Garmin USA, Inc. (collectively “Garmin”), alleging trade secret misappropriation, breach of a non-disclosure agreement, breach of implied in-fact contract, and unjust enrichment. On October 5, 2011, the District Court dismissed Beacon’s claim against Garmin for breach of implied in-fact contract, and took Beacon Europe’s breach of implied in-fact contract claim under advisement. Trial is currently scheduled for May 21, 2012, but the parties are exploring an extension of all existing deadlines. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity, or financial position, Garmin believes the claims in this lawsuit are without merit and intends to vigorously defend this action.

 

ICON Health & Fitness, Inc. v. Garmin Ltd., Garmin International, Inc., and Garmin USA, Inc.

 

On November 18, 2011, ICON Health & Fitness, Inc. filed suit in the United States District Court for the District of Utah against Garmin Ltd., Garmin International, Inc., and Garmin USA, Inc. (collectively “Garmin”), alleging infringement of U.S. Patent Nos. 7,789,800 and 6,701,271. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity, or financial position, Garmin believes the claims in this lawsuit are without merit and intends to vigorously defend this action.

 

In the Matter of Certain Semiconductor Chips and Products Containing Same

 

On December 1, 2010, Rambus Inc. filed a complaint with the United States International Trade Commission (the “ITC”) against 33 companies, including Garmin International, Inc., alleging infringement of U.S. Patent No. 6,470,405 (“the ’405 patent”), U.S. Patent No. 6,591,353 (“the ’353 patent”), U.S. Patent No. 7,287,109 (“the ’109 patent”), U.S. Patent No. 7,602,857 (“the ’857 patent”), U.S. Patent No. 7,602,858 (“the ’858 patent”), and U.S. Patent No. 7,715,494 (“the ’494 patent”). Garmin’s semiconductor chip suppliers are also named in the complaint and Garmin believes these suppliers have indemnification obligations to defend Garmin in this matter. On February 1, 2011, Garmin filed its answer asserting that the asserted claims of the ’405, ’353, ’109, ’857, ’858, and the ’494 patents are invalid and/or not infringed. On September 1, 2011, the Board of Patent Appeals and Interferences issued a decision following reexamination of the ‘109 patent affirming that all claims of the ‘109 patent are invalid. The ITC’s hearing was held on October 12-20, 2011. The parties filed posthearing briefs on November 4, 2011 and the parties await the ITC’s initial determination. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity or financial position, Garmin believes these claims are without merit and intends to vigorously defend this action.

 

Nazomi Communications, Inc. v. Nokia Corporation, Nokia Inc., Microsoft Corporation, Amazon.com, Inc., Western Digital Corporation, Western Digital Technologies, Inc., Garmin Ltd., Garmin Corporation, Garmin International,Inc., Garmin USA, Inc., Sling Media, Inc., VIZIO, Inc., and Iomega Corporation.

 

On February 8, 2010, Nazomi Communications, Inc. filed suit in the United States District Court for the Central District of California against Garmin Ltd., Garmin Corporation, Garmin International, Inc., and Garmin USA, Inc. along with several codefendants alleging infringement of U.S. Patent No. 7,080,362 and U.S. Patent No. 7,225,436. On September 14, 2011, the court dismissed all claims against Garmin pursuant to a settlement agreement reached between the parties.

 

38
 

 

Norman IP Holdings, LLC v. Lexmark International, Inc., Ricoh Americas Corporation, Belkin International, Inc., BMW of North America, LLC, Daimler North America Corporation, Mercedes-Benz USA, LLC, D-Link Systems, Inc., Dish Network Corporation, Ford Motor Company, Garmin International, Inc., Garmin USA, Inc., General Electric Company, General Motors Company, JVC Americas Corporation, Novatel Wireless, Inc., Novatel Wireless Solutions, Inc., Novatel Wireless Technology, Inc., TomTom, Inc., Viewsonic Corporation, Vizio, Inc., Volkswagen Group of America, Inc., Xerox Corporation, ZTE (USA) Inc., and ZTE Solutions Inc.

 

On January 27, 2012, Norman IP Holdings, LLC filed an amended complaint in the United States District Court for the Eastern District of Texas naming 23 companies, including Garmin International, Inc. and Garmin USA, Inc. (collectively “Garmin”) and alleging infringement of U.S. Patent Nos. 5,530,597, 5,502,689, 5,592,555, 5,608,873, and 5,771,394.  Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity, or financial position, Garmin believes the claims of this lawsuit are without merit and intends to vigorously defend this action. 

 

Pioneer Corporation v. Garmin Deutschland GmbH, Garmin Ltd., Garmin International, Inc., Garmin (Europe Ltd. and Garmin Corporation

 

On October 9, 2009, Pioneer Corporation filed suit in the District Court in Düsseldorf, Germany against Garmin Deutschland GmbH, Garmin Ltd., Garmin International, Inc., Garmin Corporation and Garmin (Europe) Ltd. alleging infringement of European Patent No. 775 892 (“the ‘892 Patent”) and European Patent No. 508 681(“the‘681 Patent”). Garmin filed separate lawsuits in the German Federal Patent Court in Munich seeking declaratory judgments of invalidity of the ‘892 Patent and the ‘681 Patent. On January 11, 2011, the District Court in Düsseldorf issued decisions finding infringement of the ’892 and ’681 Patents. On April 11, 2011, Garmin filed briefs with the appellate court appealing these decisions. On January 18, 2012, the court approved the parties’ withdrawal of these lawsuits pursuant to a settlement agreement reached between the parties.

 

Taranis IP LLC v. Garmin International, Inc., Universal Avionics Systems Corporation, Johnson Outdoors Marine Electronics, Inc., Johnson Outdoors Inc., Raymarine Inc., Raymarine UK Ltd., Navico, Inc., and Navico Holdings A.S.

 

On November 22, 2010, Taranis IP LLC filed suit in the United States District Court for the Northern District of Illinois against eight companies, including Garmin International, Inc., alleging infringement of U.S. Patent No. 5,995,903 (“the ’903 patent”). On February 1, 2011, Garmin filed its answer and counterclaims asserting that each

claim of the ’903 patent is not infringed and/or invalid. On August 31, 2011, the court granted Garmin’s motion and stayed this case pending the conclusion of the U.S. Patent and Trademark Office’s reexamination of the ‘903 patent. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity, or financial position, Garmin believes the claims in this lawsuit are without merit and intends to vigorously defend this action.

 

Tramontane IP, LLC v. Garmin International, Inc., Garmin USA, Inc., MiTAC Digital Corporation d/b/a Magellan, Mio Technology USA Ltd., Pioneer Electronics (USA) Inc., and TomTom, Inc.

 

On August 30, 2011, Tramontane IP, LLC filed suit in the United States District Court for the Eastern District of Virginia against six companies, including Garmin International, Inc. and Garmin USA, Inc. (collectively “Garmin”), alleging infringement of U.S. Patent Nos. 6,526,268 (“the ‘268 patent”) and 7,133,775 (“the ‘775 patent”). On September 23, 2011, Garmin filed its answer asserting that the asserted claims of the ‘268 and ‘775 patents are invalid and/or not infringed. On December 2, 2012, the court dismissed all claims against Garmin pursuant to a settlement agreement reached between the parties.

 

39
 

 

Triangle Software, LLC v. Garmin International, Inc., TomTom Inc., Volkswagen Group of America, Inc. and Westwood One, Inc.

 

On December 28, 2010, Triangle Software, LLC filed suit in the United States District Court for the Eastern District of Virginia against four companies, including Garmin International, Inc., alleging infringement of U.S. Patent No. 7,557,730 (“the ’730 patent”), U.S. Patent No. 7,221,287 (“the ’287 patent”), U.S. Patent No. 7,375,649 (“the ’649 patent”), U.S. Patent No. 7,508,321 (“the ’321 patent”), and U.S. Patent No. 7,702,452 (“the ’452 patent”). On March 16, 2011, Garmin filed its amended answer asserting that the patents-in-suit are unenforceable because of the inequitable conduct committed by the inventors before the Patent Office and filed counterclaims asserting that each asserted claim of the ’730, ’287, ’649, ’321, and ’452 patents is not infringed and/or invalid. On July 27, 2011, the court issued its claim construction order. Trial was held beginning on November 1, 2011. On November 9, 2011, the jury returned a partial verdict finding the patents-in-suit were valid and finding the ‘730, ‘287, and ‘321 patents were not infringed. The jury did not return a verdict regarding infringement of the ‘649 and ‘452 patents. On November 23, 2011, the parties filed motions with the court to resolve the remaining issues left unresolved by the jury’s partial verdict. On February 16, 2012, the court issued an order entering the jury’s verdict of non-infringement of the ‘730, ‘287, and ‘321 patents, granting Garmin’s motion for summary judgment of non-infringement of the ‘649 and ‘452 patents, and dismissing the case.

 

Silver State Intellectual Technologies, Inc. v. Garmin International, Inc. and Garmin USA, Inc.

 

On September 29, 2011, Silver State Intellectual Technologies, Inc. filed suit in the United States District Court for the District of Nevada against Garmin International, Inc. and Garmin USA, Inc. (collectively “Garmin”), alleging infringement of U.S. Patent Nos. 6,525,768; 6,529,824; 6,542,812; 7,343,165; 7,522,992; 7,593,812; 7,650,234; 7,702,455 and 7,739,039. On December 8, 2011, Garmin filed its answer asserting that each asserted claim of the patents-in-suit is not infringed and/or invalid. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity, or financial position, Garmin believes the claims in this lawsuit are without merit and intends to vigorously defend this action.

 

Vehicle IP, LLC v. AT&T Mobility LLC, Cellco Partnership, Garmin International, Inc., Garmin USA, Inc., Networks in Motion, Inc., Telecommunication Systems, Inc., Telenav Inc., United Parcel Service, Inc., and UPS Logistics Technologies, Inc.

 

On December 31, 2009, Vehicle IP, LLC filed suit in the United States District Court for the District of Delaware against Garmin International, Inc. and Garmin USA, Inc. along with several codefendants alleging infringement of U.S. Patent No. 5,987,377 (“the ’377 patent”). On March 11, 2010, Garmin filed its Answer and Counterclaims asserting the ’377 patent is invalid and not infringed. On September 2, 2011, the court dismissed all claims against Garmin pursuant to a settlement agreement reached between the parties.

 

Visteon Global Technologies, Inc. and Visteon Technologies LLC v. Garmin International, Inc.

 

On February 10, 2010, Visteon Global Technologies, Inc. and Visteon Technologies LLC filed suit in the United States District Court for the Eastern District of Michigan, Southern Division, against Garmin International, Inc. alleging infringement of U.S. Patent No. 5,544,060 (“the ‘060 patent”), U.S. Patent No. 5,654,892 (“the ‘892 patent”), U.S. Patent No. 5,832, 408 (“the ‘408 patent”), U.S. Patent No 5,987,375 (“the ‘375 patent”) and U.S. Patent No 6,097,316 (“the ‘316 patent”). On May 17, 2010, Garmin filed its Answer asserting that each claim of the ‘060 patent, the ‘892 patent, the ‘408 patent and the ‘375 patent is not infringed and/or invalid. On April 12, 2011, the special master appointed by the court held a claim construction hearing. On December 12, 2011, the court issued an order adopting the special master’s report construing the claims of the patents-in-suit. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity or financial position, Garmin believes that the claims in this lawsuit are without merit and intends to vigorously defend this action.

 

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, actions, and complaints, including matters involving patent infringement and other intellectual property claims and various other risks. It is not possible to predict with certainty whether or not the Company and its subsidiaries will ultimately be successful in any of these legal matters, or if not, what the impact might be. However, the Company’s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the Company’s results of operations, financial position or cash flows.

 

40
 

 

Item 4. Mine Safety Disclosure

 

None.

 

Executive Officers of the Registrant

 

Pursuant to General Instruction G(3) of Form 10-K and instruction 3 to paragraph (b) of Item 401 of Regulation S-K, the following list is included as an unnumbered Item in Part I of this Annual Report on Form 10-K in lieu of being included in the Company’s Definitive Proxy Statement in connection with its annual meeting of shareholders scheduled for June 1, 2012.

 

Dr. Min H. Kao, age 63, has served as Chairman of Garmin Ltd. since August 2004 and was previously Co-Chairman of Garmin Ltd. from August 2000 to August 2004. He has served as Chief Executive Officer of Garmin Ltd. since August 2002 and previously served as Co-Chief Executive Officer from August 2000 to August 2002. Dr. Kao has served as a director and officer of various subsidiaries of the Company since August 1990. Dr. Kao holds Ph.D. and MS degrees in Electrical Engineering from the University of Tennessee and a BS degree in Electrical Engineering from National Taiwan University.

 

Clifton A. Pemble, age 46, has served as a director of Garmin Ltd. since August 2004, and as President and Chief Operating Officer of Garmin Ltd. since October 2007. Mr. Pemble has served as a director and officer of various Garmin subsidiaries since August 2003. Previously, he was Vice President, Engineering of Garmin International, Inc. from 2005 to October 2007, Director of Engineering of Garmin International, Inc. from 2003 to 2005, and Software Engineering Manager of Garmin International, Inc. from 1995 to 2002 and a Software Engineer with Garmin International, Inc. from 1989 to 1995. Mr. Pemble holds BA degrees in Mathematics and Computer Science from MidAmerica Nazarene University.

 

Kevin S. Rauckman, age 49, has served as Chief Financial Officer and Treasurer of Garmin Ltd. since August 2000. He previously served as Director of Finance and Treasurer of Garmin International, Inc. since January 1999 and has served as a director and officer of various subsidiaries of the Company since April 2001. Mr. Rauckman holds BS and MBA degrees in Business from the University of Kansas.

 

Andrew R. Etkind, age 56, has served as Vice President, General Counsel and Secretary of Garmin Ltd. since June 2009. He was previously General Counsel and Secretary of Garmin Ltd. from August 2000 to June 2009. He has been Vice President and General Counsel of Garmin International, Inc. since July 2007, General Counsel since February 1998, and Secretary since October 1998. Mr. Etkind has served as a director and officer of various Garmin subsidiaries since December 2001. Mr. Etkind holds BA, MA and LLM degrees from Cambridge University, England and a JD degree from the University of Michigan Law School.

 

All executive officers are elected by and serve at the discretion of the Company’s Board of Directors. None of the executive officers have an employment agreement with the Company. There are no arrangements or understandings between the executive officers and any other person pursuant to which he or she was or is to be selected as an officer. There is no family relationship among any of the executive officers. Dr. Min H. Kao is the brother of Ruey-Jeng Kao, who is a supervisor of Garmin Corporation, Garmin’s Taiwan subsidiary, who serves as an ex-officio member of Garmin Corporation’s Board of Directors.

 

41
 

 

PART II

 

Item 5. Market for the Company’s Common Shares, Related Shareholder Matters and Issuer Purchases of Equity Securities

 

Garmin’s common shares have traded on the Nasdaq Stock Market LLC under the symbol “GRMN” since its initial public offering on December 8, 2000 (the “IPO”). As of February 17, 2012, there were 258 shareholders of record.

 

The range of high and low closing sales prices of Garmin’s common shares as reported on the Nasdaq Stock Market for each fiscal quarter of fiscal years 2011 and 2010 was as follows:

 

   Year Ended 
   December 31, 2011   December 25, 2010 
   High   Low   High   Low 
First Quarter  $34.77   $30.21   $39.94   $30.70 
Second Quarter  $35.31   $32.55   $39.14   $31.22 
Third Quarter  $33.74   $30.14   $31.60   $26.55 
Fourth Quarter  $40.39   $30.60   $34.00   $28.52 

 

On June 3, 2011 the shareholders approved a cash dividend in the amount of $2.00 per share out of Garmin’s general reserves from capital contribution payable in four installments as follows: $0.80 on June 30, 2011 to shareholders of record on June 15, 2011, $0.40 on September 30, 2011 to shareholders of record on September 15, 2011, $0.40 on December 30, 2011 to shareholders of record on December 15, 2011 and $0.40 on March 30, 2012 to shareholders of record on March 15, 2012. Garmin currently expects to pay a quarterly cash dividend in the remaining three quarters of 2012. The decision of whether to pay a dividend and the amount of the dividend will be voted on by the Company’s shareholders as required by Swiss law.

 

The Board of Directors approved a share repurchase program on February 12, 2010, authorizing the Company to repurchase up to $300 million of the Company’s shares as market and business conditions warrant. This share repurchase authorization expired on December 31, 2011. No shares were repurchased under the plan during the fourth quarter of 2011.

 

We refer you to Item 12 of this report under the caption “Equity Compensation Plan Information” for certain equity plan information required to be disclosed by Item 201(d) of Regulation S-K.

 

Item 6. Selected Financial Data

 

The following table sets forth selected consolidated financial data of the Company. The selected consolidated balance sheet data as of December 31, 2011 and December 25, 2010 and the selected consolidated statement of income data for the years ended December 31, 2011, December 25, 2010, and December 26, 2009 were derived from the Company’s audited consolidated financial statements and the related notes thereto which are included in Item 8 of this annual report on Form 10-K. The selected consolidated balance sheet data as of December 26, 2009, December 27, 2008, and December 29, 2007 and the selected consolidated statement of income data for the years ended December 27, 2008 and December 29, 2007 were derived from the Company’s audited consolidated financial statements, not included herein.

 

42
 

 

The information set forth below is not necessarily indicative of the results of future operations and should be read together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and notes to those statements included in Items 7 and 8 in Part II of this Form 10-K.

 

   Years ended (1) 
   Dec. 31, 2011 (2)   Dec. 25, 2010   Dec. 26, 2009   Dec. 27, 2008   Dec. 29, 2007 
   (in thousands, except per share data) 
Consolidated Statements of                         
Income Data:                         
Net sales  $2,758,569   $2,689,911   $2,946,440   $3,494,077   $3,180,319 
Cost of goods sold   1,419,977    1,343,537    1,502,329    1,940,562    1,717,064 
Gross profit   1,338,592    1,346,374    1,444,111    1,553,515    1,463,255 
                          
Operating expenses:                         
Advertising expense   145,024    144,613    155,521    208,177    206,948 
Selling, general and                         
administrative   341,217    287,824    264,202    277,212    189,550 
Research and development   298,584    277,261    238,378    206,109    159,406 
Total operating expenses   784,825    709,698    658,101    691,498    555,904 
                          
Operating income   553,767    636,676    786,010    862,017    907,351 
Other income/(expense), net (3), (4), (5)   30,394    (59,404)   22,641    52,349    70,922 
Income before income taxes   584,161    577,272    808,651    914,366    978,273 
                          
Income tax provision/(benefit) (6)   63,265    (7,331)   104,701    181,518    123,262 
Net income  $520,896   $584,603   $703,950   $732,848   $855,011 
                          
Net income per share:                         
Basic  $2.68   $2.97   $3.51   $3.51   $3.95 
Diluted  $2.67   $2.95   $3.50   $3.48   $3.89 
Weighted average common                         
shares outstanding:                         
Basic   194,105    196,979    200,395    208,993    216,524 
Diluted   194,894    198,009    201,161    210,680    219,875 
                          
Cash dividends paid per share  $1.60   $1.50   $0.75   $0.75   $0.75 
                          
Balance Sheet Data (at end of                         
Period):                         
Cash and cash equivalents  $1,287,160   $1,260,936   $1,091,581   $696,335   $707,689 
Marketable securities   1,208,155    801,819    766,047    274,895    424,505 
Total assets   4,471,338    3,988,688    3,828,082    2,934,421    3,291,460 
Total debt   -    -    -    -    - 
Total stockholders' equity   3,256,581    3,049,562    2,836,447    2,225,854    2,350,614 

 

 

(1)Our fiscal year-end is the last Saturday of the calendar year and does not always fall on December 31. All years presented contain 52 weeks excluding Fiscal 2011 which includes 53 weeks.
(2)Includes a change in estimate for per unit revenue and cost deferrals. The increase to net sales, gross profit, net income, basic net income per share and diluted net income per share was $77.8 million, $66.5 million, $59.3 million, $0.31, and $0.30, respectively.
(3)Other income/(expense), net mainly consists of gain and/or loss on sale of equity securities, interest income, interest expense, and foreign currency gain (loss)
(4)Includes $23.0 million for foreign currency gains in 2007, and $12.1 million, $88.4 million, $6.0 million and $35.3 million for foreign currency losses in 2011, 2010, 2009 and 2008 respectively.
(5)Includes a $72.4 million gain on sale of equity securities primarily related to the sale of our equity interest in Tele Atlas N.V. and related foreign currency exchange effects in 2008.
(6)Includes a $98.7 million one-time income tax reserve release of uncertain tax position reserves from 2006 to 2008, partially offset by a settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves, recorded in 2010.

 

43
 

 

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of our financial condition and results of operations focuses on and is intended to clarify the results of our operations, certain changes in our financial position, liquidity, capital structure and business developments for the periods covered by the consolidated financial statements included in this Form 10-K. This discussion should be read in conjunction with, and is qualified by reference to, the other related information including, but not limited to, the audited consolidated financial statements (including the notes thereto), the description of our business, all as set forth in this Form 10-K, as well as the risk factors discussed above in Item 1A.

 

As previously noted, the discussion set forth below, as well as other portions of this Form 10-K, contain statements concerning potential future events. Readers can identify these forward-looking statements by their use of such verbs as “expects,” “anticipates,” “believes” or similar verbs or conjugations of such verbs. If any of our assumptions on which the statements are based prove incorrect or should unanticipated circumstances arise, our actual results could materially differ from those anticipated by such forward-looking statements. The differences could be caused by a number of factors or combination of factors including, but not limited to, those discussed above in Item 1A. Readers are strongly encouraged to consider those factors when evaluating any such forward-looking statement. We do not undertake to update any forward-looking statements in this Form 10-K.

 

Garmin’s fiscal year is a 52-53 week period ending on the last Saturday of the calendar year. Fiscal year 2011 contained 53 weeks compared to 52 weeks for 2010 and 2009. Unless otherwise stated, all years and dates refer to the Company’s fiscal year and fiscal periods. Unless the context otherwise requires, references in this document to "we," "us," "our" and similar terms refer to Garmin Ltd. and its subsidiaries.

 

Unless otherwise indicated, dollar amounts set forth in the tables are in thousands, except per share data.

 

Overview

 

We are a leading worldwide provider of navigation, communications and information devices, most of which are enabled by Global Positioning System, or GPS, technology. We operate in five business segments, which serve the marine, outdoor, fitness, automotive/mobile, and aviation markets. Our segments offer products through our network of subsidiary distributors and independent dealers and distributors. However, the nature of products and types of customers for the five segments can vary significantly. As such, the segments are managed separately. Our portable GPS receivers and accessories for marine, recreation/fitness and automotive/mobile segments are sold primarily to retail outlets. Our aviation products are portable and panel-mount avionics for Visual Flight Rules and Instrument Flight Rules navigation and are sold primarily to retail outlets and certain aircraft manufacturers.

 

Since our first products were delivered in 1991, we have generated positive income from operations each year and have funded our growth from these profits.

 

Since our principal locations are in the United States, Taiwan and the U.K., we experience some foreign currency fluctuations in our operating results. The table below provides a listing of our functional currency by subsidiary excluding the European subsidiaries that utilize the Euro.

 

44
 

 

Garmin (Europe) Ltd US Dollar
Garmin Corporation Taiwan Dollar
Garmin International US Dollar
Garmin Norge Norwegian Kroner
Dynastream Innovations Canadian Dollar
Garmin Danmark Danish Krone
Garmin Sweden Swedish Brona
Garmin Australasia Australian Dollar
Garmin Polska Polish Zloty
Garmin Japan Japanese Yen
Garmin China Chinese Renminbi
Tri-Tronics US Dollar
Garmin Brazil Brazilian Real
Garmin South Africa South African Rand
Navigon SRL Romanian Leu
Navigon Asia Hong Kong Dollar

 

Approximately 81% of sales by our European subsidiaries are now denominated in British Pounds Sterling or the Euro. We experienced ($12.1) million, ($88.4) million, and ($6.0) million in foreign currency losses during fiscal years 2011, 2010, and 2009, respectively. The 2009 foreign currency loss includes a realized gain of $21.5 million due to the strengthening of the Euro between the date we purchased shares in Tele Atlas N.V. in October 2007 and the tender of shares in February, March, and June 2009. To date, we have not entered into hedging transactions related to any currency, and we do not currently plan to utilize hedging transactions in the future.

 

Critical Accounting Policies and Estimates

 

General

 

Garmin’s discussion and analysis of its financial condition and results of operations are based upon Garmin’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The presentation of these financial statements requires Garmin to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, Garmin evaluates its estimates, including those related to customer sales programs and incentives, product returns, bad debts, inventories, investments, intangible assets, income taxes, warranty obligations, and contingencies and litigation. Garmin bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

Revenue Recognition

 

Garmin recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable.  For the large majority of Garmin’s sales, these criteria are met once product has shipped and title and risk of loss have transferred to the customer.  The Company recognizes revenue from the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware.  The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.

 

45
 

 

Garmin introduced nüMaps Lifetime™ in January 2009, which is a single fee program that, subject to the program’s terms and conditions, enables customers to download the latest map and point of interest information every quarter for the useful life of their PND.  The revenue and associated cost of royalties for sales of nüMaps Lifetime™ products are deferred at the time of sale and recognized ratably on a straight-line basis over the estimated 36-month life of the products. With the acquisition of Navigon AG in 2011, products marketed under the Navigon brand have a FreshMaps program that enables customers to download the latest map and point of interest information for two years.  The revenue and associated cost of royalties for sales of FreshMaps products are deferred at the time of sale and recognized ratably on a straight-line basis over the two year period. 

 

For multiple-element arrangements that include tangible products that contain software essential to the tangible product’s functionality and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of selling price (“TPE”), and (iii) best estimate of the selling price (“ESP”).  VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis, at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other products that involve multiple-element arrangements that are immaterial.

 

In 2010, Garmin began offering PNDs with lifetime map updates (LMUs) bundled in the original purchase price. Similar to nüMaps Lifetime™, LMUs enable customers to download the latest map and point of interest information every quarter for the useful life of their PND. In addition, Garmin offers PNDs with premium traffic service bundled in the original purchase price in the European market. The Company has identified two deliverables contained in arrangements involving the sale of PNDs which include either the LMU or premium traffic service. The first deliverable is the hardware along with the software essential to the functionality of the hardware device delivered at the time of sale. The second deliverable is either the LMU or premium traffic service. The Company has allocated revenue between these two deliverables using the relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met.  The revenue and associated cost of royalties allocated to the LMU or the subscription for premium traffic service are deferred and recognized on a straight-line basis over the estimated 36-month life of the products.

 

Prior to the third quarter of fiscal 2011, the Company determined its estimate of selling price using the dealer/distributor price for nüMaps Lifetime or premium traffic subscriptions sold separately, and the prices for products bundled with and without the LMU and premium traffic service when comparable models were available, as inputs to the relative selling price method in a manner similar to VSOE. The estimated selling price determined in this manner was used to defer revenues for all products bundled with the LMU and premium traffic service, as the number of bundled units sold as a percentage of total units sold was less significant and other indicators of selling price were not readily available.

 

During 2011, sales of products bundled with LMUs and premium traffic service increased significantly as a percentage of total product sales. Concurrently, market conditions caused decreases in the ASP and margins of comparable models year over year, new bundled products were introduced at lower ASPs, and the difference in pricing of bundled units and comparable unbundled models decreased considerably. Due to these changes, the Company determined it was appropriate to change its estimate of the per unit revenue and cost deferrals during the third quarter of 2011.

 

46
 

 

As the sales of nüMaps Lifetime and premium traffic subscriptions as a percentage of total unit sales or in the aggregate decreased significantly in mid-2011, the Company determined that the previous estimate of selling price based on more limited stand-alone sales of nüMaps Lifetime or premium traffic was no longer a sole determinant of its value as determined under VSOE, and that third party evidence of selling price was not available. Management determined that the price differential between bundled and unbundled products and the royalty cost of the LMU or premium traffic subscription plus an approximate margin were both additional indicators of estimated selling price. These estimates are also reflective of how the Company establishes product pricing based in part on customer perception of value of the added LMU or premium traffic service capability. As such, beginning in the third quarter of 2011, the Company changed its estimate of selling price of the undelivered element to be based on the relative selling price method using a weighted average of the stand-alone sales price, the price differential between bundled and unbundled units, and the royalty or subscription cost plus a normal margin.

 

The impact of the 2011 change in estimate for lifetime map updates and premium traffic service, as described above, was an increase in revenue, gross profit, net income, basic net income per share, and diluted net income per share of $77.8 million, $66.5 million, $59.3 million, $0.31, and $0.30, respectively.

 

In 2009 and 2010 respectively, Garmin introduced the nüvi 1690 and 1695, premium PNDs with a built-in wireless module that lets customers access Garmin’s nüLink!™ service, which provides direct links to certain online information.  Additional models were introduced in 2011. The Company has identified two deliverables contained in arrangements involving the sale of the nüvi products with the nüLink feature. The first deliverable is the hardware and software essential to the functionality of the hardware device delivered at the time of sale, and the second deliverable is the nüLink service. The Company has allocated revenue between these two deliverables using the relative selling price method determined using VSOE. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met.  The revenue and associated cost allocated to the nüLink services are deferred and recognized on a straight-line basis over the life of the service, which is either 12 or 24 months.

 

Garmin records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectation of future conditions. Changes in these estimates could negatively affect Garmin’s operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, are accrued for on a percentage of sales basis. If market conditions were to decline, Garmin may take actions to increase customer incentive offerings, possibly resulting in an incremental reduction of revenue at the time the incentive is offered.

 

The Company records revenue net of sales tax, trade discounts and customer returns. The reductions to revenue for expected future product returns are based on Garmin’s historical experience.

 

Trade Accounts Receivable

 

We sell our products to retailers, wholesalers, and other customers and extend credit based on our evaluation of each customer’s financial condition.  Potential losses on receivables are dependent on each individual customer’s financial condition. We carry our trade accounts receivable at net realizable value. Typically, our accounts receivable are collected within 80 days and do not bear interest. We monitor our exposure to losses on receivables and maintain allowances for potential losses or adjustments. We determine these allowances by (1) evaluating the aging of our receivables; and (2) reviewing our high-risk customers. Past due receivable balances are written off when our internal collection efforts have been unsuccessful. In 2011, Garmin purchased credit insurance to provide security against large losses.

 

Warranties

 

Garmin’s products are generally covered by a warranty for periods ranging from one to three years. Garmin accrues a warranty reserve for estimated costs to provide warranty services. Garmin’s estimate of costs to service its warranty obligations is based on historical experience and expectation of future conditions. To the extent Garmin experiences increased warranty claim activity or increased costs associated with servicing those claims, its warranty accrual will increase, resulting in decreased gross profit.

 

47
 

 

Inventory

 

Garmin writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required.

 

Investments

 

Investments are classified as available for sale and recorded at fair value, and unrealized investment gains and losses are reflected in stockholders’ equity. Investment income is recorded when earned, and gains and losses are recognized when investments are sold. Fair value of investments in auction rate securities, if any, are determined using third party estimates which follow an income approach valuation methodology. Investments are reviewed periodically to determine if they have suffered an impairment of value that is considered other than temporary. If investments are determined to be impaired, a loss is recognized at the date of determination.

 

Testing for impairment of investments requires significant management judgment. The identification of potentially impaired investments, the determination of their fair value and the assessment of whether any decline in value is other than temporary are the key judgment elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment.

 

Income Taxes

 

Garmin provides deferred tax assets and liabilities based on the difference between the tax basis of assets and liabilities and their carrying amount for financial reporting purposes as measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is Garmin’s policy to record a valuation allowance to reduce its deferred tax assets to an amount that it believes is more likely than not to be realized. While Garmin has considered future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance, in the event Garmin were to determine that it would not be able to realize all or part of its net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to income in the period such determination is made. Likewise, should Garmin determine that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination is made.

 

In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves not to be required, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. If our estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.

 

Stock Based Compensation

 

Garmin awards stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and/or performance shares each year as part of Garmin’s compensation package for employees. Certain employees within Garmin are eligible for stock options, SAR grants, RSU grants and/or performance shares but the granting of options, SARs, RSUs and/or performance shares is at the discretion of the Compensation Committee of the Board of Directors and is not a contractual obligation.

 

48
 

 

Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period. Determining the fair value of stock-based awards at the grant date requires judgment, including estimating expected dividends. In addition, judgment is also required in estimating the number of stock-based awards that are expected to vest. If actual results differ significantly from these estimates, stock-based compensation expense could be impacted. Stock compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.

 

Accounting Terms and Characteristics

 

Net Sales

 

Our net sales are primarily generated through sales to our global dealer and distributor network and to original equipment manufacturers. Refer to the Revenue Recognition discussion above. Our sales are largely of a consumer nature; therefore, backlog levels are not necessarily indicative of our future sales results. We aim to achieve a quick turnaround on orders we receive, and we typically ship most orders within 72 hours.

 

Net sales are subject to seasonal fluctuation. Typically, sales of our consumer products are highest in the second quarter, due to increased demand during the spring and summer season, and in the fourth quarter, due to increased demand during the holiday buying season. Our aviation products do not experience much seasonal variation, but are more influenced by the timing of the release of new products when the initial demand is typically the strongest.

 

Cost of Sales/Gross Profit

 

Raw material costs are our most significant component of cost of goods sold. In 2011, gross margin for our automotive/mobile segment declined 280 basis points driven primarily by the deferral of high margin revenue associated with bundled products and decreased selling prices on comparable units, as well as positive impact to 2010 gross margin from a refinement in the estimated warranty reserve. The substantial increase in product mix toward products bundled with lifetime maps required us to defer greater amounts of revenue and related costs than in the prior year, thereby lowering gross profit by $143 million in the current year compared to $100 million for the prior year. See Note 2 for further information on gross profit deferrals. In 2010, gross margin for our automotive/mobile segment declined 160 basis points as the average selling price declines outpaced raw material price declines. In addition, the deferral of high margin revenue and the related costs increased significantly as the product mix began to be impacted by a shift toward products bundled with lifetime maps. This was partially offset by a positive refinement in the estimated warranty reserve. In 2009, gross margin for our automotive/mobile segment increased 350 basis points as benefits from raw material price declines and operating efficiencies exceeded the average selling price decline. In 2011, we also experienced a 420 basis point decline in marine gross margin due to a shift in product mix. Gross margins for the aviation, marine, outdoor, and fitness segments are typically more stable. Our long-term gross margin targets are 65%, 55%, 65%, and 55%, respectively, for these segments.

 

Our existing practice of performing the design and manufacture of our products in-house has enabled us to source components from different suppliers and, where possible, to redesign our products to leverage lower cost components. We believe that our flexible production model allows our Sijhih, Jhongli, and LinKou manufacturing plants in Taiwan, our Olathe, Kansas, and Salem, Oregon manufacturing plants to experience relatively low costs of manufacturing. In general, products manufactured in Taiwan have been our highest volume products. Our manufacturing labor costs historically have been lower in Taiwan than in Olathe and Salem.

 

Sales price variability has had and can be expected to have an effect on our gross profit. In the past, prices of our devices sold into the automotive/mobile market have declined due to market pressures and introduction of new products sold at lower price points. The average selling prices of our aviation, outdoor, fitness, and marine products have been stable due to product mix and the introduction of more advanced products sold at higher prices. The effect of the sales price differences inherent within the mix of GPS-enabled products sold could have a significant impact on our gross profit.

 

49
 

 

Advertising Expense

 

Our advertising expenses consist of costs for both media advertising and cooperative advertising with our retail partners. As revenues grew in 2009, advertising expense also increased. In 2010, we reduced our advertising expense as revenues declined and the public became more aware of GPS technology. In 2011, our advertising costs increased slightly as we again experienced revenue growth. We expect advertising costs to increase slightly in 2012 but remain consistent as a percentage of net sales.

 

Selling, General and Administrative Expenses

 

Our selling, general and administrative expenses consist primarily of:

 

·salaries for sales and marketing personnel;

 

·salaries and related costs for executives and administrative personnel;

 

·marketing, and other brand building costs;

 

·accounting and legal costs;

 

·information systems and infrastructure costs;

 

·travel and related costs; and

 

·occupancy and other overhead costs.

 

Selling, general and administrative expenses increased in both 2011 and 2010. The 2011 increase was primarily driven by acquisitions, commissions associated with a new web-based sales program, bad debt expense, legal costs and product support costs. The 2010 increase was primarily due to legal costs, fees associated with the Swiss redomestication, and growth in product support and information technology to support our growing installed base of users. Due to the economic pressure on our consumer-oriented business, we decreased selling, general and administrative expenses in 2009. We expect selling, general and administrative costs, excluding advertising, to increase slightly in 2012 due to the acquisitions made in 2011.

 

Research and Development

 

The majority of our research and development costs represent salaries for our engineers, costs for high technology components and costs of test equipment used in product and prototype development. Approximately 82% of the research and development of our products is performed in North America. The remainder of our research and development activities is performed primarily by our Taiwan engineering group.

 

We are committed to increasing the level of innovative design and development of new products as we strive for expanded ability to serve our existing consumer and aviation markets as well as new markets for GPS-enabled devices. We expect our research and development budget to increase in 2012 due to recent acquisitions and our ongoing commitment to innovation and growth.

  

Customers

 

Our top ten customers have contributed between 29% and 36% of net sales since 2009. We have experienced average sales days in our customer accounts receivable of between 71 and 78 days since 2009. We experienced an increase in the level of customer accounts receivable days in 2010 due to changes in product mix, longer payment terms, and macroeconomic conditions but this was reduced in 2011. We expect the level of customer accounts receivable days to be relatively stable in 2012.

 

50
 

 

Income Taxes

 

We have experienced a relatively low effective corporate tax rate due to the proportion of our revenue generated by entities in tax jurisdictions with low statutory rates. In particular, the profit entitlement afforded our Swiss-based companies based on their intellectual property rights ownership of our consumer products along with substantial tax incentives offered by the Taiwanese government on certain high-technology capital investments have continued to reduce our tax rate. As a result, our consolidated effective tax rate was approximately 10.8% during 2011. This is a decrease from an effective rate of 15.8%, excluding certain one-time tax benefits, in 2010. The decrease in 2011 resulted primarily from the release of reserves related to the expiration of certain statutes for the Company’s United Kingdom subsidiary, Garmin (Europe) Ltd., a reduction in the statutory tax rate in Taiwan from 25% to 17%, and improved operating profitability in lower tax jurisdictions. We have taken advantage of the tax benefit in Taiwan since our inception and we expect to continue to benefit from lower effective tax rates at least through 2015. Management believes that due to slightly lower operating margins predicted for fiscal 2012, there may be less revenue recognized by entities in lower tax rate jurisdictions.  Therefore, the effective tax rate for fiscal 2012 is expected to be higher than fiscal 2011.  The actual effective tax rate will be dependent upon the operating margins, production volume, additional capital investments made during fiscal 2012, the resolution of uncertain tax positions and the composition of our earnings.

 

Results of Operations

 

The following table sets forth our results of operations as a percentage of net sales during the periods shown (the table may not foot due to rounding):

 

   Fiscal Years Ended 
   Dec. 31,   Dec. 25,   Dec. 26, 
   2011   2010   2009 
Net sales   100%   100%   100%
Cost of goods sold   51%   50%   51%
Gross profit   49%   50%   49%
Operating expenses:               
Advertising   5%   5%   5%
Selling, general and administrative   12%   11%   9%
Research and development   11%   10%   8%
Total operating expenses   28%   26%   22%
Operating income   20%   24%   27%
Other income / (expense) , net   1%   -2%   0%
Income before income taxes   21%   22%   27%
Provision for income taxes   2%   0%   3%
Net income   19%   22%   24%

 

The following table sets forth our results of operations through income before income taxes for each of our five segments during the period shown. For each line item in the table the total of the segments’ amounts equals the amount in the consolidated statements of income data included in Item 6.

 

51
 

 

               Automotive/     
Fiscal year ended December 31, 2011  Outdoor   Fitness   Marine   Mobile   Aviation 
                          
Net sales  $363,223   $298,163   $221,730   $1,590,598   $284,855 
Cost of goods sold   124,373    116,404    92,077    993,581    93,542 
Gross profit   238,850    181,759    129,653    597,017    191,313 
                          
Advertising   16,739    18,831    11,310    93,456    4,688 
Selling, general and administrative expenses   43,181    38,495    30,990    212,545    16,006 
Research and development   17,419    22,332    29,708    130,179    98,946 
Total expenses   77,339    79,658    72,008    436,180    119,640 
                          
Operating income   161,511    102,101    57,645    160,837    71,673 
Other income / (expense), net   9,734    5,780    2,447    10,880    1,553 
                          
Income before income taxes  $171,245   $107,881   $60,092   $171,717   $73,226 

 

               Automotive/     
Fiscal year ended December 25, 2010  Outdoor   Fitness   Marine   Mobile   Aviation 
                          
Net sales  $319,119   $240,473   $198,860   $1,668,939   $262,520 
Cost of goods sold   104,396    90,740    74,212    995,986    78,203 
Gross profit   214,723    149,733    124,648    672,953    184,317 
                          
Advertising   11,731    12,754    9,834    106,950    3,344 
Selling, general and administrative expenses   31,987    26,326    23,497    188,799    17,215 
Research and development   13,328    17,305    23,854    131,290    91,484 
Total expenses   57,046    56,385    57,185    427,039    112,043 
                          
Operating income   157,677    93,348    67,463    245,914    72,274 
Other income / (expense), net   (6,704)   (6,849)   (5,032)   (40,027)   (792)
                          
Income before income taxes  $150,973   $86,499   $62,431   $205,887   $71,482 

 

               Automotive/     
Fiscal year ended December 26, 2009  Outdoor   Fitness   Marine   Mobile   Aviation 
                          
Net sales  $299,300   $169,624   $177,644   $2,054,127   $245,745 
Cost of goods sold   97,361    64,721    72,429    1,192,227    75,591 
Gross profit   201,939    104,903    105,215    861,900    170,154 
                          
Advertising   12,642    10,620    9,682    118,713    3,864 
Selling, general and administrative expenses   30,319    17,480    18,177    172,473    25,753 
Research and development   7,384    16,392    21,448    110,907    82,247 
Total expenses   50,345    44,492    49,307    402,093    111,864 
                          
Operating income   151,594    60,411    55,908    459,807    58,290 
Other income / (expense), net   (3,598)   (2,365)   1,522    28,777    (1,695)
                          
Income before income taxes  $147,996   $58,046   $57,430   $488,584   $56,595 

 

52
 

 

Comparison of 53-Weeks Ended December 31, 2011 and 52-Weeks Ended December 25, 2010

 

Net Sales

 

   53-weeks ended December 31, 2011   52-weeks ended December 25, 2010   Year over Year 
   Net Sales   % of Revenues   Net Sales   % of Revenues   $ Change   % Change 
Outdoor  $363,223    13%  $319,119    12%  $44,104    14%
Fitness   298,163    11%   240,473    9%   57,690    24%
Marine   221,730    8%   198,860    7%   22,870    12%
Automotive/Mobile   1,590,598    58%   1,668,939    62%   (78,341)   -5%
Aviation   284,855    10%   262,520    10%   22,335    9%
Total  $2,758,569    100%  $2,689,911    100%  $68,658    3%

 

Net sales increased 3% in 2011 when compared to the year-ago period.  The increase occurred in all segments excluding automotive/mobile.  The fitness segment experienced the greatest increase at 24% with outdoor contributing 14% growth.  Automotive/mobile revenue remains the largest portion of our revenue mix, but declined from 62% in 2010 to 58% in 2011.    

 

Total unit sales decreased 1% to 15.8 million units in 2011 from 16.0 million units in 2010.   The declining unit sales volume in 2011 was attributable to a decline in automotive/mobile units as the North American PND market slowed due to penetration rates and competing technologies partially offset by increasing volumes in the outdoor, fitness, and marine segments.  

 

Automotive/mobile segment revenue declined 5% in 2011, as the average selling price (ASP) was flat and volumes declined 5%.   ASP was stable due to the substantial increase in our bundled product offerings, which include lifetime map updates and premium traffic services, as a percentage of total units sold, offset by a decrease in the ASP of comparable models from the previous year. The increase in product mix toward bundled offerings required us to defer $179.3 million of net sales in 2011 compared to $131.3 million of net sales in 2010.  This year-over-year impact did lessen in the back half of 2011 due to a change in accounting estimate.  As bundled products increased significantly as a percentage of total product sales in 2011, including the impact of new product introductions, market conditions also caused decreases in the ASP and margins of comparable models year over year.  In addition, the difference in pricing of such bundled units and comparable unbundled models decreased considerably since 2010.  Due to the impact of these and other factors, the Company changed its estimate of the per unit revenue and cost deferrals during the third quarter of 2011. The impact of the change in estimate was an increase in net sales of $77.8 million in 2011.

 

Fitness segment revenue increased 24% on the strength of recent product introductions and ongoing global penetration.  Outdoor revenue increased 14% driven by new product introductions and market share gains in the GPS-enabled golf category. Marine revenues increased 12% due to shipments to new OEM partners and market share gains.  Aviation revenues increased 9% as the Company’s retrofit business began to recover on the strength of new panel mount avionics products.

 

The Company anticipates revenue of $2.7 - $2.8 billion in 2012 driven by growth in the outdoor, fitness, aviation and marine segments offset by ongoing declines in the automotive/mobile segment. In general, management believes that continuous innovation and the introduction of new products are essential for future revenue growth.

 

53
 

 

Cost of Goods Sold

 

   53-weeks ended December 31, 2011   52-weeks ended December 25, 2010   Year over Year 
   Cost of Goods   % of Revenues   Cost of Goods   % of Revenues   $ Change   % Change 
Outdoor  $124,373    34%  $104,396    33%  $19,977    19%
Fitness   116,404    39%   90,740    38%   25,664    28%
Marine   92,077    42%   74,212    37%   17,865    24%
Automotive/Mobile   993,581    62%   995,986    60%   (2,405)   0%
Aviation   93,542    33%   78,203    30%   15,339    20%
Total  $1,419,977    51%  $1,343,537    50%  $76,440    6%

 

Cost of goods sold increased 6% in 2011 when compared to the year-ago period. Cost of goods sold in 2010 was positively impacted by 160 basis points due to a $42.8 million warranty adjustment related to refinement in the estimated warranty reserve.  This adjustment impacted all segments with automotive/mobile, outdoor, fitness and marine having the largest benefits.   Excluding this 2010 adjustment, cost of goods sold increased 3% which is consistent with the change in revenue.

 

Cost per unit increased in all segments with increases in outdoor and fitness generally consistent with ASP increases. Automotive/mobile increased due to product mix shifting toward bundled PNDs. Marine and aviation cost per unit increases exceeded ASP growth which negatively impacted gross margins for these respective segments due to product mix shift toward fishfinders in marine and retrofit panel mount products in aviation.

 

Management believes that cost of goods sold as a percentage of sales will be stable in 2012 given current component pricing.

 

Gross Profit

 

   53-weeks ended December 31, 2011   52-Weeks ended December 25, 2010   Year over Year 
   Gross Profit   % of Revenues   Gross Profit   % of Revenues   $ Change   % Change 
Outdoor  $238,850    66%  $214,723    67%  $24,127    11%
Fitness   181,759    61%   149,733    62%   32,026    21%
Marine   129,653    58%   124,648    63%   5,005    4%
Automotive/Mobile   597,017    38%   672,953    40%   (75,936)   -11%
Aviation   191,313    67%   184,317    70%   6,996    4%
Total  $1,338,592    49%  $1,346,374    50%  $(7,782)   -1%

 

Gross profit dollars in 2011 decreased 1% while gross profit margin percentage decreased 150 basis points compared to 2010.  Gross profit margins declined in all segments when compared to 2010.  Gross margins in 2010 were positively impacted due to the $42.8 million warranty adjustment related to the refinement in the estimated warranty reserve.

 

The automotive/mobile segment gross profit margin percentage decreased 280 basis points driven primarily by the 2010 warranty benefit and the deferral of high margin revenue associated with bundled products. The substantial increase in product mix toward products bundled with lifetime maps required us to defer greater amounts of revenue and related costs, thereby lowering gross profit by $143.2 million in the current year compared to $99.9 million for the prior year. This year-over-year impact did lessen in the back half of 2011 due to the previously discussed change in accounting estimate. The impact of the change in estimate was an increase in gross profit of $66.5 million in 2011.

 

Outdoor and fitness gross profit margin percentage decreased 150 basis points and 130 basis points, respectively, from the prior year driven primarily by the 2010 warranty benefit. Marine gross profit margin percentage decreased 420 basis points driven by the 2010 warranty benefit, a 2011 increase in warranty reserves to account for geographic mix and a product mix shift toward lower margin products including fishfinders. Aviation gross profit margin percentage decreased 300 basis points driven primarily by a lower margin profile for our retrofit panel mount products.

 

Management believes that total company gross margins will be stable in 2012 as growth occurs in segments with higher margin profiles than corporate average.

 

54
 

 

Advertising Expenses

 

   53-weeks ended December 31, 2011   52-Weeks ended December 25, 2010     
   Advertising       Advertising       Year over Year 
   Expense   % of Revenues   Expense   % of Revenues   $ Change   % Change 
Outdoor  $16,739    5%  $11,731    4%  $5,008    43%
Fitness   18,831    6%   12,754    5%   6,077    48%
Marine   11,310    5%   9,834    5%   1,476    15%
Automotive/Mobile   93,456    6%   106,950    6%   (13,494)   -13%
Aviation   4,688    2%   3,344    1%   1,344    40%
Total  $145,024    5%  $144,613    5%  $411    0%

 

Advertising expense increased slightly in absolute dollars and was flat as a percentage of revenues when compared to 2010.  As a percent of revenues, advertising expenses were 5% in both 2011 and 2010.  The slight increase in absolute dollars resulted from increased investment for outdoor and fitness advertising, which are the segments experiencing the most growth, offset by reduced cooperative advertising paid to our retail partners as PND units declined and the elimination of mobile handset specific advertising. 

 

Management expects to maintain advertising as a percentage of sales constant in 2012.

 

Selling, General and Administrative Expenses

 

   53-weeks ended December 31, 2011   52-weeks ended December 25, 2010     
   Selling, General &       Selling, General &       Year over Year 
   Admin. Expenses   % of Revenues   Admin. Expenses   % of Revenues   $ Change   % Change 
Outdoor  $43,181    12%  $31,987    10%  $11,194    35%
Fitness   38,495    13%   26,326    11%   12,169    46%
Marine   30,990    14%   23,497    12%   7,493    32%
Automotive/Mobile   212,545    13%   188,799    11%   23,746    13%
Aviation   16,006    6%   17,215    7%   (1,209)   -7%
Total  $341,217    12%  $287,824    11%  $53,393    19%

 

Selling, general and administrative expense increased in both absolute dollars and as a percentage of revenues compared to 2010.  As a percent of revenues, selling, general and administrative expenses increased from 11% of revenues in 2010 to 12% of revenues in 2011. The expense increase was primarily driven by acquisitions ($21.3 million), commissions associated with a new web-based sales program ($4.3 million), bad debt expense ($3.5 million), legal costs ($9.3 million), and product support costs ($6.1 million). Aviation costs declined year-over-year due to a reduction in bad debt expense driven by improved cash collections.

 

Management expects selling, general and administrative expenses to increase slightly in absolute dollars in 2012 due to the acquisitions made in 2011.

 

Research and Development Expense

 

   53-weeks ended December 31, 2011   52-weeks ended December 25, 2010     
   Research &       Research &       Year over Year 
   Development   % of Revenues   Development   % of Revenues   $ Change   % Change 
Outdoor  $17,419    5%  $13,328    4%  $4,091    31%
Fitness   22,332    7%   17,305    7%   5,027    29%
Marine   29,708    13%   23,854    12%   5,854    25%
Automotive/Mobile   130,179    8%   131,290    8%   (1,111)   -1%
Aviation   98,946    35%   91,484    35%   7,462    8%
Total  $298,584    11%  $277,261    10%  $21,323    8%

 

Research and development expense increased 8% due to ongoing development activities for new products and the addition of approximately 225 new engineering personnel due primarily to acquisitions offset by the discontinuation of costs associated with the mobile handset initiative.   In absolute dollars, research and development costs increased $21.3 million when compared with the year-ago period and increased 50 basis points as a percent of revenue.

 

55
 

 

Management believes that one of the key strategic initiatives for future growth and success of Garmin is continuous innovation, development, and introduction of new products. Management expects that its research and development expenses will increase during fiscal 2012 on an absolute dollar basis in order to deliver innovative new products and technologies.

 

Operating Income

  

   53-weeks ended December 31, 2011   52-weeks ended December 25, 2010   Year over Year 
   Operating Income   % of Revenues   Operating Income   % of Revenues   $ Change   % Change 
Outdoor  $161,511    44%  $157,677    49%  $3,834    2%
Fitness   102,101    34%   93,348    39%   8,753    9%
Marine   57,645    26%   67,463    34%   (9,818)   -15%
Automotive/Mobile   160,837    10%   245,914    15%   (85,077)   -35%
Aviation   71,673    25%   72,274    28%   (601)   -1%
Total  $553,767    20%  $636,676    24%  ($82,909)   -13%

 

Operating income decreased 360 basis points as a percent of revenue and 13% in absolute dollars when compared to the year-ago period as gross margin declined and operating expenses increased.

 

Other Income (Expense)

 

   53-weeks ended   52-weeks ended 
   December 31, 2011   December 25, 2010 
Interest Income  $32,812   $24,979 
Interest Expense   -    (1,246)
Foreign Currency Exchange   (12,100)   (88,377)
Other   9,682    5,240 
Total  $30,394   ($59,404)

 

Other income (expense) principally consists of interest income and foreign currency exchange gains and losses. Interest income for fiscal 2011 increased due to increasing cash and marketable securities balances during the year and a slight increase in interest rates.

 

Foreign currency gains and losses for the Company are primarily tied to movements by the Taiwan Dollar, the Euro, and the British Pound Sterling. The Taiwan Dollar is the functional currency of Garmin Corporation. The U.S. Dollar remains the functional currency of Garmin Europe. The Euro is the functional currency of most European subsidiaries. As these entities have grown, currency moves can generate material gains and losses. Additionally, Euro-based inter-company transactions in Garmin Ltd. can also generate currency gains and losses. Due to the relative size of entities using a functional currency other than the Taiwan Dollar, the Euro and the British Pound Sterling, currency fluctuations within these entities are not expected to have a material impact on the Company’s financial statements.

 

The $12.1 million currency loss in 2011 was due primarily to the strengthening of the U.S. Dollar compared to the Euro. The movements of the Taiwan Dollar and Euro/British Pound Sterling have offsetting impacts due to the use of the Taiwan Dollar for manufacturing costs and cash held in non-functional currency while the Euro and British Pound Sterling transactions relate to revenue. During 2011, the U.S. Dollar strengthened 1.3% compared to the Euro resulting in a loss of $4.8 million. A loss of $4.1 million resulted due to the U.S. Dollar weakening 1.2% against the Taiwan Dollar as the asset balances fluctuated throughout the year. The remaining net currency loss of $3.2 million is related to other currencies and timing of transactions.

 

56
 

 

The $88.4 million currency loss in 2010 was due to the strengthening of the U.S. Dollar compared to the Euro and the British Pound Sterling, as well as the weakening of the U.S. Dollar compared to the Taiwan Dollar. During 2011, the U.S. Dollar strengthened 8.8% and 3.3% compared to the Euro and the British Pound Sterling, respectively, resulting in a loss of $51.0 million. A loss of $38.7 million resulted due to the U.S. Dollar weakening 5.9% against the Taiwan Dollar. The remaining net currency gain of $1.3 million is related to other currencies and timing of transactions.

 

Income Tax Provision

 

Our earnings before taxes increased 1% when compared to 2010 and our income tax expense increased by $70.6 million, to $63.3 million for fiscal year 2011 from ($7.3) million for fiscal year 2010. The significant increase in income tax expense was due to the impact of one-time items booked in 2010.  The one-time items of ($98.7) million include release of uncertain tax position reserves from 2006 to 2009 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.  Without one-time items, we would have reported an effective tax rate of 15.8% for 2010 compared to 10.8% for 2011.  The decrease is primarily due to the 2011 release of reserves related to the expiration of certain statutes for Garmin Europe, a reduction in the statutory tax rate in Taiwan from 25% to 17%, and improved operating profitability in lower tax jurisdictions.

 

Net Income

 

As a result of the various factors noted above, net income decreased 11% to $520.9 million for fiscal year 2011 compared to $584.6 million for fiscal year 2010.

 

Comparison of 52-Weeks Ended December 25, 2010 and December 26, 2009

 

Net Sales

 

   52-weeks ended December 25, 2010   52-weeks ended December 26, 2009   Year over Year 
   Net Sales   % of Revenues   Net Sales   % of Revenues   $ Change   % Change 
Outdoor  $319,119    12%  $299,300    10%  $19,819    7%
Fitness   240,473    9%   169,624    6%   70,849    42%
Marine   198,860    7%   177,644    6%   21,216    12%
Automotive/Mobile   1,668,939    62%   2,054,127    70%   (385,188)   -19%
Aviation   262,520    10%   245,745    8%   16,775    7%
Total  $2,689,911    100%  $2,946,440    100%  ($256,529)   -9%

  

Net sales decreased 9% in 2010 when compared to the year-ago period.  The decrease occurred in automotive/mobile and was partially offset by revenue growth in outdoor, fitness, marine and aviation.  The fitness segment experienced the greatest increase at 42%.  Automotive/mobile revenue remains the largest portion of our revenue mix, but declined from 70% in 2009 to 62% in 2010.    

 

Total unit sales decreased 4% to 16.0 million units in 2010 from 16.6 million units in 2009.   The declining unit sales volume in 2010 was attributable to a decline in automotive/mobile units due to increased saturation in the segment and competing technologies partially offset by increasing volumes in the outdoor, fitness, marine and aviation segments.  

 

Automotive/mobile segment revenue declined 19% in 2010, as the average selling price and volumes declined 11% and 9%, respectively.   Outdoor segment revenue increased 7% due to new product introductions that both refreshed existing products and expanded the addressable market. Fitness segment revenue increased 42% on the strength of recent product introductions that expand the addressable market and ongoing global penetration.  Marine revenues increased 12% due to product introductions, slight industry recovery and market share gains.  Aviation revenues increased 7% as the Company delivered into additional cockpits and the retrofit business began to recover.

 

57
 

 

Cost of Goods Sold

 

   52-weeks ended December 25, 2010   52-Weeks ended December 26, 2009   Year over Year 
   Gross Profit   % of Revenues   Gross Profit   % of Revenues   $ Change   % Change 
Outdoor  $104,396    33%  $97,361    33%  $7,035    7%
Fitness   90,740    38%   64,721    38%   26,019    40%
Marine   74,212    37%   72,429    41%   1,783    2%
Automotive/Mobile   995,986    60%   1,192,227    58%   (196,241)   -16%
Aviation   78,203    30%   75,591    31%   2,612    3%
Total  $1,343,537    50%  $1,502,329    51%  $(158,792)   -11%

 

Cost of goods sold decreased 11% in 2010 when compared to 2009 which was generally consistent with the change in revenue. The absolute dollar decrease occurred in automotive/mobile and was partially offset by cost of goods increases in outdoor, fitness, marine and aviation. Cost of goods sold in 2010 was positively impacted by 160 basis points due to a $42.8 million warranty adjustment related to refinement in the estimated warranty reserve.  This adjustment impacted all segments with automotive/mobile, outdoor, fitness and marine having the largest benefits.   Cost per unit declined in all segments driving stable to improving margins in outdoor, fitness, marine and aviation.

 

Gross Profit

 

   52-weeks ended December 25, 2010   52-weeks ended December 26, 2009   Year over Year 
   Cost of Goods   % of Revenues   Cost of Goods   % of Revenues   $ Change   % Change 
Outdoor  $214,723    67%  $201,939    67%  $12,784    6%
Fitness   149,733    62%   104,903    62%   44,830    43%
Marine   124,648    63%   105,215    59%   19,433    18%
Automotive/Mobile   672,953    40%   861,900    42%   (188,947)   -22%
Aviation   184,317    70%   170,154    69%   14,163    8%
Total  $1,346,374    50%  $1,444,111    49%  ($97,737)   -7%

 

Gross profit dollars in 2010 decreased 7% while gross profit margin percentage increased 110 basis points compared to 2009.  Gross profit margins were stable to increasing in all segments excluding the automotive/mobile segment when compared to 2009. 

 

The automotive/mobile segment gross profit margin percentage decrease of 160 basis points was driven by an 11% decrease in average selling price which was only partially offset by a decline in per unit costs including the warranty benefit.   Gross profit dollars of the automotive/mobile segment declined to 50% of total gross profit dollars from 60% in 2010.  Gross profit dollars for marine increased 18% compared to 2009 due to product mix shifting toward higher margin units.  Gross profit dollars for fitness increased by 43% to $149.7 million due to strong revenue growth in the segment.

 

Advertising Expenses

 

   52-weeks ended December 25, 2010   52-Weeks ended December 26, 2009     
   Advertising       Advertising       Year over Year 
   Expense   % of Revenues   Expense   % of Revenues   $ Change   % Change 
Outdoor  $11,731    4%  $12,642    4%  ($911)   -7%
Fitness   12,754    5%   10,620    6%   2,134    20%
Marine   9,834    5%   9,682    5%   152    2%
Automotive/Mobile   106,950    6%   118,713    6%   (11,763)   -10%
Aviation   3,344    1%   3,864    2%   (520)   -13%
Total  $144,613    5%  $155,521    5%  ($10,908)   -7%

 

58
 

 

Advertising expense decreased 7% in absolute dollars and was flat as a percentage of revenues when compared to 2009.  As a percent of revenues, advertising expenses were 5% in both 2010 and 2009.  The absolute dollar decrease occurred primarily in the automotive/mobile segment due to reduced cooperative advertising paid to our retail partners partially offset by mobile handset specific advertising.  Further offsetting the decline was increased advertising for fitness where we continue to invest for growth. 

 

Selling, General and Administrative Expenses

 

   52-weeks ended December 25, 2010   52-weeks ended December 26, 2009     
   Selling, General &       Selling, General &       Year over Year 
   Admin. Expenses   % of Revenues   Admin. Expenses   % of Revenues   $ Change   % Change 
Outdoor  $31,987    10%  $30,319    10%  $1,668    6%
Fitness   26,326    11%   17,480    10%   8,846    51%
Marine   23,497    12%   18,177    10%   5,320    29%
Automotive/Mobile   188,799    11%   172,473    8%   16,326    9%
Aviation   17,215    7%   25,753    10%   (8,538)   -33%
Total  $287,824    11%  $264,202    9%  $23,622    9%

 

Selling, general and administrative expense increased in both absolute dollars and as a percentage of revenues compared to 2009.  As a percent of revenues, selling, general and administrative expenses increased from 9% of revenues in 2009 to 11% of revenues in 2010. The expense increase was primarily driven by legal costs, fees associated with the Swiss redomestication, and growth in product support and information technology to support our growing installed base of users. Aviation costs declined year-over-year due to a 2009 bad debt accrual driven by cash collection risks associated with several of our customers that did not reoccur in 2010.

 

Research and Development Expense

 

   52-weeks ended December 25, 2010   52-weeks ended December 26, 2009     
   Research &       Research &       Year over Year 
   Development   % of Revenues   Development   % of Revenues   $ Change   % Change 
Outdoor  $13,328    4%  $7,384    2%  $5,944    80%
Fitness   17,305    7%   16,392    10%   913    6%
Marine   23,854    12%   21,448    12%   2,406    11%
Automotive/Mobile   131,290    8%   110,907    5%   20,383    18%
Aviation   91,484    35%   82,247    33%   9,237    11%
Total  $277,261    10%  $238,378    8%  $38,883    16%

 

Research and development expense increased 16% due to ongoing development activities for new products including the mobile handset initiative which has now been cancelled, and the addition of over 350 new engineering personnel to our staff during the period.   In absolute dollars, research and development costs increased $38.9 million primarily in the auto/mobile segment, when compared with the year-ago period and increased 220 basis points as a percent of revenue. Outdoor research and development expense increased 80% due to new initiatives including golf and tracking products.

 

Operating Income

 

   52-weeks ended December 25, 2010   52-weeks ended December 26, 2009   Year over Year 
   Operating Income   % of Revenues   Operating Income   % of Revenues   $ Change   % Change 
Outdoor  $157,677    49%  $151,594    51%  $6,083    4%
Fitness   93,348    39%   60,411    36%   32,937    55%
Marine   67,463    34%   55,908    31%   11,555    21%
Automotive/Mobile   245,914    15%   459,807    22%   (213,893)   -47%
Aviation   72,274    28%   58,290    24%   13,984    24%
Total  $636,676    24%  $786,010    27%  ($149,334)   -19%

 

Operating income decreased 300 basis points as a percent of revenue and 19% in absolute dollars when compared to 2009 as gross margin percentage improvements and reduced advertising expense were more than offset by declining revenues and increased selling, general and administrative and research and development expenses.

 

59
 

 

The automotive/mobile operating margin declined from 22% in 2009 to 15% in 2010 due to a 160 basis point decline in gross margins and selling, general and administrative and research and development expense increases during a period of declining revenues. The fitness operating margin dollars increased 55% driven by gross margin dollars and increased leverage on research and development expenses. The aviation operating margin increased from 24% in 2009 to 28% in 2010 as gross margins improved 100 basis points.

 

Other Income (Expense)

 

   52-weeks ended   52-weeks ended 
   December 25, 2010   December 26, 2009 
Interest Income  $24,979   $23,519 
Interest Expense   (1,246)   - 
Foreign Currency Exchange   (88,377)   (6,040)
Gain/(Loss) on sale of marketable securities   (2,382)   2,741 
Other   7,622    2,421 
Total  $(59,404)  $22,641 

 

Other income (expense) principally consists of interest income and foreign currency exchange gains and losses. Other income (expense) was lower in fiscal 2010 relative to fiscal 2009, with the majority of this difference caused by a large foreign currency loss in 2010. Interest income for fiscal 2010 increased due to increasing cash and marketable securities balances during the year partially offset by decreasing interest rates.

 

The $88.4 million currency loss in 2010 was due to the strengthening of the U.S. Dollar compared to the Euro and the British Pound Sterling, as well as the weakening of the U.S. Dollar compared to the Taiwan Dollar. During 2010, the U.S. Dollar strengthened 8.8% and 3.3% compared to the Euro and the British Pound Sterling, respectively, resulting in a loss of $51.0 million. A loss of $38.7 million resulted due to the U.S. Dollar weakening 5.9% against the Taiwan Dollar. The movements of the Taiwan Dollar and Euro/British Pound Sterling have offsetting impacts due to the use of the Taiwan Dollar for manufacturing costs and cash held in non-functional currency while the Euro and British Pound Sterling transactions relate to revenue. The remaining net currency gain of $1.3 million is related to other currencies and timing of transactions.

  

The $6.0 million currency loss in 2009 was due to the weakening of the U.S. Dollar compared to the Euro, the British Pound Sterling and the Taiwan Dollar. During 2009, the U.S. Dollar weakened 2.4% and 8.3% compared to the Euro and the British Pound Sterling, respectively, resulting in a gain of $5.8 million. A loss of $16.1 million resulted due to the U.S. Dollar weakening 2.3% against the Taiwan Dollar. The remaining net currency gain of $4.3 million is related to other currencies and timing of transactions.

 

Income Tax Provision

 

Our earnings before taxes fell 29% when compared to 2009 and our income tax expense decreased by $112.0 million, to ($7.3) million, for fiscal year 2010 from $104.7 million for fiscal year 2009. The significant decline in income tax expense was due to the impact of one-time items booked in 2010.  The one-time items of ($98.7) million include release of uncertain tax position reserves from 2006 to 2009 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.  Without one-time items, we would have reported an effective tax rate of 15.8% for 2010 compared to 12.9% for 2009.  The increase in the adjusted effective tax rate as compared to 2009 is largely due to an unfavorable mix of income among taxing jurisdictions.

 

60
 

 

Net Income

 

As a result of the various factors noted above, net income decreased 17% to $584.6 million for fiscal year 2010 compared to $704.0 million for fiscal year 2009.

  

Liquidity and Capital Resources

 

Net cash generated by operations was $822.3 million, $770.6 million, and $1,094.5 million for fiscal years 2011, 2010, and 2009, respectively. Primary drivers of the cash generation in 2011 included: $520.9 million of net income with non-cash adjustments for depreciation/amortization of $94.5 million and stock compensation expense of $40.2 million; $169.5 million related to decreased accounts receivable due to increased cash collections resulting from the 53-week year in 2011 and improved payment terms with customers; and $179.4 million of deferred revenue as required by our revenue recognition policies. This cash generation was partially offset by uses of cash including a $61.1 million reduction in other current and noncurrent liabilities related primarily to a decrease in accrued sales program costs due to the impact of reduced channel inventory, $51.4 million increase in other current assets related primarily to a receivable due from the Swiss Federal Tax Authority that has subsequently been received, and $36.1 million of net deferred costs associated with bundled products. The increase in cash flow from operations over 2010 levels was due to improved working capital gains in accounts payable, inventories and accounts receivable offset by reduced working capital from other current assets and reduced net income. We expect to generate cash flow from operations in 2012 with ongoing net income, as well as working capital.

  

Cash flow used in investing activities was $ 488.2 million, $72.9 million, and $547.9 million for fiscal 2011, 2010 and 2009, respectively. Cash flow used in investing activities principally relates to the net redemption of or investment in fixed income securities, capital expenditures and acquisitions. Capital expenditures in 2011 totaled $38.4 million and related to business operations and maintenance activities. We have budgeted approximately $50 million of capital expenditures during fiscal 2012 to include normal ongoing capital expenditures and maintenance activities. In 2011, 2010 and 2009, net investment in fixed income securities of our on-hand cash was $393.3 million, $25.5 million and $491.0 million, respectively, as we invested excess cash. It is management’s goal to invest the on-hand cash consistent with Garmin’s investment policy, which has been approved by the Board of Directors. The investment policy’s primary purpose is to preserve capital, maintain an acceptable degree of liquidity, and maximize yield within the constraint of low credit risk. Garmin’s average interest rate returns on cash and investments during fiscal 2011, 2010 and 2009 were approximately 1.4%, 1.3%, and 1.7%, respectively. In 2011, cash flow used in investing activities included $54.2 million for the acquisitions of NAVIGON AG, Tri-Tronics Inc., and two global distributors. In 2010, cash flow used in investing activities included $12.1 million for the acquisition of MetriGear, Inc.

  

Net cash used by financing activities in fiscal 2011 was $307.4 million resulting from the use of $310.8 million for payment of our declared dividend offset by the net impact of transactions related to our Company stock option plans and stock based compensation tax benefits. Our dividend has progressively increased from $0.75 per share in 2009 to $1.50 per share in 2010 and $1.60 per share in 2011.

 

We currently use cash flow from operations to fund our capital expenditures, to support our working capital requirements, and to pay dividends. We expect that future cash requirements will principally be for capital expenditures, working capital, payment of dividends declared, and the funding of strategic acquisitions.

 

We believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures, working capital and other cash requirements at least through the end of fiscal 2012.

 

Contractual Obligations and Commercial Commitments

 

Future commitments of Garmin, as of December 31, 2011, aggregated by type of contractual obligation, are:

  

61
 

 

   Payments due by period 
       Less than           More than 
Contractual Obligations  Total   1 year   1-3 years   3-5 years   5 years 
Operating Leases  $57,169   $13,549   $23,153   $14,044   $6,423 

 

Operating leases describes lease obligations associated with Garmin facilities located in the U.S., Taiwan, Europe, and Canada.

 

We may be required to make significant cash outlays related to unrecognized tax benefits. However, due to the uncertainty of the timing of future cash flows associated with our unrecognized tax benefits, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, with the respective taxing authorities. Accordingly, unrecognized tax benefits of $161.9 million as of December 31, 2011, have been excluded from the contractual obligations table above. For further information related to unrecognized tax benefits, see Note 2, “Income Taxes,” to the consolidated financial statements included in this Report.

 

Off-Balance Sheet Arrangements

  

We do not have any off-balance sheet arrangements.

 

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 

Market Sensitivity

We have market risk primarily in connection with the pricing of our products and services and the purchase of raw materials. Product pricing and raw materials costs are both significantly influenced by semiconductor market conditions. Historically, during cyclical industry downturns, we have been able to offset pricing declines for our products through a combination of improved product mix and success in obtaining price reductions in raw materials costs.

 

Inflation

 

We do not believe that inflation has had a material effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could adversely affect our business, financial condition and results of operations.

   

Foreign Currency Exchange Rate Risk

 

The operation of Garmin’s subsidiaries in international markets results in exposure to movements in currency exchange rates. We have experienced significant foreign currency gains and losses due to the strengthening and weakening of the U.S. dollar. The potential of volatile foreign exchange rate fluctuations in the future could have a significant effect on our results of operations.

  

The currencies that create a majority of the Company’s exchange rate exposure are the Taiwan Dollar, Euro, and British Pound Sterling. Garmin Corporation, headquartered in Sijhih, Taiwan, uses the local currency as the functional currency. The Company translates all assets and liabilities at year-end exchange rates and income and expense accounts at average rates during the year. In order to minimize the effect of the currency exchange fluctuations on our net assets, we have elected to retain most of our Taiwan subsidiary’s cash and investments in marketable securities denominated in U.S. dollars.

 

62
 

 

All European subsidiaries excluding Garmin (Europe) Ltd., Garmin Danmark, Garmin Sweden, Garmin Polska and Garmin Norge use the Euro as the functional currency. The functional currency of our largest European subsidiary, Garmin (Europe) Ltd. remains the U.S. dollar, and as some transactions occurred in British Pounds Sterling or Euros, foreign currency gains or losses have been realized historically related to the movements of those currencies relative to the U.S. dollar. The Company believes that gains and losses will become more material in the future as our European presence grows. In 2011, the U.S. Dollar strengthened 1.3% relative to the Euro resulting in a foreign currency loss of $4.8 million in Garmin Ltd. and our European subsidiaries. The U.S. Dollar weakened 1.2% against the Taiwan Dollar resulting in a $4.1 million foreign currency loss due to the fluctuation of asset balances throughout the year. The net result of these currency moves combined with other losses of $3.2 million, and the timing of transactions during the year was a net loss of $12.1 million for the Company and a cumulative translation adjustment of $76.0 million at the end of fiscal 2011.

 

Interest Rate Risk

 

We have no outstanding long-term debt as of December 31, 2011. We, therefore, have no meaningful debt-related interest rate risk.

  

We are exposed to interest rate risk in connection with our investments in marketable securities. As interest rates change, the unrealized gains and losses associated with those securities will fluctuate accordingly. A hypothetical change of 10% in interest rates would not have a material effect on such unrealized gains or losses. At December 31, 2011, cumulative net unrealized gains on those securities were $11.5 million. 

  

63
 

 

Item 8. Financial Statements and Supplementary Data

 

CONSOLIDATED FINANCIAL STATEMENTS

 

Garmin Ltd. and Subsidiaries

Years Ended December 31, 2011, December 25, 2010, and December 26, 2009

  

Contents

 

Report of Ernst & Young LLP, Independent Registered Public Accounting Firm   65
Consolidated Balance Sheets at December 31, 2011 and December 25, 2010   66
Consolidated Statements of Income for the Years Ended December 31, 2011, December 25, 2010 and December 26, 2009   67
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2011, December 25, 2010 and December 26, 2009   68
Consolidated Statements of Cash Flows for the Years December 31, 2011, December 25, 2010 and December 26, 2009   69
Notes to Consolidated Financial Statements   71

 

64
 

  

Report of Ernst & Young LLP

Independent Registered Public Accounting Firm

  

The Board of Directors and Shareholders

Garmin Ltd.

 

We have audited the accompanying consolidated balance sheets of Garmin Ltd. and Subsidiaries (the Company) as of December 31, 2011 and December 25, 2010 and the related consolidated statements of income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2011. Our audits also included the financial statement schedule listed in the index at Item 15(a)(2). These financial statements and schedule are the responsibility of the Company's Board of Directors and management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Garmin Ltd. and Subsidiaries at December 31, 2011 and December 25, 2010 and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2011, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Garmin Ltd.’s internal control over financial reporting as of December 31, 2011, based on criteria established in the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 29, 2012 expressed an unqualified opinion thereon.

 

  /s/ Ernst & Young LLP
   
Kansas City, Missouri  
February 29, 2012  

 

65
 

 

Garmin Ltd. And Subsidiaries

Consolidated Balance Sheets

(In thousands, except share information)

 

   December 31,   December 25, 
   2011   2010 
Assets          
Current assets:          
Cash and cash equivalents  $1,287,160   $1,260,936 
Marketable securities (Note 3)   111,153    24,418 
Accounts receivable, less allowance for doubtful accounts of $30,224 in 2011 and $31,822 in 2010   607,450    747,249 
Inventories, net   397,741    387,577 
Deferred income taxes (Note 6)   42,957    33,628 
Deferred costs   40,033    20,053 
Prepaid expenses and other current assets   69,790    24,894 
Total current assets   2,556,284    2,498,755 
           
Property and equipment, net          
Land and improvements   95,570    94,792 
Building and improvements   277,624    274,163 
Office furniture and equipment   112,345    98,779 
Manufacturing equipment   125,820    119,829 
Engineering equipment   81,008    71,709 
Vehicles   19,001    18,437 
    711,368    677,709 
Accumulated depreciation   (294,263)   (249,904)
    417,105    427,805 
           
Restricted cash (Note 4)   771    1,277 
Marketable securities (Note 3)   1,097,002    777,401 
License agreements, net   5,517    1,800 
Noncurrent deferred income tax (Note 6)   107,190    73,613 
Noncurrent deferred costs   40,823    24,685 
Other intangible assets   246,646    183,352 
Total assets  $4,471,338   $3,988,688 
           
Liabilities and Stockholders' Equity          
Current liabilities:          
Accounts payable  $164,010   $132,348 
Salaries and benefits payable   45,964    49,288 
Accrued warranty costs   46,773    49,885 
Accrued sales program costs   52,262    107,261 
Deferred revenue   188,987    89,711 
Accrued royalty costs   99,025    95,086 
Accrued advertising expense   31,915    21,587 
Other accrued expenses   67,912    63,043 
Deferred income taxes (Note 6)   5,782    4,800 
Income taxes payable   77,784    56,028 
Dividend payable   77,865    - 
Total current liabilities   858,279    669,037 
           
Deferred income taxes (Note 6)   4,951    6,986 
Non-current income taxes   161,904    153,621 
Non-current deferred revenue   188,132    108,076 
Other liabilities   1,491    1,406 
           
Stockholders' equity:          
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;          
194,662,617 shares outstanding at December 31, 2011;          
and 194,358,038 shares outstanding at December 25, 2010;          
(Notes 9, 10, 11, and 12):   1,797,435    1,797,435 
Additional paid-in capital   61,869    38,268 
Treasury stock   (103,498)   (106,758)
Retained earnings   1,413,582    1,264,613 
Accumulated other comprehensive gain/(loss)   87,193    56,004 
Total stockholders' equity   3,256,581    3,049,562 
Total liabilities and stockholders' equity  $4,471,338   $3,988,688 

 

See accompanying notes.

 

66
 

 

Garmin Ltd. And Subsidiaries

Consolidated Statements of Income

(In Thousands, Except Per Share Information)

 

   Fiscal Year Ended 
   December 31,   December 25,   December 26, 
   2011   2010   2009 
             
Net sales  $2,758,569   $2,689,911   $2,946,440 
Cost of goods sold   1,419,977    1,343,537    1,502,329 
Gross profit   1,338,592    1,346,374    1,444,111 
                
Advertising expense   145,024    144,613    155,521 
Selling, general and administrative expenses   341,217    287,824    264,202 
Research and development expense   298,584    277,261    238,378 
    784,825    709,698    658,101 
Operating income   553,767    636,676    786,010 
                
Other income (expense):               
Interest income   32,812    24,979    23,519 
Interest expense   -    (1,246)   - 
Foreign currency   (12,100)   (88,377)   (6,040)
Other   9,682    5,240    5,162 
    30,394    (59,404)   22,641 
Income before income taxes   584,161    577,272    808,651 
                
Income tax provision (benefit): (Note 6)               
Current   110,755    (11,636)   128,036 
Deferred   (47,490)   4,305    (23,335)
    63,265    (7,331)   104,701 
Net income  $520,896   $584,603   $703,950 
                
Basic net income per share (Note 10)  $2.68   $2.97   $3.51 
Diluted net income per share (Note 10)  $2.67   $2.95   $3.50 

 

See accompanying notes.

 

67
 

 

Garmin Ltd. And Subsidiaries

Consolidated Statements of Stockholders' Equity

(In Thousands, Except Share and Per Share Information)

  

                   Accumulated     
       Additional           Other     
   Common   Paid-In   Treasury   Retained   Comprehensive     
   Stock   Capital   Stock   Earnings   Gain/(Loss)   Total 
Balance at December 27, 2008  $1,002   $0   $0   $2,262,503   ($37,651)  $2,225,854 
Net income               703,950        703,950 
Translation adjustment                   24,537    24,537 
Adjustment related to unrealized gains (losses) on available-for-sale securities, net of income tax effects of $676                   (268)   (268)
Comprehensive income                            728,219 
Dividends paid               (149,846)       (149,846)
Tax benefit from exercise of employee stock options       1,366                1,366 
Issuance of common stock from exercise of stock options   3    3,781                3,784 
Stock compensation       43,616                43,616 
Purchase and retirement of common stock   (4)   (20,254)               (20,258)
Issuance of common stock through stock purchase plan       3,712                3,712 
Balance at December 26, 2009  $1,001   $32,221   $0   $2,816,607   ($13,382)  $2,836,447 
Net income               584,603        584,603 
Translation adjustment                   52,509    52,509 
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $348                   16,877    16,877 
Comprehensive income                            653,989 
Dividends paid               (298,853)       (298,853)
Tax benefit from exercise of employee stock options       4,495                4,495 
Issuance of common/treasury stock from exercise of stock options   2    (867)   10,330            9,465 
Stock compensation       40,332                40,332 
Purchase and retirement of common stock (prior to June 27, 2010)   (16)   (67,528)       (41,296)       (108,840)
Purchase and retirement of treasury stock           (117,088)           (117,088)
Impact of redomestication on par value of common shares   1,796,448            (1,796,448)        
Deferred tax impact of redomestication       29,615                29,615 
Balance at December 25, 2010  $1,797,435   $38,268   ($106,758)  $1,264,613   $56,004   $3,049,562 
Net income               520,896        520,896 
Translation adjustment                   14,716    14,716 
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of ($369)                   16,473    16,473 
Comprehensive income                            552,085 
Dividends declared               (388,628)       (388,628)
Tax benefit from issuance of equity awards       3,313                3,313 
Issuance of treasury stock related to equity awards       (19,924)   42,261            22,337 
Stock compensation       40,212                40,212 
Purchase of treasury stock           (22,300)           (22,300)
Reclassification of retired shares to treasury shares           (16,701)   16,701         
Balance at December 31, 2011  $1,797,435   $61,869   ($103,498)  $1,413,582   $87,193   $3,256,581 

  

See accompanying notes.

 

68
 

 

Garmin Ltd. And Subsidiaries

Consolidated Statements of Cash Flows

(In Thousands)

 

   Fiscal Year Ended 
   December 31,   December 25,   December 26, 
   2011   2010   2009 
Operating Activities:               
Net income  $520,896   $584,603   $703,950 
Adjustments to reconcile net income to net cash provided by operating activities:               
Depreciation   54,610    53,487    56,695 
Amortization   39,925    41,164    39,791 
Gain on sale of property and equipment   (2,192)   (306)   (14)
Provision for doubtful accounts   2,317    (4,476)   (1,332)
Provision for obsolete and slow-moving inventories   16,047    5,753    61,323 
Unrealized foreign currency losses   18,583    62,770    7,480 
Deferred income taxes   (42,475)   (471)   (25,096)
Stock compensation   40,212    40,332    43,616 
Realized loss/(gains) on marketable securities   (4,322)   2,382    (2,741)
Changes in operating assets and liabilities, net of acquisitions:               
Accounts receivable   169,543    129,698    (131,978)
Inventories   (6,385)   (77,122)   61,189 
Prepaid expenses and other current assets   (51,423)   9,886    8,054 
License fees   (9,573)   (3,329)   (13,735)
Accounts payable   (26,329)   (81,354)   38,875 
Other current and non-current liabilities   (61,103)   (144,476)   172,215 
Deferred revenue   179,439    131,303    65,706 
Deferred costs   (36,120)   (31,445)   (5,314)
Income taxes payable   20,684    52,238    15,772 
Net cash provided by operating activities   822,334    770,637    1,094,456 
                
Investing activities:               
Purchases of property and equipment   (38,366)   (32,232)   (49,199)
Proceeds from sale of property and equipment   4,127    139    5 
Purchase of intangible assets   (6,933)   (3,883)   (7,573)
Purchase of marketable securities   (1,172,555)   (694,038)   (776,966)
Redemption of marketable securities   779,213    668,495    285,970 
Acquisitions, net of cash acquired   (54,190)   (12,120)   - 
Change in restricted cash   506    770    (106)
Net cash used in investing activities   (488,198)   (72,869)   (547,869)
                
Financing activities:               
Dividends   (310,763)   (298,853)   (149,846)
Proceeds from issuance of common stock through stock purchase plan   -    -    3,712 
Issuance of treasury/common stock related to equity awards   22,337    9,465    3,783 
Tax benefit from issuance of equity awards   3,313    4,495    1,366 
Purchase of treasury/common stock   (22,300)   (225,928)   (20,258)
Net cash used in financing activities   (307,413)   (510,821)   (161,243)
                
Effect of exchange rate changes on cash and cash equivalents   (499)   (17,592)   9,902 
                
Net increase in cash and cash equivalents   26,224    169,355    395,246 
Cash and cash equivalents at beginning of year   1,260,936    1,091,581    696,335 
Cash and cash equivalents at end of year  $1,287,160   $1,260,936   $1,091,581 

 

See accompanying notes.

 

69
 

  

Garmin Ltd. And Subsidiaries

Consolidated Statements of Cash Flows (continued)

(In Thousands)

 

   Fiscal Year Ended 
   December 31,   December 25,   December 26, 
   2011   2010   2009 
             
Supplemental disclosures of cash flow information               
                
Cash paid during the year for income taxes  $85,231   $43,940   $69,186 
                
Cash received during the year from income tax refunds  $350   $4,526   $2,934 
                
Cash paid during the year for interest   -   $1,246    - 
                
Supplemental disclosure of non-cash investing and financing activities               
                
Change in marketable securities related to unrealized appreciation (depreciation)  $16,104   $17,225   $408 
                
Fair value of assets acquired  $162,572   $21,918    - 
Liabilities assumed   (93,014)   (5,547)   - 
Less:  cash acquired   (15,368)   (4,251)   - 
Net cash paid  $54,190   $12,120    - 

 

See accompanying notes.

  

70
 

 

GARMIN LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In Thousands, Except Share and Per Share Information)

December 31, 2011 and December 25, 2010

 

1. Description of the Business

  

Garmin Ltd. and subsidiaries (together, the “Company”) manufacture, market, and distribute Global Positioning System-enabled products and other related products. Garmin Corporation (GC), wholly-owned by Garmin Ltd., is primarily responsible for the manufacturing and distribution of the Company’s products to Garmin International, Inc. (GII), a wholly-owned subsidiary of GC, and Garmin (Europe) Limited (GEL), a wholly-owned subsidiary of Garmin Ltd., and, to a lesser extent, new product development and sales and marketing of the Company’s products in Asia and the Far East. GII is primarily responsible for sales and marketing of the Company’s products in many international markets and in the United States as well as research and new product development. GII also manufactures certain products for the Company’s aviation segment. GEL is responsible for sales and marketing of the Company’s products, principally within the European market.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation and Principles of Consolidation

 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated.

 

Fiscal Year

 

The Company has adopted a 52–53-week period ending on the last Saturday of the calendar year. Due to the fact that there are not exactly 52 weeks in a calendar year and there is slightly more than one additional day per year (not including the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.

 

In those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial activity. Therefore, the financial results of those fiscal years, and the associated 14-week fourth quarter, will not be entirely comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. Fiscal 2010 and 2009 included 52 weeks while fiscal 2011 included 53 weeks.

 

Foreign Currency

 

Many Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded in a separate component of stockholders’ equity. Cumulative translation adjustments of $76,456 and $61,740 as of December 31, 2011 and December 25, 2010, respectively, have been included in accumulated other comprehensive gain/(loss) in the accompanying consolidated balance sheets.

 

71
 

 

Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. All differences are recorded in results of operations and amounted to exchange losses of $12,100, $88,377, and $6,040 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The loss in fiscal 2011 was primarily the result of the slight strengthening of the USD against the Euro and the slight weakening of the USD against the Taiwan Dollar. The loss in fiscal 2010 was primarily the result of the strengthening of the USD against the Euro and the British Pound Sterling and the weakening of the USD against the Taiwan Dollar. The loss in fiscal 2009 was primarily the result of the weakening of the USD against the Taiwan Dollar offset by the weakening of the USD against the Euro and the British Pound Sterling.

 

Earnings Per Share

 

Basic earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company’s stock during the period the options were outstanding. See Note 10.

  

Cash and Cash Equivalents

 

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates fair value, given the short maturity of those instruments.

 

Trade Accounts Receivable

 

The Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s financial condition.  Potential losses on receivables are dependent on each individual customer’s financial condition. The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within 80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing its high-risk customers. Past due receivable balances are written off when its internal collection efforts have been unsuccessful in collecting the amount due. In 2011, Garmin purchased credit insurance to provide security against large losses.

 

Inventories

 

Inventories are stated at the lower of cost or market. Cost is determined using the weighted-average method (which approximates the first-in, first-out (FIFO) method) by GC and the FIFO method by GII and GEL. Inventories consisted of the following:

 

   December 31, 2011   December 25, 2010 
         
Raw Materials  $129,211   $103,277 
Work-in-process   52,176    43,507 
Finished goods   245,724    278,513 
Inventory Reserves   (29,370)   (37,720)
Inventory, net of reserves  $397,741   $387,577 

 

72
 

 

Property and Equipment

 

Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:

 

Buildings and improvements 39
Office furniture and equipment 3-5
Manufacturing and engineering equipment 5
Vehicles 5

 

Long-Lived Assets

 

As required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

 

The Intangibles – Goodwill and Other topic of the FASB ASC requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired. The Company did not recognize any goodwill or intangible asset impairment charges in 2011, 2010, or 2009. The Company established reporting units based on its current reporting structure. For purposes of testing goodwill for impairment, goodwill has been allocated to these reporting units to the extent it relates to each reporting unit.  The accounting guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from 3 to 10 years.

  

Dividends

  

On June 27, 2010, the Company completed the redomestication of the place of our incorporation from the Cayman Islands to Switzerland. Under Swiss corporate law, dividends must be approved by shareholders at the general meeting of our shareholders.

 

On June 3, 2011, the shareholders approved a dividend of $2.00 per share (of which, $1.60 was paid in the Company's 2011 fiscal year) payable in four installments as follows: $0.80 on June 30, 2011 to shareholders of record on June 15, 2011, $0.40 on September 30, 2011 to shareholders of record on September 15, 2011, $0.40 on December 30, 2011 to shareholders of record on December 15, 2011 and $0.40 on March 30, 2012 to shareholders of record on March 15, 2012. The Company paid dividends in 2011 in the amount of $310,763. Both the dividend paid and the remaining dividend payable have been reported as a reduction of retained earnings.

 

On March 16, 2010 the Board of Directors declared a dividend of $1.50 per share to be paid on April 30, 2010 to shareholders of record on April 15, 2010. The Company paid out a dividend in the amount of $298,853. The dividend was reported as a reduction of retained earnings.

 

On July 30, 2009 the Board of Directors declared a dividend of $0.75 per share to be paid on December 15, 2009 to shareholders of record on December 1, 2009. The Company paid out a dividend in the amount of $149,846. The dividend was reported as a reduction of retained earnings.

 

Approximately $239,470 and $213,486 of retained earnings are indefinitely restricted from distribution to stockholders pursuant to the laws of Taiwan at December 31, 2011 and December 25, 2010, respectively.

 

73
 

 

Intangible Assets

 

At December 31, 2011 and December 25, 2010, the Company had patents, license agreements, customer related intangibles and other identifiable finite-lived intangible assets recorded at a cost of $206,872 and $152,138, respectively. The Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $179,475 at December 31, 2011 and $136,548 at December 25, 2010. The increase in identifiable intangible assets and goodwill in 2011 is principally related to the acquisitions completed by the Company, as further described in Note 15.

  

   December 31,
2011
   December 25,
2010
 
Goodwill balance at beginning of year  $136,548   $129,066 
Acquisitions   46,481    11,649 
Finalization of purchase price allocations and effect of foreign currency translation   (3,554)   (4,167)
Goodwill balance at end of year  $179,475   $136,548 

 

Identifiable, finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $134,184 and $103,534 at December 31, 2011 and December 25, 2010 respectively. Amortization expense was $33,225, $36,675, and $37,444 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. In the next five years, the amortization expense is estimated to be $28,464, $14,413, $9,518, $6,978, and $5,301, respectively.

 

Marketable Securities

 

Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date.

 

All of the Company’s marketable securities were considered available-for-sale at December 31, 2011. See Note 3. Available-for-sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive gain/(loss). At December 31, 2011 and December 25, 2010, cumulative unrealized gains/(losses) of $10,737 and ($5,736), respectively, were reported in accumulated other comprehensive gain/(loss), net of related taxes.

 

The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included in interest income from investments. Realized gains and losses, and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific identification method.

 

Income Taxes

 

The Company accounts for income taxes using the liability method in accordance with the FASB ASC topic Income Taxes. The liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income taxes of $252,793, $233,028, and $171,097 at December 31, 2011, December 25, 2010, and December 26, 2009, respectively, have not been accrued by the Company for the unremitted earnings of several of its foreign subsidiaries because such earnings are intended to be reinvested in the subsidiaries indefinitely.

 

The Company adopted the applicable guidance included in the FASB ASC topic Income Taxes related to accounting for uncertainty in income taxes on December 31, 2006, the beginning of fiscal year 2007.   The total amount of unrecognized tax benefits as of December 31, 2011 was $161,904 including interest of $10,850.  A reconciliation of the beginning and ending amount of unrecognized tax benefits for years ending December 31, 2011, December 25, 2010, and December 26, 2009 is as follows:

  

74
 

 

   December 31,   December 25,   December 26, 
   2011   2010   2009 
Balance at beginning of year  $153,621   $255,748   $214,366 
Additions based on tax positions related to prior years   5,568    11,443    14,241 
Reductions based on tax positions related to prior years   (6,885)   (10,392)   (16,141)
Additions based on tax positions related to current period   29,210    43,202    63,053 
Reductions based on tax positions related to current period   -    -    - 
Reductions related to settlements with tax authorities   -    (122,314)   - 
Expiration of statute of limitations   (19,610)   (24,066)   (19,771)
Balance at end of year  $161,904   $153,621   $255,748 

 

The December 31, 2011 balance of $161,904 of unrecognized tax benefits, if recognized, would reduce the effective tax rate.  None of the unrecognized tax benefits are due to uncertainty in the timing of deductibility. 

 

Accounting guidance requires unrecognized tax benefits to be classified as non-current liabilities, except for the portion that is expected to be paid within one year of the balance sheet date.  The entire $161,904, $153,621, and $255,748 are required to be classified as non-current at December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

 

Interest expense and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense.  At December 31, 2011, December 25, 2010, and December 26, 2009, the Company had accrued approximately $10,850, $9,580, and $20,160, respectively, for interest.  Interest expense (income) included in income tax expense for the years ending December 31, 2011, December 25, 2010, and December 26, 2009 is $5,568, ($10,580), and $9,000, respectively. The Company had no amounts accrued for penalties as the nature of the unrecognized tax benefits, if recognized, would not warrant the imposition of penalties.

 

The Company files income tax returns in Switzerland and U.S. federal jurisdictions, as well as various state, local and foreign jurisdictions.  The Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for years prior to 2008.  The Company is no longer subject to Taiwan income tax examinations by tax authorities for years prior to 2006.  The Company is no longer subject to United Kingdom tax examinations by tax authorities for years prior to 2009.

  

The Company also considers 2008 U.S. federal returns to have been effectively settled due to completion of an audit examination by the Internal Revenue Service.  A reduction of income tax expense was recognized to reflect this settlement. In addition, the Company recognized a reduction of income tax expense of $19,610, $24,066, and $19,771 in fiscal years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively, to reflect the expiration of statutes of limitations in various jurisdictions.

 

The Company believes that it is reasonably possible that approximately $20,482 of its reserves for certain unrecognized tax benefits will decrease within the next 12 months as the result of the expiration of statutes of limitations. This potential decrease in unrecognized tax benefits would impact the Company’s effective tax rate within the next 12 months.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

  

Concentration of Credit Risk

 

The Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales variations or to the timing of new product releases by the Company.

 

75
 

 

The Company’s top ten customers have contributed between 29% and 36% of net sales since 2009. In 2011, the Company purchased trade credit insurance to provide security against large losses. Best Buy, a customer in the outdoor, fitness, marine and auto/mobile segments accounted for less than 10% of the Company’s consolidated net sales in the years ended December 31, 2011, and December 25, 2010, respectively, while accounting for 13.4% of the Company’s consolidated net sales in the year ended December 26, 2009.

 

Revenue Recognition

 

Garmin recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable.  For the large majority of Garmin’s sales, these criteria are met once product has shipped and title and risk of loss have transferred to the customer.  The Company recognizes revenue from the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware.  The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.

 

Garmin introduced nüMaps Lifetime™ in January 2009, which is a single fee program that, subject to the program’s terms and conditions, enables customers to download the latest map and point of interest information every quarter for the useful life of their PND.  The revenue and associated cost of royalties for sales of nüMaps Lifetime™ products are deferred at the time of sale and recognized ratably on a straight-line basis over the estimated 36-month life of the products. With the acquisition of Navigon AG in 2011, products marketed under the Navigon brand have a FreshMaps program that enables customers to download the latest map and point of interest information for two years. The revenue and associated cost of royalties for sales of FreshMaps products are deferred at the time of sale and recognized ratably on a straight-line basis over the two year period.

 

For multiple element arrangements that include tangible products that contain software that is essential to the tangible product’s functionality and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of selling price (“TPE”), and (iii) best estimate of the selling price (“ESP”).  VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis, at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other products that involve multiple-element arrangements that are immaterial.

 

In 2010, Garmin began offering PNDs with lifetime map updates (LMUs) bundled in the original purchase price. Similar to nüMaps Lifetime™, LMUs enable customers to download the latest map and point of interest information every quarter for the useful life of their PND. In addition, Garmin offers PNDs with premium traffic service bundled in the original purchase price in the European market. The Company has identified two deliverables contained in arrangements involving the sale of PNDs which include either the LMU or premium traffic service. The first deliverable is the hardware along with the software essential to the functionality of the hardware device delivered at the time of sale. The second deliverable is either the LMU or premium traffic service. The Company has allocated revenue between these two deliverables using the relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met.  The revenue and associated cost of royalties allocated to the LMU or the subscription for premium traffic service are deferred and recognized on a straight-line basis over the estimated 36-month life of the products.

 

76
 

 

Prior to the third quarter of fiscal 2011, the Company determined its estimate of selling price using the dealer/distributor price for nüMaps Lifetime or premium traffic subscriptions sold separately, and the prices for products bundled with and without the LMU and premium traffic service when comparable models were available, as inputs to the relative selling price method in a manner similar to VSOE. The estimated selling price determined in this manner was used to defer revenues for all products bundled with the LMU and premium traffic service, as the number of bundled units sold as a percentage of total units sold was less significant and other indicators of selling price were not readily available.

 

During 2011, sales of products bundled with LMUs and premium traffic service increased significantly as a percentage of total product sales. Concurrently, market conditions have caused decreases in the ASP and margins of comparable models year over year, new bundled products were introduced at lower ASPs, and the difference in pricing of bundled units and comparable unbundled models has decreased considerably. Due to these changes, the Company determined it was appropriate to change its estimate of the per unit revenue and cost deferrals during the third quarter of 2011.

 

As the sales of nüMaps Lifetime and premium traffic subscriptions as a percentage of total unit sales or in the aggregate decreased significantly in mid-2011, the Company determined that the previous estimate of selling price based on more limited stand-alone sales of nüMaps Lifetime or premium traffic was no longer a sole determinant of its value as determined under VSOE, and that third party evidence of selling price was not available. Management determined that the price differential between bundled and unbundled products and the royalty cost of the LMU or premium traffic subscription plus an approximate margin were both additional indicators of estimated selling price. These estimates are also reflective of how the Company establishes product pricing based in part on customer perception of value of the added LMU or premium traffic service capability. As such, beginning in the third quarter of 2011, the Company changed its estimate of selling price of the undelivered element to be based on the relative selling price method using a weighted average of the stand-alone sales price, the price differential between bundled and unbundled units, and the royalty or subscription cost plus a normal margin.

 

The impact of the 2011 change in estimate for lifetime map updates and premium traffic service, as described above, was an increase in revenue, gross profit, net income, basic net income per share, and diluted net income per share of $77.8 million, $66.5 million, $59.3 million, $0.31, and $0.30, respectively.

 

In 2009 and 2010 respectively, Garmin introduced the nüvi 1690 and 1695, premium PNDs with a built-in wireless module that lets customers access Garmin’s nüLink!™ service, which provides direct links to certain online information.  Additional models were introduced in 2011. The Company has identified two deliverables contained in arrangements involving the sale of the nüvi products with the nüLink feature. The first deliverable is the hardware and software essential to the functionality of the hardware device delivered at the time of sale, and the second deliverable is the nüLink service. The Company has allocated revenue between these two deliverables using the relative selling price method determined using VSOE. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met.  The revenue and associated cost allocated to the nüLink services are deferred and recognized on a straight-line basis over the life of the service, which is either 12 or 24 months.

 

Garmin records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectation of future conditions. Changes in these estimates could negatively affect Garmin’s operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, are accrued for on a percentage of sales basis. If market conditions were to decline, Garmin may take actions to increase customer incentive offerings possibly resulting in an incremental reduction of revenue at the time the incentive is offered.

 

77
 

 

The Company records revenue net of sales tax, trade discounts and customer returns. The reductions to revenue for expected future product returns are based on the Company’s historical experience.

 

Deferred Revenues and Costs

  

At December 31, 2011 and December 25, 2010, the Company had deferred revenues totaling $377,119 and $197,787, respectively, and related deferred costs totaling $80,856 and $44,738, respectively.

 

The deferred revenues and costs are recognized over their estimated economic lives of two to three years on a straight-line basis. In the next three years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated to be $148,954, $108,156, and $39,153, respectively.

 

Shipping and Handling Costs

 

Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.

 

Product Warranty

  

The Company provides for estimated warranty costs at the time of sale. The warranty period for most products is one year to two years from date of shipment while certain aviation products have a warranty period of two years from the date of installation and certain marine products have a warranty period of three years from the date of shipment.

 

Sales Programs

 

The Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products. Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product and can be applied to all customers who have purchased the product or a special discount may be agreed to on an individual customer basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements of income in the period the Company has sold the product.

 

Advertising Costs

 

The Company expenses advertising costs as incurred. Advertising expense amounted to approximately $145,024, $144,613, and $155,521 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

 

Research and Development

 

A majority of the Company’s research and development is performed in the United States. Research and development costs, which are expensed as incurred, amounted to approximately $298,584, $277,261, and $238,378 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

 

78
 

 

Customer Service and Technical Support

 

Customer service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated statements of income. Customer service and technical support costs include costs associated with performing order processing, answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical support assistance to customers. The technical support is provided within one year after the associated revenue is recognized. The related cost of providing this free support is not material.

 

Software Development Costs

 

The FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing products or after the general release of the service using the product are expensed in the period they are incurred and included in research and development costs in the accompanying consolidated statements of income.

 

Accounting for Stock-Based Compensation

 

The Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled Compensation – Stock Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including employee stock options and restricted stock based on estimated fair values. See Note 9.

 

Accounting guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense on a straight-line basis over the requisite service period in the Company’s consolidated financial statements.

 

As stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience and management’s estimates.

  

Recently Issued Accounting Pronouncements

 

In May 2011, the FASB issued an amendment to the accounting standards related to fair value measurements and disclosure requirements that result in a consistent definition of fair value and common requirements for the measurement and disclosure of fair value between U.S. GAAP and International Financial Reporting Standards. This standard provides certain amendments to the existing guidance on the use and application of fair value measurements and maintains a definition of fair value that is based on the notion of exit price. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.

 

In June 2011, the FASB issued guidance on the presentation of comprehensive income. This guidance eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. The guidance allows two presentation alternatives; present items in net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements of net income and other comprehensive income. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. Early adoption is permitted, but full retrospective application is required under both sets of accounting standards. The Company is currently evaluating which presentation alternative it will utilize.

 

79
 

 

 

In September 2011, the FASB issued an amendment to ASC 350, Intangibles—Goodwill and Other, which simplifies how entities test goodwill for impairment. Under the amendment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the entity to determine that it is more likely than not that its fair value is less than its carrying amount. If after assessing the totality of events or circumstances, an entity determines that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the two-step impairment test for goodwill is unnecessary. If the entity concludes otherwise, then it is required to test goodwill for impairment under the two-step process as described under paragraphs 350-20-35-4 of the ASC. If the carrying amount of a reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any, as described in paragraph 350-20-35-9 of the ASC. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 and early adoption is permitted. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.

 

3. Marketable Securities

 

The FASB ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:

 

Level 1 Unadjusted quoted prices in active markets for identical assets or liability
   
Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or
  unadjusted quoted prices for identical or similar assets
   
Level 3 Unobservable inputs for the asset or liability

 

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

For fair value measurements using significant unobservable inputs, an independent third party provided the valuation. The inputs used in the valuations were completed using the following methodology. The collateral composition was used to estimate Weighted Average Life based on historical and projected payment information. Cash flows were projected for the issuing trusts, taking into account underlying loan principal, bonds outstanding, and payout formulas. Taking this information into account, assumptions were made as to the yields likely to be required, based upon then current market conditions for comparable or similar term Asset Based Securities as well as other fixed income securities.

 

80
 

 

Assets and liabilities measured at estimated fair value on a recurring basis are summarized below:

 

   Fair Value Measurements as 
   of December 31, 2011 
                 
Description  Total   Level 1   Level 2   Level 3 
                     
Available for-sale securities  $1,208,155   $1,208,155   $-   $- 
                     
Total  $1,208,155   $1,208,155   $-   $- 

 

   Fair Value Measurements as 
   of December 25, 2010 
                 
Description  Total   Level 1   Level 2   Level 3 
                 
Available for-sale securities  $781,257   $781,257   $-   $- 
Failed auction rate securities   20,562    -    -    20,562 
                     
Total  $801,819   $781,257   $-   $20,562 

 

All Level 3 investments at December 25, 2010 had been in a continuous unrealized loss position for 12 months or longer. However, it was the Company’s intent to hold these securities until they recovered their value. The Company sold these securities during 2011 and realized an immaterial loss. For assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period, the accounting guidance requires a reconciliation of the beginning and ending balances, separately for each major category of assets. The reconciliation is as follows:

 

   Fair Value Measurements Using 
   Significant Unobservable Inputs (Level 3) 
   Year Ended   Year Ended 
   December 31, 2011   December 25, 2010 
         
Beginning balance of auction rate securities  $20,562   $70,252 
Total unrealized gains included in other comprehensive income   5,038    16,410 
Sales out of Level 3   (25,600)   (66,100)
Transfers in and/or out of Level 3   -    - 
Ending balance of auction rate securities  $-   $20,562 

  

The following is a summary of the company’s marketable securities classified as available-for-sale securities at December 31, 2011:

  

   Amortized Cost   Gross 
Unrealized Gains
   Gross
Unrealized
Losses
   Other Than
Temporary
Impairment
   Estimated Fair 
Value (Net Carrying
Amount)
 
Mortgage-backed securities  $626,776   $12,936   $(1,086)  $-   $638,626 
Obligations of states and political subdivisions   358,314    2,339    (1,090)   -    359,563 
U.S. corporate bonds   134,763    815    (2,260)   (1,274)   132,044 
Other   78,031    113    (222)   -    77,922 
Total  $1,197,884   $16,203   $(4,658)  $(1,274)  $1,208,155 

 

81
 

 

The following is a summary of the company’s marketable securities classified as available-for-sale securities at December 25, 2010:

 

   Amortized Cost   Gross 
Unrealized Gains
   Gross
Unrealized
Losses
   Other Than
Temporary
Impairment
   Estimated Fair 
Value (Net Carrying
Amount)
 
Mortgage-backed securities  $527,249   $1,913   $(1,519)  $-   $527,643 
Auction Rate Securities   25,599    -    (5,037)   -    20,562 
Obligations of states and political subdivisions   160,618    347    (3,341)   -    157,624 
U.S. corporate bonds   54,348    637    (185)   (1,274)   53,526 
Other   39,838    2,626    -    -    42,464 
Total  $807,652   $5,523   $(10,082)  $(1,274)  $801,819 

 

The cost of securities sold is based on the specific identification method.

 

The unrealized losses and unrealized gains on the Company’s investments in 2010 and 2011, respectively, were caused primarily by changes in interest rates and credit spreads. The Company’s investment policy requires investments to be rated A or better with the objective of minimizing the potential risk of principal loss. The Company does not intend to sell the securities that have an unrealized loss shown in the table above and it is not more likely than not that the Company will be required to sell the investment before recovery of their amortized costs bases, which may be maturity. Therefore, the Company considers the declines to be temporary in nature. Fair values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market value. During 2010 and 2011, the Company did not record any material impairment charges on its outstanding securities.

 

The amortized cost and estimated fair value of marketable securities at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Included in the $55,694 amount below is $34,590 that has been classified as current because the underlying securities were sold subsequent to year-end. The remaining amount of $21,104 has been classified as noncurrent.

 

       Estimated 
   Cost   Fair Value 
           
Due in one year or less (2012)  $76,427   $76,563 
Due after one year through five years (2013-2017)   370,827    370,551 
Due after five years through ten years (2018-2022)   311,251    313,073 
Due after ten years (2023 and thereafter)   385,017    392,274 
Other (No contractual maturity dates)   54,362    55,694 
   $1,197,884   $1,208,155 

 

4. Commitments and Contingencies

 

Rental expense related to office, equipment, warehouse space and real estate amounted to $14,277, $11,768, and $10,293 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Company recognizes rental expense on a straight-line basis over the lease term.

 

82
 

 

Future minimum lease payments are as follows:

 

Year  Amount 
     
2012  $13,549 
2013   12,251 
2014   10,902 
2015   8,211 
2016   5,833 
Thereafter   6,423 
Total  $57,169 

 

Certain cash balances of GEL are held as collateral by a bank, securing payment of the United Kingdom value-added tax requirements. The total amount of restricted cash balances were $771 and $1,277 at December 31, 2011 and December 25, 2010, respectively.

 

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, actions, and complaints, including matters involving patent infringement and other intellectual property claims and various other risks. It is not possible to predict with certainty whether or not the Company and its subsidiaries will ultimately be successful in any of these legal matters, or if not, what the impact might be. However, the Company’s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the Company’s results of operations, financial position or cash flows.

 

5. Employee Benefit Plans

 

GII sponsors a defined contribution employee retirement plan under which its employees may contribute up to 50% of their annual compensation subject to Internal Revenue Code maximum limitations and to which GII contributes a specified percentage of each participant’s annual compensation up to certain limits as defined in the Plan. Additionally, GEL has a defined contribution plan under which its employees may contribute up to 7.5% of their annual compensation. Both GII and GEL contribute an amount determined annually at the discretion of the Board of Directors. During the years ended December 31, 2011, December 25, 2010, and December 26, 2009, expense related to these plans of $20,647, $17,952, and $16,399 was charged to operations.

 

Certain of the Company’s foreign subsidiaries participate in local defined benefit pension plans. Contributions are calculated by formulas that consider final pensionable salaries. Neither obligations nor contributions for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, were significant.

 

83
 

 

6. Income Taxes

 

The Company’s income tax provision (benefit) consists of the following:

 

   Fiscal Year Ended 
   December 31,   December 25,   December 26, 
   2011   2010   2009 
Federal:               
Current  $79,305   ($46,674)  $104,186 
Deferred   (25,763)   284    (12,021)
    53,542    (46,390)   92,165 
State:               
Current   9,087    3,929    5,381 
Deferred   (4,490)   (257)   (947)
    4,597    3,672    4,434 
Foreign:               
Current   22,363    31,109    18,469 
Deferred   (17,237)   4,278    (10,367)
    5,126    35,387    8,102 
Total  $63,265   ($7,331)  $104,701 

 

The income tax provision differs from the amount computed by applying the U.S. statutory federal income tax rate to income before taxes. The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:

 

   December 31,   December 25,   December 26, 
   2011   2010   2009 
Federal income tax expense at U.S. statutory rate  $204,456   $202,045   $287,228 
State income tax expense, net of federal tax effect   2,988    2,482    2,604 
Foreign tax rate differential   (148,058)   (115,633)   (219,482)
Taiwan tax holiday benefit   (13,127)   (13,536)   (18,556)
Net change in uncertain tax postions   8,283    (102,100)   41,400 
Other foreign taxes less incentives and credits   9,658    26,707    10,379 
Other, net   (935)   (7,296)   1,128 
Income tax expense  $63,265   ($7,331)  $104,701 

 

The holding company statutory federal income tax rate in Switzerland, the Company's place of incorporation since the redomestication effective June 27, 2010 (see Note 12), is 7.83%.  If the Company reconciled taxes at the Swiss holding company federal statutory tax rate to the reported income tax for 2011, as presented above, the amounts related to tax at the statutory rate would be approximately $158,716 lower, or $45,740, and the foreign tax rate differential would be adjusted by a similar amount to $10,658. For 2010, the amounts related to tax at the U.S. statutory rate of 35% prior to the redomestication and the Swiss statutory rate of 7.83%, subsequent to the redomestication, would be approximately $95,985 lower, or $106,060, and the foreign tax differential would be reduced by the same amount to ($19,648). All other amounts would remain substantially unchanged.

 

The Company’s income before income taxes attributable to non-U.S. operations was $473,994, $413,550, and $678,868, for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Taiwan tax holiday benefits included in the table above reflect $0.07, $0.07, and $0.09 per weighted-average common share outstanding for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Company currently expects to benefit from these Taiwan tax holidays through 2016, at which time these tax benefits might expire.

 

84
 

 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

   December 31,   December 25, 
   2011   2010 
Deferred tax assets:          
Product warranty accruals  $2,196   $1,646 
Allowance for doubtful accounts   12,282    11,572 
Inventory reserves   5,114    5,749 
Sales program allowances   5,591    9,080 
Reserve for sales returns   2,240    2,715 
Other accruals   5,359    5,684 
Unrealized intercompany profit in inventory   15,165    2,792 
Unrealized foreign currency loss   -    266 
Stock option compensation   47,998    40,785 
Tax credit carryforwards, net   33,379    48,784 
Amortization   26,913    28,431 
Deferred revenue   28,905    10,671 
Net operating losses of subsidiaries   17,780    11,583 
Other   4,163    3,750 
Valuation allowance related to loss carryforward and tax credits   (37,173)   (51,352)
    169,912    132,156 
Deferred tax liabilities:          
Depreciation   17,600    16,030 
Prepaid expenses   3,328    4,145 
Book basis in excess of tax basis for acquired entities   8,191    6,604 
Unrealized investment gain   910    5,951 
Marketable securities   -    3,038 
Other   469    933 
    30,498    36,701 
Net deferred tax assets  $139,414   $95,455 

 

The Company recognized a $29,615 deferred tax asset during 2010 for the future tax benefit of the fair market value step-up in basis of intangible assets related to the redomestication to Switzerland and local statutory tax reporting requirements. The deferred tax asset was recognized as an increase to Additional Paid-In Capital in 2010 and will reverse as the intangible assets are amortized for Swiss statutory and tax reporting purposes.

 

At December 31, 2011, the Company had $33,379 of tax credit carryover which includes $31,240 of Taiwan surtax credit with no expiration. There is a full valuation allowance for the Taiwan surtax credits. The valuation allowance decreased by $14,179 during 2011 including $14,994 related to Taiwan surtax credits. The decrease in the surtax credit carryforward and valuation allowance in 2011 is principally due to reducing the amount of such credits to the correct amount available for use in future years, on which a full valuation reserve is provided.

 

At December 31, 2011, the Company had a deferred tax asset of $17,780 related to the future tax benefit on net operating loss (NOL) carryforwards of $72,197.  Included in the NOL carryforwards is $24,680 that relates to Spain and expires in varying amounts between 2022 and 2025, $14,718 that relates to Switzerland and expires in 2018, and $32,799 that relates to various other jurisdictions and has no expiration date. The Company has recorded a valuation allowance for a portion of its deferred tax asset relating to various tax attributes that it does not believe are more likely than not to be realized. In the future, if the Company determines, based on existence of sufficient evidence, that it should realize more or less of its deferred tax assets, an adjustment to the valuation allowance will be made in the period such a determination is made.

 

85
 

 

7. Fair Value of Financial Instruments

 

As required by the Financial Instruments topic of the FASB ASC, the following summarizes required information about the fair value of certain financial instruments for which it is currently practicable to estimate such value. None of the financial instruments are held or issued for trading purposes. The carrying amounts and fair values of the Company’s financial instruments are as follows:

 

   December 31, 2011   December 25, 2010 
   Carrying   Fair   Carrying   Fair 
   Amount   Value   Amount   Value 
                 
Cash and cash equivalents  $1,287,160   $1,287,160   $1,260,936   $1,260,936 
Restricted cash   771    771    1,277    1,277 
Marketable securities   1,208,155    1,208,155    801,819    801,819 

 

For certain of the Company’s financial instruments, including accounts receivable, accounts payable and other accrued liabilities, the carrying amounts approximate fair value due to their short maturities.

 

8. Segment Information

 

Beginning in 2011, for external reporting purposes, the Company identified five operating segments – auto/mobile, aviation, marine, outdoor and fitness. Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker (CODM), who allocates resources and assesses performance of each segment individually. Prior to 2011, the Outdoor and Fitness operating segments were combined into a single reportable segment due to the similar nature of those products, their production processes, the types of customers served, their distribution processes, and similar economic conditions. Management re-evaluated the combination of these operating segments and determined that based on the growth characteristics of these segments they should now be reported as two distinct reportable segments.

 

All of the Company’s reportable segments offer products through the Company’s network of independent dealers and distributors as well as through OEM’s. However, the nature of products and types of customers for the five reportable segments vary. The Company’s marine, auto/mobile, outdoor, and fitness segments include portable global positioning system (GPS) receivers and accessories sold primarily to retail outlets. These products are produced primarily by the Company’s subsidiary in Taiwan. The Company’s aviation products are portable and panel mount avionics for Visual Flight Rules and Instrument Flight Rules navigation and are sold primarily to aviation dealers and certain aircraft manufacturers.

 

The Company’s Chief Executive Officer has been identified as the CODM. The CODM evaluates performance and allocates resources based on income before income taxes of each segment. Income before income taxes represents net sales less operating expenses including certain allocated general and administrative costs, interest income and expense, foreign currency adjustments, and other non-operating corporate expenses. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. There are no inter-segment sales or transfers.

 

The Company’s reportable segments share many common resources, infrastructures and assets in the normal course of business. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, or capital expenditures by segment to the CODM.

 

Revenues, interest income and interest expense, and income before income taxes for each of the Company’s reportable segments are presented below:

 

86
 

 

   Fiscal Year Ended December 31, 2011 
                   Auto/     
   Aviation   Outdoor   Fitness   Marine   Mobile   Total 
                         
Net sales to external customers  $284,855   $363,223   $298,163   $221,730   $1,590,598   $2,758,569 
Allocated interest income   1,250    4,496    4,342    2,934    19,790    32,812 
Allocated interest expense   -    -    -    -    -    - 
Income before income taxes   73,226    171,245    107,881    60,092    171,717    584,161 

 

   Fiscal Year Ended December 25, 2010 
                   Auto/     
   Aviation   Outdoor   Fitness   Marine   Mobile   Total 
                         
Net sales to external customers  $262,520   $319,119   $240,473   $198,860   $1,668,939   $2,689,911 
Allocated interest income   1,251    2,347    1,532    1,624    18,225    24,979 
Allocated interest expense   (122)   (148)   (111)   (92)   (773)   (1,246)
Income before income taxes   71,482    150,973    86,499    62,431    205,887    577,272 

 

   Fiscal Year Ended December 26, 2009 
                   Auto/     
   Aviation   Outdoor   Fitness   Marine   Mobile   Total 
                         
Net sales to external customers  $245,745   $299,300   $169,624   $177,644   $2,054,127   $2,946,440 
Allocated interest income   737    760    1,076    1,469    19,477    23,519 
Allocated interest expense   -    -    -    -    -    - 
Income before income taxes   56,595    147,996    58,046    57,430    488,584    808,651 

 

Net sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December 31, 2011, December 25, 2010, and December 26, 2009. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa.

 

   Americas   APAC   EMEA   Total 
December 31, 2011                    
Net sales to external customers  $1,527,508   $248,057   $983,004   $2,758,569 
Long lived assets   225,505    143,913    47,687    417,105 
Net assets (1)   1,155,653    1,915,284    185,644    3,256,581 
                     
December 25, 2010                    
Net sales to external customers  $1,646,590   $220,478   $822,843   $2,689,911 
Long lived assets   231,569    146,859    49,377    427,805 
Net assets (1)   1,149,826    1,719,769    179,967    3,049,562 
                     
December 26, 2009                    
Net sales to external customers  $1,972,451   $149,920   $824,069   $2,946,440 
Long lived assets   233,573    153,878    53,887    441,338 
Net assets (1)   1,177,849    1,467,903    190,695    2,836,447 

 

(1) Majority of assets held in the United States and Taiwan.

 

9. Stock Compensation Plans

 

Accounting for Stock-Based Compensation

 

The various Company stock compensation plans are summarized below. For all stock compensation plans, the company’s policy is to issue treasury shares for option/SAR exercises, RSU releases and ESPP purchases.

 

87
 

 

2011 Non-employee Directors’ Equity Incentive Plan

 

In June 2011, the stockholders adopted an equity incentive plan for non-employee directors (the 2011 Directors Plan) providing for grants of stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and/or performance shares, pursuant to which up to 122,592 shares were available for issuance. The term of each award cannot exceed ten years. Awards may vest over a minimum two-year period. During 2011, 11,996 restricted stock units were granted under this plan.

 

2005 Equity Incentive Plan

 

In June 2005, the shareholders adopted an equity incentive plan (the “2005 Plan”) providing for grants of incentive and nonqualified stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 10,000,000 common shares were available for issuance. The various grants vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. During 2011, 2010, and 2009, 410,197, 494,995, and 470,950 restricted stock units were granted under the 2005 Plan. In addition, in 2011, 42,330 stock options were granted under the 2005 Plan. In 2010 and 2009, 20,000 and 30,000 performance shares were granted under the 2005 Plan. No performance shares were granted under the 2005 Plan in 2011.

 

2000 Equity Incentive Plan

 

In October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants of incentive and nonqualified stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 7,000,000 common shares were available for issuance. The stock options and stock appreciation rights vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. The Company did not grant any stock awards from the 2000 Plan in 2011, 2010 or 2009.

 

2000 Non-employee Directors’ Option Plan

 

Also in October 2000, the stockholders adopted a stock option plan for non-employee directors (the 2000 Directors Plan) providing for grants of options for up to 100,000 common shares. The term of each award is ten years. All awards vest evenly over a three-year period. During 2010 and 2009, options to purchase 23,924 and 34,648 shares, respectively, were granted under this plan. In 2009, the stockholders approved an additional 150,000 shares to the plan, making the total shares authorized under the plan 250,000. Following the June 2011 approval of the 2011 Directors Plan, the Company will no longer issue options to purchase shares under this plan.

 

Stock-Based Compensation Activity

 

A summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 31, 2011, December 25, 2010, and December 26, 2009 is provided below:

 

88
 

 

   Stock Options and SARs 
   Weighted-Average     
   Exercise Price   Number of Shares 
       (In Thousands) 
         
Outstanding at December 27, 2008  $47.76    10,526 
Granted  $23.09    35 
Exercised  $18.08    (278)
Forfeited/Expired  $59.55    (174)
Outstanding at December 26, 2009  $48.28    10,109 
Granted  $33.44    24 
Exercised  $15.52    (826)
Forfeited/Expired  $62.57    (221)
Outstanding at December 25, 2010  $50.87    9,086 
Granted  $39.71    42 
Exercised  $21.02    (764)
Forfeited/Expired  $64.63    (291)
Outstanding at December 31, 2011  $53.14    8,073 
Exercisable at December 31, 2011  $51.24    7,001 
Expected to vest after December 31, 2011  $65.59    1,049 

 

Stock Options and SARs as of December 31, 2011
Exercise  Awards   Remaining   Awards 
Price  Outstanding   Life (Years)   Exercisable 
   (In Thousands)       (In Thousands) 
             
$8.00 -$20.00   787    2.29    786 
$20.01 - $40.00   1,530    3.48    1,463 
$40.01 - $60.00   3,295    5.36    2,782 
$60.01 - $80.00   1,198    5.42    960 
$80.01 - $100.00   2    5.94    1 
$100.01 - $120.00   1,258    5.91    1,007 
$120.01 - $140.00   3    5.74    2 
    8,073    4.80    7,001 

 

   Restricted Stock Units 
   Weighted-Average     
   Grant Date Fair Value   Number of Shares 
       (In Thousands) 
         
Outstanding at December 27, 2008  $19.59    1,043 
Granted  $29.79    501 
Released/Vested  $19.59    (204)
Cancelled  $19.63    (24)
Outstanding at December 26, 2009  $23.47    1,316 
Granted  $30.29    515 
Released/Vested  $23.02    (291)
Cancelled  $23.32    (37)
Outstanding at December 25, 2010  $25.90    1,503 
Granted  $37.28    422 
Released/Vested  $37.73    (366)
Cancelled  $25.89    (81)
Outstanding at December 31, 2011  $29.40    1,478 

 

89
 

 

The weighted-average remaining contract life for stock options and SARs outstanding and exercisable at December 31, 2011 is 4.80 and 4.57 years, respectively. The weighted-average remaining contract life of restricted stock units at December 31, 2011 was 2.21 years.

 

The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions for 2011, 2010, and 2009:

 

   2011   2010   2009 
Weighted average grant date fair value of options granted  $10.53   $8.99   $7.32 
Expected volatility   0.4078    0.4178    0.4286 
Dividend yield   4.02%   4.94%   2.42%
Expected life of options in years   6.5    6.3    6.2 
Risk-free interest rate   1.2%   2.5%   3.0%

 

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options and SARs which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility.

 

The total fair value of awards vested during 2011, 2010, and 2009 was $49,006, $41,249, and $41,527, respectively. The aggregate intrinsic values of options and SARs outstanding and exercisable at December 31, 2011 were $35,683 and $35,410, respectively. The aggregate intrinsic values of options and SARs exercised during 2011, 2010, and 2009 were $14,367, $12,259, and $3,578, respectively. The aggregate intrinsic value of RSUs outstanding at December 31, 2011 was $58,856. The aggregate intrinsic values of RSUs released during 2011, 2010, and 2009 were $14,592, $8,828, and $6,327, respectively. Aggregate intrinsic value represents the positive difference between the Company’s closing stock price on the last trading day of the fiscal period, which was $39.81 on December 30, 2011, and the exercise price multiplied by the number of options exercised. As of December 31, 2011, there was $58,554 of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans. That cost is expected to be recognized over the weighted average remaining vesting period.

 

Employee Stock Purchase Plan

 

The shareholders also adopted an employee stock purchase plan (ESPP). Up to 4,000,000 shares of common stock have been reserved for the ESPP with shareholders approving an additional 2,000,000 shares in May 2010. Shares will be offered to employees at a price equal to the lesser of 85% of the fair market value of the stock on the date of purchase or 85% of the fair market value on the first day of the ESPP period. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During 2011, 2010, and 2009, 514,218, 349,173, and 209,416 shares, respectively were purchased under the plan for a total purchase price of $13,746, $8,134, and $3,874, respectively. During 2011 and 2010, the purchases were issued from treasury shares. At December 31, 2011, approximately 1,561,066 shares were available for future issuance.

 

90
 

 

10. Earnings Per Share

 

The following table sets forth the computation of basic and diluted net income per share:

 

   Fiscal Year Ended 
   December 31,   December 25,   December 26, 
   2011   2010   2009 
Numerator (in thousands):            
Numerator for basic and diluted net income per share - net income  $520,896   $584,603   $703,950 
                
Denominator (in thousands):               
Denominator for basic net income per share - weighted-average common shares   194,105    196,979    200,395 
Effect of dilutive securities - employee stock-based awards   789    1,030    766 
Denominator for diluted net income per share - weighted-average common shares   194,894    198,009    201,161 
                
Basic net income per share  $2.68   $2.97   $3.51 
                
Diluted net income per share  $2.67   $2.95   $3.50 

 

Options to purchase 5,920,076, 6,192,043, and 7,814,095 common shares were outstanding during 2011, 2010, and 2009, respectively, but were not included in the computation of diluted earnings per share because the effect was antidilutive.

 

11. Share Repurchase Program

 

The Board of Directors approved a share repurchase program on February 12, 2010, authorizing the Company to purchase up to $300,000 of its common shares as market and business conditions warrant on the open market or in negotiated transactions in compliance with the SEC’s Rule 10b-18. The share repurchase authorization expired on December 31, 2011. Under the plan, the Company had repurchased 7,366,646 shares using cash of $223,149 in fiscal 2010.

 

In addition, 522,856 shares repurchased for $16,701 prior to the Company’s redomestication to Switzerland on June 27, 2010, but for which transactions settled after that date, were treated as retired when such shares were still in treasury. These shares were reflected as additional treasury shares during the 13-weeks ended March 26, 2011 with a corresponding increase to retained earnings.

 

The Board of Directors approved a share repurchase program on October 22, 2008, authorizing the Company to purchase up to $300,000 of its common shares as market and business conditions warrant. The share repurchase authorization expired on December 31, 2009. From inception to expiration, $60,000 of common shares were repurchased and retired under this plan.

 

12. Redomestication

 

The redomestication effectively changed the place of incorporation of the ultimate parent holding company of Garmin from the Cayman Islands to Switzerland.

 

The redomestication involved several steps. On February 9, 2010, Garmin Ltd. (Cayman) formed Garmin Ltd. (Switzerland) as a direct subsidiary. On April 6, 2010, Garmin Ltd. (Cayman) petitioned the Cayman Court to order, among other things, the calling of a meeting of Garmin Ltd. (Cayman) common shareholders to approve a scheme of arrangement. On April 7, 2010, the Cayman Court ordered us to seek shareholder approval of the scheme of arrangement. On May 20, 2010 we obtained the necessary shareholder approval.  On June 4, 2010, a hearing was held by the Cayman Court and at which hearing the Cayman Court was asked to and did approve the scheme of arrangement.  The scheme of arrangement became effective at 3:00 a.m., Cayman Islands time, on Sunday, June 27, 2010 (the “Transaction Time”).

 

91
 

 

At and shortly following the Transaction Time, the following steps occurred:

 

1.all issued and outstanding Garmin Ltd. (Cayman) common shares were transferred to Garmin Ltd. (Switzerland); and
2.in consideration, Garmin Ltd. (Switzerland) (a) issued registered shares (on a one-for-one basis) to the holders of the Garmin Ltd. (Cayman) common shares that were transferred to Garmin Ltd. (Switzerland), and (b) increased the par value of the 10,000,000 shares of Garmin Ltd. (Switzerland) issued to Garmin Ltd. (Cayman) in connection with the formation of Garmin Ltd. (Switzerland) (the “Formation Shares”) to the same par value as the shares of Garmin Ltd. (Switzerland) issued to the Garmin Ltd. (Cayman) shareholders. The Formation Shares were subsequently transferred by Garmin Ltd. (Cayman) to its subsidiary, Garmin Luxembourg S.à r.l. for future use to satisfy our obligations to deliver shares in connection with awards granted under our equity incentive plans for employees and other general corporate purposes.

 

As a result of the redomestication, the shareholders of Garmin Ltd. (Cayman) became shareholders of Garmin Ltd. (Switzerland), and Garmin Ltd. (Cayman) became a subsidiary of Garmin Ltd. (Switzerland). In addition, Garmin Ltd. (Switzerland) assumed, on a one-for-one basis, Garmin Ltd. (Cayman)’s existing obligations in connection with awards granted under Garmin Ltd. (Cayman)’s equity incentive plans and other similar equity awards. Any stock options, stock appreciation rights, restricted stock units or performance shares issued by Garmin Ltd. (Cayman) that are convertible, exchangeable or exercisable into common shares of Garmin Ltd. (Cayman) became convertible, exchangeable or exercisable, as the case may be, into registered shares of Garmin Ltd. (Switzerland).

 

Subsequently on July 26, 2010, Garmin Ltd. (Cayman) relocated its registered office to Switzerland and changed its name to Garmin Switzerland GmbH.  The reported capitalization of the Company also changed to that of Garmin Ltd. (Switzerland).  Accordingly, common stock was increased by $1,796,448 to $1,797,435 (198,077,418 shares * CHF 10/ USD 9.0744), and retained earnings was reduced by the same amount.  

 

The summary of the components of authorized shares at December 31, 2011 and December 25, 2010, and changes during 2011 are as follows:

 

   Outstanding   Treasury   Issued   Conditional   Authorized 
   Shares   Shares   Shares1   Capital   Capital 
Changes in components of authorized shares                         
December 25, 2010   194,358,038    13,719,3802    208,077,4182,3    104,038,7094    104,038,7094 
Treasury shares purchased/reclassified   (1,149,645)   1,149,6455   -    -    - 
Treasury shares issued for stock based compensation   1,454,224    (1,454,224)   -    -    - 
December 31, 2011   194,662,617    13,414,801    208,077,418    104,038,709    104,038,709 

 

1Shares at CHF 10 par value (USD 9.0744)
2Includes 10,000,000 formation shares at USD 0 historical cost
3The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares.
4Up to 104,038,709 conditional shares may be issued through the exercise of option rights which are granted to Garmin employees and/or members of its Board of Directors. In addition, the Board of Directors is authorized to issue up to 104,038,709 additional shares no later than June 27, 2012.
5The increase in treasury shares in 2011 includes 522,856 shares repurchased in the prior year that were originally treated as retired when such shares were still in treasury. These shares are reflected as additional treasury shares in 2011 with a corresponding increase to retained earnings. See Note 11.

 

The general terms of Garmin Ltd. (Switzerland)'s capitalization (rights of shareholders, limitations on dividends, etc.) may be found in the proxy statement and Form 8-A/A registration statement filed with the SEC on April 9, 2010 and June 28, 2010, respectively.

 

92
 

 

13. Warranty Reserves

 

The Company’s products sold are generally covered by a warranty for periods ranging from one to two years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectations of future conditions and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve:

 

   Fiscal Year Ended 
   December 31,   December 25,   December 26, 
   2011   2010   2009 
             
Balance - beginning of period  $49,885   $87,424   $87,408 
Change in accrual for products sold in prior periods   -    (42,776)   - 
Accrual for products sold during the period   52,305    93,172    164,909 
Expenditures   (55,417)   (87,935)   (164,893)
Balance - end of period  $46,773   $49,885   $87,424 

 

14. Selected Quarterly Information (Unaudited)

 

   Fiscal Year Ended December 31, 2011 
   Quarter Ending 
   March 26   June 25   September 24 (2)   December 31 (2) 
                 
Net sales  $507,834   $674,099   $666,993   $909,643 
Gross profit   238,374    322,100    344,331    433,787 
Net income   95,482    109,477    150,381    165,556 
Basic net income per share  $0.49   $0.56   $0.77   $0.86 

 

   Fiscal Year Ended December 25, 2010 
   Quarter Ending 
   March 27   June 26   September 25 (1)   December 25 
                 
Net sales  $431,067   $728,765   $692,364   $837,715 
Gross profit   230,909    391,652    344,020    379,793 
Net income   37,329    134,816    279,552    132,906 
Basic net income per share  $0.19   $0.68   $1.43   $0.67 

 

(1) Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.

 

(2) Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.

 

The above quarterly financial data is unaudited, but in the opinion of management, all adjustments necessary for a fair presentation of the selected data for these interim periods presented have been included. These results are not necessarily indicative of future quarterly results.

 

93
 

 

15. Acquisitions

 

During 2011, subsidiaries of Garmin Ltd. completed the following acquisitions:

 

·Navigon AG (“Navigon”), a privately-held navigation provider based in Germany

 

·Tri-Tronics Inc., the leading designer and manufacturer of electronic dog training equipment

 

·Garmin Distribution Africa (Pty) Ltd., the distributor of Garmin’s consumer products in Southern Africa

 

·Garmap (Pty) Ltd., a South African mapping and mobile applications provider

 

·Centro GPS, the Chilean distributor of Garmin’s consumer products

 

These companies were acquired for an aggregate amount of $69,558 in cash less $15,368 cash acquired. The purchase price allocation for these acquisitions included goodwill and intangible assets of $84,204. Garmin also recognized $3,923 of restructuring costs in the third quarter of 2011 related specifically to the Navigon acquisition. Individually and in the aggregate, these acquisitions are not considered material; therefore, supplemental pro forma information is not presented. The allocation of purchase price to assets acquired and liabilities assumed in these acquisitions is based upon certain valuations and other analyses.

 

Purchase price allocations for 2010 acquisitions were finalized with no significant adjustments.

 

Other disclosures required by Swiss law:

CHF in Thousands  2011   2010 
         
Personnel expenses   470,212    484,481 

 

The detailed disclosures regarding significant shareholders as well as the board and executive remuneration and share ownership that are required by Swiss law are included in Notes 6 through 9 to the Garmin Ltd (Switzerland) statutory financial statements.

 

The fire insurance value of property, equipment, and leasehold improvements amounted to CHF 535,997 and CHF 547,263 as of December 31, 2011 and December 25, 2010.

 

Garmin Ltd’s risk assessment is presented in Note 10 – Risk Assessment of the Garmin Ltd (Switzerland) statutory financial statements.

 

94
 

 

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

None.

 

Item 9A. Controls and Procedures

 

(a) Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on the evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective.

 

(b) Management’s Report on Internal Control over Financial Reporting

 

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. The Company’s internal control over financial reporting is a process designed 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.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Management’s assessment of and conclusion on the effectiveness of internal control over financial reporting are included as Exhibits 31.1, 31.2, 32.1 and 32.2.

 

Management of the Company assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2011. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in “Internal Control-Integrated Framework”.

 

Based on such assessment and those criteria, management believes that the Company maintained effective internal control over financial reporting as of December 31, 2011.

 

Ernst & Young LLP, the independent registered public accounting firm that audited the Company’s consolidated financial statements, issued an attestation report on management’s effectiveness of the Company’s internal control over financial reporting as of December 31, 2011, as stated in their report which is included herein. That attestation report appears below.

 

(c) Attestation Report of the Independent Registered Public Accounting Firm

 

95
 

 

Report of Independent Registered Public Accounting Firm

 

The Board of Directors and Shareholders

Garmin Ltd.

 

We have audited Garmin Ltd.’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Garmin Ltd.’s Board of Directors and management are responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) 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 (3) 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.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

In our opinion, Garmin Ltd. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the COSO criteria.

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Garmin Ltd. and Subsidiaries as of December 31, 2011 and December 25, 2010 and the related consolidated statements of income, stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2011 of Garmin Ltd. and Subsidiaries and our report dated February 29, 2012 expressed an unqualified opinion thereon.

 

/s/ Ernst & Young LLP

 

Kansas City, Missouri

February 29, 2012

 

96
 

 

(d) Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the quarter ended December 31, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting

 

Item 9B. Other Information

 

Not applicable.

 

97
 

 

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance

 

Garmin has incorporated by reference certain information in response or partial response to the Items under this Part III of this Annual Report on Form 10-K pursuant to General Instruction G(3) of this Form 10-K and Rule 12b-23 under the Exchange Act. Garmin’s definitive proxy statement in connection with its annual meeting of shareholders scheduled for June 1, 2012 (the “Proxy Statement”) will be filed with the Securities and Exchange Commission no later than 120 days after December 31, 2011.

 

(a)Directors of the Company

 

The information set forth in response to Item 401 of Regulation S-K under the headings “Proposal 1 - Election of Two Directors” and “The Board of Directors” in the Proxy Statement is hereby incorporated herein by reference in partial response to this Item 10.

  

(b)Executive Officers of the Company

 

The information set forth in response to Item 401 of Regulation S-K under the heading “Executive Officers of the Registrant” in Part I of this Form 10-K is incorporated herein by reference in partial response to this Item 10.

 

(c)Compliance with Section 16(a) of the Exchange Act

 

The information set forth in response to Item 405 of Regulation S-K under the heading “Section 16(a) Beneficial Ownership Reporting Compliance” in the Proxy Statement is hereby incorporated herein by reference in partial response to this Item 10.

 

(d)Audit Committee and Audit Committee Financial Expert

 

The information set forth in response to Item 402 of Regulation S-K under the heading “The Board of Directors — Audit Committee” in the Proxy Statement is hereby incorporated herein by reference in partial response to this Item 10.

 

The Audit Committee consists of Gene M. Betts, Charles W. Peffer and Thomas P. Poberezny. Mr. Peffer serves as the Chairman of the Audit Committee. All members of the Audit Committee are “independent” within the meaning of the rules of the SEC and the NASDAQ Marketplace Rules. Garmin’s Board of Directors has determined that Mr. Betts and Mr. Peffer, are “audit committee financial experts” as defined by the SEC regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002.

 

(e)Code of Ethics

 

Garmin’s Board of Directors has adopted the Code of Conduct of Garmin Ltd. and Subsidiaries (the “Code”). The Code is applicable to all Garmin employees including the Chairman and Chief Executive Officer, the President and Chief Operating Officer, the Chief Financial Officer, the Controller and other officers. A copy of the Code is available on Garmin’s website at:

http://www8.garmin.com/aboutGarmin/invRelations/documents/Code_of_Conduct.pdf. If any amendments to the Code are made, or any waivers with respect to the Code are granted to the Chairman and Chief Executive Officer, the President and Chief Operating Officer, the Chief Financial Officer or Controller, or any person performing a similar function, such amendment or waiver will be disclosed on Garmin’s website at: http://www8.garmin.com/aboutGarmin/invRelations/documents/Code_of_Conduct.pdf.

 

98
 

 

Item 11. Executive Compensation

 

The information set forth in response to Item 402 of Regulation S-K under the headings “Executive Compensation Matters” and “The Board of Directors – Non-Management Director Compensation” in the Proxy Statement is hereby incorporated herein by reference in partial response to this Item 11.

 

The information set forth in response to Item 407(e)(4) of Regulation S-K under the heading “The Board of Directors — Compensation Committee Interlocks and Insider Participation; Certain Relationships” in the Proxy Statement is hereby incorporated herein by reference in partial response to this Item 11.

 

The information set forth in response to Item 407(e)(5) of Regulation S-K under the heading “Executive Compensation Matters – Report of Compensation Committee” in the Proxy Statement is hereby incorporated herein by reference in partial response to this Item 11.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The information set forth in response to Item 403 of Regulation S-K under the heading “Stock Ownership of Certain Beneficial Owners and Management” in the Proxy Statement is hereby incorporated herein by reference in partial response to this Item 12.

 

Equity Compensation Plan Information

 

The following table gives information as of December 31, 2011 about the Garmin common shares that may be issued under all of the Company’s existing equity compensation plans, as adjusted for stock splits.

 

   A   B   C 
           Number of securities 
           remaining available for 
           future issuance under 
   Number of securities to be   Weighted-average   equity compensation 
   issued upon exercise of   exercise price of   plans (excluding 
   outstanding options   outstanding options   securities reflected in 
Plan Category  and rights   and rights   column A) 
Equity compensation plans approved by shareholders   9,551,348   $53.14    2,676,784 
Equity compensation plans not approved by shareholders            
                
Total   9,551,348   $53.14    2,676,784 

 

Table consists of the Garmin Ltd. 2005 Equity Incentive Plan (as Amended and Restated Effective June 5, 2010), the Garmin Ltd. 2000 Equity Incentive Plan, the Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan, effective June 5, 2010, the Garmin Ltd. Amended and Restated Employee Stock Purchase Plan, effective January 1, 2010 and the Garmin Ltd. 2011 Non-Employee Directors Equity Incentive Plan, effective June 3, 2011. The weighted-average exercise price does not reflect the shares that will be issued upon the payment of outstanding awards of RSUs.

 

99
 

 

The Company has no knowledge of any arrangement, the operation of which may at a subsequent date result in a change in control of the Company.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

 

The information set forth in response to Item 404 of Regulation S-K under the heading “Compensation Committee Interlocks and Insider Participation; Certain Relationships” in the Proxy Statement is incorporated herein by reference in partial response to this Item 13.

 

The information set forth in response to Item 407(a) of Regulation S-K under the headings “Proposal One— Election of Two Directors” and “The Board of Directors” in the Proxy Statement is hereby incorporated herein by reference in partial response to this Item 13.

 

Item 14. Principal Accounting Fees and Services

 

The information set forth under the headings “Audit Matters — Independent Registered Public Accounting Firm Fees” and “Pre-Approval of Services Provided by the Independent Auditor” in the Proxy Statement is hereby incorporated by reference in response to this Item 14.

 

100
 

 

PART IV

 

Item 15. Exhibits, and Financial Statement Schedules

 

(a)List of Documents filed as part of this Report

 

(1)Consolidated Financial Statements

 

The consolidated financial statements and related notes, together with the reports of Ernst & Young LLP, appear in Part II, Item 8 “Financial Statements and Supplementary Data” of this Form 10-K.

 

(2)Schedule II Valuation and Qualifying Accounts

 

All other schedules have been omitted because they are not applicable, are insignificant or the required information is shown in the consolidated financial statements or notes thereto.

 

(3)Exhibits — The following exhibits are filed as part of, or incorporated by reference into, this Annual Report on Form 10-K:

 

  EXHIBIT    
  NUMBER   DESCRIPTION
       
  3.1   Articles of Association, as amended, of Garmin Ltd. (incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  3.2   Organizational Regulations of Garmin Ltd. (incorporated by reference to Exhibit 3.1 of  the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.1   Garmin Ltd. 2000 Equity Incentive Plan (incorporated by reference to Exhibit 10.1  of  the Registrant’s Registration Statement on Form S-1 filed December 6, 2000 (Commission File No. 333-45514)).
       
  10.2   Form of Stock Option Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan for Employees of Garmin International, Inc. (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
       
  10.3   Form of Stock Option Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan for Employees of Garmin Corporation (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
       
  10.4   Form of Stock Option Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan for UK-Approved Stock Options for Employees of Garmin (Europe) Ltd. (incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
       
  10.5   Form of Stock Option Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan for Non UK-Approved Stock Options for Employees of Garmin (Europe) Ltd. (incorporated by reference to Exhibit 10.5 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).

 

101
 

 

  10.6   Garmin Ltd. 2000 Non-Employee Directors’ Option Plan (incorporated by reference to Exhibit 10.2 of  the Registrant’s Registration Statement on Form S-1 filed December 6, 2000 (Commission File No. 333-45514)).
       
  10.7   Form of Stock Option Agreement pursuant to the Garmin Ltd.  Non-Employee Directors’ Option Plan for Non-Employee Directors of Garmin Ltd. (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
       
  10.8   Garmin Ltd. Amended and Restated Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q filed August 9, 2006).
       
  10.9   First Amendment to Garmin Ltd. Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.4 of the Registrant’s Annual Report on Form 10-K filed on March 27, 2002).
       
  10.10   Second Amendment to Garmin Ltd. Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q filed on August 13, 2003).
       
  10.11   Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.1  of  the Registrant’s Current Report on Form 8-K filed on June 7, 2005).
       
  10.12   Form of Stock Option Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on June 7, 2005).
       
  10.13   Form of Stock Appreciation Rights Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed on June 7, 2005).
       
  10.14   Form of Stock Appreciation Rights Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan (incorporated by reference to Exhibit 10.4 of the Registrant’s Quarterly Report on Form 10-Q filed on May 8, 2007).
       
  10.15    Amended and Restated Garmin Ltd. Employee Stock Purchase Plan effective January 1, 2009 (incorporated by reference to Exhibit 10.15 of the Registrant’s Annual Report on Form 10-K filed on February 25, 2010).
       
  10.16    Form of Time Vested Restricted Stock Unit Award Agreement under the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on December 17, 2009).
       
  10.17    Form of Performance Shares Award Agreement under the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on December 17, 2009).
       
  10.18    Garmin Ltd. 2010 Cash Incentive Bonus Plan (incorporated by reference to Exhibit 10.18 of the Registrant’s Annual Report on Form 10-K filed on February 25, 2010).
       
  10.19   Amended and Restated Garmin Ltd. Employee Stock Purchase Plan, effective January 1, 2010 (incorporated by reference to Exhibit 10.22 of the Registrant’s Annual Report on Form 10-K filed on February 24, 2010).

 

102
 

 

  10.20   Form of Time Vested Restricted Stock Unit Award Agreement under the Garmin Ltd. 2006 Equity Incentive Plan, as revised by the Registrant’s Board of Directors on December 11, 2010 (incorporated by reference to Exhibit 10.22 of the Registrant’s Annual Report on Form 10-K filed on February 24, 2010).
       
  10.21   Form of Performance Shares Award Agreement under the Garmin Ltd. 2005 Equity Incentive Plan, as revised by the Registrant’s Board of Directors on December 11, 2010 (incorporated by reference to Exhibit 10.22 of the Registrant’s Annual Report on Form 10-K filed on February 24, 2010).
       
  10.22   Garmin Ltd. 2005 Equity Incentive Plan (as Amended and Restated Effective June 5, 2010) (incorporated by reference to Schedule 1 of the Registrant’s Proxy Statement on Schedule 14A filed on April 21, 2010).
       
  10.23    Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan, Effective June 5, 2010 (incorporated by reference to Schedule 2 of the Registrant’s Proxy Statement on Schedule 14A filed on April 21, 2010).
       
  10.24   Garmin Ltd. Amended and Restated 2000 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.25   Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.26   Garmin Ltd. Amended and Restated Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.27   Garmin Ltd. Amended and Restated 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.5 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.28   Form of Stock Option Agreement pursuant to the Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan (incorporated by reference to Exhibit 10.6 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.29   Form of Performance Shares Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.7 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.30   Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, for Swiss residents (incorporated by reference to Exhibit 10.8 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.31   Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, for non-Swiss residents (incorporated by reference to Exhibit 10.9 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).

 

103
 

 

  10.32   Transaction Agreement between Garmin Ltd., a Cayman Islands company, and the Registrant, dated as of May 21, 2010 (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
       
  10.33   Form of Non-Qualified Stock Option Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, as amended and restated on June 27, 2010 (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on December 29, 2011).
       
  10.34   Garmin Ltd. 2011 Non-Employee Directors’ Equity Incentive Plan (incorporated by reference to Schedule 1 of the Registrant’s Definitive Proxy Statement on Form 14A filed on April 21, 2011).
       
  10.35   Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2011 Non-Employee Directors’ Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on June 6, 2011).
       
  21.1   List of subsidiaries
       
  23.1   Consent of Ernst & Young LLP
       
  24.1   Power of Attorney (included in signature page)
       
  31.1   Chief Executive Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
       
  31.2   Chief Financial Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
       
  32.1   Chief Executive Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
       
  32.2   Chief Financial Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

  Exhibit 101.INS XBRL Instance Document
     
  Exhibit 101.SCH  XBRL Taxonomy Extension Schema
     
  Exhibit 101.CAL XBRL Taxonomy Extension Calculation Linkbase
     
  Exhibit 101.LAB XBRL Taxonomy Extension Label Linkbase
     
  Exhibit 101.PRE XBRL Taxonomy Extension Presentation Linkbase
     
  Exhibit 101.DEF XBRL Taxonomy Extension Definition Linkbase

 

(b)Exhibits.

 

The exhibits listed on the accompanying Exhibit Index in Item 15(a)(3) are filed as part of, or are incorporated by reference into, this Annual Report on Form 10-K.

 

(c)Financial Statement Schedules.

 

Reference is made to Item 15(a)(2) above.

 

104
 

 

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

Garmin Ltd. and Subsidiaries

(In thousands)

 

       Additions         
   Balance at   Charged to   Charged to       Balance at 
   Beginning of   Costs and   Other       End of 
Description  Period   Expenses   Accounts   Deductions   Period 
Year Ended December 31, 2011:                         
Deducted from asset accounts                         
Allowance for doubtful accounts  $31,822   $2,317    -   $(3,915)  $30,224 
Inventory reserve   37,720    16,047    -    (24,397)   29,370 
Deferred tax asset valuation allowance (1)   51,352    7,902    -    (22,081)   37,173 
Total  $120,894   $26,266    -   $(50,393)  $96,767 
                          
Year Ended December 25, 2010:                         
Deducted from asset accounts                         
Allowance for doubtful accounts  $36,673   $(4,476)   -   $(375)  $31,822 
Inventory reserve   38,898    5,753    -    (6,931)   37,720 
Deferred tax asset valuation allowance   35,617    15,735    -    -    51,352 
Total  $111,188   $17,012    -   $(7,306)  $120,894 
                          
Year Ended December 26, 2009:                         
Deducted from asset accounts                         
Allowance for doubtful accounts  $42,409   $(1,332)   -   $(4,404)  $36,673 
Inventory reserve   23,204    61,323    -    (45,629)   38,898 
Deferred tax asset valuation allowance   34,487    1,468    -    (338)   35,617 
Total  $100,100   $61,459    -   $(50,371)  $111,188 

 

(1)Note that $14,994 of the decrease in the deferred tax asset valuation is due to reducing the amount of Taiwan surtax credits to the correct amount available for use in future years, all such credits of which are and have been fully reserved.

 

105
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) 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.

 

GARMIN LTD. 
     
By /s/ Min H. Kao
    Min H. Kao
    Chief Executive Officer

 

Dated: February 29, 2012

 

POWER OF ATTORNEY

 

Know all persons by these presents, that each person whose signature appears below constitutes and appoints Min H. Kao and Kevin Rauckman and Andrew R. Etkind, and each of them, as his attorney-in-fact, with the power of substitution, for him in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report on Form 10-K has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 29, 2012.

 

/s/ Min H. Kao   /s/ Gene M. Betts
Min H. Kao     Gene M. Betts
Chairman, Chief     Director
Executive Officer and Director    
(Principal Executive Officer)    
     
     
/s/ Kevin Rauckman   /s/Donald H. Eller
Kevin Rauckman     Donald H. Eller
(Principal Financial Officer and Principal Accounting Officer)     Director
Chief Financial Officer and Treasurer    
     
/s/ Charles W. Peffer   /s/ Thomas  P. Poberezny
Charles W. Peffer     Thomas P. Poberezny
Director     Director
     
/s/ Clifton A. Pemble  
Clifton A Pemble    
Director    
106
 

 

Garmin Ltd.

2011 Form 10-K Annual Report

Exhibit Index

 

The following exhibits are attached hereto. See Part IV of this Annual Report on Form 10-K for a complete list of exhibits.

 

Exhibit    
Number   Document
     
21.1   List of subsidiaries
     
23.1   Consent of Ernst & Young LLP
     
31.1   Chief Executive Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2   Chief Financial Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1   Chief Executive Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
32.2   Chief Financial Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Exhibit 101.INS XBRL Instance Document
   
Exhibit 101.SCH XBRL Taxonomy Extension Schema
   
Exhibit 101.CAL XBRL Taxonomy Extension Calculation Linkbase
   
Exhibit 101.LAB XBRL Taxonomy Extension Label Linkbase
   
Exhibit 101.PRE XBRL Taxonomy Extension Presentation Linkbase
   
Exhibit 101.DEF XBRL Taxonomy Extension Definition Linkbase

 

107

 

EX-21.1 2 v303209_ex21-1.htm EXHIBIT 21.1

 

EXHIBIT 21.1

 

GARMIN LTD.

 

List of Subsidiaries of Company

 

Name of Subsidiary   Jurisdiction of Incorporation
     
Garmin Corporation   Taiwan
Garmin International, Inc.   Kansas
Garmin North America, Inc.   Kansas
Garmin USA, Inc.   Kansas
Garmin Realty, LLC   Kansas
Tri-Tronics, Inc.   Arizona
Garmin Santa Cruz, Inc.   California
Garmin AT, Inc.   Oregon
Digital Cyclone, Inc.   Minnesota
Garmin Australasia Pty Ltd.   Australia
Garmin Desenvolvimento de Sistemas de Aviação e Comercio de Tecnologias do Brasil Ltda   Brazil
Dynastream Innovations, Inc.   Alberta, Canada
Garmin Austria Holding GmbH   Austria
Garmin Austria GmbH   Austria
Garmin Belux NV/SA   Belgium
Garmin Chile Lda   Chile
Garmin China Co. Ltd.   China
Garmin Danmark A/S   Denmark
Garmin Danmark Ejendomme ApS   Denmark
Garmin (Europe) Ltd.   England
Garmin Suomi Holding Oy   Finland
Garmin Suomi Oy   Finland
Garmin France SAS   France
Garmin Deutschland GmbH   Germany
Garmin Deutschland Verwaltungs GmbH   Germany
Garmin Deutschland Beteligungs GmbH   Germany
Garmin Würzburg GmbH   Germany
Navigon Asia Pacific Ltd.   Hong Kong
Garmin India Private Ltd.   India
Garmin Italia S.p.A.   Italy
Garmin Japan Ltd.   Japan
Garmin Luxembourg S.à r.l.   Luxembourg
Garmin Luxembourg Holdings S.à r.l.   Luxembourg
GRMN Navigation Mexico S de RL de CV   Mexico
Garmin B.V.   Netherlands
Garmin Coöperatief UA   Netherlands
Garmin Acquisition B.V.   Netherlands
Garmin Nederland B.V.   Netherlands
Garmin Norge AS   Norway
Garmin Norway Holding AS   Norway
Garmin Polska Sp. z o.o.   Poland
Garmin Portugal – Equipamentos de Comunicações e de Navegação Ltda.   Portugal
Garmin Cluj SRL   Romania
Garmap (Pty) Ltd.   South Africa
Garmin Africa Holdings (Pty) Ltd.   South Africa
Garmin Southern Africa (Pty) Ltd.   South Africa
Garmin Iberia S.A.   Spain
Garmin Spain S.L.U.   Spain
Garmin Singapore Pte. Ltd   Singapore
Garmin Sweden Holding AB   Sweden
Garmin Sweden AB   Sweden
Garmin Switzerland GmbH   Switzerland

 

 

EX-23.1 3 v303209_ex23-1.htm EXHIBIT 23.1

 

 

EXHIBIT 23.1

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in the following Registration Statements:

 

(1)      Registration Statement (Form S-8 No. 333-124818) pertaining to the Garmin International, Inc. 401(k) and Pension Plan,
(2)      Registration Statement (Form S-8 No. 333-125717) pertaining to the Garmin Ltd. Amended and Restated 2005 Equity Incentive Plan,
(3)      Registration Statement (Form S-8 No. 333-51470) pertaining to the Garmin Ltd. Amended and Restated Employee Stock Purchase Plan, Garmin Ltd. Amended and Restated 2000 Equity Incentive Plan, Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan,
(4)      Registration Statement (Form S-8 No. 333-52766) pertaining to the Garmin International, Inc. 401(k) and Pension Plan,
(5)      Registration Statement (Form S-8 No. 333-160297) pertaining to the Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan, and
(6)      Registration Statement (Form S-8 No. 333-149450) pertaining to the Garmin International, Inc. 401(k) and Pension Plan;

 

of our reports dated February 29, 2012, with respect to the consolidated financial statements and schedule of Garmin Ltd. and Subsidiaries, and the effectiveness of internal control over financial reporting of Garmin Ltd. and Subsidiaries, included in this Annual Report (Form 10-K) for the year ended December 31, 2011.

  

/s/ Ernst & Young LLP

 

Kansas City, Missouri

February 29, 2012

 

 

 

EX-31.1 4 v303209_ex31-1.htm EXHIBIT 31.1

 

 

EXHIBIT 31.1

CERTIFICATION

 

I, Min H. Kao, certify that:

 

1.      I have reviewed this report on Form 10-K of Garmin Ltd.;

 

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 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 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:  February 29, 2012 By /s/ Min H. Kao
    Min H. Kao
    Chairman and Chief
    Executive Officer

 

 

EX-31.2 5 v303209_ex31-2.htm EXHIBIT 31.2

 

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Kevin Rauckman, certify that:

 

1.     I have reviewed this report on Form 10-K of Garmin Ltd.;

 

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 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 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:  February 29, 2012 By /s/ Kevin Rauckman
    Kevin Rauckman
    Chief Financial Officer

  

 

EX-32.1 6 v303209_ex32-1.htm EXHIBIT 32.1

  

EXHIBIT 32.1

 

Certification

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

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Min H. Kao, Chairman and Chief Executive Officer of Garmin Ltd. (the “Company”) hereby certify that:

 

(1)The Annual Report on Form 10-K for the year ended December 31, 2011 (the “Form 10-K”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)the information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: February 29, 2012 /s/ Min H. Kao  
  Min H. Kao  
  Chairman and Chief Executive Officer  

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

This certification accompanies the Form 10-K pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

 

 

EX-32.2 7 v303209_ex32-2.htm EXHIBIT 32.2

 

EXHIBIT 32.2

 

Certification

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

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Kevin Rauckman, Chief Financial Officer of Garmin Ltd. (the “Company”) hereby certify that:

 

(1) The Annual Report on Form 10-K for the year ended December 31, 2011 (the “Form 10-K”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) the information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: February 29, 2012 /s/ Kevin Rauckman  
  Kevin Rauckman  
  Chief Financial Officer  

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

This certification accompanies the Form 10-K pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

 

 

 

EX-101.INS 8 grmn-20111231.xml XBRL INSTANCE DOCUMENT 100000 47.76 87408000 696335000 10526000 2225854000 100100000 214366000 19.59 1043000 2262503000 -37651000 1002000 0 0 23204000 42409000 34487000 2836447000 18.08 48.28 59.55 171097000 129066000 87424000 1091581000 23.09 10109000 2836447000 255748000 111188000 441338000 20160000 70252000 255748000 19.63 23.47 1316000 2816607000 -13382000 1001000 0 32221000 38898000 36673000 35617000 190695000 53887000 1177849000 233573000 1467903000 153878000 4000000 107261000 3049562000 51352000 63043000 15.52 33628000 56004000 106758000 669037000 274163000 95086000 1800000 777401000 933000 50.87 89711000 73613000 1646000 95455000 3038000 1264613000 136548000 28431000 11572000 24894000 40785000 62.57 747249000 3988688000 108076000 56028000 807652000 1797435000 4145000 387577000 5523000 233028000 801819000 6604000 11583000 194358038 153621000 2498755000 5684000 9080000 4800000 213486000 136548000 49885000 103534000 1406000 278513000 2715000 44738000 1260936000 33.44 10.00 9.0744 38268000 24418000 31822000 5749000 9086000 37720000 24685000 6986000 -5736000 677709000 132156000 20053000 183352000 249904000 103277000 98779000 48784000 16030000 3750000 266000 3988688000 2792000 3049562000 208077418 10082000 152138000 153621000 197787000 120894000 5951000 427805000 36701000 1277000 208077418 43507000 13719380 21587000 9580000 132348000 1277000 10671000 61740000 49288000 20562000 153621000 94792000 29615000 18437000 1274000 119829000 71709000 23.32 25.90 1503000 801819000 781257000 20562000 781257000 781257000 20562000 20562000 1260936000 801819000 1277000 1260936000 801819000 1277000 1264613000 56004000 1797435000 -106758000 38268000 0 10000000 104038709 104038709 37720000 31822000 51352000 25599000 20562000 5037000 54348000 637000 53526000 185000 1274000 39838000 2626000 42464000 527249000 1913000 527643000 1519000 160618000 347000 157624000 3341000 179967000 49377000 1149826000 231569000 1719769000 146859000 208077418 10.0000 0.80 0.40 0.40 0.40 3996788770 52262000 1049000 10902000 3256581000 37173000 58554000 67912000 1197884000 54362000 35410000 21.02 42957000 87193000 103498000 858279000 277624000 99025000 5517000 1097002000 469000 53.14 7001000 35683000 76563000 188987000 107190000 2196000 139414000 51.24 1413582000 179475000 26913000 12282000 69790000 47998000 65.59 64.63 607450000 4471338000 8211000 188132000 77784000 1197884000 1797435000 3328000 397741000 16203000 252793000 4.80 1208155000 8191000 17780000 194662617 161904000 2556284000 5359000 5591000 5782000 239470000 179475000 46773000 313073000 4.80 134184000 1491000 245724000 2240000 80856000 17780000 161904000 1287160000 392274000 7001000 72197000 39.71 370551000 10.00 9.0744 57169000 61869000 8073000 111153000 30224000 5114000 8073000 29370000 40823000 4951000 10737000 711368000 169912000 385017000 12251000 40033000 246646000 294263000 77865000 129211000 55694000 112345000 33379000 17600000 4163000 4471338000 20482000 33379000 15165000 5833000 3256581000 208077418 4658000 206872000 161904000 377119000 96767000 910000 6423000 311251000 417105000 30498000 771000 208077418 52176000 13549000 13414801 31915000 76427000 10850000 164010000 771000 370827000 28905000 76456000 45964000 161904000 P80D 95570000 19001000 1274000 84204000 39.81 148954000 108156000 39153000 125820000 81008000 25.89 58856000 29.40 1478000 250000 2008-10-22 2009-12-31 2010-02-12 2011-12-31 2.29 786000 787000 3.48 1463000 1530000 5.36 2782000 3295000 5.42 960000 1198000 5.94 1000 2000 5.91 1007000 1258000 5.74 2000 3000 31240000 1208155000 1208155000 1208155000 1208155000 1287160000 1208155000 771000 1287160000 1208155000 771000 1413582000 87193000 1797435000 -103498000 61869000 10000000 104038709 104038709 104038709 29370000 30224000 37173000 14718000 24680000 32799000 P2Y P12M P3Y P24M P36M P36M 134763000 815000 132044000 2260000 1274000 78031000 113000 77922000 222000 626776000 12936000 638626000 1086000 358314000 2339000 359563000 1090000 1561066 10000000 7000000 122592 185644000 47687000 1155653000 225505000 1915284000 143913000 34590000 21104000 2.00 1.50 1.50 2000000 0.75 1444111000 43616000 20258000 172215000 1366000 5000 -12021000 -547869000 23519000 3578000 18556000 5162000 131978000 164893000 1502329000 69186000 24537000 50371000 13735000 0.030 20258000 1094456000 728219000 14241000 278000 174000 808651000 3712000 4434000 43616000 3.50 18469000 56695000 776966000 5381000 14000 -23335000 106000 63053000 3784000 2934000 7.32 3712000 703950000 22641000 19771000 104186000 238378000 -25096000 1366000 15772000 -7480000 7814095 149846000 37444000 35000 2741000 16141000 -947000 3783000 -10367000 285970000 766000 10379000 164909000 39791000 49199000 10293000 -219482000 3.51 2604000 2946440000 7573000 786010000 1128000 -6040000 38875000 155521000 61459000 6.2 676000 264202000 104701000 395246000 200395000 -8054000 9902000 0.0242 128036000 287228000 -61189000 8102000 658101000 -268000 149846000 65706000 16399000 92165000 201161000 -161243000 41400000 0.4286 5314000 41527000 -1332000 61323000 408000 9000000 19.59 501000 29.79 204000 24000 6327000 470950 30000 34648 1469000 57430000 177644000 760000 147996000 299300000 1076000 58046000 169624000 737000 56595000 245745000 19477000 488584000 2054127000 0.134 0.09 678868000 703950000 149846000 24537000 -268000 4000 3000 43616000 1366000 20254000 3781000 3712000 45629000 61323000 4404000 -1332000 338000 1468000 209416 3874000 824069000 1972451000 149920000 1346374000 40332000 225928000 -144476000 4495000 29615000 139000 284000 -72869000 24979000 117088000 16410000 12259000 13536000 5240000 -129698000 87935000 1343537000 43940000 52509000 7306000 3329000 0.025 108840000 770637000 653989000 11443000 826000 5547000 -4167000 221000 577272000 3672000 40332000 2.95 31109000 53487000 694038000 3929000 306000 1246000 4305000 -770000 43202000 9465000 4526000 8.99 584603000 -59404000 24066000 -46674000 277261000 -471000 4495000 52238000 -62770000 6192043 298853000 36675000 24000 -2382000 10392000 -257000 9465000 4278000 668495000 1030000 122314000 11649000 26707000 93172000 41164000 32232000 66100000 11768000 -115633000 2.97 2482000 2689911000 3883000 636676000 -7296000 -88377000 -81354000 -42776000 144613000 17012000 6.3 348000 287824000 -7331000 169355000 196979000 -9886000 21918000 -17592000 0.0494 1246000 -11636000 202045000 77122000 35387000 709698000 16877000 298853000 131303000 17952000 -46390000 198009000 12120000 -510821000 -102100000 0.4178 31445000 41249000 -4476000 5753000 4251000 -95985000 -95985000 17225000 -10580000 23.02 515000 30.29 291000 37000 8828000 494995 20000 23924 150000 1624000 62431000 92000 198860000 2347000 150973000 148000 319119000 1532000 86499000 111000 240473000 1251000 71482000 122000 262520000 18225000 205887000 773000 1668939000 0.10 0.07 413550000 41296000 -1796448000 584603000 298853000 52509000 16877000 16000 1796448000 2000 198077418 117088000 10330000 40332000 4495000 29615000 67528000 -867000 6931000 5753000 375000 -4476000 15735000 -19648000 106060000 0.0783 0.35 349173 8134000 822843000 1646590000 220478000 2010-04-30 2010-03-16 2010-04-15 2009-12-15 2009-07-30 2009-12-01 FY No GRMN GARMIN LTD Yes false Large Accelerated Filer 2011 10-K 2011-12-31 0001121788 Yes --12-31 1338592000 40212000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Research and Development</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> A majority of the Company&#x2019;s research and development is performed in the United States. Research and development costs, which are expensed as incurred, amounted to approximately $298,584, $277,261, and $238,378 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.</p> </div> 22300000 -61103000 3313000 69558000 15368000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The following table sets forth the computation of basic and diluted net income per share:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#xA0;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 88%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal Year Ended</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> December&#xA0;31,</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> December&#xA0;25,</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> December&#xA0;26,</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2011</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2010</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2009</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Numerator (in thousands):</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left; text-indent: -0.1in; padding-left: 16.2pt; padding-bottom: 2.5pt"> Numerator for basic and diluted net income per share - net income</td> <td style="width: 1%; font-weight: bold; padding-bottom: 2.5pt"> &#xA0;</td> <td style="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="width: 9%; font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 520,896</td> <td style="width: 1%; font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="width: 1%; font-weight: bold; padding-bottom: 2.5pt"> &#xA0;</td> <td style="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="width: 9%; font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 584,603</td> <td style="width: 1%; font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#xA0;</td> <td style="width: 1%; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="width: 9%; text-align: right; border-bottom: Black 2.5pt double"> 703,950</td> <td style="width: 1%; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-indent: -0.1in; padding-left: 0.1in">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Denominator (in thousands):</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"> Denominator for basic net income per share - weighted-average common shares</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">194,105</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">196,979</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">200,395</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt; padding-bottom: 1pt"> Effect of dilutive securities - employee stock-based awards</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> &#xA0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 789</td> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> &#xA0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 1,030</td> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt"> &#xA0;</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="text-align: left; border-bottom: Black 1pt solid"> &#xA0;</td> <td style="text-align: right; border-bottom: Black 1pt solid"> 766</td> <td style="text-align: left; padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt; padding-bottom: 2.5pt"> Denominator for diluted net income per share - weighted-average common shares</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> &#xA0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 194,894</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> &#xA0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 198,009</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="padding-bottom: 2.5pt">&#xA0;</td> <td style="text-align: left; border-bottom: Black 2.5pt double"> &#xA0;</td> <td style="text-align: right; border-bottom: Black 2.5pt double"> 201,161</td> <td style="text-align: left; padding-bottom: 2.5pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.1in; padding-left: 0.1in">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 2.5pt"> Basic net income per share</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 2.68</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 2.97</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="padding-bottom: 2.5pt">&#xA0;</td> <td style="text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="text-align: right; border-bottom: Black 2.5pt double"> 3.51</td> <td style="text-align: left; padding-bottom: 2.5pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.1in; padding-left: 0.1in">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 2.5pt"> Diluted net income per share</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 2.67</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 2.95</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="padding-bottom: 2.5pt">&#xA0;</td> <td style="text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="text-align: right; border-bottom: Black 2.5pt double"> 3.50</td> </tr> </table> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Trade Accounts Receivable</b></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer&#x2019;s financial condition.&#xA0; Potential losses on receivables are dependent on each individual customer&#x2019;s financial condition. The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within 80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing its high-risk customers. Past due receivable balances are written off when its internal collection efforts have been unsuccessful in collecting the amount due. In 2011, Garmin purchased credit insurance to provide security against large losses.</p> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>13. Warranty Reserves</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#x2019;s products sold are generally covered by a warranty for periods ranging from one to two years. The Company&#x2019;s estimate of costs to service its warranty obligations are based on historical experience and expectations of future conditions and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <table style="WIDTH: 91%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.3in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" colspan="10">Fiscal&#xA0;Year&#xA0;Ended</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 64%">Balance - beginning of period</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 49,885</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">87,424</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">87,408</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Change in accrual for products sold in prior periods</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">-</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(42,776</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Accrual for products sold during the period</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">52,305</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">93,172</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">164,909</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Expenditures</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (55,417</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (87,935</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (164,893</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Balance - end of period</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 46,773</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 49,885</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 87,424</td> </tr> </table> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> A reconciliation of the beginning and ending amount of unrecognized tax benefits for years ending December 31, 2011, December 25, 2010, and December 26, 2009 is as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%">Balance at beginning of year</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">153,621</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">255,748</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">214,366</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Additions based on tax positions related to prior years</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,568</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,443</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">14,241</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions based on tax positions related to prior years</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(6,885</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(10,392</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(16,141</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Additions based on tax positions related to current period</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">29,210</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">43,202</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">63,053</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions based on tax positions related to current period</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions related to settlements with tax authorities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(122,314</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Expiration of statute of limitations</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,610</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (24,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,771</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">Balance at end of year</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 161,904</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 153,621</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 255,748</td> </tr> </table> </div> 14413000 4127000 -25763000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Deferred Revenues and Costs</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> At December 31, 2011 and December 25, 2010, the Company had deferred revenues totaling $377,119 and $197,787, respectively, and related deferred costs totaling $80,856 and $44,738, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The deferred revenues and costs are recognized over their estimated economic lives of two to three years on a straight-line basis. In the next three years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated to be $148,954, $108,156, and $39,153, respectively.</p> </div> -488198000 32812000 5038000 14367000 13127000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Significant components of the Company&#x2019;s deferred tax assets and liabilities are as follows:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 95%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Deferred tax assets:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 76%">Product warranty accruals</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">2,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,646</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Allowance for doubtful accounts</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">12,282</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,572</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Inventory reserves</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,114</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,749</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Sales program allowances</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,591</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">9,080</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reserve for sales returns</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,240</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,715</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Other accruals</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,359</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,684</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Unrealized intercompany profit in inventory</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">15,165</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,792</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Unrealized foreign currency loss</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">266</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Stock option compensation</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">47,998</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">40,785</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Tax credit carryforwards, net</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">33,379</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">48,784</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Amortization</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">26,913</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">28,431</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Deferred revenue</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">28,905</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">10,671</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Net operating losses of subsidiaries</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">17,780</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,583</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Other</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4,163</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,750</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"> Valuation allowance related to loss carryforward and tax credits</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (37,173</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (51,352</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">169,912</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">132,156</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Deferred tax liabilities:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Depreciation</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">17,600</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">16,030</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Prepaid expenses</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,328</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4,145</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Book basis in excess of tax basis for acquired entities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">8,191</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">6,604</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Unrealized investment gain</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">910</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,951</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Marketable securities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,038</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Other</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 469</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 933</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 30,498</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 36,701</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Net deferred tax assets</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 139,414</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 95,455</td> </tr> </table> </div> 9682000 -169543000 55417000 1419977000 85231000 14716000 50393000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <b>4. Commitments and Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Rental expense related to office, equipment, warehouse space and real estate amounted to $14,277, $11,768, and $10,293 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Company recognizes rental expense on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Future minimum lease payments are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"> &#xA0;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid"> Year</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 72%; text-align: left">2012</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 25%; text-align: right">13,549</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2013</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">12,251</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">2014</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">10,902</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2015</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">8,211</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">2016</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">5,833</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: right"> 6,423</td> <td style="padding-bottom: 1pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 57,169</td> <td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Certain cash balances of GEL are held as collateral by a bank, securing payment of the United Kingdom value-added tax requirements. The total amount of restricted cash balances were $771 and $1,277 at December 31, 2011 and December 25, 2010, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In the normal course of business, the Company and its subsidiaries are parties to various legal claims, actions, and complaints, including matters involving patent infringement and other intellectual property claims and various other risks. It is not possible to predict with certainty whether or not the Company and its subsidiaries will ultimately be successful in any of these legal matters, or if not, what the impact might be. However, the Company&#x2019;s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the Company&#x2019;s results of operations, financial position or cash flows.</p> </div> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <b>8. Segment Information</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Beginning in 2011, for external reporting purposes, the Company identified five operating segments &#x2013; auto/mobile, aviation, marine, outdoor and fitness. Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker (CODM), who allocates resources and assesses performance of each segment individually. Prior to 2011, the Outdoor and Fitness operating segments were combined into a single reportable segment due to the similar nature of those products, their production processes, the types of customers served, their distribution processes, and similar economic conditions. Management re-evaluated the combination of these operating segments and determined that based on the growth characteristics of these segments they should now be reported as two distinct reportable segments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> All of the Company&#x2019;s reportable segments offer products through the Company&#x2019;s network of independent dealers and distributors as well as through OEM&#x2019;s. However, the nature of products and types of customers for the five reportable segments vary. The Company&#x2019;s marine, auto/mobile, outdoor, and fitness segments include portable global positioning system (GPS) receivers and accessories sold primarily to retail outlets. These products are produced primarily by the Company&#x2019;s subsidiary in Taiwan. The Company&#x2019;s aviation products are portable and panel mount avionics for Visual Flight Rules and Instrument Flight Rules navigation and are sold primarily to aviation dealers and certain aircraft manufacturers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Company&#x2019;s Chief Executive Officer has been identified as the CODM. The CODM evaluates performance and allocates resources based on income before income taxes of each segment. Income before income taxes represents net sales less operating expenses including certain allocated general and administrative costs, interest income and expense, foreign currency adjustments, and other non-operating corporate expenses. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. There are no inter-segment sales or transfers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Company&#x2019;s reportable segments share many common resources, infrastructures and assets in the normal course of business. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, or capital expenditures by segment to the CODM.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Revenues, interest income and interest expense, and income before income taxes for each of the Company&#x2019;s reportable segments are presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;31,&#xA0;2011</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> Auto/</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Aviation</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Outdoor</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fitness</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Marine</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Mobile</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 28%; text-align: left">Net sales to external customers</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">284,855</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">363,223</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">298,163</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">221,730</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,590,598</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,758,569</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocated interest income</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,250</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">4,496</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">4,342</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">2,934</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">19,790</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">32,812</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Allocated interest expense</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income before income taxes</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">73,226</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">171,245</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">107,881</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">60,092</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">171,717</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">584,161</td> <td style="text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;25,&#xA0;2010</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> Auto/</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Aviation</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Outdoor</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fitness</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Marine</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Mobile</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 28%; text-align: left">Net sales to external customers</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">262,520</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">319,119</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">240,473</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">198,860</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,668,939</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,689,911</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocated interest income</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,251</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">2,347</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,532</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,624</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">18,225</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">24,979</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Allocated interest expense</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(122</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(148</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(111</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(92</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(773</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(1,246</td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income before income taxes</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">71,482</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">150,973</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">86,499</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">62,431</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">205,887</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">577,272</td> <td style="text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;26,&#xA0;2009</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> Auto/</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Aviation</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Outdoor</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fitness</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Marine</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Mobile</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 28%; text-align: left">Net sales to external customers</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">245,745</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">299,300</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">169,624</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">177,644</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,054,127</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,946,440</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocated interest income</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">737</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">760</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,076</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,469</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">19,477</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">23,519</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Allocated interest expense</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income before income taxes</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">56,595</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">147,996</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">58,046</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">57,430</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">488,584</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">808,651</td> <td style="text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Net sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December 31, 2011, December 25, 2010, and December 26, 2009. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Americas</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> APAC</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> EMEA</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-weight: bold">December 31, 2011</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Net sales to external customers</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,527,508</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">248,057</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">983,004</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,758,569</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Long lived assets</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">225,505</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">143,913</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">47,687</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">417,105</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net assets (1)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,155,653</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,915,284</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">185,644</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">3,256,581</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">December 25, 2010</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Net sales to external customers</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">1,646,590</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">220,478</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">822,843</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">2,689,911</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long lived assets</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">231,569</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">146,859</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">49,377</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">427,805</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Net assets (1)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,149,826</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,719,769</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">179,967</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">3,049,562</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-weight: bold">December 26, 2009</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net sales to external customers</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">1,972,451</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">149,920</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">824,069</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">2,946,440</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Long lived assets</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">233,573</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">153,878</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">53,887</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">441,338</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net assets (1)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,177,849</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,467,903</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">190,695</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">2,836,447</td> <td style="text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30pt">(1) Majority of assets held in the United States and Taiwan.</p> </div> 9573000 0.012 522856 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Shipping and Handling Costs</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.</p> </div> <div> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Customer Service and Technical Support</b></p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Customer service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated statements of income. Customer service and technical support costs include costs associated with performing order processing, answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical support assistance to customers. The technical support is provided within one year after the associated revenue is recognized. The related cost of providing this free support is not material.</p> </div> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">December 31,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">December 25,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 58%"> Goodwill balance at beginning of year</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">136,548</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">129,066</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Acquisitions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">46,481</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,649</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Finalization of purchase price allocations and effect of foreign currency translation</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (3,554</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,167</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Goodwill balance at end of year</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 179,475</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 136,548</td> </tr> </table> 822334000 552085000 5568000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> <b>10. Earnings Per Share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The following table sets forth the computation of basic and diluted net income per share:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#xA0;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 88%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal Year Ended</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> December&#xA0;31,</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> December&#xA0;25,</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> December&#xA0;26,</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2011</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2010</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2009</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Numerator (in thousands):</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left; text-indent: -0.1in; padding-left: 16.2pt; padding-bottom: 2.5pt"> Numerator for basic and diluted net income per share - net income</td> <td style="width: 1%; font-weight: bold; padding-bottom: 2.5pt"> &#xA0;</td> <td style="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="width: 9%; font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 520,896</td> <td style="width: 1%; font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="width: 1%; font-weight: bold; padding-bottom: 2.5pt"> &#xA0;</td> <td style="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="width: 9%; font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 584,603</td> <td style="width: 1%; font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#xA0;</td> <td style="width: 1%; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="width: 9%; text-align: right; border-bottom: Black 2.5pt double"> 703,950</td> <td style="width: 1%; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-indent: -0.1in; padding-left: 0.1in">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in"> Denominator (in thousands):</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"> Denominator for basic net income per share - weighted-average common shares</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">194,105</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">196,979</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">200,395</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt; padding-bottom: 1pt"> Effect of dilutive securities - employee stock-based awards</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> &#xA0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 789</td> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> &#xA0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 1,030</td> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt"> &#xA0;</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="text-align: left; border-bottom: Black 1pt solid"> &#xA0;</td> <td style="text-align: right; border-bottom: Black 1pt solid"> 766</td> <td style="text-align: left; padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt; padding-bottom: 2.5pt"> Denominator for diluted net income per share - weighted-average common shares</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> &#xA0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 194,894</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> &#xA0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 198,009</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="padding-bottom: 2.5pt">&#xA0;</td> <td style="text-align: left; border-bottom: Black 2.5pt double"> &#xA0;</td> <td style="text-align: right; border-bottom: Black 2.5pt double"> 201,161</td> <td style="text-align: left; padding-bottom: 2.5pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.1in; padding-left: 0.1in">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 2.5pt"> Basic net income per share</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 2.68</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 2.97</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="padding-bottom: 2.5pt">&#xA0;</td> <td style="text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="text-align: right; border-bottom: Black 2.5pt double"> 3.51</td> <td style="text-align: left; padding-bottom: 2.5pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.1in; padding-left: 0.1in">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 2.5pt"> Diluted net income per share</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 2.67</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"> 2.95</td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> &#xA0;</td> <td style="padding-bottom: 2.5pt">&#xA0;</td> <td style="text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="text-align: right; border-bottom: Black 2.5pt double"> 3.50</td> <td style="text-align: left; padding-bottom: 2.5pt">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Options to purchase 5,920,076, 6,192,043, and 7,814,095 common shares were outstanding during 2011, 2010, and 2009, respectively, but were not included in the computation of diluted earnings per share because the effect was antidilutive.</p> </div> 5301000 764000 93014000 <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="13"> Stock&#xA0;Options&#xA0;and&#xA0;SARs&#xA0;as&#xA0;of&#xA0;December&#xA0;31,&#xA0;2011</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">Exercise</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2"> Awards</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2"> Remaining</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2"> Awards</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"> Price</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Outstanding</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Life&#xA0;(Years)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Exercisable</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-STYLE: italic" colspan="2"> (In&#xA0;Thousands)</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-STYLE: italic" colspan="2"> (In&#xA0;Thousands)</td> <td style="FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; WIDTH: 40%">$8.00 -$20.00</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 17%">787</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 17%">2.29</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 17%">786</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$20.01 - $40.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,530</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3.48</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">1,463</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$40.01 - $60.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,295</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5.36</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">2,782</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$60.01 - $80.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,198</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5.42</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">960</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$80.01 - $100.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5.94</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">1</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$100.01 - $120.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,258</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5.91</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">1,007</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">$120.01 - $140.00</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5.74</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">8,073</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4.80</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">7,001</td> </tr> </table> -3554000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> For assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period, the accounting guidance requires a reconciliation of the beginning and ending balances, separately for each major category of assets. The reconciliation is as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"> Fair&#xA0;Value&#xA0;Measurements&#xA0;Using</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"> Significant&#xA0;Unobservable&#xA0;Inputs&#xA0;(Level&#xA0;3)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Year&#xA0;Ended</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Year&#xA0;Ended</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.12in; PADDING-LEFT: 0.12in; WIDTH: 64%"> Beginning balance of auction rate securities</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">20,562</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">70,252</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.12in; PADDING-LEFT: 0.12in"> Total unrealized gains included in other comprehensive income</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,038</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">16,410</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Sales out of Level 3</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(25,600</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(66,100</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Transfers in and/or out of Level 3</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Ending balance of auction rate securities</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 20,562</td> </tr> </table> </div> 291000 584161000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Revenue Recognition</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Garmin recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable.&#xA0; For the large majority of Garmin&#x2019;s sales, these criteria are met once product has shipped and title and risk of loss have transferred to the customer.&#xA0; The Company recognizes revenue from the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware.&#xA0; The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Garmin introduced n&#xFC;Maps Lifetime&#x2122; in January 2009, which is a single fee program that, subject to the program&#x2019;s terms and conditions, enables customers to download the latest map and point of interest information every quarter for the useful life of their PND.&#xA0; The revenue and associated cost of royalties for sales of n&#xFC;Maps Lifetime&#x2122; products are deferred at the time of sale and recognized ratably on a straight-line basis over the estimated 36-month life of the products. With the acquisition of Navigon AG in 2011, products marketed under the Navigon brand have a FreshMaps program that enables customers to download the latest map and point of interest information for two years. The revenue and associated cost of royalties for sales of FreshMaps products are deferred at the time of sale and recognized ratably on a straight-line basis over the two year period.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> For multiple element arrangements that include tangible products that contain software that is essential to the tangible product&#x2019;s functionality and undelivered software elements that relate to the tangible product&#x2019;s essential software, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: (i)&#xA0;vendor-specific objective evidence of fair value (&#x201C;VSOE&#x201D;), (ii)&#xA0;third-party evidence of selling price (&#x201C;TPE&#x201D;), and (iii)&#xA0;best estimate of the selling price (&#x201C;ESP&#x201D;). &#xA0;VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis, at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other products that involve multiple-element arrangements that are immaterial.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In 2010, Garmin began offering PNDs with lifetime map updates (LMUs) bundled in the original purchase price. Similar to n&#xFC;Maps Lifetime&#x2122;, LMUs enable customers to download the latest map and point of interest information every quarter for the useful life of their PND. In addition, Garmin offers PNDs with premium traffic service bundled in the original purchase price in the European market. The Company has identified two deliverables contained in arrangements involving the sale of PNDs which include either the LMU or premium traffic service. The first deliverable is the hardware along with the software essential to the functionality of the hardware device delivered at the time of sale. The second deliverable is either the LMU or premium traffic service. The Company has allocated revenue between these two deliverables using the relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met. &#xA0;The revenue and associated cost of royalties allocated to the LMU or the subscription for premium traffic service are deferred and recognized on a straight-line basis over the estimated 36-month life of the products.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Prior to the third quarter of fiscal 2011, the Company determined its estimate of selling price using the dealer/distributor price for n&#xFC;Maps Lifetime or premium traffic subscriptions sold separately, and the prices for products bundled with and without the LMU and premium traffic service when comparable models were available, as inputs to the relative selling price method in a manner similar to VSOE. The estimated selling price determined in this manner was used to defer revenues for all products bundled with the LMU and premium traffic service, as the number of bundled units sold as a percentage of total units sold was less significant and other indicators of selling price were not readily available.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> During 2011, sales of products bundled with LMUs and premium traffic service increased significantly as a percentage of total product sales. Concurrently, market conditions have caused decreases in the ASP and margins of comparable models year over year, new bundled products were introduced at lower ASPs, and the difference in pricing of bundled units and comparable unbundled models has decreased considerably. Due to these changes, the Company determined it was appropriate to change its estimate of the per unit revenue and cost deferrals during the third quarter of 2011.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As the sales of n&#xFC;Maps Lifetime and premium traffic subscriptions as a percentage of total unit sales or in the aggregate decreased significantly in mid-2011, the Company determined that the previous estimate of selling price based on more limited stand-alone sales of n&#xFC;Maps Lifetime or premium traffic was no longer a sole determinant of its value as determined under VSOE, and that third party evidence of selling price was not available. Management determined that the price differential between bundled and unbundled products and the royalty cost of the LMU or premium traffic subscription plus an approximate margin were both additional indicators of estimated selling price. These estimates are also reflective of how the Company establishes product pricing based in part on customer perception of value of the added LMU or premium traffic service capability. As such, beginning in the third quarter of 2011, the Company changed its estimate of selling price of the undelivered element to be based on the relative selling price method using a weighted average of the stand-alone sales price, the price differential between bundled and unbundled units, and the royalty or subscription cost plus a normal margin.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The impact of the 2011 change in estimate for lifetime map updates and premium traffic service, as described above, was an increase in revenue, gross profit, net income, basic net income per share, and diluted net income per share of $77.8 million, $66.5 million, $59.3 million, $0.31, and $0.30, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In 2009 and 2010 respectively, Garmin introduced the n&#xFC;vi 1690 and 1695, premium PNDs with a built-in wireless module that lets customers access Garmin&#x2019;s n&#xFC;Link!&#x2122; service, which provides direct links to certain online information.&#xA0; Additional models were introduced in 2011. The Company has identified two deliverables contained in arrangements involving the sale of the n&#xFC;vi products with the n&#xFC;Link feature. The first deliverable is the hardware and software essential to the functionality of the hardware device delivered at the time of sale, and the second deliverable is the n&#xFC;Link service. The Company has allocated revenue between these two deliverables using the relative selling price method determined using VSOE. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met. &#xA0;The revenue and associated cost allocated to the n&#xFC;Link services are deferred and recognized on a straight-line basis over the life of the service, which is either 12 or 24 months.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Garmin records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectation of future conditions. Changes in these estimates could negatively affect Garmin&#x2019;s operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, are accrued for on a percentage of sales basis. If market conditions were to decline, Garmin may take actions to increase customer incentive offerings possibly resulting in an incremental reduction of revenue at the time the incentive is offered.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company records revenue net of sales tax, trade discounts and customer returns. The reductions to revenue for expected future product returns are based on the Company&#x2019;s historical experience.</p> </div> <div> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The summary of the components of authorized shares at December 31, 2011 and December 25, 2010, and changes during 2011 are as follows:</p> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px"> </p> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px"> &#xA0;</p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Outstanding</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Treasury</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Issued</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Conditional</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Authorized</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Shares</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Shares</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Shares<sup>1</sup></td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Capital</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Capital</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Changes in components of authorized shares</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="WIDTH: 40%">December 25, 2010</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">194,358,038</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">13,719,380</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><sup>2</sup>&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">208,077,418</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><sup>2,3</sup>&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">104,038,709</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><sup>4</sup>&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">104,038,709</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><sup>4</sup>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Treasury shares purchased/reclassified</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(1,149,645</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,149,645</td> <td style="TEXT-ALIGN: left"><sup>5</sup></td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Treasury shares issued for stock based compensation</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,454,224</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,454,224</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>December 31, 2011</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">194,662,617</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">13,414,801</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">208,077,418</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">104,038,709</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">104,038,709</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>1</sup></td> <td>Shares at CHF 10 par value (USD 9.0744)</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>2</sup></td> <td>Includes 10,000,000 formation shares at USD 0 historical cost</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>3</sup></td> <td>The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares.</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>4</sup></td> <td>Up to 104,038,709 conditional shares may be issued through the exercise of option rights which are granted to Garmin employees and/or members of its Board of Directors. In addition, the Board of Directors is authorized to issue up to 104,038,709 additional shares no later than June 27, 2012.</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>5</sup></td> <td>The increase in treasury shares in 2011 includes 522,856 shares repurchased in the prior year that were originally treated as retired when such shares were still in treasury. These shares are reflected as additional treasury shares in 2011 with a corresponding increase to retained earnings. See Note 11.</td> </tr> </table> </div> <div> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Fiscal Year</b></p> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has adopted a 52&#x2013;53-week period ending on the last Saturday of the calendar year. Due to the fact that there are not exactly 52 weeks in a calendar year and there is slightly more than one additional day per year (not including the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial activity. Therefore, the financial results of those fiscal years, and the associated 14-week fourth quarter, will not be entirely comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. Fiscal 2010 and 2009 included 52 weeks while fiscal 2011 included 53 weeks.</p> </div> 4597000 40212000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Net sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December 31, 2011, December 25, 2010, and December 26, 2009. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Americas</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> APAC</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> EMEA</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-weight: bold">December 31, 2011</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Net sales to external customers</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,527,508</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">248,057</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">983,004</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,758,569</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Long lived assets</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">225,505</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">143,913</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">47,687</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">417,105</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net assets (1)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,155,653</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,915,284</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">185,644</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">3,256,581</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">December 25, 2010</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Net sales to external customers</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">1,646,590</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">220,478</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">822,843</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">2,689,911</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long lived assets</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">231,569</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">146,859</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">49,377</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">427,805</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Net assets (1)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,149,826</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,719,769</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">179,967</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">3,049,562</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">&#xA0;</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-weight: bold">December 26, 2009</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> <td style="font-weight: bold; text-align: right">&#xA0;</td> <td style="font-weight: bold; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net sales to external customers</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">1,972,451</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">149,920</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">824,069</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">$</td> <td style="text-align: right">2,946,440</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Long lived assets</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">233,573</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">153,878</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">53,887</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">441,338</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net assets (1)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,177,849</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,467,903</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">190,695</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">2,836,447</td> <td style="text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30pt">(1) Majority of assets held in the United States and Taiwan</p> </div> 2.67 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Intangible Assets</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> At December 31, 2011 and December 25, 2010, the Company had patents, license agreements, customer related intangibles and other identifiable finite-lived intangible assets recorded at a cost of $206,872 and $152,138, respectively. The Company&#x2019;s excess purchase cost over fair value of net assets acquired (goodwill) was $179,475 at December 31, 2011 and $136,548 at December 25, 2010. The increase in identifiable intangible assets and goodwill in 2011 is principally related to the acquisitions completed by the Company, as further described in Note 15.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">December 31,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">December 25,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 58%"> Goodwill balance at beginning of year</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">136,548</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">129,066</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Acquisitions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">46,481</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,649</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Finalization of purchase price allocations and effect of foreign currency translation</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (3,554</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,167</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Goodwill balance at end of year</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 179,475</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 136,548</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Identifiable, finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $134,184 and $103,534 at December 31, 2011 and December 25, 2010 respectively. Amortization expense was $33,225, $36,675, and $37,444 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. In the next five years, the amortization expense is estimated to be $28,464, $14,413, $9,518, $6,978, and $5,301, respectively.</p> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Sales Programs</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products. Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product and can be applied to all customers who have purchased the product or a special discount may be agreed to on an individual customer basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements of income in the period the Company has sold the product.</p> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The amortized cost and estimated fair value of marketable securities at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Included in the $55,694 amount below is $34,590 that has been classified as current because the underlying securities were sold subsequent to year-end. The remaining amount of $21,104 has been classified as noncurrent.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 70%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Estimated</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Cost</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Fair Value</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 64%">Due in one year or less (2012)</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">76,427</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">76,563</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Due after one year through five years (2013-2017)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">370,827</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">370,551</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Due after five years through ten years (2018-2022)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">311,251</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">313,073</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Due after ten years (2023 and thereafter)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">385,017</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">392,274</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Other (No contractual maturity dates)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 54,362</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 55,694</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,197,884</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> </tr> </table> </div> 22363000 54610000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>7. Fair Value of Financial Instruments</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As required by the <i>Financial Instruments</i> topic of the FASB ASC, the following summarizes required information about the fair value of certain financial instruments for which it is currently practicable to estimate such value. None of the financial instruments are held or issued for trading purposes. The carrying amounts and fair values of the Company&#x2019;s financial instruments are as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 70%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Carrying</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Fair</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Carrying</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Fair</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Amount</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Value</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Amount</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Value</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 52%">Cash and cash equivalents</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,287,160</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,287,160</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,260,936</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,260,936</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Restricted cash</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">771</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">771</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,277</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,277</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Marketable securities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,208,155</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,208,155</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">801,819</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">801,819</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> For certain of the Company&#x2019;s financial instruments, including accounts receivable, accounts payable and other accrued liabilities, the carrying amounts approximate fair value due to their short maturities.</p> </div> 1172555000 9087000 1.60 2192000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 78%; TEXT-AUTOSPACE: ideograph-numeric">Buildings and improvements</td> <td style="TEXT-ALIGN: right; WIDTH: 22%; TEXT-AUTOSPACE: ideograph-numeric"> 39</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Office furniture and equipment</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 3-5</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Manufacturing and engineering equipment</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 5</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Vehicles</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 5</td> </tr> </table> </div> 4.57 -47490000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <b>11. Share Repurchase Program</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Board of Directors approved a share repurchase program on February 12, 2010, authorizing the Company to purchase up to $300,000 of its common shares as market and business conditions warrant on the open market or in negotiated transactions in compliance with the SEC&#x2019;s Rule 10b-18. The share repurchase authorization expired on December 31, 2011. Under the plan, the Company had repurchased 7,366,646 shares using cash of $223,149 in fiscal 2010.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In addition, 522,856 shares repurchased for $16,701 prior to the Company&#x2019;s redomestication to Switzerland on June 27, 2010, but for which transactions settled after that date, were treated as retired when such shares were still in treasury. These shares were reflected as additional treasury shares during the 13-weeks ended March 26, 2011 with a corresponding increase to retained earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Board of Directors approved a share repurchase program on October 22, 2008, authorizing the Company to purchase up to $300,000 of its common shares as market and business conditions warrant. The share repurchase authorization expired on December 31, 2009. From inception to expiration, $60,000 of common shares were repurchased and retired under this plan.</p> </div> -506000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of the company&#x2019;s marketable securities classified as available-for-sale securities at December 31, 2011:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Amortized&#xA0;Cost</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Gross&#xA0;<br /> Unrealized&#xA0;Gains</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Gross<br /> Unrealized<br /> Losses</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Other&#xA0;Than<br /> Temporary<br /> Impairment</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Estimated&#xA0;Fair&#xA0;<br /> Value&#xA0;(Net&#xA0;Carrying<br /> Amount)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 40%">Mortgage-backed securities</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">626,776</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">12,936</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">(1,086</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">638,626</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.12in; PADDING-LEFT: 0.12in"> Obligations of states and political subdivisions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">358,314</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,339</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(1,090</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">359,563</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">U.S. corporate bonds</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">134,763</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">815</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(2,260</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(1,274</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">132,044</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Other</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 78,031</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 113</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (222</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 77,922</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,197,884</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 16,203</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,658</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,274</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of the company&#x2019;s marketable securities classified as available-for-sale securities at December 25, 2010:</p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Amortized&#xA0;Cost</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Gross&#xA0;<br /> Unrealized&#xA0;Gains</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Gross<br /> Unrealized<br /> Losses</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Other&#xA0;Than<br /> Temporary<br /> Impairment</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Estimated&#xA0;Fair&#xA0;<br /> Value&#xA0;(Net&#xA0;Carrying<br /> Amount)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 40%">Mortgage-backed securities</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">527,249</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,913</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">(1,519</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">527,643</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Auction Rate Securities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">25,599</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(5,037</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">20,562</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.12in; PADDING-LEFT: 0.12in"> Obligations of states and political subdivisions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">160,618</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">347</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(3,341</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">157,624</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">U.S. corporate bonds</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">54,348</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">637</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(185</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(1,274</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">53,526</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Other</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 39,838</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,626</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 42,464</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 807,652</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,523</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (10,082</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,274</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 801,819</td> </tr> </table> </div> 29210000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <b>1. Description of the Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <b>&#xA0;&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Garmin Ltd. and subsidiaries (together, the &#x201C;Company&#x201D;) manufacture, market, and distribute Global Positioning System-enabled products and other related products. Garmin Corporation (GC), wholly-owned by Garmin Ltd., is primarily responsible for the manufacturing and distribution of the Company&#x2019;s products to Garmin International, Inc. (GII), a wholly-owned subsidiary of GC, and Garmin (Europe) Limited (GEL), a wholly-owned subsidiary of Garmin Ltd., and, to a lesser extent, new product development and sales and marketing of the Company&#x2019;s products in Asia and the Far East. GII is primarily responsible for sales and marketing of the Company&#x2019;s products in many international markets and in the United States as well as research and new product development. GII also manufactures certain products for the Company&#x2019;s aviation segment. GEL is responsible for sales and marketing of the Company&#x2019;s products, principally within the European market.</p> </div> 22337000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <b>5. Employee Benefit Plans</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> GII sponsors a defined contribution employee retirement plan under which its employees may contribute up to 50% of their annual compensation subject to Internal Revenue Code maximum limitations and to which GII contributes a specified percentage of each participant&#x2019;s annual compensation up to certain limits as defined in the Plan. Additionally, GEL has a defined contribution plan under which its employees may contribute up to 7.5% of their annual compensation. Both GII and GEL contribute an amount determined annually at the discretion of the Board of Directors. During the years ended December 31, 2011, December 25, 2010, and December 26, 2009, expense related to these plans of $20,647, $17,952, and $16,399 was charged to operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Certain of the Company&#x2019;s foreign subsidiaries participate in local defined benefit pension plans. Contributions are calculated by formulas that consider final pensionable salaries. Neither obligations nor contributions for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, were significant.</p> </div> 350000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Future minimum lease payments are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"> &#xA0;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid"> Year</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="padding-bottom: 1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 72%; text-align: left">2012</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 25%; text-align: right">13,549</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2013</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">12,251</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">2014</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">10,902</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2015</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">8,211</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">2016</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">5,833</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td> <td style="padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; text-align: right"> 6,423</td> <td style="padding-bottom: 1pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 57,169</td> </tr> </table> </div> 10.53 520896000 30394000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The following reconciliation provides an illustration of changes in the aggregate warranty reserve:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <table style="WIDTH: 91%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.3in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" colspan="10">Fiscal&#xA0;Year&#xA0;Ended</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 64%">Balance - beginning of period</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 49,885</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">87,424</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">87,408</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Change in accrual for products sold in prior periods</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">-</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(42,776</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Accrual for products sold during the period</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">52,305</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">93,172</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">164,909</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Expenditures</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (55,417</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (87,935</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (164,893</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Balance - end of period</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 46,773</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 49,885</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 87,424</td> </tr> </table> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#x2019;s income tax provision (benefit) consists of the following:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">Fiscal&#xA0;Year&#xA0;Ended</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Federal:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; WIDTH: 64%">Current</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">79,305</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">($</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">46,674</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">104,186</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Deferred</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (25,763</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 284</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (12,021</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">53,542</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(46,390</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">92,165</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>State:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Current</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">9,087</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,929</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,381</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Deferred</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,490</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (257</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (947</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4,597</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,672</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4,434</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Foreign:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Current</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">22,363</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">31,109</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">18,469</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Deferred</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (17,237</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 4,278</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (10,367</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,126</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 35,387</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 8,102</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 63,265</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> ($</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,331</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 104,701</td> </tr> </table> </div> 19610000 79305000 298584000 -42475000 3313000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>2. Summary of Significant Accounting Policies</b></p> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Basis of Presentation and Principles of Consolidation</b></p> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated.</p> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Fiscal Year</b></p> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has adopted a 52&#x2013;53-week period ending on the last Saturday of the calendar year. Due to the fact that there are not exactly 52 weeks in a calendar year and there is slightly more than one additional day per year (not including the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial activity. Therefore, the financial results of those fiscal years, and the associated 14-week fourth quarter, will not be entirely comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. Fiscal 2010 and 2009 included 52 weeks while fiscal 2011 included 53 weeks.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Foreign Currency</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Many Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required by the <i>Foreign Currency Matters</i> topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded in a separate component of stockholders&#x2019; equity. Cumulative translation adjustments of $76,456 and $61,740 as of December 31, 2011 and December 25, 2010, respectively, have been included in accumulated other comprehensive gain/(loss) in the accompanying consolidated balance sheets.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. All differences are recorded in results of operations and amounted to exchange losses of $12,100, $88,377, and $6,040 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The loss in fiscal 2011 was primarily the result of the slight strengthening of the USD against the Euro and the slight weakening of the USD against the Taiwan Dollar. The loss in fiscal 2010 was primarily the result of the strengthening of the USD against the Euro and the British Pound Sterling and the weakening of the USD against the Taiwan Dollar. The loss in fiscal 2009 was primarily the result of the weakening of the USD against the Taiwan Dollar offset by the weakening of the USD against the Euro and the British Pound Sterling.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Earnings Per Share</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company&#x2019;s stock during the period the options were outstanding. See Note 10.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Cash and Cash Equivalents</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> For purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates fair value, given the short maturity of those instruments.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Trade Accounts Receivable</b></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer&#x2019;s financial condition.&#xA0; Potential losses on receivables are dependent on each individual customer&#x2019;s financial condition. The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within 80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing its high-risk customers. Past due receivable balances are written off when its internal collection efforts have been unsuccessful in collecting the amount due. In 2011, Garmin purchased credit insurance to provide security against large losses.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Inventories</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories are stated at the lower of cost or market. Cost is determined using the weighted-average method (which approximates the first-in, first-out (FIFO) method) by GC and the FIFO method by GII and GEL. Inventories consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 44%">Raw Materials</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 25%">129,211</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 25%">103,277</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Work-in-process</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">52,176</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">43,507</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Finished goods</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">245,724</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">278,513</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Inventory Reserves</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (29,370</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (37,720</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Inventory, net of reserves</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 397,741</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 387,577</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Property and Equipment</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 78%; TEXT-AUTOSPACE: ideograph-numeric">Buildings and improvements</td> <td style="TEXT-ALIGN: right; WIDTH: 22%; TEXT-AUTOSPACE: ideograph-numeric"> 39</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Office furniture and equipment</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 3-5</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Manufacturing and engineering equipment</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 5</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Vehicles</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 5</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Long-Lived Assets</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As required by the <i>Property, Plant and Equipment</i> topic of the FASB ASC, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The <i>Intangibles &#x2013; Goodwill and Other</i> topic of the FASB ASC requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired. The Company did not recognize any goodwill or intangible asset impairment charges in 2011, 2010, or 2009. The Company established reporting units based on its current reporting structure. For purposes of testing goodwill for impairment, goodwill has been allocated to these reporting units to the extent it relates to each reporting unit.&#xA0; The accounting guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from 3 to 10 years.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0px; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Dividends</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;<b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 27, 2010, the Company completed the redomestication of the place of our incorporation from the Cayman Islands to Switzerland. Under Swiss corporate law, dividends must be approved by shareholders at the general meeting of our shareholders.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 3, 2011, the shareholders approved a dividend of $2.00 per share (of which, $1.60 was paid in the Company's 2011 fiscal year) payable in four installments as follows: $0.80 on June 30, 2011 to shareholders of record on June 15, 2011, $0.40 on September 30, 2011 to shareholders of record on September 15, 2011, $0.40 on December 30, 2011 to shareholders of record on December 15, 2011 and $0.40 on March 30, 2012 to shareholders of record on March 15, 2012. The Company paid dividends in 2011 in the amount of $310,763. Both the dividend paid and the remaining dividend payable have been reported as a reduction of retained earnings.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> On March 16, 2010 the Board of Directors declared a dividend of $1.50 per share to be paid on April 30, 2010 to shareholders of record on April 15, 2010. The Company paid out a dividend in the amount of $298,853. The dividend was reported as a reduction of retained earnings.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> On July 30, 2009 the Board of Directors declared a dividend of $0.75 per share to be paid on December 15, 2009 to shareholders of record on December 1, 2009. The Company paid out a dividend in the amount of $149,846. The dividend was reported as a reduction of retained earnings.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Approximately $239,470 and $213,486 of retained earnings are indefinitely restricted from distribution to stockholders pursuant to the laws of Taiwan at December 31, 2011 and December 25, 2010, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Intangible Assets</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> At December 31, 2011 and December 25, 2010, the Company had patents, license agreements, customer related intangibles and other identifiable finite-lived intangible assets recorded at a cost of $206,872 and $152,138, respectively. The Company&#x2019;s excess purchase cost over fair value of net assets acquired (goodwill) was $179,475 at December 31, 2011 and $136,548 at December 25, 2010. The increase in identifiable intangible assets and goodwill in 2011 is principally related to the acquisitions completed by the Company, as further described in Note 15.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">December 31,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">December 25,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 58%"> Goodwill balance at beginning of year</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">136,548</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">129,066</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Acquisitions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">46,481</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,649</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Finalization of purchase price allocations and effect of foreign currency translation</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (3,554</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,167</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Goodwill balance at end of year</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 179,475</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 136,548</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Identifiable, finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $134,184 and $103,534 at December 31, 2011 and December 25, 2010 respectively. Amortization expense was $33,225, $36,675, and $37,444 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. In the next five years, the amortization expense is estimated to be $28,464, $14,413, $9,518, $6,978, and $5,301, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Marketable Securities</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> All of the Company&#x2019;s marketable securities were considered available-for-sale at December 31, 2011. See Note 3. Available-for-sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive gain/(loss). At December 31, 2011 and December 25, 2010, cumulative unrealized gains/(losses) of $10,737 and ($5,736), respectively, were reported in accumulated other comprehensive gain/(loss), net of related taxes.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included in interest income from investments. Realized gains and losses, and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific identification method.</p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Income Taxes</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for income taxes using the liability method in accordance with the FASB ASC topic <i>Income Taxes</i>. The liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income taxes of $252,793, $233,028, and $171,097 at December 31, 2011, December 25, 2010, and December 26, 2009, respectively, have not been accrued by the Company for the unremitted earnings of several of its foreign subsidiaries because such earnings are intended to be reinvested in the subsidiaries indefinitely.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company adopted the applicable guidance included in the FASB ASC topic <i>Income Taxes</i> related to accounting for uncertainty in income taxes on December 31, 2006, the beginning of fiscal year 2007.&#xA0;&#xA0; The total amount of unrecognized tax benefits as of December 31, 2011 was $161,904 including interest of $10,850.&#xA0; A reconciliation of the beginning and ending amount of unrecognized tax benefits for years ending December 31, 2011, December 25, 2010, and December 26, 2009 is as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%">Balance at beginning of year</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">153,621</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">255,748</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">214,366</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Additions based on tax positions related to prior years</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,568</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,443</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">14,241</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions based on tax positions related to prior years</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(6,885</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(10,392</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(16,141</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Additions based on tax positions related to current period</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">29,210</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">43,202</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">63,053</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions based on tax positions related to current period</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions related to settlements with tax authorities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(122,314</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Expiration of statute of limitations</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,610</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (24,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,771</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">Balance at end of year</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 161,904</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 153,621</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 255,748</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The December 31, 2011 balance of $161,904 of unrecognized tax benefits, if recognized, would reduce the effective tax rate.&#xA0; None of the unrecognized tax benefits are due to uncertainty in the timing of deductibility.&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Accounting guidance requires unrecognized tax benefits to be classified as non-current liabilities, except for the portion that is expected to be paid within one year of the balance sheet date.&#xA0; The entire $161,904, $153,621, and $255,748 are required to be classified as non-current at December 31, 2011, December 25, 2010, and December 26, 2009, respectively.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Interest expense and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense.&#xA0; At December 31, 2011, December 25, 2010, and December 26, 2009, the Company had accrued approximately $10,850, $9,580, and $20,160, respectively, for interest.&#xA0; Interest expense (income) included in income tax expense for the years ending December 31, 2011, December 25, 2010, and December 26, 2009 is $5,568, ($10,580), and $9,000, respectively. The Company had no amounts accrued for penalties as the nature of the unrecognized tax benefits, if recognized, would not warrant the imposition of penalties.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company files income tax returns in Switzerland and U.S. federal jurisdictions, as well as various state, local and foreign jurisdictions.&#xA0; The Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for years prior to 2008.&#xA0; The Company is no longer subject to Taiwan income tax examinations by tax authorities for years prior to 2006.&#xA0; The Company is no longer subject to United Kingdom tax examinations by tax authorities for years prior to 2009.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company also considers 2008 U.S. federal returns to have been effectively settled due to completion of an audit examination by the Internal Revenue Service.&#xA0; A reduction of income tax expense was recognized to reflect this settlement. In addition, the Company recognized a reduction of income tax expense of $19,610, $24,066, and $19,771 in fiscal years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively, to reflect the expiration of statutes of limitations in various jurisdictions.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company believes that it is reasonably possible that approximately $20,482 of its reserves for certain unrecognized tax benefits will decrease within the next 12 months as the result of the expiration of statutes of limitations. This potential decrease in unrecognized tax benefits would impact the Company&#x2019;s effective tax rate within the next 12 months.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Use of Estimates</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Concentration of Credit Risk</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company grants credit to certain customers who meet the Company&#x2019;s pre-established credit requirements. Generally, the Company does not require security when trade credit is granted to customers. Credit losses are provided for in the Company&#x2019;s consolidated financial statements and typically have been within management&#x2019;s expectations. Certain customers are allowed extended terms consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales variations or to the timing of new product releases by the Company.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#x2019;s top ten customers have contributed between 29% and 36% of net sales since 2009. In 2011, the Company purchased trade credit insurance to provide security against large losses. Best Buy, a customer in the outdoor, fitness, marine and auto/mobile segments accounted for less than 10% of the Company&#x2019;s consolidated net sales in the years ended December 31, 2011, and December 25, 2010, respectively, while accounting for 13.4% of the Company&#x2019;s consolidated net sales in the year ended December 26, 2009.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Revenue Recognition</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Garmin recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable.&#xA0; For the large majority of Garmin&#x2019;s sales, these criteria are met once product has shipped and title and risk of loss have transferred to the customer.&#xA0; The Company recognizes revenue from the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware.&#xA0; The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Garmin introduced n&#xFC;Maps Lifetime&#x2122; in January 2009, which is a single fee program that, subject to the program&#x2019;s terms and conditions, enables customers to download the latest map and point of interest information every quarter for the useful life of their PND.&#xA0; The revenue and associated cost of royalties for sales of n&#xFC;Maps Lifetime&#x2122; products are deferred at the time of sale and recognized ratably on a straight-line basis over the estimated 36-month life of the products. With the acquisition of Navigon AG in 2011, products marketed under the Navigon brand have a FreshMaps program that enables customers to download the latest map and point of interest information for two years. The revenue and associated cost of royalties for sales of FreshMaps products are deferred at the time of sale and recognized ratably on a straight-line basis over the two year period.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> For multiple element arrangements that include tangible products that contain software that is essential to the tangible product&#x2019;s functionality and undelivered software elements that relate to the tangible product&#x2019;s essential software, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: (i)&#xA0;vendor-specific objective evidence of fair value (&#x201C;VSOE&#x201D;), (ii)&#xA0;third-party evidence of selling price (&#x201C;TPE&#x201D;), and (iii)&#xA0;best estimate of the selling price (&#x201C;ESP&#x201D;). &#xA0;VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis, at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other products that involve multiple-element arrangements that are immaterial.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In 2010, Garmin began offering PNDs with lifetime map updates (LMUs) bundled in the original purchase price. Similar to n&#xFC;Maps Lifetime&#x2122;, LMUs enable customers to download the latest map and point of interest information every quarter for the useful life of their PND. In addition, Garmin offers PNDs with premium traffic service bundled in the original purchase price in the European market. The Company has identified two deliverables contained in arrangements involving the sale of PNDs which include either the LMU or premium traffic service. The first deliverable is the hardware along with the software essential to the functionality of the hardware device delivered at the time of sale. The second deliverable is either the LMU or premium traffic service. The Company has allocated revenue between these two deliverables using the relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met. &#xA0;The revenue and associated cost of royalties allocated to the LMU or the subscription for premium traffic service are deferred and recognized on a straight-line basis over the estimated 36-month life of the products.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Prior to the third quarter of fiscal 2011, the Company determined its estimate of selling price using the dealer/distributor price for n&#xFC;Maps Lifetime or premium traffic subscriptions sold separately, and the prices for products bundled with and without the LMU and premium traffic service when comparable models were available, as inputs to the relative selling price method in a manner similar to VSOE. The estimated selling price determined in this manner was used to defer revenues for all products bundled with the LMU and premium traffic service, as the number of bundled units sold as a percentage of total units sold was less significant and other indicators of selling price were not readily available.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> During 2011, sales of products bundled with LMUs and premium traffic service increased significantly as a percentage of total product sales. Concurrently, market conditions have caused decreases in the ASP and margins of comparable models year over year, new bundled products were introduced at lower ASPs, and the difference in pricing of bundled units and comparable unbundled models has decreased considerably. Due to these changes, the Company determined it was appropriate to change its estimate of the per unit revenue and cost deferrals during the third quarter of 2011.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As the sales of n&#xFC;Maps Lifetime and premium traffic subscriptions as a percentage of total unit sales or in the aggregate decreased significantly in mid-2011, the Company determined that the previous estimate of selling price based on more limited stand-alone sales of n&#xFC;Maps Lifetime or premium traffic was no longer a sole determinant of its value as determined under VSOE, and that third party evidence of selling price was not available. Management determined that the price differential between bundled and unbundled products and the royalty cost of the LMU or premium traffic subscription plus an approximate margin were both additional indicators of estimated selling price. These estimates are also reflective of how the Company establishes product pricing based in part on customer perception of value of the added LMU or premium traffic service capability. As such, beginning in the third quarter of 2011, the Company changed its estimate of selling price of the undelivered element to be based on the relative selling price method using a weighted average of the stand-alone sales price, the price differential between bundled and unbundled units, and the royalty or subscription cost plus a normal margin.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The impact of the 2011 change in estimate for lifetime map updates and premium traffic service, as described above, was an increase in revenue, gross profit, net income, basic net income per share, and diluted net income per share of $77.8 million, $66.5 million, $59.3 million, $0.31, and $0.30, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In 2009 and 2010 respectively, Garmin introduced the n&#xFC;vi 1690 and 1695, premium PNDs with a built-in wireless module that lets customers access Garmin&#x2019;s n&#xFC;Link!&#x2122; service, which provides direct links to certain online information.&#xA0; Additional models were introduced in 2011. The Company has identified two deliverables contained in arrangements involving the sale of the n&#xFC;vi products with the n&#xFC;Link feature. The first deliverable is the hardware and software essential to the functionality of the hardware device delivered at the time of sale, and the second deliverable is the n&#xFC;Link service. The Company has allocated revenue between these two deliverables using the relative selling price method determined using VSOE. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met. &#xA0;The revenue and associated cost allocated to the n&#xFC;Link services are deferred and recognized on a straight-line basis over the life of the service, which is either 12 or 24 months.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Garmin records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectation of future conditions. Changes in these estimates could negatively affect Garmin&#x2019;s operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, are accrued for on a percentage of sales basis. If market conditions were to decline, Garmin may take actions to increase customer incentive offerings possibly resulting in an incremental reduction of revenue at the time the incentive is offered.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company records revenue net of sales tax, trade discounts and customer returns. The reductions to revenue for expected future product returns are based on the Company&#x2019;s historical experience.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Deferred Revenues and Costs</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> At December 31, 2011 and December 25, 2010, the Company had deferred revenues totaling $377,119 and $197,787, respectively, and related deferred costs totaling $80,856 and $44,738, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The deferred revenues and costs are recognized over their estimated economic lives of two to three years on a straight-line basis. In the next three years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated to be $148,954, $108,156, and $39,153, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Shipping and Handling Costs</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Product Warranty</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company provides for estimated warranty costs at the time of sale. The warranty period for most products is one year to two years from date of shipment while certain aviation products have a warranty period of two years from the date of installation and certain marine products have a warranty period of three years from the date of shipment<b>.</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Sales Programs</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products. Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product and can be applied to all customers who have purchased the product or a special discount may be agreed to on an individual customer basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements of income in the period the Company has sold the product.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Advertising Costs</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company expenses advertising costs as incurred. Advertising expense amounted to approximately $145,024, $144,613, and $155,521 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Research and Development</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> A majority of the Company&#x2019;s research and development is performed in the United States. Research and development costs, which are expensed as incurred, amounted to approximately $298,584, $277,261, and $238,378 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Customer Service and Technical Support</b></p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Customer service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated statements of income. Customer service and technical support costs include costs associated with performing order processing, answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical support assistance to customers. The technical support is provided within one year after the associated revenue is recognized. The related cost of providing this free support is not material.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Software Development Costs</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The FASB ASC topic entitled <i>Software</i> requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is typically short. As required by the <i>Research and Development</i> topic of the FASB ASC, costs incurred to enhance our existing products or after the general release of the service using the product are expensed in the period they are incurred and included in research and development costs in the accompanying consolidated statements of income.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Accounting for Stock-Based Compensation</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled <i>Compensation &#x2013; Stock Compensation</i> requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including employee stock options and restricted stock based on estimated fair values. See Note 9.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Accounting guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense on a straight-line basis over the requisite service period in the Company&#x2019;s consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience and management&#x2019;s estimates.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Recently Issued Accounting Pronouncements</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In May 2011, the FASB issued an amendment to the accounting standards related to fair value measurements and disclosure requirements that result in a consistent definition of fair value and common requirements for the measurement and disclosure of fair value between U.S. GAAP and International Financial Reporting Standards. This standard provides certain amendments to the existing guidance on the use and application of fair value measurements and maintains a definition of fair value that is based on the notion of exit price. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, the FASB issued guidance on the presentation of comprehensive income. This guidance eliminates the current option to report other comprehensive income and its components in the statement of stockholders&#x2019; equity. The guidance allows two presentation alternatives; present items in net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements of net income and other comprehensive income. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. Early adoption is permitted, but full retrospective application is required under both sets of accounting standards. The Company is currently evaluating which presentation alternative it will utilize.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px"></p> <p style="MARGIN: 0px"></p> <p style="MARGIN: 0px"></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, the FASB issued an amendment to ASC 350, Intangibles&#x2014;Goodwill and Other, which simplifies how entities test goodwill for impairment. Under the amendment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the entity to determine that it is more likely than not that its fair value is less than its carrying amount. If after assessing the totality of events or circumstances, an entity determines that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the two-step impairment test for goodwill is unnecessary. If the entity concludes otherwise, then it is required to test goodwill for impairment under the two-step process as described under paragraphs 350-20-35-4 of the ASC. If the carrying amount of a reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any, as described in paragraph 350-20-35-9 of the ASC. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 and early adoption is permitted. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.</p> </div> 20684000 -18583000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>14. Selected Quarterly Information (Unaudited)</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <table style="WIDTH: 91%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.3in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">Quarter&#xA0;Ending</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">March&#xA0;26</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">June&#xA0;25</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><b>September&#xA0;24&#xA0;<sup>(2)</sup></b></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><b>December&#xA0;31&#xA0;<sup>(2)</sup></b></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt; WIDTH: 52%">Net sales</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 507,834</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 674,099</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 666,993</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 909,643</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt">Gross profit</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">238,374</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">322,100</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">344,331</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">433,787</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt">Net income</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">95,482</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">109,477</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">150,381</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">165,556</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0pt">Basic net income per share</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">0.49</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">0.56</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">0.77</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">0.86</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 91%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.3in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">Quarter&#xA0;Ending</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">March&#xA0;27</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">June&#xA0;26</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><b>September&#xA0;25&#xA0;<sup>(1)</sup></b></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;25</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt; WIDTH: 52%">Net sales</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">431,067</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">728,765</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">692,364</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">837,715</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt">Gross profit</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">230,909</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">391,652</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">344,020</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">379,793</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt">Net income</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">37,329</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">134,816</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">279,552</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">132,906</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0pt">Basic net income per share</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.19</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.68</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1.43</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.67</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px 0px 0px 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <sup>(1)</sup> Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.</p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px 0px 0px 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <sup>(2)</sup> Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.</p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The above quarterly financial data is unaudited, but in the opinion of management, all adjustments necessary for a fair presentation of the selected data for these interim periods presented have been included. These results are not necessarily indicative of future quarterly results.</p> </div> 5920076 388628000 33225000 42000 4322000 6885000 -4490000 22337000 <div> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS</b></p> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Garmin Ltd. and Subsidiaries</b></p> <p style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 18.75pt; FONT: 10pt Times New Roman, Times, Serif"> <b>(<i>In thousands</i>)</b></p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">Additions</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Balance&#xA0;at</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Charged&#xA0;to</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Charged&#xA0;to</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Balance&#xA0;at</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Beginning&#xA0;of</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Costs&#xA0;and</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Other</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">End&#xA0;of</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> Description</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Period</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Expenses</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Accounts</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Deductions</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Period</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold">Year Ended December 31, 2011:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; FONT-WEIGHT: bold"> Deducted from asset accounts</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in; WIDTH: 40%; FONT-WEIGHT: bold"> Allowance for doubtful accounts</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 31,822</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 2,317</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> (3,915</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">)</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 30,224</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in; FONT-WEIGHT: bold"> Inventory reserve</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">37,720</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">16,047</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">(24,397</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">)</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">29,370</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.25in; FONT-WEIGHT: bold"> Deferred tax asset valuation allowance (1)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 51,352</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 7,902</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (22,081</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 37,173</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Total</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 120,894</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 26,266</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (50,393</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">)</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 96,767</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Year Ended December 25, 2010:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Deducted from asset accounts</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Allowance for doubtful accounts</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">36,673</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(4,476</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(375</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">31,822</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Inventory reserve</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">38,898</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,753</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(6,931</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">37,720</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.25in"> Deferred tax asset valuation allowance</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 35,617</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 15,735</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 51,352</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 111,188</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 17,012</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (7,306</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 120,894</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Year Ended December 26, 2009:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Deducted from asset accounts</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Allowance for doubtful accounts</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">42,409</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(1,332</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(4,404</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">36,673</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Inventory reserve</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">23,204</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">61,323</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(45,629</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">38,898</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.25in"> Deferred tax asset valuation allowance</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 34,487</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,468</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (338</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 35,617</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 100,100</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 61,459</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (50,371</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 111,188</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px 0px 0px 5.4pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in">(1)</td> <td style="TEXT-ALIGN: justify">Note that $14,994 of the decrease in the deferred tax asset valuation is due to reducing the amount of Taiwan surtax credits to the correct amount available for use in future years, all such credits of which are and have been fully reserved.</td> </tr> </table> </div> 28464000 -17237000 <div> <table style="WIDTH: 91%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.3in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">Quarter&#xA0;Ending</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">March&#xA0;26</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">June&#xA0;25</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><b>September&#xA0;24&#xA0;<sup>(2)</sup></b></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><b>December&#xA0;31&#xA0;<sup>(2)</sup></b></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt; WIDTH: 52%">Net sales</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 507,834</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 674,099</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 666,993</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> <td style="WIDTH: 1%; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-WEIGHT: bold"> 909,643</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt">Gross profit</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">238,374</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">322,100</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">344,331</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">433,787</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt">Net income</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">95,482</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">109,477</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">150,381</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">165,556</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0pt">Basic net income per share</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">0.49</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">0.56</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">0.77</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">0.86</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 91%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.3in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">Quarter&#xA0;Ending</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">March&#xA0;27</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">June&#xA0;26</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><b>September&#xA0;25&#xA0;<sup>(1)</sup></b></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;25</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt; WIDTH: 52%">Net sales</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">431,067</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">728,765</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">692,364</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">837,715</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt">Gross profit</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">230,909</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">391,652</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">344,020</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">379,793</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0pt">Net income</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">37,329</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">134,816</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">279,552</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">132,906</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0pt">Basic net income per share</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.19</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.68</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1.43</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.67</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px 0px 0px 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <sup>(1)</sup> Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.</p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px 0px 0px 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <sup>(2)</sup> Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.</p> </div> 779213000 2011-06-03 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Long-Lived Assets</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As required by the <i>Property, Plant and Equipment</i> topic of the FASB ASC, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The <i>Intangibles &#x2013; Goodwill and Other</i> topic of the FASB ASC requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired. The Company did not recognize any goodwill or intangible asset impairment charges in 2011, 2010, or 2009. The Company established reporting units based on its current reporting structure. For purposes of testing goodwill for impairment, goodwill has been allocated to these reporting units to the extent it relates to each reporting unit.&#xA0; The accounting guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from 3 to 10 years.</p> </div> 789000 46481000 9658000 52305000 39925000 38366000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Foreign Currency</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Many Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required by the <i>Foreign Currency Matters</i> topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded in a separate component of stockholders&#x2019; equity. Cumulative translation adjustments of $76,456 and $61,740 as of December 31, 2011 and December 25, 2010, respectively, have been included in accumulated other comprehensive gain/(loss) in the accompanying consolidated balance sheets.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. All differences are recorded in results of operations and amounted to exchange losses of $12,100, $88,377, and $6,040 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The loss in fiscal 2011 was primarily the result of the slight strengthening of the USD against the Euro and the slight weakening of the USD against the Taiwan Dollar. The loss in fiscal 2010 was primarily the result of the strengthening of the USD against the Euro and the British Pound Sterling and the weakening of the USD against the Taiwan Dollar. The loss in fiscal 2009 was primarily the result of the weakening of the USD against the Taiwan Dollar offset by the weakening of the USD against the Euro and the British Pound Sterling.</p> </div> 25600000 14277000 -148058000 2.68 2988000 -14179000 2758569000 6933000 553767000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Use of Estimates</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</p> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Product Warranty</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company provides for estimated warranty costs at the time of sale. The warranty period for most products is one year to two years from date of shipment while certain aviation products have a warranty period of two years from the date of installation and certain marine products have a warranty period of three years from the date of shipment<b>.</b></p> </div> -935000 -12100000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Advertising Costs</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company expenses advertising costs as incurred. Advertising expense amounted to approximately $145,024, $144,613, and $155,521 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.</p> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Marketable Securities</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> All of the Company&#x2019;s marketable securities were considered available-for-sale at December 31, 2011. See Note 3. Available-for-sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive gain/(loss). At December 31, 2011 and December 25, 2010, cumulative unrealized gains/(losses) of $10,737 and ($5,736), respectively, were reported in accumulated other comprehensive gain/(loss), net of related taxes.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included in interest income from investments. Realized gains and losses, and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific identification method.</p> </div> -26329000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Inventories</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories are stated at the lower of cost or market. Cost is determined using the weighted-average method (which approximates the first-in, first-out (FIFO) method) by GC and the FIFO method by GII and GEL. Inventories consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 44%">Raw Materials</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 25%">129,211</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 25%">103,277</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Work-in-process</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">52,176</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">43,507</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Finished goods</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">245,724</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">278,513</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Inventory Reserves</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (29,370</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (37,720</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Inventory, net of reserves</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 397,741</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 387,577</td> </tr> </table> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Earnings Per Share</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company&#x2019;s stock during the period the options were outstanding. See Note 10.</p> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions for 2011, 2010, and 2009:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 64%">Weighted average grant date fair value of options granted</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">10.53</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">8.99</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">7.32</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Expected volatility</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">0.4078</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">0.4178</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">0.4286</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Dividend yield</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4.02</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4.94</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2.42</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Expected life of options in years</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">6.5</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">6.3</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">6.2</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Risk-free interest rate</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1.2</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2.5</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3.0</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> </div> 9518000 145024000 26266000 6.5 -369000 341217000 63265000 26224000 194105000 51423000 162572000 -499000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Property and Equipment</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 78%; TEXT-AUTOSPACE: ideograph-numeric">Buildings and improvements</td> <td style="TEXT-ALIGN: right; WIDTH: 22%; TEXT-AUTOSPACE: ideograph-numeric"> 39</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Office furniture and equipment</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 3-5</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Manufacturing and engineering equipment</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 5</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-AUTOSPACE: ideograph-numeric">Vehicles</td> <td style="TEXT-ALIGN: right; TEXT-AUTOSPACE: ideograph-numeric"> 5</td> </tr> </table> </div> 0.0402 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>6. Income Taxes</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#x2019;s income tax provision (benefit) consists of the following:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">Fiscal&#xA0;Year&#xA0;Ended</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Federal:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; WIDTH: 64%">Current</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">79,305</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">($</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">46,674</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">104,186</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Deferred</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (25,763</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 284</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (12,021</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">53,542</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(46,390</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">92,165</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>State:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Current</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">9,087</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,929</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,381</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Deferred</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,490</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (257</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (947</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4,597</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,672</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4,434</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Foreign:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Current</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">22,363</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">31,109</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">18,469</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Deferred</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (17,237</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 4,278</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (10,367</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,126</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 35,387</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 8,102</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 63,265</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> ($</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,331</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 104,701</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The income tax provision differs from the amount computed by applying the U.S. statutory federal income tax rate to income before taxes. The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 89%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.4in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 64%"> Federal income tax expense at U.S. statutory rate</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">204,456</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">202,045</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">287,228</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">State income tax expense, net of federal tax effect</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,988</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,482</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,604</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Foreign tax rate differential</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(148,058</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(115,633</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(219,482</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">Taiwan tax holiday benefit</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(13,127</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(13,536</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(18,556</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">Net change in uncertain tax postions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">8,283</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(102,100</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">41,400</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">Other foreign taxes less incentives and credits</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">9,658</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">26,707</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">10,379</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Other, net</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (935</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (7,296</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,128</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Income tax expense</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 63,265</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> ($</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,331</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 104,701</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The holding company statutory federal income tax rate in Switzerland, the Company's place of incorporation since the redomestication effective June 27, 2010 (see Note 12), is 7.83%. &#xA0;If the Company reconciled taxes at the Swiss holding company federal statutory tax rate to the reported income tax for 2011, as presented above, the amounts related to tax at the statutory rate would be approximately $158,716 lower, or $45,740, and the foreign tax rate differential would be adjusted by a similar amount to $10,658. For 2010, the amounts related to tax at the U.S. statutory rate of 35% prior to the redomestication and the Swiss statutory rate of 7.83%, subsequent to the redomestication, would be approximately $95,985 lower, or $106,060, and the foreign tax differential would be reduced by the same amount to ($19,648). All other amounts would remain substantially unchanged.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#x2019;s income before income taxes attributable to non-U.S. operations was $473,994, $413,550, and $678,868, for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Taiwan tax holiday benefits included in the table above reflect $0.07, $0.07, and $0.09 per weighted-average common share outstanding for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Company currently expects to benefit from these Taiwan tax holidays through 2016, at which time these tax benefits might expire.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company&#x2019;s deferred tax assets and liabilities are as follows:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 95%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Deferred tax assets:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 76%">Product warranty accruals</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">2,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,646</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Allowance for doubtful accounts</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">12,282</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,572</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Inventory reserves</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,114</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,749</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Sales program allowances</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,591</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">9,080</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reserve for sales returns</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,240</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,715</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Other accruals</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,359</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,684</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Unrealized intercompany profit in inventory</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">15,165</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,792</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Unrealized foreign currency loss</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">266</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Stock option compensation</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">47,998</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">40,785</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Tax credit carryforwards, net</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">33,379</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">48,784</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Amortization</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">26,913</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">28,431</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Deferred revenue</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">28,905</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">10,671</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Net operating losses of subsidiaries</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">17,780</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,583</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Other</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4,163</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,750</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"> Valuation allowance related to loss carryforward and tax credits</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (37,173</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (51,352</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">169,912</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">132,156</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Deferred tax liabilities:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Depreciation</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">17,600</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">16,030</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Prepaid expenses</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,328</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4,145</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Book basis in excess of tax basis for acquired entities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">8,191</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">6,604</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Unrealized investment gain</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">910</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,951</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Marketable securities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,038</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Other</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 469</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 933</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 30,498</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 36,701</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Net deferred tax assets</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 139,414</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 95,455</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognized a $29,615 deferred tax asset during 2010 for the future tax benefit of the fair market value step-up in basis of intangible assets related to the redomestication to Switzerland and local statutory tax reporting requirements. The deferred tax asset was recognized as an increase to Additional Paid-In Capital in 2010 and will reverse as the intangible assets are amortized for Swiss statutory and tax reporting purposes.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> At December 31, 2011, the Company had $33,379 of tax credit carryover which includes $31,240 of Taiwan surtax credit with no expiration. There is a full valuation allowance for the Taiwan surtax credits. The valuation allowance decreased by $14,179 during 2011 including $14,994 related to Taiwan surtax credits. The decrease in the surtax credit carryforward and valuation allowance in 2011 is principally due to reducing the amount of such credits to the correct amount available for use in future years, on which a full valuation reserve is provided.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> At December 31, 2011, the Company had a deferred tax asset of $17,780 related to the future tax benefit on net operating loss (NOL) carryforwards of $72,197. &#xA0;Included in the NOL carryforwards is $24,680 that relates to Spain and expires in varying amounts between 2022 and 2025, $14,718 that relates to Switzerland and expires in 2018, and $32,799 that relates to various other jurisdictions and has no expiration date. The Company has recorded a valuation allowance for a portion of its deferred tax asset relating to various tax attributes that it does not believe are more likely than not to be realized. In the future, if the Company determines, based on existence of sufficient evidence, that it should realize more or less of its deferred tax assets, an adjustment to the valuation allowance will be made in the period such a determination is made.</p> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Income Taxes</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for income taxes using the liability method in accordance with the FASB ASC topic <i>Income Taxes</i>. The liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income taxes of $252,793, $233,028, and $171,097 at December 31, 2011, December 25, 2010, and December 26, 2009, respectively, have not been accrued by the Company for the unremitted earnings of several of its foreign subsidiaries because such earnings are intended to be reinvested in the subsidiaries indefinitely.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company adopted the applicable guidance included in the FASB ASC topic <i>Income Taxes</i> related to accounting for uncertainty in income taxes on December 31, 2006, the beginning of fiscal year 2007.&#xA0;&#xA0; The total amount of unrecognized tax benefits as of December 31, 2011 was $161,904 including interest of $10,850.&#xA0; A reconciliation of the beginning and ending amount of unrecognized tax benefits for years ending December 31, 2011, December 25, 2010, and December 26, 2009 is as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%">Balance at beginning of year</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">153,621</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">255,748</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">214,366</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Additions based on tax positions related to prior years</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,568</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">11,443</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">14,241</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions based on tax positions related to prior years</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(6,885</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(10,392</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(16,141</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Additions based on tax positions related to current period</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">29,210</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">43,202</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">63,053</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions based on tax positions related to current period</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Reductions related to settlements with tax authorities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(122,314</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Expiration of statute of limitations</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,610</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (24,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,771</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">Balance at end of year</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 161,904</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 153,621</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 255,748</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The December 31, 2011 balance of $161,904 of unrecognized tax benefits, if recognized, would reduce the effective tax rate.&#xA0; None of the unrecognized tax benefits are due to uncertainty in the timing of deductibility.&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Accounting guidance requires unrecognized tax benefits to be classified as non-current liabilities, except for the portion that is expected to be paid within one year of the balance sheet date.&#xA0; The entire $161,904, $153,621, and $255,748 are required to be classified as non-current at December 31, 2011, December 25, 2010, and December 26, 2009, respectively.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Interest expense and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense.&#xA0; At December 31, 2011, December 25, 2010, and December 26, 2009, the Company had accrued approximately $10,850, $9,580, and $20,160, respectively, for interest.&#xA0; Interest expense (income) included in income tax expense for the years ending December 31, 2011, December 25, 2010, and December 26, 2009 is $5,568, ($10,580), and $9,000, respectively. The Company had no amounts accrued for penalties as the nature of the unrecognized tax benefits, if recognized, would not warrant the imposition of penalties.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company files income tax returns in Switzerland and U.S. federal jurisdictions, as well as various state, local and foreign jurisdictions.&#xA0; The Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for years prior to 2008.&#xA0; The Company is no longer subject to Taiwan income tax examinations by tax authorities for years prior to 2006.&#xA0; The Company is no longer subject to United Kingdom tax examinations by tax authorities for years prior to 2009.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company also considers 2008 U.S. federal returns to have been effectively settled due to completion of an audit examination by the Internal Revenue Service.&#xA0; A reduction of income tax expense was recognized to reflect this settlement. In addition, the Company recognized a reduction of income tax expense of $19,610, $24,066, and $19,771 in fiscal years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively, to reflect the expiration of statutes of limitations in various jurisdictions.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company believes that it is reasonably possible that approximately $20,482 of its reserves for certain unrecognized tax benefits will decrease within the next 12 months as the result of the expiration of statutes of limitations. This potential decrease in unrecognized tax benefits would impact the Company&#x2019;s effective tax rate within the next 12 months.</p> </div> 110755000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Cash and Cash Equivalents</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> For purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates fair value, given the short maturity of those instruments.</p> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>15. Acquisitions</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> During 2011, subsidiaries of Garmin Ltd. completed the following acquisitions:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: Symbol">&#xB7;</font></td> <td style="TEXT-ALIGN: justify">Navigon AG (&#x201C;Navigon&#x201D;), a privately-held navigation provider based in Germany</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: Symbol">&#xB7;</font></td> <td style="TEXT-ALIGN: justify">Tri-Tronics Inc., the leading designer and manufacturer of electronic dog training equipment</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: Symbol">&#xB7;</font></td> <td style="TEXT-ALIGN: justify">Garmin Distribution Africa (Pty) Ltd., the distributor of Garmin&#x2019;s consumer products in Southern Africa</td> </tr> </table> <p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: Symbol">&#xB7;</font></td> <td style="TEXT-ALIGN: justify">Garmap (Pty) Ltd., a South African mapping and mobile applications provider</td> </tr> </table> <p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: Symbol">&#xB7;</font></td> <td style="TEXT-ALIGN: justify">Centro GPS, the Chilean distributor of Garmin&#x2019;s consumer products</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> These companies were acquired for an aggregate amount of $69,558 in cash less $15,368 cash acquired. The purchase price allocation for these acquisitions included goodwill and intangible assets of $84,204. Garmin also recognized $3,923 of restructuring costs in the third quarter of 2011 related specifically to the Navigon acquisition. Individually and in the aggregate, these acquisitions are not considered material; therefore, supplemental pro forma information is not presented. The allocation of purchase price to assets acquired and liabilities assumed in these acquisitions is based upon certain valuations and other analyses.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Purchase price allocations for 2010 acquisitions were finalized with no significant adjustments.</p> </div> 204456000 6385000 5126000 784825000 16473000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>9. Stock Compensation Plans</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Accounting for Stock-Based Compensation</i></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>&#xA0;</i></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The various Company stock compensation plans are summarized below. For all stock compensation plans, the company&#x2019;s policy is to issue treasury shares for option/SAR exercises, RSU releases and ESPP purchases.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>2011 Non-employee Directors&#x2019; Equity Incentive Plan</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, the stockholders adopted an equity incentive plan for non-employee directors (the 2011 Directors Plan) providing for grants of stock options, stock appreciation rights (&#x201C;SARs&#x201D;), restricted stock units (&#x201C;RSUs&#x201D;) and/or performance shares, pursuant to which up to 122,592 shares were available for issuance. The term of each award cannot exceed ten years. Awards may vest over a minimum two-year period. During 2011, 11,996 restricted stock units were granted under this plan.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>2005 Equity Incentive Plan</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2005, the shareholders adopted an equity incentive plan (the &#x201C;2005 Plan&#x201D;) providing for grants of incentive and nonqualified stock options, stock appreciation rights (&#x201C;SARs&#x201D;), restricted stock units (&#x201C;RSUs&#x201D;) and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 10,000,000 common shares were available for issuance. The various grants vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. During 2011, 2010, and 2009, 410,197, 494,995, and 470,950 restricted stock units were granted under the 2005 Plan. In addition, in 2011, 42,330 stock options were granted under the 2005 Plan. In 2010 and 2009, 20,000 and 30,000 performance shares were granted under the 2005 Plan. No performance shares were granted under the 2005 Plan in 2011.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>2000 Equity Incentive Plan</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In October 2000, the shareholders adopted an equity incentive plan (the &#x201C;2000 Plan&#x201D;) providing for grants of incentive and nonqualified stock options, stock appreciation rights (&#x201C;SARs&#x201D;), restricted stock units (&#x201C;RSUs&#x201D;) and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 7,000,000 common shares were available for issuance. The stock options and stock appreciation rights vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. The Company did not grant any stock awards from the 2000 Plan in 2011, 2010 or 2009.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>2000 Non-employee Directors&#x2019; Option Plan</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Also in October 2000, the stockholders adopted a stock option plan for non-employee directors (the 2000 Directors Plan) providing for grants of options for up to 100,000 common shares. The term of each award is ten years. All awards vest evenly over a three-year period. During 2010 and 2009, options to purchase 23,924 and 34,648 shares, respectively, were granted under this plan. In 2009, the stockholders approved an additional 150,000 shares to the plan, making the total shares authorized under the plan 250,000. Following the June 2011 approval of the 2011 Directors Plan, the Company will no longer issue options to purchase shares under this plan.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>&#xA0;</i></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Stock-Based Compensation Activity</i></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of the Company&#x2019;s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 31, 2011, December 25, 2010, and December 26, 2009 is provided below:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6">Stock&#xA0;Options&#xA0;and&#xA0;SARs</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Exercise&#xA0;Price</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Number&#xA0;of&#xA0;Shares</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-STYLE: italic" colspan="2">(In Thousands)</td> <td style="FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-STYLE: italic" colspan="2"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 76%">Outstanding at December 27, 2008</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">47.76</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">10,526</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">23.09</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">35</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Exercised</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">18.08</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(278</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"> Forfeited/Expired</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">59.55</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (174</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at December 26, 2009</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">48.28</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">10,109</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">33.44</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">24</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Exercised</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">15.52</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(826</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"> Forfeited/Expired</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">62.57</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (221</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at December 25, 2010</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">50.87</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">9,086</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; FONT-WEIGHT: bold">Granted</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">39.71</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">42</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; FONT-WEIGHT: bold">Exercised</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">21.02</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">(764</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; FONT-WEIGHT: bold"> Forfeited/Expired</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> 64.63</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (291</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Outstanding at December 31, 2011</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> 53.14</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 8,073</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold">Exercisable at December 31, 2011</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">51.24</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">7,001</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">Expected to vest after December 31, 2011</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">65.59</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">1,049</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="13"> Stock&#xA0;Options&#xA0;and&#xA0;SARs&#xA0;as&#xA0;of&#xA0;December&#xA0;31,&#xA0;2011</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">Exercise</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2"> Awards</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2"> Remaining</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2"> Awards</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"> Price</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Outstanding</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Life&#xA0;(Years)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Exercisable</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-STYLE: italic" colspan="2"> (In&#xA0;Thousands)</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-STYLE: italic" colspan="2"> (In&#xA0;Thousands)</td> <td style="FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; WIDTH: 40%">$8.00 -$20.00</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 17%">787</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 17%">2.29</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 17%">786</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$20.01 - $40.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,530</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3.48</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">1,463</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$40.01 - $60.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3,295</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5.36</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">2,782</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$60.01 - $80.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,198</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5.42</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">960</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$80.01 - $100.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5.94</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">1</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">$100.01 - $120.00</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,258</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5.91</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">1,007</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">$120.01 - $140.00</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5.74</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">8,073</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4.80</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: right">7,001</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6">Restricted&#xA0;Stock&#xA0;Units</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Weighted-Average</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Grant&#xA0;Date&#xA0;Fair&#xA0;Value</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Number&#xA0;of&#xA0;Shares</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-STYLE: italic" colspan="2"> (In&#xA0;Thousands)</td> <td style="FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-STYLE: italic" colspan="2"> &#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 76%">Outstanding at December 27, 2008</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">19.59</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,043</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">29.79</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">501</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Released/Vested</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">19.59</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(204</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Cancelled</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">19.63</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (24</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at December 26, 2009</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">23.47</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,316</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">30.29</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">515</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Released/Vested</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">23.02</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(291</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Cancelled</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">23.32</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (37</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at December 25, 2010</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">25.90</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,503</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; FONT-WEIGHT: bold">Granted</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">37.28</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">422</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; FONT-WEIGHT: bold"> Released/Vested</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">37.73</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">(366</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; FONT-WEIGHT: bold"> Cancelled</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> 25.89</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (81</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Outstanding at December 31, 2011</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> 29.40</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 1,478</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The weighted-average remaining contract life for stock options and SARs outstanding and exercisable at December 31, 2011 is 4.80 and 4.57 years, respectively. The weighted-average remaining contract life of restricted stock units at December 31, 2011 was 2.21 years.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions for 2011, 2010, and 2009:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 64%">Weighted average grant date fair value of options granted</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">10.53</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">8.99</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">7.32</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Expected volatility</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">0.4078</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">0.4178</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">0.4286</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Dividend yield</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4.02</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">4.94</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2.42</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Expected life of options in years</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">6.5</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">6.3</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">6.2</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Risk-free interest rate</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1.2</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2.5</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">3.0</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options and SARs which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The total fair value of awards vested during 2011, 2010, and 2009 was $49,006, $41,249, and $41,527, respectively. The aggregate intrinsic values of options and SARs outstanding and exercisable at December 31, 2011 were $35,683 and $35,410, respectively. The aggregate intrinsic values of options and SARs exercised during 2011, 2010, and 2009 were $14,367, $12,259, and $3,578, respectively. The aggregate intrinsic value of RSUs outstanding at December 31, 2011 was $58,856. The aggregate intrinsic values of RSUs released during 2011, 2010, and 2009 were $14,592, $8,828, and $6,327, respectively. Aggregate intrinsic value represents the positive difference between the Company&#x2019;s closing stock price on the last trading day of the fiscal period, which was $39.81 on December 30, 2011, and the exercise price multiplied by the number of options exercised. As of December 31, 2011, there was $58,554 of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans. That cost is expected to be recognized over the weighted average remaining vesting period.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Employee Stock Purchase Plan</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The shareholders also adopted an employee stock purchase plan (ESPP). Up to 4,000,000 shares of common stock have been reserved for the ESPP with shareholders approving an additional 2,000,000 shares in May 2010. Shares will be offered to employees at a price equal to the lesser of 85% of the fair market value of the stock on the date of purchase or 85% of the fair market value on the first day of the ESPP period. The ESPP is intended to qualify as an &#x201C;employee stock purchase plan&#x201D; under Section 423 of the Internal Revenue Code. During 2011, 2010, and 2009, 514,218, 349,173, and 209,416 shares, respectively were purchased under the plan for a total purchase price of $13,746, $8,134, and $3,874, respectively. During 2011 and 2010, the purchases were issued from treasury shares. At December 31, 2011, approximately 1,561,066 shares were available for future issuance.</p> </div> 310763000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>3. Marketable Securities</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The FASB ASC topic entitled <i>Fair Value Measurements and Disclosures</i> defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18%">Level 1</td> <td style="WIDTH: 82%">Unadjusted quoted prices in active markets for identical assets or liability</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>Level 2</td> <td>Unadjusted quoted prices in active markets for similar assets or liabilities, or</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&#xA0;</td> <td>unadjusted quoted prices for identical or similar assets</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>Level 3</td> <td>Unobservable inputs for the asset or liability</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> For fair value measurements using significant unobservable inputs, an independent third party provided the valuation. The inputs used in the valuations were completed using the following methodology. The collateral composition was used to estimate Weighted Average Life based on historical and projected payment information. Cash flows were projected for the issuing trusts, taking into account underlying loan principal, bonds outstanding, and payout formulas. Taking this information into account, assumptions were made as to the yields likely to be required, based upon then current market conditions for comparable or similar term Asset Based Securities as well as other fixed income securities.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Assets and liabilities measured at estimated fair value on a recurring basis are summarized below:</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"> Fair&#xA0;Value&#xA0;Measurements&#xA0;as</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">of&#xA0;December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Description</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Total</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;1</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;2</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;3</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: transparent; VERTICAL-ALIGN: bottom"> <td style="WIDTH: 52%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Available for-sale securities</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"> Fair&#xA0;Value&#xA0;Measurements&#xA0;as</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">of&#xA0;December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Description</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Total</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;1</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;2</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;3</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 52%">Available for-sale securities</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">781,257</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">781,257</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Failed auction rate securities</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,562</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,562</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 801,819</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 781,257</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,562</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> All Level 3 investments at December 25, 2010 had been in a continuous unrealized loss position for 12 months or longer. However, it was the Company&#x2019;s intent to hold these securities until they recovered their value. The Company sold these securities during 2011 and realized an immaterial loss. For assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period, the accounting guidance requires a reconciliation of the beginning and ending balances, separately for each major category of assets. The reconciliation is as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"> Fair&#xA0;Value&#xA0;Measurements&#xA0;Using</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"> Significant&#xA0;Unobservable&#xA0;Inputs&#xA0;(Level&#xA0;3)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Year&#xA0;Ended</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Year&#xA0;Ended</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.12in; PADDING-LEFT: 0.12in; WIDTH: 64%"> Beginning balance of auction rate securities</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">20,562</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">70,252</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.12in; PADDING-LEFT: 0.12in"> Total unrealized gains included in other comprehensive income</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">5,038</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">16,410</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Sales out of Level 3</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(25,600</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(66,100</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Transfers in and/or out of Level 3</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Ending balance of auction rate securities</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 20,562</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of the company&#x2019;s marketable securities classified as available-for-sale securities at December 31, 2011:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Amortized&#xA0;Cost</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Gross&#xA0;<br /> Unrealized&#xA0;Gains</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Gross<br /> Unrealized<br /> Losses</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Other&#xA0;Than<br /> Temporary<br /> Impairment</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Estimated&#xA0;Fair&#xA0;<br /> Value&#xA0;(Net&#xA0;Carrying<br /> Amount)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 40%">Mortgage-backed securities</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">626,776</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">12,936</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">(1,086</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">638,626</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.12in; PADDING-LEFT: 0.12in"> Obligations of states and political subdivisions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">358,314</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,339</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(1,090</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">359,563</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">U.S. corporate bonds</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">134,763</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">815</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(2,260</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(1,274</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">132,044</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Other</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 78,031</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 113</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (222</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 77,922</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,197,884</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 16,203</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,658</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,274</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of the company&#x2019;s marketable securities classified as available-for-sale securities at December 25, 2010:</p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Amortized&#xA0;Cost</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Gross&#xA0;<br /> Unrealized&#xA0;Gains</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Gross<br /> Unrealized<br /> Losses</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Other&#xA0;Than<br /> Temporary<br /> Impairment</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Estimated&#xA0;Fair&#xA0;<br /> Value&#xA0;(Net&#xA0;Carrying<br /> Amount)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 40%">Mortgage-backed securities</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">527,249</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,913</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">(1,519</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">527,643</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Auction Rate Securities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">25,599</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(5,037</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">20,562</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.12in; PADDING-LEFT: 0.12in"> Obligations of states and political subdivisions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">160,618</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">347</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(3,341</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">157,624</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">U.S. corporate bonds</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">54,348</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">637</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(185</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(1,274</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">53,526</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Other</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 39,838</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,626</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 42,464</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 807,652</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,523</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (10,082</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,274</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 801,819</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The cost of securities sold is based on the specific identification method.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The unrealized losses and unrealized gains on the Company&#x2019;s investments in 2010 and 2011, respectively, were caused primarily by changes in interest rates and credit spreads. The Company&#x2019;s investment policy requires investments to be rated A or better with the objective of minimizing the potential risk of principal loss. The Company does not intend to sell the securities that have an unrealized loss shown in the table above and it is not more likely than not that the Company will be required to sell the investment before recovery of their amortized costs bases, which may be maturity. Therefore, the Company considers the declines to be temporary in nature. Fair values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company&#x2019;s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market value. During 2010 and 2011, the Company did not record any material impairment charges on its outstanding securities.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The amortized cost and estimated fair value of marketable securities at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Included in the $55,694 amount below is $34,590 that has been classified as current because the underlying securities were sold subsequent to year-end. The remaining amount of $21,104 has been classified as noncurrent.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 70%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Estimated</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Cost</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Fair Value</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 64%">Due in one year or less (2012)</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">76,427</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">76,563</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Due after one year through five years (2013-2017)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">370,827</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">370,551</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Due after five years through ten years (2018-2022)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">311,251</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">313,073</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Due after ten years (2023 and thereafter)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">385,017</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">392,274</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Other (No contractual maturity dates)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 54,362</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 55,694</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,197,884</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> </tr> </table> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The carrying amounts and fair values of the Company&#x2019;s financial instruments are as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 70%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Carrying</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Fair</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Carrying</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Fair</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Amount</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Value</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Amount</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Value</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 52%">Cash and cash equivalents</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,287,160</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,287,160</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,260,936</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,260,936</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Restricted cash</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">771</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">771</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,277</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,277</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Marketable securities</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,208,155</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,208,155</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">801,819</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">801,819</td> </tr> </table> </div> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Revenues, interest income and interest expense, and income before income taxes for each of the Company&#x2019;s reportable segments are presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;31,&#xA0;2011</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> Auto/</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Aviation</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Outdoor</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fitness</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Marine</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Mobile</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 28%; text-align: left">Net sales to external customers</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">284,855</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">363,223</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">298,163</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">221,730</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,590,598</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,758,569</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocated interest income</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,250</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">4,496</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">4,342</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">2,934</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">19,790</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">32,812</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Allocated interest expense</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income before income taxes</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">73,226</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">171,245</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">107,881</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">60,092</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">171,717</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">584,161</td> <td style="text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;25,&#xA0;2010</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> Auto/</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Aviation</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Outdoor</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fitness</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Marine</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Mobile</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 28%; text-align: left">Net sales to external customers</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">262,520</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">319,119</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">240,473</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">198,860</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,668,939</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,689,911</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocated interest income</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,251</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">2,347</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,532</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,624</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">18,225</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">24,979</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Allocated interest expense</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(122</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(148</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(111</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(92</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(773</td> <td style="text-align: left">)</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">(1,246</td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income before income taxes</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">71,482</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">150,973</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">86,499</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">62,431</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">205,887</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">577,272</td> <td style="text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal&#xA0;Year&#xA0;Ended&#xA0;December&#xA0;26,&#xA0;2009</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> Auto/</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Aviation</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Outdoor</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fitness</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Marine</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Mobile</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> <td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total</td> <td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="2" style="font-weight: bold; text-align: center"> &#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2" style="text-align: center">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 28%; text-align: left">Net sales to external customers</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">245,745</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">299,300</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">169,624</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">177,644</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,054,127</td> <td style="width: 1%; text-align: left">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">2,946,440</td> <td style="width: 1%; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allocated interest income</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">737</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">760</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,076</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">1,469</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">19,477</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">23,519</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Allocated interest expense</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">-</td> <td style="text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income before income taxes</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">56,595</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">147,996</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">58,046</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">57,430</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">488,584</td> <td style="text-align: left">&#xA0;</td> <td>&#xA0;</td> <td style="text-align: left">&#xA0;</td> <td style="text-align: right">808,651</td> </tr> </table> </div> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6">Restricted&#xA0;Stock&#xA0;Units</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Weighted-Average</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Grant&#xA0;Date&#xA0;Fair&#xA0;Value</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Number&#xA0;of&#xA0;Shares</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-STYLE: italic" colspan="2"> (In&#xA0;Thousands)</td> <td style="FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-STYLE: italic" colspan="2"> &#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 76%">Outstanding at December 27, 2008</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">19.59</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,043</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">29.79</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">501</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Released/Vested</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">19.59</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(204</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Cancelled</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">19.63</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (24</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at December 26, 2009</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">23.47</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,316</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">30.29</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">515</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Released/Vested</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">23.02</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(291</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Cancelled</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">23.32</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (37</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at December 25, 2010</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">25.90</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,503</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; FONT-WEIGHT: bold">Granted</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">37.28</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">422</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; FONT-WEIGHT: bold"> Released/Vested</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">37.73</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">(366</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; FONT-WEIGHT: bold"> Cancelled</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> 25.89</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (81</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Outstanding at December 31, 2011</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> 29.40</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 1,478</td> </tr> </table> 22300000 179439000 <div> <p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Assets and liabilities measured at estimated fair value on a recurring basis are summarized below:</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"> Fair&#xA0;Value&#xA0;Measurements&#xA0;as</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">of&#xA0;December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Description</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Total</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;1</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;2</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;3</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: transparent; VERTICAL-ALIGN: bottom"> <td style="WIDTH: 52%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Available for-sale securities</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,208,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"> Fair&#xA0;Value&#xA0;Measurements&#xA0;as</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">of&#xA0;December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Description</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Total</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;1</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;2</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold" colspan="2">Level&#xA0;3</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 52%">Available for-sale securities</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">781,257</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">781,257</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Failed auction rate securities</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,562</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,562</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 801,819</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 781,257</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,562</td> </tr> </table> </div> 20647000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 89%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.4in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;31,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;25,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> December&#xA0;26,</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 64%"> Federal income tax expense at U.S. statutory rate</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">204,456</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">202,045</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">287,228</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">State income tax expense, net of federal tax effect</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,988</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,482</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">2,604</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Foreign tax rate differential</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(148,058</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(115,633</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(219,482</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">Taiwan tax holiday benefit</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(13,127</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(13,536</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(18,556</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">Net change in uncertain tax postions</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">8,283</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(102,100</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">41,400</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">Other foreign taxes less incentives and credits</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">9,658</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">26,707</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">10,379</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Other, net</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (935</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (7,296</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,128</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> Income tax expense</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 63,265</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> ($</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,331</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 104,701</td> </tr> </table> </div> 53542000 194894000 54190000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of the Company&#x2019;s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 31, 2011, December 25, 2010, and December 26, 2009 is provided below:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6">Stock&#xA0;Options&#xA0;and&#xA0;SARs</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> &#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Exercise&#xA0;Price</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Number&#xA0;of&#xA0;Shares</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-STYLE: italic" colspan="2">(In Thousands)</td> <td style="FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-STYLE: italic">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-STYLE: italic" colspan="2"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-STYLE: italic">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 76%">Outstanding at December 27, 2008</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">47.76</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">10,526</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">23.09</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">35</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Exercised</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">18.08</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(278</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"> Forfeited/Expired</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">59.55</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (174</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at December 26, 2009</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">48.28</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">10,109</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">33.44</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">24</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt">Exercised</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">15.52</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(826</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"> Forfeited/Expired</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">62.57</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (221</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at December 25, 2010</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">50.87</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">9,086</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; FONT-WEIGHT: bold">Granted</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">39.71</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">42</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; FONT-WEIGHT: bold">Exercised</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">21.02</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">(764</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; FONT-WEIGHT: bold"> Forfeited/Expired</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> 64.63</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (291</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Outstanding at December 31, 2011</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> 53.14</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> 8,073</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold">Exercisable at December 31, 2011</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">51.24</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">7,001</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">Expected to vest after December 31, 2011</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">$</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">65.59</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">1,049</td> </tr> </table> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Accounting for Stock-Based Compensation</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled <i>Compensation &#x2013; Stock Compensation</i> requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including employee stock options and restricted stock based on estimated fair values. See Note 9.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Accounting guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense on a straight-line basis over the requisite service period in the Company&#x2019;s consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience and management&#x2019;s estimates.</p> </div> -307413000 8283000 from one to two years 6978000 0.4078 36120000 49006000 <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;31,&#xA0;2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December&#xA0;25,&#xA0;2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 44%">Raw Materials</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 25%">129,211</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 25%">103,277</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Work-in-process</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">52,176</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">43,507</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Finished goods</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">245,724</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">278,513</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Inventory Reserves</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (29,370</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (37,720</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Inventory, net of reserves</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 397,741</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 387,577</td> </tr> </table> </div> <div> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0px; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Dividends</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;<b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 27, 2010, the Company completed the redomestication of the place of our incorporation from the Cayman Islands to Switzerland. Under Swiss corporate law, dividends must be approved by shareholders at the general meeting of our shareholders.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 3, 2011, the shareholders approved a dividend of $2.00 per share (of which, $1.60 was paid in the Company's 2011 fiscal year) payable in four installments as follows: $0.80 on June 30, 2011 to shareholders of record on June 15, 2011, $0.40 on September 30, 2011 to shareholders of record on September 15, 2011, $0.40 on December 30, 2011 to shareholders of record on December 15, 2011 and $0.40 on March 30, 2012 to shareholders of record on March 15, 2012. The Company paid dividends in 2011 in the amount of $310,763. Both the dividend paid and the remaining dividend payable have been reported as a reduction of retained earnings.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> On March 16, 2010 the Board of Directors declared a dividend of $1.50 per share to be paid on April 30, 2010 to shareholders of record on April 15, 2010. The Company paid out a dividend in the amount of $298,853. The dividend was reported as a reduction of retained earnings.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> On July 30, 2009 the Board of Directors declared a dividend of $0.75 per share to be paid on December 15, 2009 to shareholders of record on December 1, 2009. The Company paid out a dividend in the amount of $149,846. The dividend was reported as a reduction of retained earnings.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Approximately $239,470 and $213,486 of retained earnings are indefinitely restricted from distribution to stockholders pursuant to the laws of Taiwan at December 31, 2011 and December 25, 2010, respectively.</p> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Software Development Costs</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The FASB ASC topic entitled <i>Software</i> requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is typically short. As required by the <i>Research and Development</i> topic of the FASB ASC, costs incurred to enhance our existing products or after the general release of the service using the product are expensed in the period they are incurred and included in research and development costs in the accompanying consolidated statements of income.</p> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Concentration of Credit Risk</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company grants credit to certain customers who meet the Company&#x2019;s pre-established credit requirements. Generally, the Company does not require security when trade credit is granted to customers. Credit losses are provided for in the Company&#x2019;s consolidated financial statements and typically have been within management&#x2019;s expectations. Certain customers are allowed extended terms consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales variations or to the timing of new product releases by the Company.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#x2019;s top ten customers have contributed between 29% and 36% of net sales since 2009. In 2011, the Company purchased trade credit insurance to provide security against large losses. Best Buy, a customer in the outdoor, fitness, marine and auto/mobile segments accounted for less than 10% of the Company&#x2019;s consolidated net sales in the years ended December 31, 2011, and December 25, 2010, respectively, while accounting for 13.4% of the Company&#x2019;s consolidated net sales in the year ended December 26, 2009.</p> </div> <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Recently Issued Accounting Pronouncements</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In May 2011, the FASB issued an amendment to the accounting standards related to fair value measurements and disclosure requirements that result in a consistent definition of fair value and common requirements for the measurement and disclosure of fair value between U.S. GAAP and International Financial Reporting Standards. This standard provides certain amendments to the existing guidance on the use and application of fair value measurements and maintains a definition of fair value that is based on the notion of exit price. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, the FASB issued guidance on the presentation of comprehensive income. This guidance eliminates the current option to report other comprehensive income and its components in the statement of stockholders&#x2019; equity. The guidance allows two presentation alternatives; present items in net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements of net income and other comprehensive income. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. Early adoption is permitted, but full retrospective application is required under both sets of accounting standards. The Company is currently evaluating which presentation alternative it will utilize.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px"></p> <p style="MARGIN: 0px"></p> <p style="MARGIN: 0px"></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, the FASB issued an amendment to ASC 350, Intangibles&#x2014;Goodwill and Other, which simplifies how entities test goodwill for impairment. Under the amendment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the entity to determine that it is more likely than not that its fair value is less than its carrying amount. If after assessing the totality of events or circumstances, an entity determines that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the two-step impairment test for goodwill is unnecessary. If the entity concludes otherwise, then it is required to test goodwill for impairment under the two-step process as described under paragraphs 350-20-35-4 of the ASC. If the carrying amount of a reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any, as described in paragraph 350-20-35-9 of the ASC. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 and early adoption is permitted. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.</p> </div> 2317000 <div> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Basis of Presentation and Principles of Consolidation</b></p> <p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated.</p> </div> 16047000 59300000 66500000 15368000 <div> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>12. Redomestication</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The redomestication effectively changed the place of incorporation of the ultimate parent holding company of Garmin from the Cayman Islands to Switzerland.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The redomestication involved several steps. On February&#xA0;9, 2010, Garmin Ltd. (Cayman) formed Garmin Ltd. (Switzerland) as a direct subsidiary. On April&#xA0;6, 2010, Garmin Ltd. (Cayman) petitioned the Cayman Court to order, among other things, the calling of a meeting of Garmin Ltd. (Cayman) common shareholders to approve a scheme of arrangement. On April&#xA0;7, 2010, the Cayman Court ordered us to seek shareholder approval of the scheme of arrangement. On May 20, 2010 we obtained the necessary shareholder approval. &#xA0;On June&#xA0;4, 2010, a hearing was held by the Cayman Court and at which hearing the Cayman Court was asked to and did approve the scheme of arrangement. &#xA0;The scheme of arrangement became effective at 3:00 a.m., Cayman Islands time, on Sunday, June&#xA0;27, 2010 (the &#x201C;Transaction Time&#x201D;).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> At and shortly following the Transaction Time, the following steps occurred:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in">1.</td> <td style="TEXT-ALIGN: justify">all issued and outstanding Garmin Ltd. (Cayman) common shares were transferred to Garmin Ltd. (Switzerland); and</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in">2.</td> <td style="TEXT-ALIGN: justify">in consideration, Garmin Ltd. (Switzerland) (a)&#xA0;issued registered shares (on a one-for-one basis) to the holders of the Garmin Ltd. (Cayman) common shares that were transferred to Garmin Ltd. (Switzerland), and (b)&#xA0;increased the par value of the 10,000,000 shares of Garmin Ltd. (Switzerland) issued to Garmin Ltd. (Cayman) in connection with the formation of Garmin Ltd. (Switzerland) (the &#x201C;Formation Shares&#x201D;) to the same par value as the shares of Garmin Ltd. (Switzerland) issued to the Garmin Ltd. (Cayman) shareholders. The Formation Shares were subsequently transferred by Garmin Ltd. (Cayman) to its subsidiary, Garmin Luxembourg S.&#xE0; r.l. for future use to satisfy our obligations to deliver shares in connection with awards granted under our equity incentive plans for employees and other general corporate purposes.</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> As a result of the redomestication, the shareholders of Garmin Ltd. (Cayman) became shareholders of Garmin Ltd. (Switzerland), and Garmin Ltd. (Cayman) became a subsidiary of Garmin Ltd. (Switzerland). In addition, Garmin Ltd. (Switzerland) assumed, on a one-for-one basis, Garmin Ltd. (Cayman)&#x2019;s existing obligations in connection with awards granted under Garmin Ltd. (Cayman)&#x2019;s equity incentive plans and other similar equity awards. Any stock options, stock appreciation rights, restricted stock units or performance shares issued by Garmin Ltd. (Cayman) that are convertible, exchangeable or exercisable into common shares of Garmin Ltd. (Cayman) became convertible, exchangeable or exercisable, as the case may be, into registered shares of Garmin Ltd. (Switzerland).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Subsequently on July 26, 2010, Garmin Ltd. (Cayman) relocated its registered office to Switzerland and changed its name to Garmin Switzerland GmbH. &#xA0;The reported capitalization of the Company also changed to that of Garmin Ltd. (Switzerland). &#xA0;Accordingly, common stock was increased by $1,796,448 to $1,797,435 (198,077,418 shares * CHF 10/ USD 9.0744), and retained earnings was reduced by the same amount. &#xA0;</p> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px"> &#xA0;</p> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px"> </p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The summary of the components of authorized shares at December 31, 2011 and December 25, 2010, and changes during 2011 are as follows:</p> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px"> </p> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px"> &#xA0;</p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Outstanding</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Treasury</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Issued</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Conditional</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Authorized</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Shares</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Shares</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Shares<sup>1</sup></td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Capital</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">Capital</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Changes in components of authorized shares</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="WIDTH: 40%">December 25, 2010</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">194,358,038</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">13,719,380</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><sup>2</sup>&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">208,077,418</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><sup>2,3</sup>&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">104,038,709</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><sup>4</sup>&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">104,038,709</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><sup>4</sup>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Treasury shares purchased/reclassified</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">(1,149,645</td> <td style="TEXT-ALIGN: left">)</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,149,645</td> <td style="TEXT-ALIGN: left"><sup>5</sup></td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Treasury shares issued for stock based compensation</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,454,224</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,454,224</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>December 31, 2011</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">194,662,617</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">13,414,801</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">208,077,418</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">104,038,709</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">104,038,709</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>1</sup></td> <td>Shares at CHF 10 par value (USD 9.0744)</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>2</sup></td> <td>Includes 10,000,000 formation shares at USD 0 historical cost</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>3</sup></td> <td>The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares.</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>4</sup></td> <td>Up to 104,038,709 conditional shares may be issued through the exercise of option rights which are granted to Garmin employees and/or members of its Board of Directors. In addition, the Board of Directors is authorized to issue up to 104,038,709 additional shares no later than June 27, 2012.</td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.25in"><sup>5</sup></td> <td>The increase in treasury shares in 2011 includes 522,856 shares repurchased in the prior year that were originally treated as retired when such shares were still in treasury. These shares are reflected as additional treasury shares in 2011 with a corresponding increase to retained earnings. See Note 11.</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The general terms of Garmin Ltd. (Switzerland)'s capitalization (rights of shareholders, limitations on dividends, etc.) may be found in the proxy statement and Form 8-A/A registration statement filed with the SEC on April 9, 2010 and June 28, 2010, respectively.</p> </div> 0.31 0.30 -158716000 -158716000 16104000 5568000 77800000 5 39 3 5 5 0.075 0.50 37.73 422000 37.28 2.21 366000 81000 14592000 410197 11996 0 P3Y P10Y 300000000 2934000 60092000 221730000 4496000 171245000 363223000 4342000 107881000 298163000 1250000 73226000 284855000 19790000 171717000 1590598000 0.29 0.36 0.10 8.00 20.00 20.01 40.00 40.01 60.00 60.01 80.00 80.01 100.00 100.01 120.00 120.01 140.00 -14994000 0.07 2016 473994000 520896000 388628000 -16701000 14716000 16473000 1454224 -1149645 42261000 -1454224 22300000 1149645 16701000 40212000 3313000 -19924000 24397000 16047000 3915000 2317000 22081000 7902000 10 3 10658000 45740000 0.0783 2018 2022 2025 P1Y P2Y P1Y P2Y P2Y P3Y P2Y P10Y P2Y P3Y 0.85 514218 0.85 13746000 42330 P5Y P10Y P5Y P10Y 983004000 1527508000 248057000 2011-06-30 2011-06-15 2011-09-30 2011-09-15 2011-12-30 2011-12-15 2012-03-30 2012-03-15 60000000 16701000 522856 7366646 223149000 300000000 379793000 132906000 0.67 837715000 230909000 37329000 0.19 431067000 238374000 95482000 0.49 507834000 391652000 134816000 0.68 728765000 322100000 109477000 0.56 674099000 344020000 279552000 -98700000 1.43 692364000 344331000 150381000 0.77 666993000 15300000 17800000 0.07 21400000 3923000 433787000 165556000 0.86 909643000 44000000 48700000 0.24 56400000 0001121788 2011-09-25 2011-12-31 0001121788 grmn:NavigonAGMember 2011-06-26 2011-09-24 0001121788 2011-06-26 2011-09-24 0001121788 2010-06-27 2010-09-25 0001121788 2011-03-27 2011-06-25 0001121788 2010-03-28 2010-06-26 0001121788 2010-12-26 2011-03-26 0001121788 2009-12-27 2010-03-27 0001121788 2010-09-26 2010-12-25 0001121788 grmn:ShareRepurchaseProgramFebruaryTwentyTenMember 2010-02-13 2011-12-31 0001121788 grmn:ShareRepurchaseProgramOctoberTwentyZeroNineMember 2008-10-22 2009-12-31 0001121788 grmn:DividendPayment4thMember 2010-12-26 2011-12-31 0001121788 grmn:DividendPayment3rdMember 2010-12-26 2011-12-31 0001121788 grmn:DividendPayment2ndMember 2010-12-26 2011-12-31 0001121788 grmn:DividendPayment1stMember 2010-12-26 2011-12-31 0001121788 grmn:AsiaPacificMember 2010-12-26 2011-12-31 0001121788 grmn:AmericasMember 2010-12-26 2011-12-31 0001121788 grmn:EuropeMiddleEastAndAfricaMember 2010-12-26 2011-12-31 0001121788 grmn:StockIncentivePlan2000Member 2010-12-26 2011-12-31 0001121788 grmn:StockIncentivePlan2005Member 2010-12-26 2011-12-31 0001121788 grmn:EmployeeStockPurchasePlanMember 2010-12-26 2011-12-31 0001121788 grmn:MarineMember 2010-12-26 2011-12-31 0001121788 grmn:AviationMember 2010-12-26 2011-12-31 0001121788 grmn:DirectorsEquityIncentivePlanTwentyElevenMemberus-gaap:MaximumMember 2010-12-26 2011-12-31 0001121788 grmn:OtherProductsMemberus-gaap:MaximumMember 2010-12-26 2011-12-31 0001121788 us-gaap:MaximumMember 2010-12-26 2011-12-31 0001121788 grmn:DirectorsEquityIncentivePlanTwentyElevenMemberus-gaap:MinimumMember 2010-12-26 2011-12-31 0001121788 grmn:OtherProductsMemberus-gaap:MinimumMember 2010-12-26 2011-12-31 0001121788 us-gaap:MinimumMember 2010-12-26 2011-12-31 0001121788 country:ESus-gaap:MaximumMember 2010-12-26 2011-12-31 0001121788 country:ESus-gaap:MinimumMember 2010-12-26 2011-12-31 0001121788 country:CH 2010-12-26 2011-12-31 0001121788 grmn:AcquiredFiniteLivedIntangibleAssetsMember 2010-12-26 2011-12-31 0001121788 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2010-12-26 2011-12-31 0001121788 us-gaap:AllowanceForDoubtfulAccountsMember 2010-12-26 2011-12-31 0001121788 us-gaap:InventoryValuationReserveMember 2010-12-26 2011-12-31 0001121788 us-gaap:AdditionalPaidInCapitalMember 2010-12-26 2011-12-31 0001121788 us-gaap:TreasuryStockMember 2010-12-26 2011-12-31 0001121788 us-gaap:CommonStockMember 2010-12-26 2011-12-31 0001121788 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-26 2011-12-31 0001121788 us-gaap:RetainedEarningsMember 2010-12-26 2011-12-31 0001121788 grmn:OutsideUnitedStatesMember 2010-12-26 2011-12-31 0001121788 country:TW 2010-12-26 2011-12-31 0001121788 country:TWgrmn:SurtaxCreditMember 2010-12-26 2011-12-31 0001121788 grmn:Range7Member 2010-12-26 2011-12-31 0001121788 grmn:Range6Member 2010-12-26 2011-12-31 0001121788 grmn:Range5Member 2010-12-26 2011-12-31 0001121788 grmn:Range4Member 2010-12-26 2011-12-31 0001121788 grmn:Range3Member 2010-12-26 2011-12-31 0001121788 grmn:Range2Member 2010-12-26 2011-12-31 0001121788 grmn:Range1Member 2010-12-26 2011-12-31 0001121788 grmn:BestBuyMemberus-gaap:MaximumMember 2010-12-26 2011-12-31 0001121788 grmn:TopTenCustomersMemberus-gaap:MaximumMember 2010-12-26 2011-12-31 0001121788 grmn:TopTenCustomersMemberus-gaap:MinimumMember 2010-12-26 2011-12-31 0001121788 grmn:AutomotiveMobileMember 2010-12-26 2011-12-31 0001121788 grmn:AviationMember 2010-12-26 2011-12-31 0001121788 grmn:FitnessMember 2010-12-26 2011-12-31 0001121788 grmn:OutdoorMember 2010-12-26 2011-12-31 0001121788 grmn:MarineSystemsMember 2010-12-26 2011-12-31 0001121788 us-gaap:MaximumMembergrmn:ShareRepurchaseProgramOctoberTwentyZeroNineMember 2010-12-26 2011-12-31 0001121788 grmn:StockOptionPlan2000Membergrmn:NonEmployeeDirectorsPlanMember 2010-12-26 2011-12-31 0001121788 grmn:DirectorsEquityIncentivePlanTwentyElevenMemberus-gaap:RestrictedStockUnitsRSUMember 2010-12-26 2011-12-31 0001121788 grmn:StockIncentivePlan2005Memberus-gaap:RestrictedStockUnitsRSUMember 2010-12-26 2011-12-31 0001121788 us-gaap:RestrictedStockUnitsRSUMember 2010-12-26 2011-12-31 0001121788 grmn:DefinedContributionRetirementPlanMember 2010-12-26 2011-12-31 0001121788 grmn:EmployeeDefinedContributionPlansMember 2010-12-26 2011-12-31 0001121788 us-gaap:MachineryAndEquipmentMember 2010-12-26 2011-12-31 0001121788 us-gaap:FurnitureAndFixturesMember 2010-12-26 2011-12-31 0001121788 us-gaap:BuildingAndBuildingImprovementsMember 2010-12-26 2011-12-31 0001121788 us-gaap:VehiclesMember 2010-12-26 2011-12-31 0001121788 2010-12-26 2011-12-31 0001121788 grmn:DividendPayment2ndMember 2009-12-27 2010-12-25 0001121788 grmn:DividendPayment1stMember 2009-12-27 2010-12-25 0001121788 grmn:AsiaPacificMember 2009-12-27 2010-12-25 0001121788 grmn:AmericasMember 2009-12-27 2010-12-25 0001121788 grmn:EuropeMiddleEastAndAfricaMember 2009-12-27 2010-12-25 0001121788 grmn:EmployeeStockPurchasePlanMember 2009-12-27 2010-12-25 0001121788 country:US 2009-12-27 2010-12-25 0001121788 country:CH 2009-12-27 2010-12-25 0001121788 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2009-12-27 2010-12-25 0001121788 us-gaap:AllowanceForDoubtfulAccountsMember 2009-12-27 2010-12-25 0001121788 us-gaap:InventoryValuationReserveMember 2009-12-27 2010-12-25 0001121788 us-gaap:AdditionalPaidInCapitalMember 2009-12-27 2010-12-25 0001121788 us-gaap:TreasuryStockMember 2009-12-27 2010-12-25 0001121788 us-gaap:CommonStockMember 2009-12-27 2010-12-25 0001121788 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-27 2010-12-25 0001121788 us-gaap:RetainedEarningsMember 2009-12-27 2010-12-25 0001121788 grmn:OutsideUnitedStatesMember 2009-12-27 2010-12-25 0001121788 country:TW 2009-12-27 2010-12-25 0001121788 grmn:BestBuyMemberus-gaap:MaximumMember 2009-12-27 2010-12-25 0001121788 grmn:AutomotiveMobileMember 2009-12-27 2010-12-25 0001121788 grmn:AviationMember 2009-12-27 2010-12-25 0001121788 grmn:FitnessMember 2009-12-27 2010-12-25 0001121788 grmn:OutdoorMember 2009-12-27 2010-12-25 0001121788 grmn:MarineSystemsMember 2009-12-27 2010-12-25 0001121788 grmn:StockOptionPlan2000Membergrmn:NonEmployeeDirectorsPlanMember 2009-12-27 2010-12-25 0001121788 grmn:StockIncentivePlan2005Membergrmn:PerformanceAwardsMember 2009-12-27 2010-12-25 0001121788 grmn:StockIncentivePlan2005Memberus-gaap:RestrictedStockUnitsRSUMember 2009-12-27 2010-12-25 0001121788 us-gaap:RestrictedStockUnitsRSUMember 2009-12-27 2010-12-25 0001121788 2009-12-27 2010-12-25 0001121788 grmn:AsiaPacificMember 2008-12-28 2009-12-26 0001121788 grmn:AmericasMember 2008-12-28 2009-12-26 0001121788 grmn:EuropeMiddleEastAndAfricaMember 2008-12-28 2009-12-26 0001121788 grmn:EmployeeStockPurchasePlanMember 2008-12-28 2009-12-26 0001121788 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2008-12-28 2009-12-26 0001121788 us-gaap:AllowanceForDoubtfulAccountsMember 2008-12-28 2009-12-26 0001121788 us-gaap:InventoryValuationReserveMember 2008-12-28 2009-12-26 0001121788 us-gaap:AdditionalPaidInCapitalMember 2008-12-28 2009-12-26 0001121788 us-gaap:CommonStockMember 2008-12-28 2009-12-26 0001121788 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-12-28 2009-12-26 0001121788 us-gaap:RetainedEarningsMember 2008-12-28 2009-12-26 0001121788 grmn:OutsideUnitedStatesMember 2008-12-28 2009-12-26 0001121788 country:TW 2008-12-28 2009-12-26 0001121788 grmn:BestBuyMember 2008-12-28 2009-12-26 0001121788 grmn:AutomotiveMobileMember 2008-12-28 2009-12-26 0001121788 grmn:AviationMember 2008-12-28 2009-12-26 0001121788 grmn:FitnessMember 2008-12-28 2009-12-26 0001121788 grmn:OutdoorMember 2008-12-28 2009-12-26 0001121788 grmn:MarineSystemsMember 2008-12-28 2009-12-26 0001121788 grmn:StockOptionPlan2000Membergrmn:NonEmployeeDirectorsPlanMember 2008-12-28 2009-12-26 0001121788 grmn:StockIncentivePlan2005Membergrmn:PerformanceAwardsMember 2008-12-28 2009-12-26 0001121788 grmn:StockIncentivePlan2005Memberus-gaap:RestrictedStockUnitsRSUMember 2008-12-28 2009-12-26 0001121788 us-gaap:RestrictedStockUnitsRSUMember 2008-12-28 2009-12-26 0001121788 2008-12-28 2009-12-26 0001121788 2009-06-28 2009-07-31 0001121788 grmn:EmployeeStockPurchasePlanMember 2010-05-01 2010-05-31 0001121788 2010-03-01 2010-03-26 0001121788 2011-06-04 2011-06-25 0001121788 grmn:LongTermInvestmentsMember 2011-12-31 0001121788 us-gaap:ShortTermInvestmentsMember 2011-12-31 0001121788 grmn:AsiaPacificMember 2011-12-31 0001121788 grmn:AmericasMember 2011-12-31 0001121788 grmn:EuropeMiddleEastAndAfricaMember 2011-12-31 0001121788 grmn:DirectorsEquityIncentivePlanTwentyElevenMember 2011-12-31 0001121788 grmn:StockIncentivePlan2000Member 2011-12-31 0001121788 grmn:StockIncentivePlan2005Member 2011-12-31 0001121788 grmn:EmployeeStockPurchasePlanMember 2011-12-31 0001121788 us-gaap:USStatesAndPoliticalSubdivisionsMember 2011-12-31 0001121788 us-gaap:MortgageBackedSecuritiesMember 2011-12-31 0001121788 us-gaap:OtherDebtSecuritiesMember 2011-12-31 0001121788 us-gaap:CorporateDebtSecuritiesMember 2011-12-31 0001121788 grmn:Product2Member 2011-12-31 0001121788 grmn:Product1Member 2011-12-31 0001121788 grmn:Product4Memberus-gaap:MaximumMember 2011-12-31 0001121788 us-gaap:MaximumMember 2011-12-31 0001121788 grmn:Product4Memberus-gaap:MinimumMember 2011-12-31 0001121788 us-gaap:MinimumMember 2011-12-31 0001121788 grmn:OtherMajorJurisdictionMember 2011-12-31 0001121788 country:ES 2011-12-31 0001121788 country:CH 2011-12-31 0001121788 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2011-12-31 0001121788 us-gaap:AllowanceForDoubtfulAccountsMember 2011-12-31 0001121788 us-gaap:InventoryValuationReserveMember 2011-12-31 0001121788 grmn:ConditionalSharesMember 2011-12-31 0001121788 grmn:AuthorizedCapitalMember 2011-12-31 0001121788 grmn:ConditionalCapitalMember 2011-12-31 0001121788 grmn:FormationSharesMember 2011-12-31 0001121788 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0001121788 us-gaap:TreasuryStockMember 2011-12-31 0001121788 us-gaap:CommonStockMember 2011-12-31 0001121788 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-12-31 0001121788 us-gaap:RetainedEarningsMember 2011-12-31 0001121788 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2011-12-31 0001121788 us-gaap:PortionAtFairValueFairValueDisclosureMember 2011-12-31 0001121788 us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember 2011-12-31 0001121788 us-gaap:FairValueMeasurementsRecurringMember 2011-12-31 0001121788 country:TWgrmn:SurtaxCreditMember 2011-12-31 0001121788 grmn:Range7Member 2011-12-31 0001121788 grmn:Range6Member 2011-12-31 0001121788 grmn:Range5Member 2011-12-31 0001121788 grmn:Range4Member 2011-12-31 0001121788 grmn:Range3Member 2011-12-31 0001121788 grmn:Range2Member 2011-12-31 0001121788 grmn:Range1Member 2011-12-31 0001121788 grmn:ShareRepurchaseProgramFebruaryTwentyTenMember 2011-12-31 0001121788 grmn:ShareRepurchaseProgramOctoberTwentyZeroNineMember 2011-12-31 0001121788 grmn:StockOptionPlan2000Membergrmn:NonEmployeeDirectorsPlanMember 2011-12-31 0001121788 us-gaap:RestrictedStockUnitsRSUMember 2011-12-31 0001121788 grmn:EngineeringMember 2011-12-31 0001121788 grmn:ManufacturingMember 2011-12-31 0001121788 2011-12-31 0001121788 2011-06-25 0001121788 grmn:DividendPayment4thMember 2011-06-03 0001121788 grmn:DividendPayment3rdMember 2011-06-03 0001121788 grmn:DividendPayment2ndMember 2011-06-03 0001121788 grmn:DividendPayment1stMember 2011-06-03 0001121788 2010-07-26 0001121788 2012-02-23 0001121788 grmn:AsiaPacificMember 2010-12-25 0001121788 grmn:AmericasMember 2010-12-25 0001121788 grmn:EuropeMiddleEastAndAfricaMember 2010-12-25 0001121788 us-gaap:USStatesAndPoliticalSubdivisionsMember 2010-12-25 0001121788 us-gaap:MortgageBackedSecuritiesMember 2010-12-25 0001121788 us-gaap:OtherDebtSecuritiesMember 2010-12-25 0001121788 us-gaap:CorporateDebtSecuritiesMember 2010-12-25 0001121788 us-gaap:AuctionRateSecuritiesMember 2010-12-25 0001121788 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2010-12-25 0001121788 us-gaap:AllowanceForDoubtfulAccountsMember 2010-12-25 0001121788 us-gaap:InventoryValuationReserveMember 2010-12-25 0001121788 grmn:AuthorizedCapitalMember 2010-12-25 0001121788 grmn:ConditionalCapitalMember 2010-12-25 0001121788 grmn:FormationSharesMember 2010-12-25 0001121788 us-gaap:AdditionalPaidInCapitalMember 2010-12-25 0001121788 us-gaap:TreasuryStockMember 2010-12-25 0001121788 us-gaap:CommonStockMember 2010-12-25 0001121788 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-25 0001121788 us-gaap:RetainedEarningsMember 2010-12-25 0001121788 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2010-12-25 0001121788 us-gaap:PortionAtFairValueFairValueDisclosureMember 2010-12-25 0001121788 us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember 2010-12-25 0001121788 us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember 2010-12-25 0001121788 us-gaap:FairValueMeasurementsRecurringMember 2010-12-25 0001121788 us-gaap:RestrictedStockUnitsRSUMember 2010-12-25 0001121788 grmn:EngineeringMember 2010-12-25 0001121788 grmn:ManufacturingMember 2010-12-25 0001121788 2010-12-25 0001121788 grmn:EmployeeStockPurchasePlanMember 2010-04-30 0001121788 grmn:AsiaPacificMember 2009-12-26 0001121788 grmn:AmericasMember 2009-12-26 0001121788 grmn:EuropeMiddleEastAndAfricaMember 2009-12-26 0001121788 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2009-12-26 0001121788 us-gaap:AllowanceForDoubtfulAccountsMember 2009-12-26 0001121788 us-gaap:InventoryValuationReserveMember 2009-12-26 0001121788 us-gaap:AdditionalPaidInCapitalMember 2009-12-26 0001121788 us-gaap:TreasuryStockMember 2009-12-26 0001121788 us-gaap:CommonStockMember 2009-12-26 0001121788 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-26 0001121788 us-gaap:RetainedEarningsMember 2009-12-26 0001121788 us-gaap:RestrictedStockUnitsRSUMember 2009-12-26 0001121788 2009-12-26 0001121788 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2008-12-27 0001121788 us-gaap:AllowanceForDoubtfulAccountsMember 2008-12-27 0001121788 us-gaap:InventoryValuationReserveMember 2008-12-27 0001121788 us-gaap:AdditionalPaidInCapitalMember 2008-12-27 0001121788 us-gaap:TreasuryStockMember 2008-12-27 0001121788 us-gaap:CommonStockMember 2008-12-27 0001121788 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-12-27 0001121788 us-gaap:RetainedEarningsMember 2008-12-27 0001121788 us-gaap:RestrictedStockUnitsRSUMember 2008-12-27 0001121788 2008-12-27 0001121788 grmn:StockOptionPlan2000Membergrmn:NonEmployeeDirectorsPlanMember 2000-10-31 shares iso4217:USD shares iso4217:USD iso4217:CHF shares grmn:Year pure The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares. Up to 104,038,709 conditional shares may be issued through the exercise of option rights which are granted to Garmin employees and/or members of its Board of Directors. In addition, the Board of Directors is authorized to issue up to 104,038,709 additional shares no later than June 27, 2012. The increase in treasury shares in 2011 includes 522,856 shares repurchased in the prior year that were originally treated as retired when such shares were still in treasury. These shares are reflected as additional treasury shares in 2011 with a corresponding increase to retained earnings. See Note 11. Shares at CHF 10 par value (USD 9.0744) Includes 10,000,000 formation shares at USD 0 historical cost Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves. Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively. Note that $14,994 of the decrease in the deferred tax asset valuation is due to reducing the amount of Taiwan surtax credits to the correct amount available for use in future years, all such credits of which are and have been fully reserved. Majority of assets held in the United States and Taiwan. EX-101.SCH 9 grmn-20111231.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Consolidated Statements of Income link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Consolidated Statements of Stockholders' Equity link:calculationLink link:presentationLink link:definitionLink 107 - Statement - Consolidated Statements of Stockholders' Equity (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 108 - Statement - Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Description of the Business link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Summary of Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Marketable Securities link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Employee Benefit Plans link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Fair Value of Financial Instruments link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Segment Information link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Stock Compensation Plans link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Earnings Per Share link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Share Repurchase Program link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Redomestication link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Warranty Reserves link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Selected Quarterly Information (Unaudited) link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Acquisitions link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Summary of Significant Accounting Policies (Policies) link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Summary of Significant Accounting Policies (Tables) link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Marketable Securities (Tables) link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Commitments and Contingencies (Tables) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Income Taxes (Tables) link:calculationLink link:presentationLink link:definitionLink 130 - Disclosure - Fair Value of Financial Instruments (Tables) link:calculationLink link:presentationLink link:definitionLink 131 - Disclosure - Segment Information (Tables) link:calculationLink link:presentationLink link:definitionLink 132 - Disclosure - Stock Compensation Plans (Tables) link:calculationLink link:presentationLink link:definitionLink 133 - Disclosure - Earnings Per Share (Tables) link:calculationLink link:presentationLink link:definitionLink 134 - Disclosure - Redomestication (Tables) link:calculationLink link:presentationLink link:definitionLink 135 - Disclosure - Warranty Reserves (Tables) link:calculationLink link:presentationLink link:definitionLink 136 - Disclosure - Selected Quarterly Information (Unaudited) (Tables) link:calculationLink link:presentationLink link:definitionLink 137 - Disclosure - Summary of Significant Accounting Policies - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 138 - Disclosure - Inventories (Detail) link:calculationLink link:presentationLink link:definitionLink 139 - Disclosure - Property and Equipment Estimated Useful Lives (Detail) link:calculationLink link:presentationLink link:definitionLink 140 - Disclosure - Change in Carrying Amount of Goodwill (Detail) link:calculationLink link:presentationLink link:definitionLink 141 - Disclosure - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) link:calculationLink link:presentationLink link:definitionLink 142 - Disclosure - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) link:calculationLink link:presentationLink link:definitionLink 143 - Disclosure - Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) link:calculationLink link:presentationLink link:definitionLink 144 - Disclosure - Marketable Securities Classified as Available-For-Sale Securities (Detail) link:calculationLink link:presentationLink link:definitionLink 145 - Disclosure - Marketable Securities - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 146 - Disclosure - Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Detail) link:calculationLink link:presentationLink link:definitionLink 147 - Disclosure - Commitments and Contingencies - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 148 - Disclosure - Future Minimum Lease Payments (Detail) link:calculationLink link:presentationLink link:definitionLink 149 - Disclosure - Employee Benefit Plans - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 150 - Disclosure - Income Tax Provision (Benefit) (Detail) link:calculationLink link:presentationLink link:definitionLink 151 - Disclosure - Sources and Tax Effects of Differences of Income Tax Provision from Amount Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes, Including Impact of Establishing Tax Contingency Accruals (Detail) link:calculationLink link:presentationLink link:definitionLink 152 - Disclosure - Income Taxes - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 153 - Disclosure - Significant Components of Deferred Tax Assets and Liabilities (Detail) link:calculationLink link:presentationLink link:definitionLink 154 - Disclosure - Carrying Amounts and Fair Values of Financial Instruments (Detail) link:calculationLink link:presentationLink link:definitionLink 155 - Disclosure - Net Sales, Operating Income, and Income Before Taxes for Reportable Segment (Detail) link:calculationLink link:presentationLink link:definitionLink 156 - Disclosure - Net Sales and Property and Equipment, Net by Geographic Area (Detail) link:calculationLink link:presentationLink link:definitionLink 157 - Disclosure - Stock Compensation Plans - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 158 - Disclosure - Stock-based Compensation Activity, Stock Options and SARs (Detail) link:calculationLink link:presentationLink link:definitionLink 159 - Disclosure - Stock-based Compensation related information, Stock Options and SARs (Detail) link:calculationLink link:presentationLink link:definitionLink 160 - Disclosure - Stock-based Compensation Activity, Restricted Stock Units (Detail) link:calculationLink link:presentationLink link:definitionLink 161 - Disclosure - Weighted-Average Assumptions Used for Fair Value of Options Estimated Using Black-Scholes Option Pricing Model (Detail) link:calculationLink link:presentationLink link:definitionLink 162 - Disclosure - Computation of Basic and Diluted Net Income Per Share (Detail) link:calculationLink link:presentationLink link:definitionLink 163 - Disclosure - Earnings Per Share - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 164 - Disclosure - Share Repurchase Program - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 165 - Disclosure - Redomestication - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 166 - Disclosure - Summary of The Components of Authorized Shares (Detail) link:calculationLink link:presentationLink link:definitionLink 167 - Disclosure - Summary of The Components of Authorized Shares (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 168 - Disclosure - Warranty Reserves - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 169 - Disclosure - Changes in Aggregate Warranty Reserve (Detail) link:calculationLink link:presentationLink link:definitionLink 170 - Disclosure - Quarterly Information (Detail) link:calculationLink link:presentationLink link:definitionLink 171 - Disclosure - Quarterly Information (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 172 - Disclosure - Acquisitions - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 173 - Disclosure - Schedule II - Valuation and Qualifying Accounts (Detail) link:calculationLink link:presentationLink link:definitionLink 174 - Disclosure - Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 10 grmn-20111231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 11 grmn-20111231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 12 grmn-20111231_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 13 grmn-20111231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 14 logo.jpg GRAPHIC begin 644 logo.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`+0"Y`P$1``(1`0,1`?_$`*,````&`P$!`0`````` M```````"!`@)"@$#!P8+!0$!``,``@,!``````````````$"`P0%!@<("1`` M`@$#`P0!`P(%!`$%`````0(#!`4&$1('`"$3"`DQ(A1!"E%A,B,5<:$D%D*1 MT5(S%Q$``@$#`@0$`P<#`P4``````0(1`"$#,1)!82($41,%!G&!,I&AL4(C M!PCP4A3!8H+1X7)C)/_:``P#`0`"$0,1`#\`OWLRH-SLJ+J!N=@J@D@`$L0- M23H/Y]*4"RA@A90Y!8(2`Q4$`L%UU*@D`G]">E*QO31SO32,D2'>ND94:L'. MNB%1W.NF@Z4H;E&S5E_N'2/[A]YTW:)W^\[>_;7MWZ4K.Y22H92RZ%E#`LH; M7:64'5=P';7Z]*47R1E!()(S&Q`60.I1BQVJ%<':26[#0]SVZ4HVY0VPLN\J M6";AOV@@%MNN[:"=-?IKTI6/)'M9]Z;(]PD;>NU"G]8=M=$*?KKIITI62R@J M"R@N=$!8`N=-Q"`G5B%[]OTZ4H!E)8!E)33>`P)34:C<`=5U'<:_4=*47R1[ M5?R1['*A'WKLE*-N7=MW+OV[MFX;MNNF[;KNVZ]M?IKTI M1?)'M9_)'L0L'?>NQ"IT8,VNU2I[$'Z=*48LH*@LH+Z[`6`+Z#4[03JV@[G3 MZ#I2@&4E@&4E#HX#*2ATW?>-?L^WOWT[=*47R1[5?R)LNUR_P#0$;71 MR_Z::Z]*4;%)(#%==VTD::_37I2B^2/:7\B;%)#.74(I!VD M,^NT$-V/\#VZ4H/+'$I:62.-55G9I'5%"(-SN2Q`"H.Y/T`^O4@%F"J)8Z#B M:<)X"N2\8<^<+GN(3HL MJTU=$Q9=R:OMUW`@=GZEZ)ZOZ.,9]4[?+@&5=R;Q&X'B/^A@\8BNM[#UCTOU M0L/3NXQ9BLSL8&(,&?F(KKFY264,I9="RA@67<-5W#75=P^FOUZZNNRK'DCV MJ_DCV,5"OO78Q8Z*%;7:Q8]AI]3TI1M/_;I2ATI6B=#(8D,5/+`SZU`J#KM5 M!OB:*,QO'+()U7LQ73Z@Z@#I2M-YZJ>"-E@C`@E@CDJ*UHW`:HC\2PEP# M(HT5"V\#4Z:=*4'6.+\HS14D5"T1FGD;13([*WY35<31"(QB%1JQ9BW<,`!T MI1#)"BFHJA114D#Q/0U!8$(DD:1K(=\:I3.S2;%V,P*$=QKITI1PWA9I)Z>- M)JBH%.'I(Y)VDC!<4KU4@A1T"IKN+:QQDZ!M#TI1"(((62KBH:>D2HB2E0;? M#]SQ_CEHWBCCAJ#5-]JKN&NA!U/92C;TC:*2L%)#63/+2TY#ZM*"SRQP1RR1 MQREI(X][H!H&!TUT!Z4K"",(E-44L2O6)+)4QP0--1-)HOY'EF:&-',I8:>0 M*TFA[=NE*&\*M**E*)*X^44<7D+1^=8W^RFEDB28:P#[RJ`A=>Q'U4K#/LW) M&E"+I44XF:!I"BSB+9%(SRK":B2"'R;0Q0D`@:#7I2LLL6QZ2"EB+4L4RE&1C*\%3!`@696CGEJ(Y*:M6&/>8D6 M-H?(P\VOVN5`!W#4GI2B1B"<&.&*AFMS?D";;M8&L2<>2,P"(P./(&,C%MPD M'T/<]*5`Y\R'R`5O&N$77U?X#N;S]2JF!C+0/`KR+]R=?2O[$?L]W7NKUCM?<7KF/R_0US*<"Y"Z#N<@(.U6 M17<8QT[\BHRH&!8@5\C_`,F/Y">D_MOZ;D]H^GY\9]R=WA.]=QZ,;`A5.TRF M3-++B:1M8$CE6K])N4.5?0SG:@YLXT%;68_5W6.AY2PZN%:E)F>+7*,)Q?$R=YFQNZ.ZH&5\+-+- MM4ND8\<=1*Y,0!5SE?RA\/?M=_)_N/:'N7!W7>YAEP95"Y0&#!DWDML4#A]_[<]5R^D>I*5[C$;&&4.ANF5`X5MF18 M="R@E2"0*_7GVM[H]%]Y>@]M[D]`RC-Z7W6,.IXB0"487VNI.UEX,"*Z@H@E M,=/3Q4,M)3RO'41C;_Q)X`LD*0P+$T(DCD8$ZE"G8C4]=/7D%;8A%.XK%299 M/&]/_>6>$A%F8L#3R[5!:1-0Y74K]#H>E*4]*4FJPC0$24K5J;XO^.J12%B) M4*OLF=$(A;1R==0%U&I[=*5^?=KU:,,AO=%9[/0T4MRN%RO-32VVRV> MWT*@5=;6W:J\%'1TZ[PSM42@`=QH`>K*K.P1`2YT`$D_(5(!)@7-0]\O_N!? MB/X/O%;C^4^XV%Y->:=P#]Q MA\/'(ERBH*#W*PW'I9MD,=%E^,YE99FFD".LYK#9:B@AIHRWB8.RL).^NWOU M&-B]X*J6(!:`#$F02=(!B8^VH3$V1F7'!V"3>!$@6F)U%A)X\#4M'$W-?$O. M.)4>=<+\F8?R_A]RJ0L&28%D5CR2VTWGW.(*N>U5++2/1J-KQ2@5*$:,I8'2 M$R(_T$'_`+U5T9&*-]0,>.G,6/RKIFLE+''Y95F@B25ZRMJY8:=HHXT:03,B M0I`0--&/]L(HW=^KU"JS,%4$L3``U)IAO%/RA>A7-WL!DOJ_Q=[.\=9ISAC= MPK[768':EO,5?'=+1)^)=[91W.NMT-EO=QH*Q75TI)GV>-P==K'J<:ME9UQB M61=SUW/%@XCO^=6UK MMBE%>;1DERDN]OCJ*ZDDJT?'[+=8J6/SVV=2TIB75#_(=3M,;HZ8-]!TC<;Z M3'#4Z`$D5=<;L)4$Z_<)/W4S<_N(OAO)FHYO>SCB"L\TL(GBQO/(5@'D8Q)O MK,4GIO((UT+$['.I4#MU0LH3S)Z/+#^,J8T`N3<2H!87D"#%(.S??;MGG'PU MXZ1(XBNI\9?.-\3G,U_MV*X'[S\-M?;I401VVFO5PN&*17&4R`&BCN&66BV6 MR.:4Z(4>6.7[QM[GK0H0C/;:C[#]N`O M%_J^GG8U*)49#:Z:P7#*IJ^WKCM':)[_`!WNGJ174,MC@MQNJ[UV;Y&W<%^9FP&IT,D" M!Q(D5HN+(^[8)V"6B\#Q,<.>E2:*9)I=W_(IDIYI8S&Z0&.M4QKMF5@9)!"I M;52"C%@=1IU:LZ9)[^9M'45.*VB]P7V^7&ZVZDG MJ8I[G';<=M597B@3\1XVF=4C2;1-Q.@)>O*,*QYC3`TTOJ;5<8V*;[;9C4"_ MS/WZ<*[EZ]>Q7#'M=QCC_-WK]G]OY$XMR/\`+CLN2V>"H@M]U>):=WD\=QHZ M6X0R0+*OVLD9^_[EUZDJ5`)X@$?`_A\#<<:AD=#&164D3U*5D<")`D'@18\# M39:[Y4/0FW>TK^FU5['8TOLJ+NN,'B(6R_?Y5+XE#_EI*\+U-M&M];"PDB3:8X3-1#$2`Q'($_<`3\3H-33M.;>:N-?73C/+ M^:.96.1[U/5WC-;3B^)7B6R50IBYD;R4M/XH?TV]NO;GM M_P#?7]R?;GIN+TCT/O\`#C[/MU5$GM>VR,%2RJZ/=/HV7O/4<^?SQGZ4S!4#&80!5.@%.^G^)KTEJH133 M\?9#+#Y*=V3_`+YEJ&0TTT')_"#^-6)_-P>@Y4RWN.^[XV-B(;N"(()&EIM!K MP'K[[0_&!ZT\]7/X\N$N7['8N=Z[*:BOKN&WJLZO=P3),@GJ;I-#'>+S1U5E M2IEFK':1(ZLON/WZL.O7'N?W9[C]]>HKZG[@?S_4L/:8\?F'&N-VPX57&A=@ MJG)M4`;B6)F9O7OWV!^WOM;]N/05]N^SL+8?2,9)`;*^9A?Z=^1F+?+#M9)5&TMM5M#V(/7BHTFO-6@-M!GP, M1/RO'VT(_#-(*J-I2?&\`5FGCCVK+]Q_&DVKY!(F@?;N*]@=#T!D2-*EE*-M M:-WQ!_"E'2HI/.4(2%Y9(C.X6(PLR2L\9\I574$*"J'=K]5U'4&--":LNX2X M`95%[3K;_7Y:U0M_=5^Y_,^6>S'$?QY81EURP3BZ:UVK(^0/QJ^KM]NS#))3YB2\E=HW9!ML0\V7=,@Z$"35BOTF^##XZ?3KB#'Z2LX%P#E_/H+# M377,N5^2,;H\OOU]N(HEFKJRW07&"HBME#(HUCIX$_C]23UD`5[8=NP#(CC( M`!/6I#*1-R00").M5&7(Z)B0#<'W"`-Q8Q`GC!%AI,U%'SW[[?MN\T7.^-^4 M?2;+[H+14WG%\@NEC](LFMTE'/:+O);:R6U9+;K=;YX-E93&2*>-U!B`?7:= M.M6'GL,&1P"AM)BQ'F$@?VS*L8^N5TO48\.3N.X?N,X.+NM#YO2S1&@O,"_P M$U)O\'/L%\6.<\3(\@I+EFUFSC&+W8KO/=\RDN]73UPN-] MJJNJOB.UJJ#JK:0:@$#<.H?.N1Q=3O&\;=.JY%K"+`CAH*C)CQJ?-1\3EK$X MSN%M"2!%]5\1-UZIQ[QQ8+.\(OEGL645Z M8[7Y#56^#2HI?\Y3SUE!;)H]-:^+MW77J/,RXF5P$\EI1BZRH##;(FP83(-] MI@Q3'B=I92JI?<2NX1%_A`N6_*.H:55K]O?AJ]E_B[]7/4_Y&.,P,=&*M*[CK+LH-XR*FO-(E-$U9);4M%6MKO(J7.^ZUC.#H1UGY:!&+` M'N0WUNX*L@Z0I4#K)LP-K"M5ATC$%V8Q)87E?'ANN1!\*O'?%-\C6"_)?ZIX M7S=CE3;+;GEOIXL:YHP5)8TN>(8GC\JJ=?O"`(_:?TIJIJ=):6G MX_IIZM=B/+64%+G&;5-RMP7:'E-70)(D<>NCR.!IWZMEQMW"8^V89#A.1CTW MN%O"^,"21#6G,KK=?2&XU5NFOM+C-JCOD\^25%L%'7H]VIY"U6T@25SNW?=U1 M,[)B;)@7*XR]+`(=Q\KH65.A@2`+E9)N#56(;#D[W)E4'$=Q#M&4QTA@NK3. MMIF:B3^4CEOT`^3^W8?Q1\2/QZ1T\UUSGCGAVCP.)['75=#'36: M_P!JMDAWT]X_$J8HJN9HEI"7<,>^UW:[R^5#O(N[JF[3Z=KZ'<9`406(BN0K M/C[?RL+>9CPKN`%PI'UJ5-S8#:9AC(&AJYSZ$<%\Y>NWQ%83PQ[%W"KN_+^( M\!G0R`?E&A'B#7SB?5OTFYNY_XF]Q?;;UOO=Y3D MOTAY+M.7T^-XB[QYA7VNZR9I6G<8\[=6WJ(8D@HRPD*!!#7N-EIJ[8QD[9DA0+;I.V5,VW"QG^PW;4:&K MO/HY^XCX#Y`^-S.O9/V/R&QV#G+UUQZGLW)_']#4TUOKLYS&:EI*+&'PNWU4 MZU=7399D-6E!N1&%/*CN^B_2IS]OE_50KB1GVP26VZ7/$K?776L]@SY?\?M5 M8YUPAV!LLG<`%;@#$">-4]/;_#O:+WR]??8SYGO9:YW7'\;N7(D?&7KU@M_H MZRGCO&)MXXJ2AQF"K4PT5AL=!:)HJZ:#:*BZTSMW\A)S.,9T=G.)L8'U*2"A M#;02L22PN`3&UI-Q6I6>KN!#%!"K<*1`.X"RS&IG<3/&KQ/[:9=OQ'>OI.P; MZF^2;8XEA5=]-9SM"K]=/XGN?UZLB#&"@,@$_P!<_C6>?S-X&1R]A$\!P7X" MJLO)4*3?NL=(Z*BQ4\$\;U!IJJ62+C:W5/Y'EITBD62-7#;&9MZKH>QZA M?+;N47*Q./:20J*VUB"!N4<;#J;J4$'0"K*V7%@=LN9L1&8KCR-*J,95?TU8 M:JS%U$6W,0>-7!_GP8K\1_NPPA_(TXNCTA\< M@/)F1VSV,X/Y3R:SU''.)G_"9-=;+@YLEQI+M@]XII%AR:L?=,U59:U3%7@1 M0I_6_5$5.XRICW,V4!`-Q542)F8$[3^6"66#/"MEQOWF7=CC:Y&U4?&=T5:$^(K]QGB?L!>K-ZG^_EM3@/VGM-?)B=+F&0T[8YA7(-YHHO[ M5NO"70T[X=FM2T;1^"<+3U4GC,;;I5!L@W'RR0GF_,S^WUT+T9WQRT=:IJ*>4RT MQ6*2-HG4AM71P=02._4=NO\`].0OT_HF!NW>%Y,Q.H`TX17)R.S.5(?IQ`'< M@QZ`"`HU'^XW;4W-?08F$8>*8Q-))&WCC:-&>2+SD1L^@(41@?UDZZ`=28U( MFN(NXDXU8*"+SRN/OT%8322IE?\`Y:-`HIB)-RTDP;;-YX4U*RNNNTOV([KT MJL?;2GI4UK=W5XU6-W5RP=U9`L0",P>168,R$C3[02"?IITY4B06)`@?;RT^ M?"J\'SG?![3_`">V3$>6.',JLW'GL]QE0U]NM-=?(I(\:Y#QRKC@G;'<@KZ6 M*>JMMSIZZU40H:\12?C0+*A4[P0VAP#PFPV+ESCC M*%JXL21:-=Q4$6O:=@",T^:KY`!)#V^G@UP8'Y=3&V!7H?V_ M?QQ>WGQG\9^WG.?L]QI#39+RI1XQEN"\+8#>:/,\_,5@HLKJ[A8JJEMZ5%%# M=ZN6\4T5-3Q5KR%@XE16`ZQQ,W;8\B]XN,O()R(K$B)W!$QDC;/Y50Z#:8UX M63-Y>)_+EU)FR[)B;A)"J3,P1(T$7F-'B'XL?ET^3/W6Y'^0/GBK?T?SW!\Q MACX9I.:L#J\BFME#:8Z>JM%#B>"U]3<*:&Q6RKJGJXZIW2/\R64HI=#KHZ9, M?=;9(Q'KC>,H4,-IVF`H,"0"-P.IB*Y>7_#0Y,>')G9&3HOM*-R*V@FS78P; M@Z5+YR7\6OS<>6R6RY38KCZ]6M(:RU5+QRU%)$8*-2 MB&2(!3KKH/KKUNG<95;!E"8AE3(P<`$J<<,%:YZLAZ2RG:H):&,">-ER)M7! MCPH^!2C;G9@[$+#*VVVS<2PB&)"D[;K4.7HGZ0_*?\(GR.QV/CSUXY1]G?5; M/!B.+\FYGQ9:ORL-OV+U%RKZ6WY=#2/425=KR7#:&JJZB:FF)W&I0.XT!/'Q M^:B#"N4C$64L&4D3^=C^T"1K-,6;"L8BGZ MP;<6))7:1$``06#7G=IPBK6'&'`.!7+UFXQXJY/XRQ6ZQ-PG@&&YUCU_QRRU M355518=9K=>J"Z@4>R:HCKZ9MY';RKN'Z=:#/D:'!(&[>!<`,9)(!T-S?6YD MUB0BYSF55+SJ5!D>?BQ^0'X;?>6S>V/Q)\?9QSMZ]9O6TPS;@G M'S%=[C9[)25[2W+`;S:#/'5W>P5%NKVCLUP4-+05$E1(X`VZT0LF9%2?\7)E ME\:N<:P(@$D%0!?:26(N8''?"R9LX#*OG0YOT8_+`D*#ONZ]6W<))/2&,@7` ML*\[S_`(CRZ"OXHSNSRVC,<=R>IL=XM3V*KH9)XPS5 M5PCUIG$H$D,T;$C4@"ZABX4[03;4P#IP!^-@:XH*M?$#MDP#;C_NB/B8\=*K M8?M@O2CVK]6`C8G`EB+"" M+`R&(:)$VA6!O##BU_V]_:\W[D+Y-,/O?"UMM>/>C?,^457(7,\\=934'_YC M+:YY[K>^-\=M4%35WAK7F-MMT-%;YS`T5/65SNS*%)&H1-"%&$H!_UK!^;22QQ-%(YA8: M:::J=.I965B3%[B#-CI-S!\022.-1G+[YR%+@1M,VX3.C>(X578S_P"//W=K M_P!R+7^RD?J]RU>?7:3G!25`GJ"J"NXRH#%N$F#;5.\S.ZH1CA<1Q@;2T@%GE MO,*H#U2"K:CIW/TFT/\`,WQ1R9S?\9OMKQ?P]A5ZY%Y&RSCM:'&,+QRG%7?; M_6ID5BJ316JD_+H34U7@IW?8)4.U2=>VAQS8_-POC#,KD6(C61XR`(G@?A6. M*^9`S.F(MU,C;740;H=-TQJ0(F],/_;.^LO/OJYZ%7K#/8CB3+N%\XNG,&<7 MV'#,SHEM=X6TURV8T5Q:WFG\D,59XW"LU1*6V'[4T^[9^ESA*H&2V]22'YW) MN.)"J#-N3(%!(5LK'P)&P^#*-Q(=OSS&BW->Z^6GX%O7;Y&;7<^3\&BMW"/M MC;J2&JL/)]CM\4%JS&OM<@J;=;>1+;2K'^?K(@6&XQZ5M(ZQ.&81*G60QX]S MEY*N+\3(N"LD!22`";],B*EL^8]5FRR+M)(X$R""2!]()@&-*K._%M\6OR:^ MOGR]<&9O[)>O7*57B_&V27&U9)SM67&?,L%N=DLM536^R7>W9I6376MGL]5; MZ8244%08)X*=@CB)@4ZG`\$YF4AMFPD0))@@;0$LH!#.-P8P;S6KY%9F7%N< MA1):%)D:W,-$7"EF)/QJ^%7\N\LV_/Z?$IN`,JK<>NU]EM5LSFRW:RUMLM5L MB:G62_Y+3U5;1/1TXCJ"Z10F=Y?$RCOIJ4O$N(0LPG7:`!L)7ZCO)(Z0=L2Y M47KB[L(9$'&A91(I:4,@A"L@BV[Y0PUF#[CM4@ M:;-#]?KU:_RJ930`[OC:/#37G]U;>E*3U7C\7]WS;=\?_P!'F\V[R)MV_C_W M=N[3=^FW77MKU!TO,CH)?+,79#&2GB"HRLOVG?O M8NROJWTT"Z#^/4W^55Z8M._CX-W;77_`'(_WT&G2@TOK6M#4&/6 M1%67[_L21WC[$[/[C1(PW+IK]O8_37]528!L9'PC[I/XT(S*50R*J2E09%C= MI%233[E21HXFD4'_`,BJD_P'2JWGE1CNU&OT_GKJ1_+7Z?[]*7GA%)@*O2+= M)"2)W,VD+`-3ZR>-$'F.R0`KJWW`Z'[1KVB_*KSCX!^5QKSMIK`%]+UOUFW( M%53&0^]O(P96&FP(@C*N&.NI++II]#KVGC;2H$;9;Z_#ASO;\+\J#&8-&(T5 MD+,)F:1T:-=I*M&BQ.)6+Z`@LF@[ZGZ=*CX4EF(\L(F68`547X[4[U1W2F*3 M=^6D4:QQTZ]Q][-&3H3H=!T_"@B-3NXVM\K_`-;5!VP?,'PN(^3]?IVZ<34G1=)@S$^/&?NBT:WHV MLV]@ZIXPL?C8.^]G).\/'X]$0=M"&;7OJ!^LC7E5#](,RWA$??)^=K&,"2#SAXO,YA?PM&''F$<8GW(S)J% M+.VT]R#].@F+ZU8QN.V=LVF-/E0B\7FJ=GFW^1/)Y?-LU\:Z?C^7[/%MTU\? ;V[M=>_3B:'Z5F-#&DQ)UXZZ3PB+4HZ5%?__9 ` end XML 15 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6
Change in Carrying Amount of Goodwill (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Goodwill [Line Items]    
Goodwill balance at beginning of year $ 136,548 $ 129,066
Acquisitions 46,481 11,649
Finalization of purchase price allocations and effect of foreign currency translation (3,554) (4,167)
Goodwill balance at end of year $ 179,475 $ 136,548
XML 16 R54.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Sales, Operating Income, and Income Before Taxes for Reportable Segment (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 24, 2011
Jun. 25, 2011
Mar. 26, 2011
Dec. 25, 2010
Sep. 25, 2010
Jun. 26, 2010
Mar. 27, 2010
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Segment Reporting Information [Line Items]                      
Net sales to external customers $ 909,643 [1] $ 666,993 [1] $ 674,099 $ 507,834 $ 837,715 $ 692,364 [2] $ 728,765 $ 431,067 $ 2,758,569 $ 2,689,911 $ 2,946,440
Allocated interest income                 32,812 24,979 23,519
Allocated interest expense                   (1,246)  
Income before income taxes                 584,161 577,272 808,651
Aviation
                     
Segment Reporting Information [Line Items]                      
Net sales to external customers                 284,855 262,520 245,745
Allocated interest income                 1,250 1,251 737
Allocated interest expense                   (122)  
Income before income taxes                 73,226 71,482 56,595
Outdoor
                     
Segment Reporting Information [Line Items]                      
Net sales to external customers                 363,223 319,119 299,300
Allocated interest income                 4,496 2,347 760
Allocated interest expense                   (148)  
Income before income taxes                 171,245 150,973 147,996
Fitness
                     
Segment Reporting Information [Line Items]                      
Net sales to external customers                 298,163 240,473 169,624
Allocated interest income                 4,342 1,532 1,076
Allocated interest expense                   (111)  
Income before income taxes                 107,881 86,499 58,046
Marine
                     
Segment Reporting Information [Line Items]                      
Net sales to external customers                 221,730 198,860 177,644
Allocated interest income                 2,934 1,624 1,469
Allocated interest expense                   (92)  
Income before income taxes                 60,092 62,431 57,430
Auto/Mobile
                     
Segment Reporting Information [Line Items]                      
Net sales to external customers                 1,590,598 1,668,939 2,054,127
Allocated interest income                 19,790 18,225 19,477
Allocated interest expense                   (773)  
Income before income taxes                 $ 171,717 $ 205,887 $ 488,584
[1] Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.
[2] Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.
XML 17 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefit Plans - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Employee Benefits Disclosure [Line Items]      
Defined contribution plan, expenses $ 20,647 $ 17,952 $ 16,399
Defined Contribution Retirement Plan
     
Employee Benefits Disclosure [Line Items]      
Defined contribution plan, employees contribute percentage 50.00%    
Employee Defined Contribution Plans
     
Employee Benefits Disclosure [Line Items]      
Defined contribution plan, employees contribute percentage 7.50%    
XML 18 R70.htm IDEA: XBRL DOCUMENT v2.4.0.6
Quarterly Information (Parenthetical) (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 24, 2011
Sep. 25, 2010
Dec. 31, 2011
Effect of Fourth Quarter Events [Line Items]        
Release of uncertain tax position reserves related to settlement with the IRS     $ (98.7)  
Impact of the change in estimate, revenue 56.4 21.4   77.8
Impact of the change in estimate, gross profit 48.7 17.8   66.5
Impact of the change in estimate, net income $ 44.0 $ 15.3   $ 59.3
Impact of the change in estimate, basic net income per share $ 0.24 $ 0.07   $ 0.31
XML 19 R55.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Sales and Property and Equipment, Net by Geographic Area (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 24, 2011
Jun. 25, 2011
Mar. 26, 2011
Dec. 25, 2010
Sep. 25, 2010
Jun. 26, 2010
Mar. 27, 2010
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net sales to external customers $ 909,643 [1] $ 666,993 [1] $ 674,099 $ 507,834 $ 837,715 $ 692,364 [2] $ 728,765 $ 431,067 $ 2,758,569 $ 2,689,911 $ 2,946,440
Long lived assets 417,105       427,805       417,105 427,805 441,338
Net assets 3,256,581 [3]       3,049,562 [3]       3,256,581 [3] 3,049,562 [3] 2,836,447 [3]
Americas
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net sales to external customers                 1,527,508 1,646,590 1,972,451
Long lived assets 225,505       231,569       225,505 231,569 233,573
Net assets 1,155,653 [3]       1,149,826 [3]       1,155,653 [3] 1,149,826 [3] 1,177,849 [3]
APAC
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net sales to external customers                 248,057 220,478 149,920
Long lived assets 143,913       146,859       143,913 146,859 153,878
Net assets 1,915,284 [3]       1,719,769 [3]       1,915,284 [3] 1,719,769 [3] 1,467,903 [3]
EMEA
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net sales to external customers                 983,004 822,843 824,069
Long lived assets 47,687       49,377       47,687 49,377 53,887
Net assets $ 185,644 [3]       $ 179,967 [3]       $ 185,644 [3] $ 179,967 [3] $ 190,695 [3]
[1] Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.
[2] Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.
[3] Majority of assets held in the United States and Taiwan.
XML 20 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Commitments and Contingencies Disclosure [Line Items]      
Rental expense $ 14,277 $ 11,768 $ 10,293
Restricted cash balances $ 771 $ 1,277  
XML 21 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Redomestication (Tables)
12 Months Ended
Dec. 31, 2011
Summary of The Components of Authorized Shares

The summary of the components of authorized shares at December 31, 2011 and December 25, 2010, and changes during 2011 are as follows:

 

    Outstanding     Treasury     Issued     Conditional     Authorized  
    Shares     Shares     Shares1     Capital     Capital  
Changes in components of authorized shares                                        
December 25, 2010     194,358,038       13,719,380 2      208,077,418 2,3      104,038,709 4      104,038,709 4 
Treasury shares purchased/reclassified     (1,149,645 )     1,149,645 5     -       -       -  
Treasury shares issued for stock based compensation     1,454,224       (1,454,224 )     -       -       -  
December 31, 2011     194,662,617       13,414,801       208,077,418       104,038,709       104,038,709  

 

1 Shares at CHF 10 par value (USD 9.0744)
2 Includes 10,000,000 formation shares at USD 0 historical cost
3 The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares.
4 Up to 104,038,709 conditional shares may be issued through the exercise of option rights which are granted to Garmin employees and/or members of its Board of Directors. In addition, the Board of Directors is authorized to issue up to 104,038,709 additional shares no later than June 27, 2012.
5 The increase in treasury shares in 2011 includes 522,856 shares repurchased in the prior year that were originally treated as retired when such shares were still in treasury. These shares are reflected as additional treasury shares in 2011 with a corresponding increase to retained earnings. See Note 11.
XML 22 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 23 R73.htm IDEA: XBRL DOCUMENT v2.4.0.6
Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Valuation and Qualifying Accounts Disclosure [Line Items]  
Decrease in valuation allowance $ (14,179)
Surtax Credit | TAIWAN, PROVINCE OF CHINA
 
Valuation and Qualifying Accounts Disclosure [Line Items]  
Decrease in valuation allowance $ (14,994)
XML 24 R57.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-based Compensation Activity, Stock Options and SARs (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Weighted-Average Exercise Price      
Outstanding beginning balance $ 50.87 $ 48.28 $ 47.76
Granted $ 39.71 $ 33.44 $ 23.09
Exercised $ 21.02 $ 15.52 $ 18.08
Forfeited/Expired $ 64.63 $ 62.57 $ 59.55
Outstanding ending balance $ 53.14 $ 50.87 $ 48.28
Exercisable at December 31, 2011 $ 51.24    
Expected to vest after December 31, 2011 $ 65.59    
Number of Shares      
Outstanding beginning balance 9,086 10,109 10,526
Granted 42 24 35
Exercised (764) (826) (278)
Forfeited/Expired (291) (221) (174)
Outstanding ending balance 8,073 9,086 10,109
Exercisable at December 31, 2011 7,001    
Expected to vest after December 31, 2011 1,049    
XML 25 R71.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 3 Months Ended
Dec. 31, 2011
Sep. 24, 2011
Navigon
Business Acquisition [Line Items]    
Business acquisitions, aggregate amount in cash $ 69,558  
Business acquisitions, cash acquired 15,368  
Business acquisitions, purchase price allocation, goodwill and intangible assets 84,204  
Restructuring costs   $ 3,923
XML 26 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2011
Inventories

Inventories consisted of the following:

 

    December 31, 2011     December 25, 2010  
             
Raw Materials   $ 129,211     $ 103,277  
Work-in-process     52,176       43,507  
Finished goods     245,724       278,513  
Inventory Reserves     (29,370 )     (37,720 )
Inventory, net of reserves   $ 397,741     $ 387,577
Property, Plant and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:

 

Buildings and improvements 39
Office furniture and equipment 3-5
Manufacturing and engineering equipment 5
Vehicles 5
Change in Carrying Amount of Goodwill
    December 31,
2011
    December 25,
2010
 
Goodwill balance at beginning of year   $ 136,548     $ 129,066  
Acquisitions     46,481       11,649  
Finalization of purchase price allocations and effect of foreign currency translation     (3,554 )     (4,167 )
Goodwill balance at end of year   $ 179,475     $ 136,548
Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits for years ending December 31, 2011, December 25, 2010, and December 26, 2009 is as follows:

  

 

    December 31,     December 25,     December 26,  
    2011     2010     2009  
Balance at beginning of year   $ 153,621     $ 255,748     $ 214,366  
Additions based on tax positions related to prior years     5,568       11,443       14,241  
Reductions based on tax positions related to prior years     (6,885 )     (10,392 )     (16,141 )
Additions based on tax positions related to current period     29,210       43,202       63,053  
Reductions based on tax positions related to current period     -       -       -  
Reductions related to settlements with tax authorities     -       (122,314 )     -  
Expiration of statute of limitations     (19,610 )     (24,066 )     (19,771 )
Balance at end of year   $ 161,904     $ 153,621     $ 255,748
XML 27 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
Sources and Tax Effects of Differences of Income Tax Provision from Amount Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes, Including Impact of Establishing Tax Contingency Accruals (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Reconciliation of Effective Income Tax Rate [Line Items]      
Federal income tax expense at U.S. statutory rate $ 204,456 $ 202,045 $ 287,228
State income tax expense, net of federal tax effect 2,988 2,482 2,604
Foreign tax rate differential (148,058) (115,633) (219,482)
Taiwan tax holiday benefit (13,127) (13,536) (18,556)
Net change in uncertain tax postions 8,283 (102,100) 41,400
Other foreign taxes less incentives and credits 9,658 26,707 10,379
Other, net (935) (7,296) 1,128
Income tax expense $ 63,265 $ (7,331) $ 104,701
XML 28 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning Balance $ 20,562 $ 70,252
Total unrealized gains included in other comprehensive income 5,038 16,410
Sales out of Level 3 (25,600) (66,100)
Transfers in and/or out of Level 3      
Ending Balance   $ 20,562
XML 29 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 25, 2010
Schedule of Inventory [Line Items]    
Raw Materials $ 129,211 $ 103,277
Work-in-process 52,176 43,507
Finished goods 245,724 278,513
Inventory Reserves (29,370) (37,720)
Inventory, net of reserves $ 397,741 $ 387,577
XML 30 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 25, 2010
Deferred tax assets:    
Product warranty accruals $ 2,196 $ 1,646
Allowance for doubtful accounts 12,282 11,572
Inventory reserves 5,114 5,749
Sales program allowances 5,591 9,080
Reserve for sales returns 2,240 2,715
Other accruals 5,359 5,684
Unrealized intercompany profit in inventory 15,165 2,792
Unrealized foreign currency loss   266
Stock option compensation 47,998 40,785
Tax credit carryforwards, net 33,379 48,784
Amortization 26,913 28,431
Deferred revenue 28,905 10,671
Net operating losses of subsidiaries 17,780 11,583
Other 4,163 3,750
Valuation allowance related to loss carryforward and tax credits (37,173) (51,352)
Deferred Tax Assets, Net, Total 169,912 132,156
Deferred tax liabilities:    
Depreciation 17,600 16,030
Prepaid expenses 3,328 4,145
Book basis in excess of tax basis for acquired entities 8,191 6,604
Unrealized investment gain 910 5,951
Marketable securities   3,038
Other 469 933
Deferred Tax Liabilities, Total 30,498 36,701
Net deferred tax assets $ 139,414 $ 95,455
XML 31 R67.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warranty Reserves - Additional Information (Detail)
12 Months Ended
Dec. 31, 2011
Product Liability Contingency [Line Items]  
Standard warranty, term from one to two years
Minimum
 
Product Liability Contingency [Line Items]  
Standard warranty (in years) 1 year
Maximum
 
Product Liability Contingency [Line Items]  
Standard warranty (in years) 2 years
XML 32 R61.htm IDEA: XBRL DOCUMENT v2.4.0.6
Computation of Basic and Diluted Net Income Per Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 24, 2011
Jun. 25, 2011
Mar. 26, 2011
Dec. 25, 2010
Sep. 25, 2010
Jun. 26, 2010
Mar. 27, 2010
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Numerator:                      
Numerator for basic and diluted net income per share - net income $ 165,556 [1] $ 150,381 [1] $ 109,477 $ 95,482 $ 132,906 $ 279,552 [2] $ 134,816 $ 37,329 $ 520,896 $ 584,603 $ 703,950
Denominator:                      
Denominator for basic net income per share - weighted-average common shares                 194,105 196,979 200,395
Effect of dilutive securities - employee stock-based awards                 789 1,030 766
Denominator for diluted net income per share - weighted-average common shares                 194,894 198,009 201,161
Basic net income per share $ 0.86 [1] $ 0.77 [1] $ 0.56 $ 0.49 $ 0.67 $ 1.43 [2] $ 0.68 $ 0.19 $ 2.68 $ 2.97 $ 3.51
Diluted net income per share                 $ 2.67 $ 2.95 $ 3.50
[1] Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.
[2] Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.
XML 33 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Future Minimum Lease Payments (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Schedule of Operating Leases [Line Items]  
2012 $ 13,549
2013 12,251
2014 10,902
2015 8,211
2016 5,833
Thereafter 6,423
Total $ 57,169
XML 34 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2011
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

Basis of Presentation and Principles of Consolidation

 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated.

 

Fiscal Year

 

The Company has adopted a 52–53-week period ending on the last Saturday of the calendar year. Due to the fact that there are not exactly 52 weeks in a calendar year and there is slightly more than one additional day per year (not including the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.

 

In those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial activity. Therefore, the financial results of those fiscal years, and the associated 14-week fourth quarter, will not be entirely comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. Fiscal 2010 and 2009 included 52 weeks while fiscal 2011 included 53 weeks.

 

Foreign Currency

 

Many Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded in a separate component of stockholders’ equity. Cumulative translation adjustments of $76,456 and $61,740 as of December 31, 2011 and December 25, 2010, respectively, have been included in accumulated other comprehensive gain/(loss) in the accompanying consolidated balance sheets.

 

 

Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. All differences are recorded in results of operations and amounted to exchange losses of $12,100, $88,377, and $6,040 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The loss in fiscal 2011 was primarily the result of the slight strengthening of the USD against the Euro and the slight weakening of the USD against the Taiwan Dollar. The loss in fiscal 2010 was primarily the result of the strengthening of the USD against the Euro and the British Pound Sterling and the weakening of the USD against the Taiwan Dollar. The loss in fiscal 2009 was primarily the result of the weakening of the USD against the Taiwan Dollar offset by the weakening of the USD against the Euro and the British Pound Sterling.

 

Earnings Per Share

 

Basic earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company’s stock during the period the options were outstanding. See Note 10.

  

Cash and Cash Equivalents

 

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates fair value, given the short maturity of those instruments.

 

Trade Accounts Receivable

 

The Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s financial condition.  Potential losses on receivables are dependent on each individual customer’s financial condition. The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within 80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing its high-risk customers. Past due receivable balances are written off when its internal collection efforts have been unsuccessful in collecting the amount due. In 2011, Garmin purchased credit insurance to provide security against large losses.

 

Inventories

 

Inventories are stated at the lower of cost or market. Cost is determined using the weighted-average method (which approximates the first-in, first-out (FIFO) method) by GC and the FIFO method by GII and GEL. Inventories consisted of the following:

 

    December 31, 2011     December 25, 2010  
             
Raw Materials   $ 129,211     $ 103,277  
Work-in-process     52,176       43,507  
Finished goods     245,724       278,513  
Inventory Reserves     (29,370 )     (37,720 )
Inventory, net of reserves   $ 397,741     $ 387,577  

 

 

Property and Equipment

 

Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:

 

Buildings and improvements 39
Office furniture and equipment 3-5
Manufacturing and engineering equipment 5
Vehicles 5

 

Long-Lived Assets

 

As required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

 

The Intangibles – Goodwill and Other topic of the FASB ASC requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired. The Company did not recognize any goodwill or intangible asset impairment charges in 2011, 2010, or 2009. The Company established reporting units based on its current reporting structure. For purposes of testing goodwill for impairment, goodwill has been allocated to these reporting units to the extent it relates to each reporting unit.  The accounting guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from 3 to 10 years.

  

Dividends

  

On June 27, 2010, the Company completed the redomestication of the place of our incorporation from the Cayman Islands to Switzerland. Under Swiss corporate law, dividends must be approved by shareholders at the general meeting of our shareholders.

 

On June 3, 2011, the shareholders approved a dividend of $2.00 per share (of which, $1.60 was paid in the Company's 2011 fiscal year) payable in four installments as follows: $0.80 on June 30, 2011 to shareholders of record on June 15, 2011, $0.40 on September 30, 2011 to shareholders of record on September 15, 2011, $0.40 on December 30, 2011 to shareholders of record on December 15, 2011 and $0.40 on March 30, 2012 to shareholders of record on March 15, 2012. The Company paid dividends in 2011 in the amount of $310,763. Both the dividend paid and the remaining dividend payable have been reported as a reduction of retained earnings.

 

On March 16, 2010 the Board of Directors declared a dividend of $1.50 per share to be paid on April 30, 2010 to shareholders of record on April 15, 2010. The Company paid out a dividend in the amount of $298,853. The dividend was reported as a reduction of retained earnings.

 

On July 30, 2009 the Board of Directors declared a dividend of $0.75 per share to be paid on December 15, 2009 to shareholders of record on December 1, 2009. The Company paid out a dividend in the amount of $149,846. The dividend was reported as a reduction of retained earnings.

 

Approximately $239,470 and $213,486 of retained earnings are indefinitely restricted from distribution to stockholders pursuant to the laws of Taiwan at December 31, 2011 and December 25, 2010, respectively.

 

 

Intangible Assets

 

At December 31, 2011 and December 25, 2010, the Company had patents, license agreements, customer related intangibles and other identifiable finite-lived intangible assets recorded at a cost of $206,872 and $152,138, respectively. The Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $179,475 at December 31, 2011 and $136,548 at December 25, 2010. The increase in identifiable intangible assets and goodwill in 2011 is principally related to the acquisitions completed by the Company, as further described in Note 15.

  

    December 31,
2011
    December 25,
2010
 
Goodwill balance at beginning of year   $ 136,548     $ 129,066  
Acquisitions     46,481       11,649  
Finalization of purchase price allocations and effect of foreign currency translation     (3,554 )     (4,167 )
Goodwill balance at end of year   $ 179,475     $ 136,548  

 

Identifiable, finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $134,184 and $103,534 at December 31, 2011 and December 25, 2010 respectively. Amortization expense was $33,225, $36,675, and $37,444 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. In the next five years, the amortization expense is estimated to be $28,464, $14,413, $9,518, $6,978, and $5,301, respectively.

 

Marketable Securities

 

Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date.

 

All of the Company’s marketable securities were considered available-for-sale at December 31, 2011. See Note 3. Available-for-sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive gain/(loss). At December 31, 2011 and December 25, 2010, cumulative unrealized gains/(losses) of $10,737 and ($5,736), respectively, were reported in accumulated other comprehensive gain/(loss), net of related taxes.

 

The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included in interest income from investments. Realized gains and losses, and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific identification method.

 

Income Taxes

 

The Company accounts for income taxes using the liability method in accordance with the FASB ASC topic Income Taxes. The liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income taxes of $252,793, $233,028, and $171,097 at December 31, 2011, December 25, 2010, and December 26, 2009, respectively, have not been accrued by the Company for the unremitted earnings of several of its foreign subsidiaries because such earnings are intended to be reinvested in the subsidiaries indefinitely.

 

The Company adopted the applicable guidance included in the FASB ASC topic Income Taxes related to accounting for uncertainty in income taxes on December 31, 2006, the beginning of fiscal year 2007.   The total amount of unrecognized tax benefits as of December 31, 2011 was $161,904 including interest of $10,850.  A reconciliation of the beginning and ending amount of unrecognized tax benefits for years ending December 31, 2011, December 25, 2010, and December 26, 2009 is as follows:

  

 

    December 31,     December 25,     December 26,  
    2011     2010     2009  
Balance at beginning of year   $ 153,621     $ 255,748     $ 214,366  
Additions based on tax positions related to prior years     5,568       11,443       14,241  
Reductions based on tax positions related to prior years     (6,885 )     (10,392 )     (16,141 )
Additions based on tax positions related to current period     29,210       43,202       63,053  
Reductions based on tax positions related to current period     -       -       -  
Reductions related to settlements with tax authorities     -       (122,314 )     -  
Expiration of statute of limitations     (19,610 )     (24,066 )     (19,771 )
Balance at end of year   $ 161,904     $ 153,621     $ 255,748  

 

The December 31, 2011 balance of $161,904 of unrecognized tax benefits, if recognized, would reduce the effective tax rate.  None of the unrecognized tax benefits are due to uncertainty in the timing of deductibility. 

 

Accounting guidance requires unrecognized tax benefits to be classified as non-current liabilities, except for the portion that is expected to be paid within one year of the balance sheet date.  The entire $161,904, $153,621, and $255,748 are required to be classified as non-current at December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

 

Interest expense and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense.  At December 31, 2011, December 25, 2010, and December 26, 2009, the Company had accrued approximately $10,850, $9,580, and $20,160, respectively, for interest.  Interest expense (income) included in income tax expense for the years ending December 31, 2011, December 25, 2010, and December 26, 2009 is $5,568, ($10,580), and $9,000, respectively. The Company had no amounts accrued for penalties as the nature of the unrecognized tax benefits, if recognized, would not warrant the imposition of penalties.

 

The Company files income tax returns in Switzerland and U.S. federal jurisdictions, as well as various state, local and foreign jurisdictions.  The Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for years prior to 2008.  The Company is no longer subject to Taiwan income tax examinations by tax authorities for years prior to 2006.  The Company is no longer subject to United Kingdom tax examinations by tax authorities for years prior to 2009.

  

The Company also considers 2008 U.S. federal returns to have been effectively settled due to completion of an audit examination by the Internal Revenue Service.  A reduction of income tax expense was recognized to reflect this settlement. In addition, the Company recognized a reduction of income tax expense of $19,610, $24,066, and $19,771 in fiscal years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively, to reflect the expiration of statutes of limitations in various jurisdictions.

 

The Company believes that it is reasonably possible that approximately $20,482 of its reserves for certain unrecognized tax benefits will decrease within the next 12 months as the result of the expiration of statutes of limitations. This potential decrease in unrecognized tax benefits would impact the Company’s effective tax rate within the next 12 months.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

  

Concentration of Credit Risk

 

The Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales variations or to the timing of new product releases by the Company.

 

 

The Company’s top ten customers have contributed between 29% and 36% of net sales since 2009. In 2011, the Company purchased trade credit insurance to provide security against large losses. Best Buy, a customer in the outdoor, fitness, marine and auto/mobile segments accounted for less than 10% of the Company’s consolidated net sales in the years ended December 31, 2011, and December 25, 2010, respectively, while accounting for 13.4% of the Company’s consolidated net sales in the year ended December 26, 2009.

 

Revenue Recognition

 

Garmin recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable.  For the large majority of Garmin’s sales, these criteria are met once product has shipped and title and risk of loss have transferred to the customer.  The Company recognizes revenue from the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware.  The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.

 

Garmin introduced nüMaps Lifetime™ in January 2009, which is a single fee program that, subject to the program’s terms and conditions, enables customers to download the latest map and point of interest information every quarter for the useful life of their PND.  The revenue and associated cost of royalties for sales of nüMaps Lifetime™ products are deferred at the time of sale and recognized ratably on a straight-line basis over the estimated 36-month life of the products. With the acquisition of Navigon AG in 2011, products marketed under the Navigon brand have a FreshMaps program that enables customers to download the latest map and point of interest information for two years. The revenue and associated cost of royalties for sales of FreshMaps products are deferred at the time of sale and recognized ratably on a straight-line basis over the two year period.

 

For multiple element arrangements that include tangible products that contain software that is essential to the tangible product’s functionality and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of selling price (“TPE”), and (iii) best estimate of the selling price (“ESP”).  VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis, at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other products that involve multiple-element arrangements that are immaterial.

 

In 2010, Garmin began offering PNDs with lifetime map updates (LMUs) bundled in the original purchase price. Similar to nüMaps Lifetime™, LMUs enable customers to download the latest map and point of interest information every quarter for the useful life of their PND. In addition, Garmin offers PNDs with premium traffic service bundled in the original purchase price in the European market. The Company has identified two deliverables contained in arrangements involving the sale of PNDs which include either the LMU or premium traffic service. The first deliverable is the hardware along with the software essential to the functionality of the hardware device delivered at the time of sale. The second deliverable is either the LMU or premium traffic service. The Company has allocated revenue between these two deliverables using the relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met.  The revenue and associated cost of royalties allocated to the LMU or the subscription for premium traffic service are deferred and recognized on a straight-line basis over the estimated 36-month life of the products.

 

 

Prior to the third quarter of fiscal 2011, the Company determined its estimate of selling price using the dealer/distributor price for nüMaps Lifetime or premium traffic subscriptions sold separately, and the prices for products bundled with and without the LMU and premium traffic service when comparable models were available, as inputs to the relative selling price method in a manner similar to VSOE. The estimated selling price determined in this manner was used to defer revenues for all products bundled with the LMU and premium traffic service, as the number of bundled units sold as a percentage of total units sold was less significant and other indicators of selling price were not readily available.

 

During 2011, sales of products bundled with LMUs and premium traffic service increased significantly as a percentage of total product sales. Concurrently, market conditions have caused decreases in the ASP and margins of comparable models year over year, new bundled products were introduced at lower ASPs, and the difference in pricing of bundled units and comparable unbundled models has decreased considerably. Due to these changes, the Company determined it was appropriate to change its estimate of the per unit revenue and cost deferrals during the third quarter of 2011.

 

As the sales of nüMaps Lifetime and premium traffic subscriptions as a percentage of total unit sales or in the aggregate decreased significantly in mid-2011, the Company determined that the previous estimate of selling price based on more limited stand-alone sales of nüMaps Lifetime or premium traffic was no longer a sole determinant of its value as determined under VSOE, and that third party evidence of selling price was not available. Management determined that the price differential between bundled and unbundled products and the royalty cost of the LMU or premium traffic subscription plus an approximate margin were both additional indicators of estimated selling price. These estimates are also reflective of how the Company establishes product pricing based in part on customer perception of value of the added LMU or premium traffic service capability. As such, beginning in the third quarter of 2011, the Company changed its estimate of selling price of the undelivered element to be based on the relative selling price method using a weighted average of the stand-alone sales price, the price differential between bundled and unbundled units, and the royalty or subscription cost plus a normal margin.

 

The impact of the 2011 change in estimate for lifetime map updates and premium traffic service, as described above, was an increase in revenue, gross profit, net income, basic net income per share, and diluted net income per share of $77.8 million, $66.5 million, $59.3 million, $0.31, and $0.30, respectively.

 

In 2009 and 2010 respectively, Garmin introduced the nüvi 1690 and 1695, premium PNDs with a built-in wireless module that lets customers access Garmin’s nüLink!™ service, which provides direct links to certain online information.  Additional models were introduced in 2011. The Company has identified two deliverables contained in arrangements involving the sale of the nüvi products with the nüLink feature. The first deliverable is the hardware and software essential to the functionality of the hardware device delivered at the time of sale, and the second deliverable is the nüLink service. The Company has allocated revenue between these two deliverables using the relative selling price method determined using VSOE. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met.  The revenue and associated cost allocated to the nüLink services are deferred and recognized on a straight-line basis over the life of the service, which is either 12 or 24 months.

 

Garmin records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectation of future conditions. Changes in these estimates could negatively affect Garmin’s operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, are accrued for on a percentage of sales basis. If market conditions were to decline, Garmin may take actions to increase customer incentive offerings possibly resulting in an incremental reduction of revenue at the time the incentive is offered.

 

 

The Company records revenue net of sales tax, trade discounts and customer returns. The reductions to revenue for expected future product returns are based on the Company’s historical experience.

 

Deferred Revenues and Costs

  

At December 31, 2011 and December 25, 2010, the Company had deferred revenues totaling $377,119 and $197,787, respectively, and related deferred costs totaling $80,856 and $44,738, respectively.

 

The deferred revenues and costs are recognized over their estimated economic lives of two to three years on a straight-line basis. In the next three years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated to be $148,954, $108,156, and $39,153, respectively.

 

Shipping and Handling Costs

 

Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.

 

Product Warranty

  

The Company provides for estimated warranty costs at the time of sale. The warranty period for most products is one year to two years from date of shipment while certain aviation products have a warranty period of two years from the date of installation and certain marine products have a warranty period of three years from the date of shipment.

 

Sales Programs

 

The Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products. Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product and can be applied to all customers who have purchased the product or a special discount may be agreed to on an individual customer basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements of income in the period the Company has sold the product.

 

Advertising Costs

 

The Company expenses advertising costs as incurred. Advertising expense amounted to approximately $145,024, $144,613, and $155,521 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

 

Research and Development

 

A majority of the Company’s research and development is performed in the United States. Research and development costs, which are expensed as incurred, amounted to approximately $298,584, $277,261, and $238,378 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

 

 

Customer Service and Technical Support

 

Customer service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated statements of income. Customer service and technical support costs include costs associated with performing order processing, answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical support assistance to customers. The technical support is provided within one year after the associated revenue is recognized. The related cost of providing this free support is not material.

 

Software Development Costs

 

The FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing products or after the general release of the service using the product are expensed in the period they are incurred and included in research and development costs in the accompanying consolidated statements of income.

 

Accounting for Stock-Based Compensation

 

The Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled Compensation – Stock Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including employee stock options and restricted stock based on estimated fair values. See Note 9.

 

Accounting guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense on a straight-line basis over the requisite service period in the Company’s consolidated financial statements.

 

As stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience and management’s estimates.

  

Recently Issued Accounting Pronouncements

 

In May 2011, the FASB issued an amendment to the accounting standards related to fair value measurements and disclosure requirements that result in a consistent definition of fair value and common requirements for the measurement and disclosure of fair value between U.S. GAAP and International Financial Reporting Standards. This standard provides certain amendments to the existing guidance on the use and application of fair value measurements and maintains a definition of fair value that is based on the notion of exit price. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.

 

In June 2011, the FASB issued guidance on the presentation of comprehensive income. This guidance eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. The guidance allows two presentation alternatives; present items in net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements of net income and other comprehensive income. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. Early adoption is permitted, but full retrospective application is required under both sets of accounting standards. The Company is currently evaluating which presentation alternative it will utilize.

 

 

 

In September 2011, the FASB issued an amendment to ASC 350, Intangibles—Goodwill and Other, which simplifies how entities test goodwill for impairment. Under the amendment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the entity to determine that it is more likely than not that its fair value is less than its carrying amount. If after assessing the totality of events or circumstances, an entity determines that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the two-step impairment test for goodwill is unnecessary. If the entity concludes otherwise, then it is required to test goodwill for impairment under the two-step process as described under paragraphs 350-20-35-4 of the ASC. If the carrying amount of a reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any, as described in paragraph 350-20-35-9 of the ASC. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 and early adoption is permitted. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.

XML 35 R62.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share - Additional Information (Detail)
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Options outstanding but not included in the computation of diluted earnings per share 5,920,076 6,192,043 7,814,095
EXCEL 36 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=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B M.#)E,30V.3(B#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%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;G-O;&ED871E9%]3=&%T96UE;G1S7V]F7T-A M#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-U;6UA#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;6UI=&UE;G1S7V%N9%]#;VYT:6YG96YC:65S/"]X.DYA M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I. M86UE/DEN8V]M95]487AE#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D9A:7)?5F%L=65?;V9?1FEN86YC:6%L7TEN#I. M86UE/@T*("`@(#QX.E=O#I7 M;W)K#I7;W)K#I7;W)K#I7;W)K5]297-E#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/E-E;&5C=&5D7U%U87)T97)L>5]) M;F9O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I. M86UE/D%C<75I#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-#2$5$54Q%7TE)7U9!3%5!5$E/3E]!3D1?455!3#PO>#I. M86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;6UI=&UE;G1S7V%N9%]#;VYT:6YG96YC:65S M7SPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I7;W)K#I7;W)K#I% M>&-E;%=O#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/E=A#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O M#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O MF5D7T-O#I%>&-E;%=O#I%>&-E;%=O#I. M86UE/D9U='5R95]-:6YI;75M7TQE87-E7U!A>6UE;G1S7SPO>#I.86UE/@T* M("`@(#QX.E=O#I% M>&-E;%=O#I.86UE/D5M<&QO>65E7T)E;F5F:71? M4&QA;G-?061D:71I;SPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN8V]M95]487A?4')O=FES:6]N7T)E;F5F:71?1#PO>#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-O=7)C97-?86YD7U1A M>%]%9F9E8W1S7V]F7T1I9CPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN8V]M95]487AE#I. M86UE/@T*("`@(#QX.E=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-A#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DYE=%]386QE#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-T;V-K8F%S961?0V]M<&5N#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-T M;V-K8F%S961?0V]M<&5N#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/E-T;V-K8F%S961?0V]M<&5N#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E%U87)T97)L>5]);F9O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-C:&5D=6QE7TE)7U9A;'5A=&EO;E]A;F1? M475A;#PO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-C M:&5D=6QE7TE)7U9A;'5A=&EO;E]A;F1?475A;#$\+W@Z3F%M93X-"B`@("`\ M>#I7;W)K#I3='EL97-H965T($A2968],T0B5V]R:W-H965T M&-E;"!84"!O3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A M7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!);F9O'0^,3`M2SQS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^1U)-3CQS<&%N/CPO'0^1T%234E.($Q41#QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^665S/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^3F\\2!&:6QE3PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^3&%R9V4@06-C96QE2!#;VUM;VX@4W1O8VLL(%-H87)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S2!0 M=6)L:6,@1FQO870\+W1D/@T*("`@("`@("`\=&0@8VQA7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A2!A;F0@97%U:7!M M96YT+"!N970\+W-T'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6%L='D@8V]S=',\+W1D/@T*("`@("`@("`\=&0@8VQA&5S("A.;W1E(#8I/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XU+#3PO=&0^#0H@("`@("`@(#QT9"!C;&%S2!A;F0@97%U:7!M96YT+"!N970\+W-T'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA&-E<'0@4VAA'1087)T7S,P-C1E M,SDS7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'!E;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XQ-#4L,#(T/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'!E;G-E*3H\+W-T3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'!E;G-E*2P@ M5&]T86P\+W1D/@T*("`@("`@("`\=&0@8VQA7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAAF5D(&=A:6YS("AL;W-S97,I M(&]N(&%V86EL86)L92UF;W(M"!E9F9E8W1S(&]F("@D,S8Y*2!I;B`R,#$Q+"`D,S0X(&EN(#(P M,3`@86YD("0V-S8@:6X@,C`P.3PO=&0^#0H@("`@("`@(#QT9"!C;&%S&5R8VES92!O9B!E;7!L;WEE92!S=&]C:R!O<'1I;VYS/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$;G5M<#XQ+#,V-BPP,#`\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#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("`@("`@(#QT9"!C;&%S&5R8VES92!O9B!E;7!L;WEE92!S=&]C:R!O<'1I;VYS M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT+#0Y-2PP,#`\'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-$'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 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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S"!I;7!A8W0@;V8@ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'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-$'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@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M2!S=&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S M2!S:&%R97,\+W1D M/@T*("`@("`@("`\=&0@8VQA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'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*("`@("`@/'1R M(&-L87-S/3-$F%T:6]N/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XS.2PY,C4\2!A;F0@97%U:7!M96YT/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M/B@R+#$Y,BD\F5D(&9O&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@T M,BPT-S4I/'-P86X^/"]S<&%N/CPO=&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-$'!E;G-E6%B;&4\+W1D/@T*("`@("`@("`\ M=&0@8VQA&5S('!A>6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA M'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S2!A=V%R9',\+W1D/@T*("`@("`@("`\=&0@8VQA"!B96YE9FET(&9R;VT@:7-S M=6%N8V4@;V8@97%U:71Y(&%W87)D2]C;VUM;VX@&-H M86YG92!R871E(&-H86YG97,@;VX@8V%S:"!A;F0@8V%S:"!E<75I=F%L96YT M65A65A65A&5S M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XX-2PR,S$\"!R969U;F1S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XS-3`\'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE2<^ M#0H\8CXF(WA!,#LF(WA!,#L\+V(^/"]P/@T*/'`@28C M>#(P,3D[7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA'0^/&1I=CX-"CQP('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&IU#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU6EN9R!C;VYS;VQI9&%T960@9FEN86YC:6%L('-T871E;65N=',@:&%V92!B M965N#0IP0T*86-C97!T960@:6X@=&AE(%5N:71E9"!3 M=&%T97,N(%1H92!A8V-O;7!A;GEI;F<@8V]N2!B86QA;F-E#L@1D].5#H@,3!P="!4 M:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU#(P,3,[-3,M=V5E:R!P97)I;V0@96YD:6YG(&]N('1H90T*;&%S="!3 M871U2!O9B!T:&4@8V%L96YD87(@>65A2`U,B!W965K65A M2!W:6QL(&AA=F4@82!F:7-C86P@>65A2!W:&5N('1H92!L87-T(%-A='5R9&%Y(&]F('1H90T*8V%L96YD87(@ M>65A3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@ M,3!P="!4:6UE65A0T* M=VEL;"!R96-O2`Q,R!W965K6QE/3-$)U1% M6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE3PO8CX\+W`^ M#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!-05)'24XZ(#!P M>#L@1D].5#H@,3!P="!4:6UEF4@8W5R2X@07,-"G)E<75I65A2P@:&%V92!B965N#0II;F-L=61E9"!I;B!A8V-U;75L871E M9"!O=&AE#L@ M1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE&-H86YG92!A="!T:&4@ M=')A;G-A8W1I;VX@9&%T92X@07-S971S(&%N9"!L:6%B:6QI=&EE&-H86YG92!I;B!E9F9E8W0@870@=&AE(&)A M;&%N8V4@&-H86YG92!L;W-S97,-"F]F("0Q,BPQ,#`L("0X."PS-S2X@5&AE#0IL;W-S(&EN(&9I#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4 M:6UE&EM871E6QE/3-$)U1% M6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&IU'1E;F1S(&-R M961I="!B87-E9"!O;B!I=',@979A;'5A=&EO;B!O9B!T:&4-"F-U2!C87)R:65S(&ET2!M;VYI=&]R2!D971E M$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P M.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X- M"CQT86)L92!S='EL93TS1"=724142#H@.#`E.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)U9% M4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)T9/3E0M5T5) M1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@ M5$585"U!3$E'3CH@8V5N=&5R.R!&3TY4+5=%24=(5#H@8F]L9"<@8V]L$$P M.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B M;W1T;VTG/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<@8V]L$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)B-X03`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`R+C5P="!D;W5B;&4[(%1% M6%0M04Q)1TXZ(')I9VAT)SX-"C,Y-RPW-#$\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O=6)L M93L@5$585"U!3$E'3CH@#L@1D].5#H@,3!P="!4 M:6UE#L@ M1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE2!A;F0@17%U:7!M96YT/"]B/CPO<#X- M"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`V,"4[($)/4D1%4BU#3TQ, M05!313H@8V]L;&%P6QE/3-$)U9%4E1)0T%, M+4%,24=..B!T;W`G/@T*/'1D('-T>6QE/3-$)U1%6%0M05543U-004-%.B!I M9&5O9W)A<&@M;G5M97)I8R<^3V9F:6-E(&9U6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!415A4+4%55$]3 M4$%#13H@:61E;V=R87!H+6YU;65R:6,G/@T*-3PO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!T;W`G/@T*/'1D('-T>6QE/3-$ M)U1%6%0M05543U-004-%.B!I9&5O9W)A<&@M;G5M97)I8R<^5F5H:6-L97,\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!415A4+4%5 M5$]34$%#13H@:61E;V=R87!H+6YU;65R:6,G/@T*-3PO=&0^#0H\+W1R/@T* M/"]T86)L93X-"CQP('-T>6QE/3-$)TU!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO M8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!-05)' M24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@ M,3!P="!4:6UE3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE2!T:&4@/&D^4')O<&5R='DL(%!L86YT(&%N9"!%<75I<&UE;G0\+VD^('1O M<&EC(&]F#0IT:&4@1D%30B!!4T,L('1H92!#;VUP86YY(')E=FEE=W,@;&]N M9RUL:79E9"!A&-E961S('1H M90T*'!E8W1E M9"!T;R!R97-U;'0@9G)O;2!T:&4@=7-E#0IA;F0@979E;G1U86P@9&ES<&]S M:71I;VX@;V8@=&AE(&%S6EN9R!A;6]U;G0@;V8@=&AE(&%S0T*=VAI M8V@@=&AE(&-A3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ M(#!P>#L@1D].5#H@,3!P="!4:6UE0T*9&ED(&YO="!R96-O9VYI>F4@86YY(&=O;V1W:6QL(&]R(&EN M=&%N9VEB;&4@87-S970@:6UP86ER;65N=`T*8VAA2!E6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z M(#!P>#L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P M.SQB/B8C>$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J M=7-T:69Y.R!415A4+4E.1$5.5#H@,"XU:6X[($U!4D=)3CH@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E0T*#L@1D].5#H@,3!P="!4:6UE2=S(#(P,3$@ M9FES8V%L('EE87(I#0IP87EA8FQE(&EN(&9O=7(@:6YS=&%L;&UE;G1S(&%S M(&9O;&QO=W,Z("0P+C@P(&]N($IU;F4@,S`L(#(P,3$@=&\-"G-H87)E:&]L M9&5R3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1% M3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU2`D,C,Y+#0W,"!A;F0@)#(Q,RPT.#8@;V8@3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P M>#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X- M"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U1% M6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@ M,3!P="!4:6UE28C>#(P,3D[&-E6QE/3-$)U1%6%0M M04Q)1TXZ(&IU6QE/3-$)U=)1%1(.B`X M,"4[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U!!1$1)3D$$P.SPO=&0^ M#0H\=&0@6QE/3-$)T)/4D1%4BU" M3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R)R!C M;VQS<&%N/3-$,CY$96-E;6)E6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L M,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4.B`M,"XQ:6X[(%!! M1$1)3D6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`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`P+C5I;CL@1D].5#H@,3!P="!4:6UE2X@06UOF%T:6]N#0IE>'!E M;G-E('=A2X@ M26X@=&AE(&YE>'0@9FEV92!Y96%R'!E M;G-E(&ES#0IE3L@5$585"U)3D1%3E0Z M(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U) M3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UEF5D(&=A:6YS+RAL;W-S97,I(&]F("0Q,"PW,S<@86YD("@D-2PW,S8I M+`T*#L@1D].5#H@,3!P="!4:6UEF%T:6]N(&ES(&EN M8VQU9&5D(&EN(&EN=&5R97-T(&EN8V]M92!F#L@1D]. M5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z M(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!A8V-O=6YT&5S('5S:6YG('1H92!L:6%B:6QI='D@;65T:&]D(&EN#0IA M8V-O"!A"!R871E M2!T:&4@0V]M<&%N>2!F;W(@=&AE#0IU;G)E;6ET=&5D(&5A M6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ M(#!P>#L@1D].5#H@,3!P="!4:6UE65A<@T*,C`P-RXF(WA!,#LF(WA!,#L@5&AE('1O=&%L(&%M M;W5N="!O9B!U;G)E8V]G;FEZ960@=&%X(&)E;F5F:71S(&%S#0IO9B!$96-E M;6)E$$P.R!!(')E8V]N8VEL:6%T:6]N(&]F('1H92!B M96=I;FYI;F<@86YD(&5N9&EN9R!A;6]U;G0-"F]F('5N$$P M.R8C>$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQT86)L92!S='EL93TS1"=72414 M2#H@.3`E.R!&3TY4.B`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`U-24G/D)A;&%N8V4@870@8F5G M:6YN:6YG(&]F#0IY96%R/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@,3(E)SXR-34L-S0X M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@ M,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`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`\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXT,RPR,#(\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`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`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@ M,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UEF5D('1A>"!B96YE9FET M'!E8W1E9"!T M;R!B92!P86ED('=I=&AI;B!O;F4@>65A3L@34%2 M1TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE2P@86-CF5D#0IT87@@8F5N969I=',@87)E(')E9FQE8W1E M9"!I;B!I;F-O;64@=&%X(&5X<&5N&EM871E;'D@ M)#$P+#@U,"P@)#DL-3@P+"!A;F0@)#(P+#$V,"P@$$P.R!);G1E'!E;G-E("AI;F-O;64I M(&EN8VQU9&5D(&EN(&EN8V]M90T*=&%X(&5X<&5N2!H860@ M;F\@86UO=6YT3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P M>#L@1D].5#H@,3!P="!4:6UE2!F:6QE"!E M>&%M:6YA=&EO;G,@8GD@=&%X(&%U=&AO65A2!T M87@@875T:&]R:71I97,@9F]R('EE87)S('!R:6]R#0IT;R`R,#`V+B8C>$$P M.R!4:&4@0V]M<&%N>2!I2!T87@@875T:&]R:71I97,@ M9F]R('EE87)S('!R:6]R('1O(#(P,#DN/"]P/@T*/'`@3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ M(#!P>#L@1D].5#H@,3!P="!4:6UE'!E;G-E('=AF5D('1O(')E9FQE M8W0@=&AI"!E>'!E;G-E M(&]F("0Q.2PV,3`L#0HD,C0L,#8V+"!A;F0@)#$Y+#65A'!I3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!P M;W-S:6)L92!T:&%T#0IA<'!R;WAI;6%T96QY("0R,"PT.#(@;V8@:71S(')E M#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE M6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=4 M15A4+4%,24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,"XU:6X[($U!4D=) M3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6EN9R!N;W1E$$P.R8C>$$P.SPO<#X-"CQP('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!G28C>#(P,3D[ M2!W M:&5N('1R861E(&-R961I="!I7!I8V%L;'D@:&%V92!B965N('=I=&AI;@T*;6%N86=E;65N="8C>#(P M,3D['!E8W1A=&EO;G,N($-E'1E;F1E9"!T97)M'1E;F1E9"!T97)M M3L@5$585"U)3D1%3E0Z(#`N M-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU2P@82!C=7-T;VUE28C M>#(P,3D[65A<@T*96YD960@1&5C96UB97(@,C8L(#(P,#DN/"]P/@T* M/'`@3L@34%21TE..B`P<'@[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU M3L@34%21TE. M.B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@ M,3!P="!4:6UE2!H87,@;V-C=7)R M960L('1H92!S86QE$$P.R!4:&4@0V]M<&%N>2!R96-O9VYI>F5S M(')E=F5N=64@9G)O;2!T:&4@F5S(')E=F5N=64@:6X@86-C;W)D86YC92!W:71H(&EN9'5S=')Y('-P96-I M9FEC('-O9G1W87)E#0IA8V-O=6YT:6YG(&=U:61A;F-E(&9O6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)' M24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE#(Q,C([(&EN($IA;G5A$$P.R!4:&4@6%L=&EE6%L=&EE2!O;B!A('-T6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X- M"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU#(P,3D[#(P,4,[ M5%!%)B-X,C`Q1#LI+"!A;F0@*&EI:2DF(WA!,#MB97-T(&5S=&EM871E(&]F M('1H90T*$$P.U933T4@9V5N97)A;&QY(&5X:7-T6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU#(Q,C([+"!,355S(&5N86)L92!C=7-T;VUE2!Q=6%R=&5R(&9O6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ M(#!P>#L@1D].5#H@,3!P="!4:6UE2!D971E$9# M.TUA<',@3&EF971I;64@;W(@<')E;6EU;2!T2P@86YD('1H92!P$$P.SPO<#X-"CQP('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&IU2X@1'5E('1O('1H97-E(&-H86YG M97,L('1H90T*0V]M<&%N>2!D971E6QE/3-$)U1%6%0M04Q)1TXZ(&IU M3L@5$585"U) M3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE$9#.TUA<',@3&EF971I;64@86YD('!R96UI=6T@=')A9F9I8PT*2!I M;B!M:60M,C`Q,2P@=&AE($-O;7!A;GD-"F1E=&5R;6EN960@=&AA="!T:&4@ M<')E=FEO=7,@97-T:6UA=&4@;V8@6%L='D@8V]S="!O9B!T:&4-"DQ-52!O2!O3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@ M,3!P="!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ M(#!P>#L@1D].5#H@,3!P="!4:6UE$9#.W9I(#$V.3`-"F%N9"`Q-CDU+"!P#(Q,C([ M('-E$9#.TQI;FL@9F5A='5R92X@5&AE M#0IF:7)S="!D96QI=F5R86)L92!I0T*:&%S(&%L;&]C871E9"!R979E;G5E M(&)E='=E96X@=&AEF5D(&]N(&$@$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU M'!E'!E8W1A=&EO;B!O9B!F=71U#(P,3D[2!A;F0L#0IW:71H('1H92!E>&-E<'1I;VYS(&]F('!R:6-E('!R;W1E8W1I M;VX@86YD(&-E#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE M2!R96-O M"P@=')A9&4@9&ES8V]U;G1S M(&%N9`T*8W5S=&]M97(@3L@5$585"U)3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU#L@1D].5#H@ M,3!P="!4:6UE2P@86YD#0IR96QA=&5D(&1E9F5R3L@5$58 M5"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE M2!D969E6QE/3-$)U1%6%0M04Q) M1TXZ(&IU3L@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU M6QE/3-$)U1%6%0M M04Q)1TXZ(&IU$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J M=7-T:69Y.R!415A4+4E.1$5.5#H@,&EN.R!-05)'24XZ(#!P>#L@1D].5#H@ M,3!P="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ M(&IU$$P M.R8C>$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU2!C;W-T65A2!P97)I;V0@;V8@=&AR964@>65A6QE M/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4 M+4%,24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,&EN.R!-05)'24XZ(#!P M>#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU2P@9G)O;2!T M:6UE('1O#0IT:6UE+"!T:&4@0V]M<&%N>2!P2!B87-I6EN9PT*8V]N6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%, M24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,&EN.R!-05)'24XZ(#!P>#L@ M1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU&EM871E;'D@ M)#$T-2PP,C0L("0Q-#0L-C$S+"!A;F0@)#$U-2PU,C$-"F9O65A M3L@5$585"U)3D1%3E0Z M(#!I;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE M/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU2!O9B!T:&4@0V]M<&%N>28C>#(P,3D[6QE/3-$)U1%6%0M04Q)1TXZ(&IU#L@1D]. M5#H@,3!P="!4:6UE3L@0D%#2T=23U5.1"U#3TQ/4CH@=VAI=&4[($U!4D=)3CH@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y M.R!"04-+1U)/54Y$+4-/3$]2.B!W:&ET93L@34%21TE..B`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@0D%#2T=23U5.1"U# M3TQ/4CH@=VAI=&4[($U!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO8CX\+W`^#0H\ M<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!"04-+1U)/54Y$+4-/ M3$]2.B!W:&ET93L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@ M1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU2!I;F-U M2!T:&4@/&D^4F5S96%R8V@@86YD#0I$979E;&]P;65N=#PO:3X@=&]P:6,@ M;V8@=&AE($9!4T(@05-#+"!C;W-T2!A6EN9PT*8V]N6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO8CX\ M+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!415A4+4E. M1$5.5#H@,&EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`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`N-6EN.R!-05)'24XZ(#!P>#L@ M1D].5#H@,3!P="!4:6UE2!A9&]P=&EO;B!I0T*979A;'5A=&EN9R!W:&EC:"!P6QE/3-$)U1%6%0M M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P M.SPO<#X-"CQP('-T>6QE/3-$)TU!4D=)3CH@,'!X)SX\+W`^#0H\<"!S='EL M93TS1"=-05)'24XZ(#!P>"<^/"]P/@T*/'`@6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&IU6EN9R!A;6]U;G0@;V8@82!R97!O&-E M961S(&ET65A2!I3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V M.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB M-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU M$$P.SPO8CX\+W`^#0H\<"!S='EL M93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,"XU:6X[ M($U!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E2!I;B!A;@T*;W)D97)L>2!T&ET('!R:6-E*2X@5&AE(&%C8V]U;G1I;F<@9W5I9&%N8V4@8VQA M6QE M/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U=)1%1( M.B`Q,#`E.R!"3U)$15(M0T],3$%04T4Z(&-O;&QA<'-E.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)U9%4E1)0T%,+4%, M24=..B!T;W`G/@T*/'1D('-T>6QE/3-$)U=)1%1(.B`Q."4G/DQE=F5L(#$\ M+W1D/@T*/'1D('-T>6QE/3-$)U=)1%1(.B`X,B4G/E5N861J=7-T960@<75O M=&5D('!R:6-E3L@5$585"U)3D1%3E0Z M(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!E;F1E879O#L@ M1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@ M,3!P="!4:6UEF5D(&)E;&]W.CPO<#X-"CQP('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P M+C5I;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE/3-$ M)U=)1%1(.B`Y,"4[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)T9/ M3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&-E;G1E$$P.TUE87-U$$P M.V%S/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5=%24=(5#H@8F]L9"<^)B-X M03`[/"]T9#X-"CPO='(^#0H\='(@$$P.T1E8V5M8F5R)B-X03`[,S$L)B-X03`[,C`Q,3PO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%, M24=..B!B;W1T;VTG/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)T9/3E0M5T5)1TA4 M.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)T9/3E0M5T5)1TA4 M.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&-E;G1E$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\ M=&0@6QE/3-$ M)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/"]T$$P.SPO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`U,B4G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@5TE$ M5$@Z(#DE)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=7 M24142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!R:6=H=#L@5TE$5$@Z(#DE)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X M03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI M9#L@5$585"U!3$E'3CH@;&5F="<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@ M6QE/3-$)T)/4D1%4BU" M3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@6QE M/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S M;VQI9#L@5$585"U!3$E'3CH@$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`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`Y,"4[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE/3-$ M)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&-E;G1E$$P.TUE87-U$$P.V%S/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5=%24=(5#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CPO='(^#0H\='(@$$P.T1E8V5M8F5R)B-X03`[,C4L)B-X03`[,C`Q,#PO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%, M+4%,24=..B!B;W1T;VTG/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)T9/3E0M5T5) M1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)T9/3E0M5T5) M1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&-E;G1E$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^ M#0H\=&0@6QE M/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/"]T$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&-E;G1E$$P.SPO=&0^#0H\=&0@$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!C96YT97(G(&-O;'-P86X],T0R/B8C>$$P.SPO=&0^#0H\=&0^)B-X M03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&-E;G1E6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO M=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/BT\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)B-X03`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`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE28C>#(P,3D[3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE6QE/3-$ M)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D/B8C>$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D/B8C>$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.T5N9&5D/"]T9#X-"CQT M9"!S='EL93TS1"=&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`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`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@,34E)SXR,"PU-C(\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@ M8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!415A4 M+4E.1$5.5#H@+3`N,3)I;CL@4$%$1$E.1RU,1494.B`P+C$R:6XG/@T*5&]T M86P@=6YR96%L:7IE9"!G86EN6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXU+#`S.#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXH-C8L,3`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`R+C5P="!D;W5B;&4[ M(%1%6%0M04Q)1TXZ(')I9VAT)SX-"C(P+#4V,CPO=&0^#0H\=&0@#L@1D].5#H@,3!P="!4:6UE3L@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$ M)U=)1%1(.B`Q,#`E.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)T)/4D1%4BU"3U143TTZ M(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R)R!C;VQS<&%N M/3-$,CY!;6]R=&EZ960F(WA!,#M#;W-T/"]T9#X-"CQT9"!S='EL93TS1"=0 M041$24Y'+4)/5%1/33H@,7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U!!1$1)3D$$P.SPO=&0^#0H\=&0@F5D)B-X03`[1V%I;G,\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ M(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R)R!C;VQS<&%N M/3-$,CY/=&AE$$P.U1H86X\8G(@+SX-"E1E;7!O3QB6QE/3-$)T)/4D1%4BU"3U14 M3TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R)R!C;VQS M<&%N/3-$,CY%$$P.RA.970F(WA!,#M#87)R>6EN9SQB6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@ M.24G/C8R-BPW-S8\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=72414 M2#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^*3PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q M)2<^)#PO=&0^#0H\=&0@6QE/3-$)U=)1%1( M.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT.R!724142#H@.24G/C8S."PV,C8\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X- M"CPO='(^#0H\='(@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4.B`M,"XQ,FEN.R!0041$24Y'+4Q% M1E0Z(#`N,3)I;B<^#0I/8FQI9V%T:6]N$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@34%2 M1TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE2!O9B!T:&4@8V]M<&%N>28C>#(P,3D[ M6QE/3-$)TU!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO<#X-"CQT M86)L92!S='EL93TS1"=724142#H@,3`P)3L@1D].5#H@,3!P="!4:6UE$$P.SPO=&0^#0H\=&0@F5D)B-X03`[0V]S=#PO=&0^#0H\ M=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI M9#L@5$585"U!3$E'3CH@8V5N=&5R)R!C;VQS<&%N/3-$,CY'$$P M.SQB$$P.T=A:6YS/"]T9#X-"CQT9"!S='EL M93TS1"=0041$24Y'+4)/5%1/33H@,7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@ MF5D/&)R("\^#0I,;W-S97,\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1) M3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U!! M1$1)3D$$P.SPO=&0^#0H\=&0@$$P M.SQB6QE/3-$)U=)1%1(.B`T,"4G/DUO$$P.SPO=&0^#0H\=&0@ M6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%=)1%1(.B`Q)2<^*3PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C4R-RPV-#,\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/D%U8W1I;VX@4F%T92!396-U6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXH-2PP,S<\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/BD\+W1D/@T* M/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT)SXQ-C`L-C$X/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)SXQ-3$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)SXH,2PR-S0\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/BD\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\ M=&0@6QE M/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E' M3CH@;&5F="<^#0HF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)T)/4D1%4BU" M3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!! M1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI M9#L@5$585"U!3$E'3CH@;&5F="<^)#PO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U!! M1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$ M)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@ M3L@5$585"U) M3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ M(#!P>#L@1D].5#H@,3!P="!4:6UE2P@=V5R92!C875S960@<')I;6%R M:6QY#0IB>2!C:&%N9V5S(&EN(&EN=&5R97-T(')A=&5S(&%N9"!CFEN9R!T:&4@<&]T M96YT:6%L(')I2!D M;V5S(&YO="!I;G1E;F0@=&\@2!W:6QL(&)E(')E<75I2!O9B!T:&5I2!I;B!M87)K970@=F%L=64N($1U3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE2!H879E M('1H92!R:6=H="!T;R!P3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE$$P.SPO=&0^#0H\=&0@$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!C96YT97(G(&-O;'-P86X],T0R/D5S=&EM871E9#PO=&0^#0H\=&0^ M)B-X03`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`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`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0M86QI9VXZ(&IU$$P.SPO M<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE3L@ M=&5X="UI;F1E;G0Z(#`N-6EN)SX-"E)E;G1A;"!E>'!E;G-E(')E;&%T960@ M=&\@;V9F:6-E+"!E<75I<&UE;G0L('=A65A2!R96-O9VYI>F5S(')E;G1A;"!E M>'!E;G-E(&]N(&$-"G-T'0M86QI9VXZ M(&IU'0M:6YD96YT.B`P+C5I;B<^#0HF(WA!,#L\+W`^#0H\ M<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E'0M86QI9VXZ(&IU'0M M:6YD96YT.B`P+C5I;B<^#0HF(WA!,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^ M#0I&=71U'0M86QI9VXZ(&-E;G1E M$$P.SPO<#X-"CQT86)L92!C M96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P(&%L:6=N/3-$8V5N=&5R M('-T>6QE/3-$)W=I9'1H.B`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`[/"]T9#X-"CQT M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(')I9VAT)SX-"C8L-#(S/"]T9#X-"CQT9"!S='EL93TS1"=P M861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\ M+W1D/@T*/"]T$$P.SPO M=&0^#0H\=&0@6QE M/3-$)V)O'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE$$P M.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX-"D-E2!A(&)A;FLL#0IS M96-U2X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^#0HF(WA!,#L\ M+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^#0I);B!T:&4@;F]R;6%L(&-O=7)S92!O M9B!B=7-I;F5S28C>#(P,3D[ M'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA'0^/&1I=CX-"CQP('-T M>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^#0H\8CXU+B!% M;7!L;WEE92!"96YE9FET(%!L86YS/"]B/CPO<#X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^#0HF(WA!,#L\+W`^#0H\<"!S M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M'0M86QI9VXZ(&IU'0M:6YD M96YT.B`P+C5I;B<^#0I'24D@&EM=6T@;&EM:71A=&EO;G,-"F%N9"!T;R!W:&EC:"!' M24D@8V]N=')I8G5T97,@82!S<&5C:69I960@<&5R8V5N=&%G92!O9B!E86-H M#0IP87)T:6-I<&%N="8C>#(P,3D[65A'!E;G-E(')E;&%T960@=&\@=&AE28C>#(P M,3D[65A'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&5S/&)R/CPO#L@1D].5#H@ M,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)' M24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE28C>#(P,3D[3L@34%21TE..B`P M<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`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`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T], M3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL M93TS1"=0041$24Y'+4Q%1E0Z(#EP=#L@5TE$5$@Z(#8T)2<^0W5R6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%=)1%1(.B`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`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXS+#8W,CPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-! M3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=0041$24Y'+4Q%1E0Z M(#EP="<^0W5R6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR,BPS-C,\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS,2PQ,#D\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`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`R+C5P="!D;W5B;&4[(%1%6%0M04Q)1TXZ M(')I9VAT)SX-"C8S+#(V-3PO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D6QE M/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O=6)L93L@5$585"U! M3$E'3CH@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O M=6)L93L@5$585"U!3$E'3CH@;&5F="<^#0HD/"]T9#X-"CQT9"!S='EL93TS M1"="3U)$15(M0D]45$]-.B!B;&%C:R`R+C5P="!D;W5B;&4[(%1%6%0M04Q) M1TXZ(')I9VAT)SX-"C$P-"PW,#$\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%!!1$1)3D#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU M6EN9R!T:&4@52Y3+B!S=&%T=71O3L@34%21TE..B`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`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`Q)2<^ M)#PO=&0^#0H\=&0@6QE/3-$)U=) M1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C(X-RPR,C@\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T M9#X-"CPO='(^#0H\='(@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4.B`M,"XQ:6X[(%!!1$1)3D"!E9F9E8W0\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR M+#0X,CPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M M24Y$14Y4.B`M,"XQ:6X[(%!!1$1)3D6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXH,3,L,3(W/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXI/"]T9#X-"CQT9#XF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/BD\+W1D M/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$ M14Y4.B`M,"XQ:6X[(%!!1$1)3D$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT)SXH,3`R+#$P,#PO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT)SXT,2PT,#`\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@ M8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!415A4 M+4E.1$5.5#H@+3`N,6EN.R!0041$24Y'+4Q%1E0Z(#`N,6EN)SY/=&AE<@T* M9F]R96EG;B!T87AE$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)SXR-BPW,#<\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`Q,2P@87,-"G!R97-E;G1E M9"!A8F]V92P@=&AE(&%M;W5N=',@2!R871E#0IW;W5L9"!B92!A<'!R;WAI;6%T96QY("0Q-3@L-S$V M(&QO=V5R+"!O"!R871E M(&1I9F9E2!A('-I;6EL87(@ M86UO=6YT('1O#0HD,3`L-C4X+B!&;W(@,C`Q,"P@=&AE(&%M;W5N=',@2!T:&4@6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE28C>#(P,3D[2X@5&AE(%1A:7=A M;B!T87@@:&]L:61A>2!B96YE9FET0T*8W5R7,@=&AR;W5G:`T*,C`Q-BP@ M870@=VAI8V@@=&EM92!T:&5S92!T87@@8F5N969I=',@;6EG:'0@97AP:7)E M+CPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE6EN9R!A;6]U;G1S(&]F(&%S"!P=7)P;W-E28C>#(P,3D[3L@34%21TE..B`P M<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`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`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!6 M15)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T.R!0041$24Y'+4Q%1E0Z(#EP=#L@5TE$5$@Z(#6QE/3-$)U=) M1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C(L,3DV/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^)B-X03`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`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR+#6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H M:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!0041$24Y'+4Q%1E0Z(#EP="<^56YR96%L:7IE M9`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`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`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR."PT,S$\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L,C4U+#(P-"D[ M(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT)SXR."PY,#4\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ,"PV-S$\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)4 M24-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T.R!0041$24Y'+4Q%1E0Z(#EP="<^3F5T(&]P97)A=&EN9PT*;&]S M6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ-RPW.#`\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`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`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`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT)SXS+#`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`P M<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P M="!4:6UE2!R96-O9VYI>F5D(&$@)#(Y+#8Q-2!D969E"!B96YE9FET(&]F('1H92!F M86ER(&UA"!R97!O3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!H860@)#,S+#,W M.2!O9B!T87@@8W)E9&ET#0IC87)R>6]V97(@=VAI8V@@:6YC;'5D97,@)#,Q M+#(T,"!O9B!486EW86X@'!I2`D,30L,369O M6QE/3-$)U1%6%0M M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P M="!4:6UE6EN9R!A;6]U;G1S(&)E='=E96X@,C`R,B!A M;F0@,C`R-2P@)#$T+#'!I0T*:&%S(')E8V]R9&5D(&$@ M=F%L=6%T:6]N(&%L;&]W86YC92!F;W(@82!P;W)T:6]N(&]F(&ET2!D971E&ES=&5N8V4@ M;V8@F4@;6]R92!O'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)' M24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!T:&4@/&D^1FEN86YC:6%L($EN3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE6QE/3-$)U9%4E1)0T%,+4%,24=. M.B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L M86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R)R!C;VQS<&%N/3-$ M-CY$96-E;6)E$$P.S,Q+"8C>$$P.S(P,3$\+W1D/@T*/'1D('-T>6QE M/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/D-A$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@ M6EN9SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U!! M1$1)3D$$P.SPO=&0^#0H\=&0@6QE M/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E' M3CH@8V5N=&5R)R!C;VQS<&%N/3-$,CY686QU93PO=&0^#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U! M3$E'3CH@8V5N=&5R)R!C;VQS<&%N/3-$,CY!;6]U;G0\+W1D/@T*/'1D('-T M>6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U1%6%0M04Q)1TXZ(&-E M;G1E$$P.SPO=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!C96YT97(G(&-O;'-P86X],T0R/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[ M/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&-E;G1E6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^ M#0H\=&0@6QE/3-$ M)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T M=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SY297-T$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXQ+#(W-SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXX,#$L.#$Y M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\ M+W1D/@T*/"]T#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6%B;&4@86YD(&]T:&5R(&%C8W)U960-"FQI86)I;&ET:65S+"!T:&4@ M8V%R'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/&1I=CX- M"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M2<^#0H\ M8CXX+B!396=M96YT($EN9F]R;6%T:6]N/"]B/CPO<#X-"CQP('-T>6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^#0HF(WA!,#L\+W`^#0H\ M<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E'0M86QI9VXZ(&IU'0M M:6YD96YT.B`P+C5I;B<^#0I"96=I;FYI;F<@:6X@,C`Q,2P@9F]R(&5X=&5R M;F%L(')E<&]R=&EN9R!P=7)P;W-E2X@4')I;W(@=&\@,C`Q,2P@=&AE($]U=&1O;W(@86YD($9I=&YE M7!E2!S:&]U;&0-"FYO=R!B92!R M97!O'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^#0HF(WA!,#L\+W`^#0H\<"!S='EL93TS M1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P M+C5I;B<^#0I!;&P@;V8@=&AE($-O;7!A;GDF(W@R,#$Y.W,@28C>#(P,3D[#(P,3D[ M2X@5&AE($-O;7!A;GDF(W@R,#$Y.W,@;6%R:6YE+"!A=71O+VUO M8FEL92P@;W5T9&]O2!T;R!R971A M:6P@;W5T;&5T2!I;B!4 M86EW86XN#0I4:&4@0V]M<&%N>28C>#(P,3D[2!T;R!A=FEA M=&EO;B!D96%L97)S(&%N9"!C97)T86EN#0IA:7)C6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX-"B8C>$$P.SPO<#X-"CQP('-T M>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E M;G0Z(#`N-6EN)SX-"E1H92!#;VUP86YY)B-X,C`Q.3MS($-H:65F($5X96-U M=&EV92!/9F9I8V5R(&AA&5S(&]F(&5A8V@@&5S(')E<')E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M3L@=&5X M="UI;F1E;G0Z(#`N-6EN)SX-"B8C>$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN M)SX-"E1H92!#;VUP86YY)B-X,C`Q.3MS(')E<&]R=&%B;&4@2!C;VUM;VX-"G)E2!D;V5S(&YO="!R97!O2!A;F0@97%U:7!M M96YT+"!I;G1A;F=I8FQE(&%S6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX-"E)E M=F5N=65S+"!I;G1E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^#0HF(WA! M,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^#0H\+W`^#0H\<"!S='EL93TS1"=F M;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I M;B<^#0HF(WA!,#L\+W`^#0H\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS M<&%C:6YG/3-$,"!S='EL93TS1"=W:61T:#H@.30E.R!F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W9E6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C M96YT97(G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!C96YT97([(&)O$$P.S,Q+"8C>$$P.S(P,3$\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I M;F6QE/3-$)V9O;G0M=V5I M9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/@T* M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"B8C>$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^ M#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D(&-O;'-P M86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!C96YT97(G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!S='EL M93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX- M"D%U=&\O/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`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`[/"]T9#X-"CQT9"!C M;VQS<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B0\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)3L@=&5X M="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T M:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXS-C,L,C(S/"]T9#X-"CQT9"!S='EL M93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)#PO=&0^#0H\ M=&0@6QE/3-$)W=I9'1H.B`Q)2<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI M9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X M="UA;&EG;CH@6QE/3-$)W=I M9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=W:61T:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXQ+#4Y,"PU.3@\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F M="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24G/B8C>$$P M.SPO=&0^#0H\=&0@'0M86QI M9VXZ(')I9VAT)SXR+#6QE/3-$)W=I9'1H M.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/D%L;&]C871E9"!I;G1E$$P M.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SXT+#0Y-CPO=&0^#0H\=&0@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT)SXQ.2PW.3`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SXS,BPX,3(\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/D%L;&]C871E9"!I;G1E'!E;G-E/"]T9#X-"CQT M9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SXM/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXM/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/DEN8V]M92!B969O&5S/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0^)B-X03`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`\+W1D/@T*/'1D('-T>6QE/3-$ M)W!A9&1I;F$$P M.SPO=&0^#0H\=&0@$$P M.SPO=&0^#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D M(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!C96YT97(G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!C;VQS<&%N/3-$ M,B!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N M=&5R)SX-"D%U=&\O/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@ M8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@ M8F]L9"<^)B-X03`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`[/"]T9#X- M"CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE M9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG M;CH@6QE/3-$)W=I9'1H.B`Q M)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=W:61T:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXS,3DL,3$Y/"]T9#X-"CQT M9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)#PO M=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y M)3L@=&5X="UA;&EG;CH@6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=W:61T:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXQ+#8V M."PY,SD\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG M;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24G M/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXR+#8X.2PY,3$\+W1D/@T*/'1D('-T>6QE/3-$ M)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CPO M='(^#0H\='(@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/D%L;&]C871E9"!I;G1E$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SXR+#,T-SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SXQ."PR,C4\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ-3`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"B8C>$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^ M#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D(&-O;'-P M86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!C96YT97(G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!S='EL M93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX- M"D%U=&\O/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`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`[/"]T9#X-"CQT9"!C M;VQS<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B0\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)3L@=&5X M="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T M:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXR.3DL,S`P/"]T9#X-"CQT9"!S='EL M93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)#PO=&0^#0H\ M=&0@6QE/3-$)W=I9'1H.B`Q)2<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI M9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X M="UA;&EG;CH@6QE/3-$)W=I M9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=W:61T:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXR+#`U-"PQ,C<\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F M="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24G/B8C>$$P M.SPO=&0^#0H\=&0@'0M86QI M9VXZ(')I9VAT)SXR+#DT-BPT-#`\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H M.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/D%L;&]C871E9"!I;G1E$$P M.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ+#0V.3PO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SXM/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA! M,#L\+W1D/@T*/"]T$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXX M,#@L-C4Q/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF M(WA!,#L\+W1D/@T*/"]T'0M86QI9VXZ(&-E;G1E'0M86QI9VXZ(&IU'0M:6YD96YT M.B`P+C5I;B<^#0I.970@2!A;F0@97%U:7!M96YT*2P@86YD(&YE=`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`[ M/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA M;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0@'0M M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T* M/"]T6QE/3-$)W=I9'1H.B`Q)2<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ M(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X="UA M;&EG;CH@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W M:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24G/B8C>$$P.SPO M=&0^#0H\=&0@'0M86QI9VXZ M(')I9VAT)SXY.#,L,#`T/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[ M('1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q M)3L@=&5X="UA;&EG;CH@;&5F="<^)#PO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/DQO;F<@;&EV960@87-S M971S/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXS+#(U-BPU.#$\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T M97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG M;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H M=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H M=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS M1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[ M/"]T9#X-"CPO='(^#0H\='(@$$P M.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXS M+#`T.2PU-C(\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!R:6=H="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H M=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^ M)B-X03`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`[ M/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA M;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/DYE="!S86QE M'1E$$P.SPO=&0^ M#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ-#DL M.3(P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SXQ+#0V-RPY,#,\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ.3`L-CDU/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W M.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T M-CDR+U=O'0O:'1M;#L@8VAA3L@ M5$585"U)3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q) M1TXZ(&IU$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T M:69Y.R!415A4+4E.1$5.5#H@,&EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P M="!4:6UE3L@5$585"U)3D1%3E0Z(#!I M;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU2!S=&]C:R!C;VUP96YS871I M;VX@<&QA;G,@87)E('-U;6UA2!S:&%R97,@9F]R(&]P=&EO;B]3 M05(@97AE$$P.SPO<#X-"CQP('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q) M1TXZ(&IU3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE#(P M,4,[4E-5#(P,40[*0T*86YD+V]R('!E65A65A3L@5$585"U)3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U1%6%0M04Q) M1TXZ(&IU3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE#(P,4,[4E-5#(P,40[*0T*86YD+V]R('!E65A2!E>'!I6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%, M24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,&EN.R!-05)'24XZ(#!P>#L@ M1D].5#H@,3!P="!4:6UE2!);F-E;G1I=F4@4&QA;CPO8CX\+W`^#0H\<"!S='EL M93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,"XU:6X[ M($U!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&IU#(P,4,[,C`P,"!0;&%N M)B-X,C`Q1#LI('!R;W9I9&EN9R!F;W(@9W)A;G1S(&]F(&EN8V5N=&EV92!A M;F0-"FYO;G%U86QI9FEE9"!S=&]C:R!O<'1I;VYS+"!S=&]C:R!A<'!R96-I M871I;VX@2!D:60@;F]T(&=R86YT(&%N>2!S=&]C:R!A=V%R9',@9G)O;2!T:&4@ M,C`P,`T*4&QA;B!I;B`R,#$Q+"`R,#$P(&]R(#(P,#DN/"]P/@T*/'`@3L@5$585"U)3D1%3E0Z(#!I;CL@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)U1% M6%0M04Q)1TXZ(&IU65E($1I#(P,3D[($]P M=&EO;B!0;&%N/"]B/CPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU M3L@5$585"U) M3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2P@=V5R92!G#L@1D]. M5#H@,3!P="!4:6UE3L@5$585"U)3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE65A$$P.SPO<#X- M"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE M/3-$)U=)1%1(.B`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`[/"]T M9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=% M24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M M0D]45$]-.B!B;&%C:R`Q<'0@$$P.V]F M)B-X03`[4VAA$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X03`[/"]T9#X-"CPO M='(^#0H\='(@6QE/3-$)U!!1$1)3D$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXQ,"PQ,#D\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S M='EL93TS1"=0041$24Y'+4Q%1E0Z(#EP="<^1W)A;G1E9#PO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXD M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^,S,N-#0\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SXR-#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`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`[/"]T9#X-"CQT M9"!S='EL93TS1"=&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!&3TY4+5=%24=(5#H@8F]L M9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H M=#L@1D].5"U714E'2%0Z(&)O;&0G/C$L,#0Y/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[ M/"]T9#X-"CPO='(^#0H\+W1A8FQE/@T*/'`@3L@5$585"U)3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$58 M5"U)3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6QE M/3-$)U=)1%1(.B`Y,"4[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE$$P.T]P=&EO;G,F(WA!,#MA M;F0F(WA!,#M305)S)B-X03`[87,F(WA!,#MO9B8C>$$P.T1E8V5M8F5R)B-X M03`[,S$L)B-X03`[,C`Q,3PO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)U9% M4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&-E;G1E6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ M(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@1D].5"U35%E,13H@ M:71A;&EC)R!C;VQS<&%N/3-$,CX-"BA);B8C>$$P.U1H;W5S86YD6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X03`[/"]T M9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&-E;G1E6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@1D].5"U3 M5%E,13H@:71A;&EC)R!C;VQS<&%N/3-$,CX-"BA);B8C>$$P.U1H;W5S86YD M6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X M03`[/"]T9#X-"CPO='(^#0H\='(@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/B8C>$$P.SPO=&0^#0H\ M=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)R!C;VQS<&%N/3-$,CXF(WA!,#L\+W1D/@T* M/'1D/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]5 M3D0M0T],3U(Z(')G8B@R,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B M;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!72414 M2#H@-#`E)SXD."XP,"`M)#(P+C`P/"]T9#X-"CQT9"!S='EL93TS1"=72414 M2#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!724142#H@,36QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@ M,36QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT.R!724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ+#4S M,#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!R:6=H="<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!R:6=H="<^,2PT-C,\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L,C4U+#(P-"D[ M(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT)SXD-#`N,#$@+2`D-C`N,#`\+W1D/@T*/'1D/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SXU+C,V/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ+#$Y.#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!R:6=H="<^)B-X03`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`P-SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXW+#`P,3PO M=&0^#0H\=&0@3L@5$585"U)3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U) M3D1%3E0Z(#!I;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$ M)U=)1%1(.B`Y,"4[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)U!!1$1)3D6QE/3-$)T)/ M4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N M=&5R.R!&3TY4+5=%24=(5#H@8F]L9"<@8V]L$$P.U-T;V-K)B-X03`[56YI=',\+W1D/@T*/'1D('-T>6QE/3-$)U!! M1$1)3D$$P M.SPO=&0^#0H\=&0@$$P M.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P M.T9A:7(F(WA!,#M686QU93PO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0@$$P M.U-H87)E$$P.SPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!C96YT97([($9/3E0M4U193$4Z(&ET86QI M8R<@8V]L6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U1%6%0M04Q)1TXZ(&-E M;G1E6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97([($9/3E0M4U19 M3$4Z(&ET86QI8R<@8V]L6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X03`[/"]T9#X-"CPO='(^ M#0H\='(@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G M/C$Y+C4Y/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!7 M24142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!R:6=H=#L@5TE$5$@Z(#DE)SXQ+#`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`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4)/5%1/33H@,7!T.R!& M3TY4+5=%24=(5#H@8F]L9"<^)#PO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U! M3$E'3CH@;&5F=#L@1D].5"U714E'2%0Z(&)O;&0G/@T*)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`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`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE M6QE/3-$)U1%6%0M M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P M="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ M(&IU3L@5$585"U)3D1% M3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U9%4E1)0T%, M+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E M;G1E6QE/3-$)U!!1$1)3D6QE/3-$ M)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P M="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R.R!&3TY4+5=%24=(5#H@8F]L M9"<@8V]L$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@ M,24G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SXP+C0P-S@\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXP+C0Q-S@\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT)SXV+C,\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`P<'@[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U) M3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!S=6)J96-T M:79E#0IA'!E8W1E9"!S=&]C M:R!P6QE/3-$)U1%6%0M04Q) M1TXZ(&IU3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE2X@06=G&5R8VES M92!P3L@5$585"U)3D1%3E0Z(#!I;CL@34%21TE. M.B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q) M1TXZ(&IU65E(%-T;V-K(%!U3L@5$585"U)3D1%3E0Z(#!I;CL@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@ M1D].5#H@,3!P="!4:6UE2`R,#$P+B!3:&%R97,@=VEL M;"!B92!O9F9E65E2!A&EM871E;'D@,2PU-C$L M,#8V#0IS:&%R97,@=V5R92!A=F%I;&%B;&4@9F]R(&9U='5R92!I'1087)T7S,P-C1E,SDS7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0M M86QI9VXZ(&IU'0M:6YD96YT.B`P:6XG/@T*/&(^,3`N($5A M'0M86QI9VXZ(&IU'0M:6YD96YT.B`P:6XG/@T*/&(^ M)B-X03`[/"]B/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@ M8F]L9"<^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W=I9'1H.B`V-"4[('1E>'0M86QI9VXZ(&QE9G0[('1E M>'0M:6YD96YT.B`M,"XQ:6X[('!A9&1I;F'0M86QI9VXZ(&QE M9G0[(&)O'0M86QI9VXZ(')I9VAT M.R!B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4G/@T*-S`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`[/"]T9#X-"CQT9"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@ M=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@$$P.SPO M=&0^#0H\=&0@'0M86QI M9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('1E>'0M:6YD96YT.B`M,"XQ:6X[('!A9&1I;F6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^,3DT+#$P-3PO=&0^ M#0H\=&0@'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E65E('-T;V-K+6)A$$P.SPO=&0^#0H\=&0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H=#L@ M8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"C'0M86QI9VXZ(&QE M9G0[('!A9&1I;F$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!" M;&%C:R`Q<'0@6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O M='1O;3H@,7!T)SX-"B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!P861D:6YG+6)O='1O;3H@,BXU<'0G/B8C>$$P.SPO=&0^#0H\=&0@ M'0M86QI9VXZ(&QE9G0[ M(&)O6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L M:6=N.B!R:6=H=#L@8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE M)SX-"C$Y-"PX.30\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,BXU<'0G M/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9#L@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T.R!B M;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4G/@T*)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG M;CH@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[(&)O6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!B;W)D M97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4G/@T*,C`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`[/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU M<'0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T M=&]M.B!";&%C:R`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9#L@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T.R!B M;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4G/@T*)#PO=&0^#0H\ M=&0@'0M86QI9VXZ(')I M9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4G/@T*,BXY M-3PO=&0^#0H\=&0@'0M M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F$$P M.SPO=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX-"B8C M>$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0O;F]R;6%L(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI M9VXZ(&IU3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y M,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R M93$T-CDR+U=O'0O:'1M;#L@8VAA#(P,3D[2!H M860@'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I M;B<^#0HF(WA!,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI M9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^#0I);B!A9&1I=&EO M;BP@-3(R+#@U-B!S:&%R97,@F5R;&%N9"!O;B!*=6YE(#(W+"`R,#$P+`T*8G5T(&9O2!S:&%R97,@9'5R:6YG('1H92`Q,RUW M965K6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E M;G0Z(#`N-6EN)SX-"B8C>$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX-"E1H M92!";V%R9"!O9B!$:7)E8W1O3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V M.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB M-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE#L@1D].5#H@,3!P="!4:6UE3L@5$585"U)3D1%3E0Z(#`N,C5I;CL@34%21TE..B`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!C:&%N9V5D('1H92!P;&%C M92!O9B!I;F-O2!O9B!'87)M:6X@9G)O;2!T:&4@0V%Y;6%N#0I)6QE/3-$)U1%6%0M04Q) M1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6UA;BD@9F]R;65D($=A MF5R;&%N9"D@87,@80T*9&ER96-T('-U8G-I9&EA M6UA M;BD-"G!E=&ET:6]N960@=&AE($-A>6UA;B!#;W5R="!T;R!O6UA;@T*0V]U2!S:&%R96AO;&1E<@T*87!P$$P.T]N($IU;F4F M(WA!,#LT+"`R,#$P+"!A(&AE87)I;F<@=V%S(&AE;&0@8GD@=&AE#0I#87EM M86X@0V]U6UA;B!#;W5R M="!W87,@87-K960@=&\@86YD#0ID:60@87!P2P@2G5N928C>$$P.S(W+"`R,#$P("AT:&4@ M)B-X,C`Q0SM4#(P,40[*2X\+W`^#0H\<"!S M='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,"XR M-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@ M,3!P="!4:6UE2!F;VQL;W=I;F<@=&AE(%1R86YS86-T:6]N(%1I;64L('1H92!F M;VQL;W=I;F<@6QE/3-$)U1% M6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQT86)L92!S='EL93TS1"=-05)'24XM5$]0 M.B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE"<@8V5L;'-P86-I;F<],T0P(&-E;&QP M861D:6YG/3-$,"!W:61T:#TS1#$P,"4^#0H\='(@2<^86QL(&ES6QE/3-$)TU!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P M+C(U:6XG/C(N/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!J=7-T M:69Y)SYI;B!C;VYS:61E6UA;BD@8V]M;6]N('-H87)EF5R;&%N9"DL(&%N9`T* M*&(I)B-X03`[:6YCF5R;&%N9"D@:7-S=65D('1O('1H92!'87)M:6X@3'1D+B`H M0V%Y;6%N*0T*2!T0T*1V%R;6EN($QT9"X@ M*$-A>6UA;BD@=&\@:71S('-U8G-I9&EA2!I;F-E;G1I M=F4@<&QA;G,@9F]R#0IE;7!L;WEE97,@86YD(&]T:&5R(&=E;F5R86P@8V]R M<&]R871E('!U6QE/3-$)U1%6%0M04Q)1TXZ(&IU"`P M<'@@,"XU:6X[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N,C5I;CL@34%21TE..B`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6UA;BD@8F5C86UE('-H87)E:&]L M9&5RF5R;&%N9"DN($EN(&%D9&ET:6]N+"!'87)M:6X@3'1D M+B`H4W=I='IE#(P,3D[&ES=&EN9PT* M;V)L:6=A=&EO;G,@:6X@8V]N;F5C=&EO;B!W:71H(&%W87)D#(P,3D[0T*87=A M2!'87)M:6X@3'1D+B`H0V%Y;6%N*0T*=&AA="!A M&5R8VES86)L92!I M;G1O(&-O;6UO;@T*&5R8VES86)L M92P@87,@=&AE(&-A6QE M/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&IU2!O;B!*=6QY(#(V+"`R,#$P+"!'87)M:6X@3'1D+B`H M0V%Y;6%N*2!R96QO8V%T960@:71S#0IR96=IF5R;&%N9"!A;F0@8VAA;F=E9"!I=',@;F%M92!T;R!'87)M:6X-"E-W M:71Z97)L86YD($=M8D@N("8C>$$P.U1H92!R97!O0T*86QS;R!C:&%N9V5D('1O('1H870@;V8@ M1V%R;6EN($QT9"X@*%-W:71Z97)L86YD*2X-"B8C>$$P.T%C8V]R9&EN9VQY M+"!C;VUM;VX@2`D,2PW.38L-#0X('1O M#0HD,2PW.36QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[($U!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P M="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M($U!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE$$P.SPO M<#X-"CQT86)L92!S='EL93TS1"=724142#H@,3`P)3L@1D].5#H@,3!P="!4 M:6UE$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/D]U='-T86YD:6YG/"]T M9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@3PO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT M97(G(&-O;'-P86X],T0R/E-H87)E6QE/3-$)U1%6%0M04Q)1TXZ(&-E M;G1E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`T,"4G/D1E8V5M M8F5R(#(U+"`R,#$P/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT.R!724142#H@.24G/C$Y-"PS-3@L,#,X/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@5TE$5$@Z(#DE M)SXQ,RPW,3DL,S@P/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!724142#H@,24G/CQS=7`^,CPO$$P.SPO=&0^#0H\=&0@ M6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@5TE$5$@Z(#DE)SXR,#@L M,#$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@5TE$5$@Z(#DE)SXQ,#0L,#,X M+#6QE/3-$ M)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T.R!724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q M)2<^/'-U<#XT/"]S=7`^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ+#$T M.2PV-#4\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/CQS M=7`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`R,#$Q/"]T9#X-"CQT9#XF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ,#0L,#,X+#3L@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)TU!4D=) M3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P+C(U:6XG/CQS=7`^,3PO M6QE M/3-$)TU!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P+C(U:6XG M/CQS=7`^,CPO6QE/3-$)U9%4E1) M0T%,+4%,24=..B!T;W`G/@T*/'1D('-T>6QE/3-$)U=)1%1(.B`P<'@G/CPO M=&0^#0H\=&0@2!E>&-L=61E"<@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!W M:61T:#TS1#$P,"4^#0H\='(@"<^/"]T9#X-"CQT9"!S='EL M93TS1"=724142#H@,"XR-6EN)SX\&5R8VES92!O9B!O<'1I;VX@F5D('1O(&ES M6QE/3-$)TU!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P M="!4:6UE6QE/3-$ M)U=)1%1(.B`P+C(U:6XG/CQS=7`^-3PO65A2!T2X@5&AE#L@1D].5#H@,3!P="!4:6UE#L@ M1D].5#H@,3!P="!4:6UE2!B90T*9F]U;F0@ M:6X@=&AE('!R;WAY('-T871E;65N="!A;F0@1F]R;2`X+4$O02!R96=I2X\+W`^ M#0H\+V1I=CX\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3L@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU65A28C>#(P,3D[0T*;V)L:6=A=&EO;G,@ M87)E(&)A2!R97-E M6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO8CX\+W`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`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%=)1%1(.B`Q)3L@1D].5"U714E'2%0Z(&)O;&0G/@T*)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=) M1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`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`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5? M9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA2!);F9O3L@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M2!);F9O#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`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`[/"]T9#X- M"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=%24=( M5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M0D]4 M5$]-.B!B;&%C:R`Q<'0@$$P M.S(T)B-X03`[/'-U<#XH,BD\+W-U<#X\+V(^/"]T9#X-"CQT9"!S='EL93TS M1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!& M3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=" M3U)$15(M0D]45$]-.B!B;&%C:R`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`Y+#0W-SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M5T5)1TA4.B!B;VQD)SXF(WA! M,#L\+W1D/@T*/"]T6QE/3-$ M)U=)1%1(.B`Y,24[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P M.S(U+"8C>$$P.S(P,3`\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.T5N9&EN M9SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&-E;G1E6QE/3-$ M)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/ M4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N M=&5R.R!&3TY4+5=%24=(5#H@8F]L9"<@8V]L$$P M.S(V/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!& M3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=0 M041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`Q<'0@ M$$P.S(U)B-X03`[/'-U<#XH M,2D\+W-U<#X\+V(^/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/ M33H@,7!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=%24=(5#H@8F]L M9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M0D]45$]-.B!B M;&%C:R`Q<'0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)T9/3E0M5T5) M1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^ M#0H\=&0@6QE/3-$)U=)1%1(.B`Q M)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT.R!724142#H@.24G/C6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR M,S`L.3`Y/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXS-SDL-SDS/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS-RPS,CD\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T)SXD/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!R:6=H="<^,"XV.#PO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT)SXQ+C0S/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\ M=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/"]T M86)L93X-"CQP('-T>6QE/3-$)TU!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO<#X-"CQP M('-T>6QE/3-$)TU!4D=)3CH@,'!X(#!P>"`P<'@@,"XR-6EN.R!&3TY4.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E"!P;W-I=&EO;@T*2!T:&4@86UO=6YT(&]F('1H92!S971T;&5M M96YT(&9O#L@1D].5#H@,3!P M="!4:6UE"`P<'@@,'!X(#`N,C5I;CL@1D]. M5#H@,3!P="!4:6UE2X@5&AE(&EM<&%C="!T;R!N970-"G-A;&5S+"!G6QE M/3-$)TU!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E$$P.SPO<#X-"CQP('-T>6QE/3-$)TU!4D=) M3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U1%6%0M04Q)1TXZ(&IU M2!F:6YA;F-I86P@9&%T82!I2!F;W(@82!F86ER('!R97-E;G1A=&EO;B!O9@T*=&AE M('-E;&5C=&5D(&1A=&$@9F]R('1H97-E(&EN=&5R:6T@<&5R:6]D'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U9%4E1) M0T%,+4%,24=..B!T;W`G/@T*/'1D('-T>6QE/3-$)U=)1%1(.B`P+C(U:6XG M/CPO=&0^#0H\=&0@2<^3F%V:6=O;B!!1R`H)B-X,C`Q0SM.879I9V]N)B-X,C`Q1#LI+`T* M82!P#L@1D].5#H@,3!P="!4 M:6UE6QE/3-$)U9%4E1)0T%,+4%,24=..B!T;W`G/@T*/'1D M('-T>6QE/3-$)U=)1%1(.B`P+C(U:6XG/CPO=&0^#0H\=&0@2<^5')I+51R;VYI8W,@26YC M+BP@=&AE(&QE861I;F<-"F1E3L@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)TU!4D=) M3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P+C(U:6XG/CQF;VYT M/B8C>$(W.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&IU"`P<'@@,'!X(#`N M-6EN.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO<#X-"CQT86)L92!S='EL93TS1"=-05)'24XM5$]0.B`P M<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE"<@8V5L;'-P86-I;F<],T0P(&-E;&QP861D M:6YG/3-$,"!W:61T:#TS1#$P,"4^#0H\='(@2D@3'1D+BP@82!3;W5T:"!!9G)I8V%N#0IM87!P:6YG M(&%N9"!M;V)I;&4@87!P;&EC871I;VYS('!R;W9I9&5R/"]T9#X-"CPO='(^ M#0H\+W1A8FQE/@T*/'`@"`P M+C5I;CL@1D].5#H@,3!P="!4:6UE6QE/3-$)U9%4E1)0T%, M+4%,24=..B!T;W`G/@T*/'1D('-T>6QE/3-$)U=)1%1(.B`P+C(U:6XG/CPO M=&0^#0H\=&0@2<^0V5N=')O($=04RP@=&AE($-H:6QE86X@9&ES=')I8G5T;W(-"F]F($=A M#(P,3D[6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&IU2!T;R!T:&4@3F%V:6=O;@T*86-Q=6ES:71I M;VXN($EN9&EV:61U86QL>2!A;F0@:6X@=&AE(&%G9W)E9V%T92P@=&AE7-E#L@1D]. M5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA6QE/3-$)U1%6%0M04Q)1TXZ(&-E M;G1E"`P<'@@,3@N-S5P=#L@1D].5#H@,3!P="!4:6UE M$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@ M5$585"U!3$E'3CH@8V5N=&5R)R!C;VQS<&%N/3-$-CY!9&1I=&EO;G,\+W1D M/@T*/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO M=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&-E;G1E6QE/3-$)U1%6%0M04Q) M1TXZ(&-E;G1E$$P.W1O/"]T9#X- M"CQT9#XF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.V%T/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/"]T M$$P.V]F/"]T9#X-"CQT9#XF M(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@$$P.V%N9#PO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!&3TY4+5=%24=(5#H@ M8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5=%24=(5#H@ M8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!R:6=H=#L@1D].5"U714E'2%0Z(&)O;&0G/B8C M>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[($9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/"]T$$P M.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P M.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%=)1%1(.B`Q)3L@1D].5"U714E'2%0Z(&)O;&0G/@T*)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24[($9/3E0M5T5)1TA4 M.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%=)1%1(.B`Q)3L@1D].5"U714E'2%0Z(&)O;&0G/B0\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24[($9/ M3E0M5T5)1TA4.B!B;VQD)SX-"C(L,S$W/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!724142#H@,24[($9/3E0M5T5)1TA4.B!B;VQD M)SX-"B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R M:6=H=#L@5TE$5$@Z(#DE)SXM/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T.R!724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=) M1%1(.B`Q)3L@1D].5"U714E'2%0Z(&)O;&0G/BD\+W1D/@T*/'1D('-T>6QE M/3-$)U=)1%1(.B`Q)3L@1D].5"U714E'2%0Z(&)O;&0G/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!6 M15)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T.R!0041$24Y'+4Q%1E0Z(#`N,C5I;CL@1D].5"U714E'2%0Z M(&)O;&0G/@T*26YV96YT;W)Y(')E6QE/3-$ M)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5=% M24=(5#H@8F]L9"<^,S$$P M.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXU+#6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`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`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXD/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!R:6=H="<^*#$L,S,R/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXI/"]T9#X-"CQT9#XF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXD M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^*#0L-#`T M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXI/"]T9#X- M"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS M-BPV-S,\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T], M3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4Q%1E0Z(#`N,C5I;B<^ M26YV96YT;W)Y#0IR97-E6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`R+C5P="!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT M)SX-"C$P,"PQ,#`\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%!!1$1)3D$$P.SPO=&0^#0H\ M=&0@6QE/3-$)T)/ M4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O=6)L93L@5$585"U!3$E'3CH@ M$$P.SPO=&0^#0H\ M=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O M=6)L93L@5$585"U!3$E'3CH@$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D$$P.SPO=&0^ M#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)TU!4D=)3CH@,'!X(#!P M>"`P<'@@-2XT<'0[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)TU!4D=) M3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU M6QE/3-$)U=) M1%1(.B`P:6XG/CPO=&0^#0H\=&0@7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^/&1I=CX-"CQP('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P:6X[($U!4D=) M3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6QE/3-$)U1%6%0M M24Y$14Y4.B`P:6X[($U!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO8CX\+W`^#0H\ M<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@ M,"XU:6X[($U!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E'0^/&1I=CX-"CQP('-T>6QE/3-$ M)U1%6%0M24Y$14Y4.B`P:6X[($U!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)U1%6%0M24Y$14Y4.B`P:6X[($U!4D=) M3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%, M24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,"XU:6X[($U!4D=)3CH@,'!X M.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E2!M;W)E#0IT:&%N(&]N92!A9&1I=&EO;F%L(&1A M>2!P97(@>65A65A6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`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`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU'0^/&1I=CX-"CQP M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1% M3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE6EN9R!A;6]U;G0@;V8@8V%S:"!A;F0@8V%S:"!E<75I=F%L96YT M2!O9B!T:&]S92!I;G-T#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U1%6%0M24Y$14Y4.B`P+C5I;CL@34%2 M1TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE2!S96QL'!O2`H,2D@979A;'5A=&EN9R!T:&4@ M86=I;F<@;V8-"FET#L@1D]. M5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@$$P.S(U+"8C>$$P M.S(P,3`\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[ M/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)R!C;VQS<&%N/3-$,CXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P M.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z M(')G8B@R,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`T-"4G/E)A M=R!-871E6QE/3-$)U=)1%1(.B`Q)2<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!72414 M2#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M.R!724142#H@,C4E)SXQ,CDL,C$Q/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T.R!724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXU,BPQ-S8\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR-S@L-3$S/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)U!!1$1)3D$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U!! M1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O=6)L93L@5$58 M5"U!3$E'3CH@;&5F="<^#0HD/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M M0D]45$]-.B!B;&%C:R`R+C5P="!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT M)SX-"C,X-RPU-S<\+W1D/@T*/"]T#L@1D].5#H@,3!P="!4:6UE2!A;F0@17%U:7!M96YT/"]B/CPO M<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`V,"4[($)/4D1%4BU# M3TQ,05!313H@8V]L;&%P6QE/3-$)U9%4E1) M0T%,+4%,24=..B!T;W`G/@T*/'1D('-T>6QE/3-$)U1%6%0M05543U-004-% M.B!I9&5O9W)A<&@M;G5M97)I8R<^3V9F:6-E(&9U6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!415A4+4%5 M5$]34$%#13H@:61E;V=R87!H+6YU;65R:6,G/@T*-3PO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!T;W`G/@T*/'1D('-T>6QE M/3-$)U1%6%0M05543U-004-%.B!I9&5O9W)A<&@M;G5M97)I8R<^5F5H:6-L M97,\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!415A4 M+4%55$]34$%#13H@:61E;V=R87!H+6YU;65R:6,G/@T*-3PO=&0^#0H\+W1R M/@T*/"]T86)L93X-"CPO9&EV/CQS<&%N/CPO#L@1D].5#H@,3!P="!4 M:6UE#L@1D].5#H@,3!P="!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!- M05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!T:&4@/&D^4')O<&5R='DL(%!L M86YT(&%N9"!%<75I<&UE;G0\+VD^('1O<&EC(&]F#0IT:&4@1D%30B!!4T,L M('1H92!#;VUP86YY(')E=FEE=W,@;&]N9RUL:79E9"!A&-E961S('1H90T*'!E8W1E9"!T;R!R97-U;'0@9G)O;2!T:&4@ M=7-E#0IA;F0@979E;G1U86P@9&ES<&]S:71I;VX@;V8@=&AE(&%S6EN9R!A;6]U M;G0@;V8@=&AE(&%S0T*=VAI8V@@=&AE(&-A3L@5$58 M5"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE M0T*9&ED(&YO="!R96-O M9VYI>F4@86YY(&=O;V1W:6QL(&]R(&EN=&%N9VEB;&4@87-S970@:6UP86ER M;65N=`T*8VAA2!E$$P.R!4:&4@86-C;W5N=&EN9R!G=6ED86YC92!A;'-O(')E<75I M3L@5$585"U)3D1%3E0Z(#!P M>#L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE M/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SQB M/B8C>$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T M:69Y.R!415A4+4E.1$5.5#H@,"XU:6X[($U!4D=)3CH@,'!X.R!&3TY4.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E0T*#L@1D].5#H@,3!P="!4:6UE2=S(#(P,3$@9FES M8V%L('EE87(I#0IP87EA8FQE(&EN(&9O=7(@:6YS=&%L;&UE;G1S(&%S(&9O M;&QO=W,Z("0P+C@P(&]N($IU;F4@,S`L(#(P,3$@=&\-"G-H87)E:&]L9&5R M3L@5$585"U)3D1%3E0Z(#`N-6EN.R!- M05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z M(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU2`D,C,Y+#0W,"!A;F0@)#(Q,RPT.#8@;V8@'0^/&1I=CX-"CQP M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U1%6%0M M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P M="!4:6UE28C>#(P,3D[&-E6QE/3-$)U1%6%0M04Q) M1TXZ(&IU6QE/3-$)U=)1%1(.B`X,"4[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\ M=&0@6QE/3-$)T)/4D1%4BU"3U14 M3TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R)R!C;VQS M<&%N/3-$,CY$96-E;6)E6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L,C4U M+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4.B`M,"XQ:6X[(%!!1$1) M3D6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`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`P+C5I;CL@1D].5#H@,3!P="!4:6UE2X@06UOF%T:6]N#0IE>'!E;G-E M('=A2X@26X@ M=&AE(&YE>'0@9FEV92!Y96%R'!E;G-E M(&ES#0IE#L@1D].5#H@ M,3!P="!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P M>#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UEF5D(&=A:6YS M+RAL;W-S97,I(&]F("0Q,"PW,S<@86YD("@D-2PW,S8I+`T*#L@1D].5#H@,3!P="!4:6UEF%T:6]N(&ES(&EN8VQU9&5D(&EN(&EN M=&5R97-T(&EN8V]M92!F'0^/&1I=CX-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU M#L@ M1D].5#H@,3!P="!4:6UE2!M M971H;V0@:6X-"F%C8V]R9&%N8V4@=VET:"!T:&4@1D%30B!!4T,@=&]P:6,@ M/&D^26YC;VUE(%1A>&5S/"]I/BX@5&AE#0IL:6%B:6QI='D@;65T:&]D('!R M;W9I9&5S('1H870@9&5F97)R960@=&%X(&%S&5S(&]F("0R-3(L-SDS+"`D,C,S+#`R."P@86YD("0Q M-S$L,#DW(&%T#0I$96-E;6)E2P@:&%V M92!N;W0@8F5E;B!A8V-R=65D(&)Y('1H92!#;VUP86YY(&9O3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P M="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&IU0T*:6X@:6YC;VUE('1A>&5S(&]N($1E8V5M8F5R(#,Q+"`R,#`V+"!T:&4@ M8F5G:6YN:6YG(&]F(&9I$$P.R8C>$$P.R!4 M:&4@=&]T86P@86UO=6YT(&]F('5NF5D('1A>"!B96YE9FET65A6QE/3-$)U1% M6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`Y,"4[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@ M5$585"U!3$E'3CH@8V5N=&5R.R!&3TY4+5=%24=(5#H@8F]L9"<@8V]L$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$ M)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!724142#H@,3(E)SXQ-3,L-C(Q/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=72414 M2#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXH,3`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`N M-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UEF5D M+"!W;W5L9"!R961U8V4@=&AE(&5F9F5C=&EV92!T87@@2!I;B!T:&4-"G1I;6EN9R!O9B!D961U8W1I8FEL M:71Y+B8C>$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&IU&-E<'0@9F]R('1H92!P;W)T:6]N('1H870-"FES M(&5X<&5C=&5D('1O(&)E('!A:60@=VET:&EN(&]N92!Y96%R(&]F('1H92!B M86QA;F-E('-H965T#0ID871E+B8C>$$P.R!4:&4@96YT:7)E("0Q-C$L.3`T M+"`D,34S+#8R,2P@86YD("0R-34L-S0X(&%R90T*2X\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J M=7-T:69Y.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE"!B96YE9FET2!H860-"F%C8W)U960@87!P M2`D,3`L.#4P+"`D.2PU.#`L(&%N9"`D,C`L,38P+"!R97-P M96-T:79E;'DL#0IF;W(@:6YT97)EF5D('1A>"!B96YE9FET M#L@1D].5#H@,3!P="!4:6UEF5R;&%N9"!A;F0@52Y3+@T*9F5D97)A;"!J=7)I$$P.R!4:&4@0V]M<&%N>2!I2!T87@@875T:&]R:71I97,@9F]R M#0IY96%R$$P.R!4:&4@0V]M<&%N>2!I65A"!A M=71H;W)I=&EE65A$$P.R8C>$$P.SPO<#X-"CQP('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU2P@=&\@$$P.SPO<#X-"CQP('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&IU&EM871E;'D@)#(P+#0X M,B!O9B!I=',@F5D('1A M>`T*8F5N969I=',@=VEL;"!D96-R96%S92!W:71H:6X@=&AE(&YE>'0@,3(@ M;6]N=&AS(&%S('1H92!R97-U;'0@;V8-"G1H92!E>'!IF5D('1A>"!B96YE9FET'0@,3(@;6]N=&AS+CPO<#X-"CPO9&EV/CQS<&%N/CPO'0^/&1I=CX- M"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU'0^/&1I=CX-"CQP('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@5$585"U)3D1% M3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!G28C>#(P,3D[2!W:&5N('1R861E(&-R961I="!I7!I8V%L;'D@:&%V92!B965N('=I=&AI;@T*;6%N86=E M;65N="8C>#(P,3D['!E8W1A=&EO;G,N($-E'1E;F1E9"!T97)M'1E M;F1E9"!T97)M3L@5$585"U) M3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&IU2P@82!C=7-T;VUE28C>#(P,3D[3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UEF5S(')E=F5N=64@=VAE;B!P97)S=6%S:79E M(&5V:61E;F-E(&]F(&%N#0IA&ES=',L(&1E;&EV97)Y M(&AA&5D#0IO$$P M.R!&;W(@=&AE(&QA2!O9B!'87)M:6XF(W@R,#$Y.W,@ M2!O9B!T M:&4@:&%R9'=A$$P.R!4:&4@0V]M<&%N>2!G96YE3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE2`R,#`Y+`T*=VAI8V@@ M:7,@82!S:6YG;&4@9F5E('!R;V=R86T@=&AA="P@#(P,3D[$9#.TUA<',@3&EF971I;64F(W@R,3(R.R!P2!O;B!A('-T65AF5D#0IR871A8FQY(&]N(&$@65A3L@34%21TE..B`P<'@[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE#(P,3D[2!A;&QO8V%T97,@2!E=FED96YC92!O9B!S96QL:6YG#0IP$$P.V)E#(P,40[*2X@)B-X03`[5E-/12!G96YE2!N87)R;W<@3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P M>#L@1D].5#H@,3!P="!4:6UE2!H87,@:61E;G1I9FEE9"!T=V\@9&5L:79E M3L@5$58 M5"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE M$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&IU0T* M879A:6QA8FQE+CPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1% M3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!A2P@ M;6%R:V5T(&-O;F1I=&EO;G,@:&%V92!C875S960-"F1E8W)E87-E65A3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ M(#!P>#L@1D].5#H@,3!P="!4:6UE0T*9&5T97)M:6YE M9"!T:&%T('1H92!P$9#.TUA<',@3&EF971I;64@;W(@<')E;6EU;0T*=')A9F9I8R!W87,@ M;F\@;&]N9V5R(&$@2!C;W-T(&]F('1H90T*3$U5(&]R('!R96UI=6T@ M=')A9F9I8R!S=6)S8W)I<'1I;VX@<&QU2X@07,@2!C M:&%N9V5D(&ET$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU2X\+W`^#0H\<"!S M='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!415A4+4E.1$5.5#H@,"XU M:6X[($U!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&IU$9#.TQI M;FLA)B-X,C$R,CL@2!H87,-"FED96YT:69I960@='=O(&1E;&EV97)A8FQE2!O9B!T:&4@:&%R9'=A6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ M(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U1% M6%0M04Q)1TXZ(&IU$$P.SPO8CX\ M+W`^#0H\<"!S='EL93TS1"=-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE M'0^/&1I=CX-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU#L@1D]. M5#H@,3!P="!4:6UE2P@86YD#0IR96QA=&5D(&1E9F5R3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE2!D969E3L@ M34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU M3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=CX- M"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1% M3E0Z(#!I;CL@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN M.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!P65A'0^/&1I=CX-"CQP('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D]. M5#H@,3!P="!4:6UE2!P2!I;F-E;G1I=F5S(&9O<@T*:71S(&1E86QE2!R979I97=E9"!A;F0@ M2!B92!A9W)E960@=&\@;VX@86X- M"FEN9&EV:61U86P@8W5S=&]M97(@8F%S:7,N(%1H97-E(')E8F%T97,L(&EN M8V5N=&EV97,L(&%N9"!D:7-C;W5N=',-"F%R92!R96-O2!H87,-"G-O;&0@=&AE('!R;V1U8W0N/"]P/@T*/"]D:78^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/&1I=CX-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1% M3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!E>'!E;G-E2`D,30U+#`R-"P@)#$T M-"PV,3,L(&%N9"`D,34U+#4R,0T*9F]R('1H92!Y96%R2X\+W`^#0H\+V1I=CX\'0^/&1I=CX-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU2!O9B!T M:&4@0V]M<&%N>28C>#(P,3D[3L@0D%#2T=23U5.1"U#3TQ/4CH@=VAI=&4[($U!4D=)3CH@,'!X.R!& M3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO8CX\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T M:69Y.R!"04-+1U)/54Y$+4-/3$]2.B!W:&ET93L@5$585"U)3D1%3E0Z(#`N M-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE3L@34%2 M1TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M M04Q)1TXZ(&IU2!T:&4@/&D^4F5S96%R8V@@ M86YD#0I$979E;&]P;65N=#PO:3X@=&]P:6,@;V8@=&AE($9!4T(@05-#+"!C M;W-T2!A3L@5$585"U)3D1%3E0Z(#!I;CL@34%2 M1TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&IU#L@1D].5#H@ M,3!P="!4:6UE2!E>'!E8W1E9"!T;R!V97-T(&ES(')E8V]G;FEZ960@87,@'!E;G-E(&]N(&$@3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)' M24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE'!E8W1E9"!T;R!V97-T+"!T:&5Y(&AA=F4@8F5E;B!R961U M8V5D(&9O2P@:6X@'!E2!)'0^/&1I=CX-"CQP('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU&ET('!R:6-E+B!4:&ES(&=U:61A M;F-E(&ES(&5F9F5C=&EV92!A6QE/3-$)U1%6%0M M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P M="!4:6UE2!A9&]P M=&EO;B!I0T* M979A;'5A=&EN9R!W:&EC:"!P6QE/3-$)U1%6%0M04Q)1TXZ(&IU M$$P.SPO<#X-"CQP('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP M('-T>6QE/3-$)TU!4D=)3CH@,'!X)SX\+W`^#0H\<"!S='EL93TS1"=-05)' M24XZ(#!P>"<^/"]P/@T*/'`@6QE/3-$)U1%6%0M04Q)1TXZ(&IU$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU6EN9R!A;6]U;G0@;V8@82!R97!O&-E961S(&ET65A2!I3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P M-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA6QE/3-$)U1%6%0M04Q)1TXZ(&IU6QE/3-$)U=)1%1(.B`X,"4[($9/3E0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@$$P.S,Q+"8C>$$P.S(P,3$\+W1D/@T*/'1D('-T M>6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE M/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E' M3CH@8V5N=&5R.R!&3TY4+5=%24=(5#H@8F]L9"<@8V]L6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)R!C;VQS<&%N/3-$,CXF(WA! M,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<@8V]L6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`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`@("`@(#QT9"!C;&%S'0^/&1I=CX-"CQP('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE6QE M/3-$)U=)1%1(.B`V,"4[($)/4D1%4BU#3TQ,05!313H@8V]L;&%P6QE/3-$)U9%4E1)0T%,+4%,24=..B!T;W`G/@T*/'1D M('-T>6QE/3-$)U1%6%0M05543U-004-%.B!I9&5O9W)A<&@M;G5M97)I8R<^ M3V9F:6-E(&9U6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!415A4+4%55$]34$%#13H@:61E;V=R87!H+6YU M;65R:6,G/@T*-3PO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%, M+4%,24=..B!T;W`G/@T*/'1D('-T>6QE/3-$)U1%6%0M05543U-004-%.B!I M9&5O9W)A<&@M;G5M97)I8R<^5F5H:6-L97,\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT.R!415A4+4%55$]34$%#13H@:61E;V=R87!H M+6YU;65R:6,G/@T*-3PO=&0^#0H\+W1R/@T*/"]T86)L93X-"CPO9&EV/CQS M<&%N/CPO'0^/'1A8FQE('-T>6QE/3-$)U=)1%1( M.B`X,"4[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U!!1$1)3D$$P.SPO M=&0^#0H\=&0@6QE/3-$)T)/4D1% M4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R M)R!C;VQS<&%N/3-$,CY$96-E;6)E6QE/3-$)U!!1$1)3D$$P.SPO=&0^ M#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R M,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4.B`M,"XQ:6X[ M(%!!1$1)3D6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X M03`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`@("`@("`\=&0@8VQA"!B96YE9FET65A6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@34%21TE..B`P<'@[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`Y,"4[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U14 M3TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R.R!&3TY4 M+5=%24=(5#H@8F]L9"<@8V]L$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@ M,3(E)SXQ-3,L-C(Q/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXH,3`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`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQT86)L92!S M='EL93TS1"=724142#H@.3`E.R!&3TY4.B`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`Q)2<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@ M,24G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@5TE$5$@Z(#DE)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q M)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT.R!724142#H@.24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`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`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO<#X-"CQT86)L M92!S='EL93TS1"=724142#H@.3`E.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)U9%4E1) M0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@$$P.S(U+"8C>$$P.S(P,3`\+W1D M/@T*/'1D('-T>6QE/3-$)U!!1$1)3D6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1% M4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/B8C>$$P.SPO=&0^ M#0H\=&0^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=) M1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/BT\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`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`N M-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE2!F;W(@96%C:"!M86IO M0T*;V8@87-S971S+B!4:&4@$$P.SPO M<#X-"CQT86)L92!S='EL93TS1"=724142#H@.#4E.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P M.TUE87-U$$P.U5S:6YG/"]T9#X-"CQT9"!S='EL93TS1"=& M3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D/B8C>$$P.SPO M=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0@6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.T5N9&5D/"]T9#X- M"CQT9"!S='EL93TS1"=&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X- M"CPO='(^#0H\='(@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.S(U+"8C>$$P.S(P,3`\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1) M3D6QE/3-$)T9/3E0M5T5)1TA4 M.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&-E;G1E$$P.SPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L M,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4.B`M,"XQ,FEN.R!0 M041$24Y'+4Q%1E0Z(#`N,3)I;CL@5TE$5$@Z(#8T)2<^#0I"96=I;FYI;F<@ M8F%L86YC92!O9B!A=6-T:6]N(')A=&4@6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@ M,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!7 M24142#H@,34E)SXW,"PR-3(\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%1%6%0M24Y$14Y4.B`M,"XQ,FEN.R!0041$24Y'+4Q%1E0Z(#`N,3)I;B<^ M#0I4;W1A;"!U;G)E86QI>F5D(&=A:6YS(&EN8VQU9&5D(&EN(&]T:&5R(&-O M;7!R96AE;G-I=F4@:6YC;VUE/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT)SXH,C4L-C`P/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T)SXI/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/BD\+W1D/@T*/"]T6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ M(&)L86-K(#(N-7!T(&1O=6)L93L@5$585"U!3$E'3CH@;&5F="<^#0HD/"]T M9#X-"CQT9"!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`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`[*$YE="8C>$$P.T-A6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^)#PO=&0^#0H\=&0@6QE M/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C$R+#DS-CPO=&0^#0H\ M=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@ M.24G/B@Q+#`X-CPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS-3@L,S$T/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)SXH,2PP.3`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`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXX,34\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXH M,BPR-C`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`Q,#`E.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)U9%4E1)0T%,+4%, M24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E M6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U! M3$E'3CH@8V5N=&5R)R!C;VQS<&%N/3-$,CY!;6]R=&EZ960F(WA!,#M#;W-T M/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@F5D)B-X03`[1V%I;G,\+W1D/@T* M/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO=&0^ M#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U! M3$E'3CH@8V5N=&5R)R!C;VQS<&%N/3-$,CY/=&AE$$P.U1H86X\8G(@ M+SX-"E1E;7!O3QB6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$58 M5"U!3$E'3CH@8V5N=&5R)R!C;VQS<&%N/3-$,CY%$$P.RA.970F(WA!,#M#87)R>6EN M9SQB6QE/3-$)U=) M1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C4R-RPR-#D\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U=)1%1(.B`Q)2<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!7 M24142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT.R!724142#H@.24G/B@Q+#4Q.3PO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXM/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS-#<\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SXV,S<\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`@("`@(#QT9"!C;&%S'0^/&1I M=CX-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU2!C;VYT2P@87)E('-H;W=N#0IB96QO=RX@17AP96-T960@;6%T=7)I=&EE0T*;V)L:6=A=&EO;G,@=VET:&]U="!P65A$$P.SPO M<#X-"CQT86)L92!S='EL93TS1"=724142#H@-S`E.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$ M)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&-E;G1E$$P.SPO=&0^ M#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!C M96YT97(G(&-O;'-P86X],T0R/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&-E;G1E6QE/3-$)U!! M1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U!! M1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)! M0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%, M24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%=)1%1(.B`V-"4G/D1U92!I;B!O;F4@>65A6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@,34E M)SXW-BPT,C<\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@ M,24G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!6 M15)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T)SY$=64@869T97(@;VYE('EE87(@=&AR;W5G:"!F:79E('EE M87)S#0HH,C`Q,RTR,#$W*3PO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS-S`L.#(W/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C M>$$P.SPO=&0^#0H\=&0@65A65A6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)SXS,3,L,#6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`W95]D865B.#)E,30V.3(-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A M7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0M86QI9VXZ(&IU'0M:6YD96YT.B`P M+C5I;B<^#0I&=71U'0M86QI9VXZ M(&-E;G1E$$P.SPO<#X-"CQT M86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P(&%L:6=N/3-$ M8V5N=&5R('-T>6QE/3-$)W=I9'1H.B`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`[/"]T M9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(')I9VAT)SX-"C8L-#(S/"]T9#X-"CQT9"!S='EL M93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SXF M(WA!,#L\+W1D/@T*/"]T$$P.SPO=&0^#0H\=&0@6QE/3-$)V)O3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T M-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R3L@ M5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@1D].5#H@,3!P="!4 M:6UE28C M>#(P,3D[3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-!3"U! M3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=0041$24Y'+4Q%1E0Z(#EP M=#L@5TE$5$@Z(#8T)2<^0W5R6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`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`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`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS+#8W,CPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]5 M3D0M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT M9"!S='EL93TS1"=0041$24Y'+4Q%1E0Z(#EP="<^0W5R6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXR,BPS-C,\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT)SXS,2PQ,#D\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`R M+C5P="!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT)SX-"C8S+#(V-3PO=&0^ M#0H\=&0@6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L M86-K(#(N-7!T(&1O=6)L93L@5$585"U!3$E'3CH@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T)/4D1% M4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O=6)L93L@5$585"U!3$E'3CH@;&5F M="<^#0HD/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C M:R`R+C5P="!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT)SX-"C$P-"PW,#$\ M+W1D/@T*/"]T3L@34%21TE. M.B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`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`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C(X-RPR,C@\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4.B`M,"XQ:6X[ M(%!!1$1)3D$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SXR+#0X,CPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%1%6%0M24Y$14Y4.B`M,"XQ:6X[(%!!1$1)3D6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXH,3,L,3(W M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXI/"]T9#X- M"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/BD\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%1%6%0M24Y$14Y4.B`M,"XQ:6X[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT)SXH,3`R+#$P,#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXT,2PT,#`\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-! M3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!415A4+4E.1$5.5#H@+3`N,6EN.R!0041$24Y'+4Q%1E0Z(#`N,6EN M)SY/=&AE<@T*9F]R96EG;B!T87AE$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR-BPW,#<\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`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`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE6QE M/3-$)U=)1%1(.B`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]5 M3D0M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4Q%1E0Z(#EP M=#L@5TE$5$@Z(#6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C(L M,3DV/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!72414 M2#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=) M1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXR+#6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)! M0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M M)SX-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4Q% M1E0Z(#EP="<^56YR96%L:7IE9`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`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`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR."PT M,S$\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z M(')G8B@R,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXR."PY,#4\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXQ,"PV-S$\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4Q%1E0Z(#EP="<^ M3F5T(&]P97)A=&EN9PT*;&]S6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXQ-RPW.#`\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`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`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`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS+#`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`@("`\=&%B;&4@8VQA6EN9R!A M;6]U;G1S(&%N9"!F86ER('9A;'5E28C>#(P,3D[ M6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)' M24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6EN9SPO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&-E;G1E6QE/3-$)U1%6%0M04Q)1TXZ M(&-E;G1E$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!C96YT97(G(&-O;'-P86X],T0R/D9A:7(\+W1D/@T*/'1D/B8C>$$P M.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B M;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K M(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R)R!C;VQS<&%N/3-$,CY! M;6]U;G0\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X] M,T0R/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@ M6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G M/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!72414 M2#H@.24G/C$L,C@W+#$V,#PO=&0^#0H\=&0@6QE/3-$ M)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C$L,C@W+#$V,#PO=&0^#0H\ M=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@ M.24G/C$L,C8P+#DS-CPO=&0^#0H\=&0@6QE/3-$)U=) M1%1(.B`Q)2<^)B-X03`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`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ+#(P."PQ-34\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXX,#$L.#$Y/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@'1087)T7S,P-C1E,SDS7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&5S(&9O28C>#(P,3D[6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE$$P M.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN)SX-"CPO<#X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN M)SX-"B8C>$$P.SPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P M86-I;F<],T0P('-T>6QE/3-$)W=I9'1H.B`Y-"4[(&9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&-E M;G1E'0M M86QI9VXZ(&-E;G1E$$P.UEE87(F(WA!,#M%;F1E9"8C>$$P.T1E8V5M8F5R M)B-X03`[,S$L)B-X03`[,C`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`[/"]T9#X- M"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!C;VQS<&%N/3-$ M,B!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N M=&5R)SX-"B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!C;VQS M<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D(&-O M;'-P86X],T0R('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)#PO M=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y M)3L@=&5X="UA;&EG;CH@6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=W:61T:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXR.3@L M,38S/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG M;CH@;&5F="<^)#PO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W M:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE M9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG M;CH@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ+#(U,#PO M=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXR+#DS-#PO=&0^ M#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT)SXM/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF M(WA!,#L\+W1D/@T*/"]T$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SXV,"PP.3(\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ-S$L-S$W/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T* M/'1D/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@ M8V5L;'-P86-I;F<],T0P('-T>6QE/3-$)W=I9'1H.B`Y-"4[(&9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI M9VXZ(&-E;G1E'0M86QI9VXZ(&-E;G1E$$P.UEE87(F(WA!,#M%;F1E9"8C>$$P.T1E M8V5M8F5R)B-X03`[,C4L)B-X03`[,C`Q,#PO=&0^#0H\=&0@$$P M.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!C96YT97(G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&-E;G1E M6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD)SXF(WA!,#L\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/@T*)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[ M/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=F;VYT+7=E:6=H=#H@ M8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"B8C>$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@ M8V]L'0M M86QI9VXZ(&-E;G1E6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D(&-O;'-P86X],T0R M('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT M97(G/@T*075T;R\\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD)SXF(WA!,#L\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/@T*)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL M93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!C;VQS M<&%N/3-$,B!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG M;CH@8V5N=&5R)SX-"B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!C;VQS<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T* M/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F M="<^)#PO=&0^#0H\=&0@6QE/3-$ M)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@ M,24[('1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I M9'1H.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24G/B8C>$$P.SPO=&0^#0H\ M=&0@'0M86QI9VXZ(')I9VAT M)SXR-#`L-#'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X M="UA;&EG;CH@;&5F="<^)#PO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)2<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI M9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X M="UA;&EG;CH@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ M+#(U,3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X M03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXX-BPT M.3D\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SXV,BPT,S$\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXR,#4L.#@W/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C M>$$P.SPO=&0^#0H\=&0@$$P.SPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P M86-I;F<],T0P('-T>6QE/3-$)W=I9'1H.B`Y-"4[(&9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&-E M;G1E'0M M86QI9VXZ(&-E;G1E$$P.UEE87(F(WA!,#M%;F1E9"8C>$$P.T1E8V5M8F5R M)B-X03`[,C8L)B-X03`[,C`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`[/"]T9#X- M"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!C;VQS<&%N/3-$ M,B!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N M=&5R)SX-"B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!C;VQS M<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D(&-O M;'-P86X],T0R('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)#PO M=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y M)3L@=&5X="UA;&EG;CH@6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=W:61T:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXQ-CDL M-C(T/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG M;CH@;&5F="<^)#PO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W M:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE M9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG M;CH@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXW,S<\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT)SXW-C`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SXQ+#`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`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ-#$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;B<^ M#0I.970@2!A;F0@ M97%U:7!M96YT*2P@86YD(&YE=`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`[/"]T9#X-"CQT M9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F M="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@$$P M.SPO=&0^#0H\=&0@'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0@'0M86QI9VXZ(')I M9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/B0\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I M9'1H.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[ M('1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H M.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@ M'0M86QI9VXZ(')I9VAT)SXY M.#,L,#`T/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI M9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA M;&EG;CH@;&5F="<^)#PO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/DQO;F<@;&EV960@87-S971S/"]T9#X- M"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SXS+#(U-BPU.#$\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)W9E$$P.SPO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@ M=&5X="UA;&EG;CH@;&5F="<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CPO M='(^#0H\='(@$$P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X M03`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`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXS+#`T.2PU-C(\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@ M=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG M;CH@$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@ M'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L M:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I M9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F M="<^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/DYE="!S86QE'1E M$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ-#DL.3(P/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T* M/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SXQ+#0V-RPY,#,\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXQ.3`L-CDU/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C M>$$P.SPO=&0^#0H\=&0@'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA2!O9B!T:&4@0V]M<&%N>28C M>#(P,3D[6QE M/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@ M1D].5#H@,3!P="!4:6UE$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.T]P=&EO;G,F(WA!,#MA;F0F M(WA!,#M305)S/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@ M,7!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1) M3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI M9#L@5$585"U!3$E'3CH@8V5N=&5R.R!&3TY4+5=%24=(5#H@8F]L9"<@8V]L M6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/B8C>$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5-464Q% M.B!I=&%L:6,G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L,C4U+#(P-"D[(%9%4E1) M0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U=)1%1(.B`W-B4G M/D]U='-T86YD:6YG(&%T($1E8V5M8F5R(#(W+"`R,#`X/"]T9#X-"CQT9"!S M='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G M/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-!3"U! M3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=0041$24Y'+4Q%1E0Z(#EP M="<^1W)A;G1E9#PO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T)SXD/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!R:6=H="<^,C,N,#D\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS-3PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`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`R/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!&3TY4+5=%24=( M5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5=%24=( M5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS M1"="3U)$15(M0D]45$]-.B!B;&%C:R`R+C5P="!D;W5B;&4[(%1%6%0M04Q) M1TXZ(')I9VAT.R!&3TY4+5=%24=(5#H@8F]L9"<^#0HX+#`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`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`[ M5&AO=7-A;F1S*3PO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT.R!&3TY4+5-464Q%.B!I=&%L:6,G(&-O;'-P86X],T0R/@T**$EN M)B-X03`[5&AO=7-A;F1S*3PO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X],T0R/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!72414 M2#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]5 M3D0M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^)#(P+C`Q("T@)#0P+C`P M/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ+#0V,SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SXS+#(Y-3PO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^,BPW.#(\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E M.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!R:6=H="<^)#8P+C`Q("T@)#@P+C`P/"]T9#X-"CQT9#XF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXY-C`\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L,C4U+#(P-"D[(%9% M4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXD.#`N,#$@+2`D,3`P+C`P/"]T9#X-"CQT9#XF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXU+CDT/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF M(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)! M0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M M)SX-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^)#$P,"XP,2`M M("0Q,C`N,#`\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`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`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`[/"]T M9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=% M24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M M0D]45$]-.B!B;&%C:R`Q<'0@$$P.V]F M)B-X03`[4VAA$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.U1H;W5S86YD6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8R<^)B-X03`[/"]T M9#X-"CPO='(^#0H\='(@$$P.SPO=&0^#0H\=&0@$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=72414 M2#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C$L,#0S/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B8C>$$P.SPO M=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H M:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=0 M041$24Y'+4Q%1E0Z(#EP="<^1W)A;G1E9#PO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXD/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^,CDN-SD\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^ M)B-X03`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`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXD/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!R:6=H="<^,S`N,CD\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X M03`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`[/"]T M9#X-"CQT9"!S='EL93TS1"=&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!&3TY4+5=%24=( M5#H@8F]L9"<^)B-X03`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`[/"]T9#X-"CQT9"!S M='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`R+C5P="!D;W5B;&4[(%1% M6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5=%24=(5#H@8F]L9"<^#0HQ+#0W.#PO M=&0^#0H\+W1R/@T*/"]T86)L93X\3L@5$585"U)3D1%3E0Z(#`N-6EN.R!- M05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!- M05)'24XZ(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&IU3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P>#L@ M1D].5#H@,3!P="!4:6UE$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ M(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R.R!&3TY4+5=% M24=(5#H@8F]L9"<@8V]L$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T], M3U(Z(')G8B@R,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG M/@T*/'1D('-T>6QE/3-$)U=)1%1(.B`V-"4G/E=E:6=H=&5D(&%V97)A9V4@ M9W)A;G0@9&%T92!F86ER('9A;'5E(&]F#0IO<'1I;VYS(&=R86YT960\+W1D M/@T*/'1D('-T>6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C$P M+C4S/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!72414 M2#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=) M1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE M/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X03`[ M/"]T9#X-"CPO='(^#0H\='(@6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/D5X<&5C=&5D('9O;&%T:6QI='D\+W1D/@T* M/'1D/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SXT+C`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`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA$$P.SPO<#X- M"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P(&%L:6=N M/3-$8V5N=&5R('-T>6QE/3-$)W=I9'1H.B`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=F;VYT+7=E M:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"B8C>$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^ M#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)W=I9'1H.B`Q)3L@ M9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I;F6QE/3-$)W=I9'1H.B`Q)3L@9F]N="UW96EG M:'0Z(&)O;&0[('1E>'0M86QI9VXZ(&QE9G0[(&)O6QE/3-$)W=I9'1H.B`Q)3L@9F]N="UW96EG:'0Z(&)O M;&0[('1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W=I9'1H.B`Q)3L@9F]N="UW M96EG:'0Z(&)O;&0[('!A9&1I;F6QE/3-$)W=I9'1H.B`Q)3L@9F]N="UW96EG:'0Z(&)O M;&0[('1E>'0M86QI9VXZ(&QE9G0[(&)O6QE/3-$)W=I9'1H.B`Q)3L@9F]N="UW96EG:'0Z(&)O;&0[('1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T M;VTZ(#(N-7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q M)3L@=&5X="UA;&EG;CH@;&5F=#L@8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU M<'0@9&]U8FQE)SX-"B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Y)3L@ M=&5X="UA;&EG;CH@'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!R:6=H="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H M=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@ M=&5X="UA;&EG;CH@$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\ M=&0@'0M86QI9VXZ(')I M9VAT)SXQ.30L,3`U/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@ M8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X M="UA;&EG;CH@6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D M/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('1E>'0M:6YD96YT.B`M M,"XQ:6X[('!A9&1I;F$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P M861D:6YG+6)O='1O;3H@,7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T.R!B;W)D97(M M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ M(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&)O6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@ M$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!" M;&%C:R`R+C5P="!D;W5B;&4G/@T*,3DT+#@Y-#PO=&0^#0H\=&0@6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,BXU<'0G/B8C M>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0[(&)O6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H=#L@8F]R9&5R+6)O='1O;3H@0FQA M8VL@,BXU<'0@9&]U8FQE)SX-"C$Y."PP,#D\+W1D/@T*/'1D('-T>6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T.R!P861D:6YG M+6)O='1O;3H@,BXU<'0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=P M861D:6YG+6)O='1O;3H@,BXU<'0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L M969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X M="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT M+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@$$P.SPO=&0^ M#0H\=&0@'0M86QI9VXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M M:6YD96YT.B`M,"XQ:6X[('!A9&1I;F6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H=#L@8F]R9&5R M+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE)SX-"C(N-C@\+W1D/@T*/'1D M('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T M.R!P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#(N M-7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!L969T.R!B;W)D97(M8F]T=&]M.B!";&%C:R`R M+C5P="!D;W5B;&4G/@T*)#PO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!" M;&%C:R`R+C5P="!D;W5B;&4G/@T*,BXY-SPO=&0^#0H\=&0@6QE/3-$)W!A M9&1I;F$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)W9E6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!R:6=H="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT M+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@ M;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@ M8F]L9#L@=&5X="UA;&EG;CH@$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)W9E6QE/3-$)W1E>'0M:6YD96YT.B`M M,"XQ:6X[('!A9&1I;F6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R!T97AT+6%L:6=N.B!L969T.R!B;W)D97(M8F]T=&]M.B!";&%C M:R`R+C5P="!D;W5B;&4G/@T*)#PO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M M.B!";&%C:R`R+C5P="!D;W5B;&4G/@T*,BXV-SPO=&0^#0H\=&0@6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,BXU<'0G/B8C M>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0[(&)O$$P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[(&)O'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($U!4D=)3BU4 M3U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[($U!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P M="!4:6UE$$P.SPO<#X-"CQT86)L92!S='EL93TS1"=724142#H@ M,3`P)3L@1D].5#H@,3!P="!4:6UE$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P86X] M,T0R/D]U='-T86YD:6YG/"]T9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D/B8C M>$$P.SPO=&0^#0H\=&0@3PO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT M9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E M$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&-E;G1E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`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`T,"4G/D1E8V5M8F5R(#(U+"`R,#$P/"]T9#X-"CQT9"!S='EL M93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C$Y-"PS-3@L M,#,X/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!72414 M2#H@,24G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=) M1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!R:6=H=#L@5TE$5$@Z(#DE)SXQ,RPW,3DL,S@P/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/CQS=7`^,CPO$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q M)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H M=#L@5TE$5$@Z(#DE)SXR,#@L,#$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@ M5TE$5$@Z(#DE)SXQ,#0L,#,X+#6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^/'-U<#XT/"]S=7`^)B-X03`[/"]T9#X- M"CPO='(^#0H\='(@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT)SXQ+#$T.2PV-#4\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/CQS=7`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`R,#$Q/"]T M9#X-"CQT9#XF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ,#0L M,#,X+#3L@34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)TU!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE M6QE/3-$)U=)1%1( M.B`P+C(U:6XG/CQS=7`^,3PO6QE/3-$)TU!4D=)3BU43U`Z(#!P>#L@1D].5#H@ M,3!P="!4:6UE6QE M/3-$)U=)1%1(.B`P+C(U:6XG/CQS=7`^,CPO6QE/3-$)U9%4E1)0T%,+4%,24=..B!T;W`G/@T*/'1D('-T>6QE M/3-$)U=)1%1(.B`P<'@G/CPO=&0^#0H\=&0@2!E>&-L=61E"<@8V5L;'-P86-I;F<],T0P M(&-E;&QP861D:6YG/3-$,"!W:61T:#TS1#$P,"4^#0H\='(@"<^/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,"XR-6EN)SX\&5R8VES92!O M9B!O<'1I;VX@F5D('1O(&ES6QE/3-$)TU!4D=)3BU4 M3U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P+C(U:6XG/CQS=7`^-3PO65A2!T2X@5&AE3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W M.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T M-CDR+U=O'0O:'1M;#L@8VAA2!297-E3L@5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P M>#L@1D].5#H@,3!P="!4:6UE3L@34%21TE..B`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`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97(G(&-O;'-P M86X],T0R/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9#XF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L,C4U M+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T>6QE/3-$ M)U=)1%1(.B`V-"4G/D)A;&%N8V4@+2!B96=I;FYI;F<@;V8@<&5R:6]D/"]T M9#X-"CQT9"!S='EL93TS1"=724142#H@,24[($9/3E0M5T5)1TA4.B!B;VQD M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%=)1%1(.B`Q)3L@1D].5"U714E'2%0Z(&)O;&0G/B0\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24[($9/3E0M5T5) M1TA4.B!B;VQD)SX-"C0Y+#@X-3PO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!724142#H@,24G M/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!72414 M2#H@.24G/C@W+#0R-#PO=&0^#0H\=&0@6QE/3-$)U=) M1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C@W+#0P.#PO=&0^#0H\=&0@6QE/3-$)T9/ M3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[($9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5=%24=( M5#H@8F]L9"<^+3PO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T.R!&3TY4+5=%24=(5#H@8F]L9"<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@ M1D].5"U714E'2%0Z(&)O;&0G/C4R+#,P-3PO=&0^#0H\=&0@$$P.SPO M=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SXY,RPQ-S(\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ-C0L.3`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`R+C5P="!D;W5B;&4[(%1%6%0M M04Q)1TXZ(')I9VAT)SX-"C0Y+#@X-3PO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V M.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB M-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!);F9O6QE/3-$)U=)1%1(.B`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`[/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T M.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"="3U)$15(M0D]45$]-.B!B;&%C:R`Q<'0@$$P.S(T)B-X03`[/'-U<#XH,BD\+W-U<#X\+V(^/"]T9#X- M"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=%24=( M5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/ M5%1/33H@,7!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`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`Y+#0W-SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M5T5)1TA4 M.B!B;VQD)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)U=)1%1(.B`Y,24[($9/3E0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^ M#0H\=&0@$$P.S(U+"8C>$$P.S(P,3`\+W1D/@T*/'1D('-T>6QE/3-$ M)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@$$P.T5N9&EN9SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$58 M5"U!3$E'3CH@8V5N=&5R.R!&3TY4+5=%24=(5#H@8F]L9"<@8V]L$$P.S(V/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/ M5%1/33H@,7!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=%24=(5#H@ M8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M0D]45$]- M.B!B;&%C:R`Q<'0@$$P.S(U M)B-X03`[/'-U<#XH,2D\+W-U<#X\+V(^/"]T9#X-"CQT9"!S='EL93TS1"=0 M041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4 M+5=%24=(5#H@8F]L9"<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"="3U)$ M15(M0D]45$]-.B!B;&%C:R`Q<'0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)T9/3E0M5T5) M1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)T9/3E0M5T5) M1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&-E;G1E$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^ M#0H\=&0@6QE M/3-$)T9/3E0M5T5)1TA4.B!B;VQD)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^)#PO=&0^#0H\=&0@6QE M/3-$)U=)1%1(.B`Q)2<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T.R!724142#H@,24G/B0\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@.24G/C6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24G/B8C>$$P.SPO=&0^ M#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%=)1%1(.B`Q)2<^)#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SXR,S`L.3`Y/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT)SXS-SDL-SDS/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXS M-RPS,CD\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0^)B-X03`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`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T)SXD/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!R:6=H="<^,"XV.#PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B0\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SXQ+C0S/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T)SXF(WA!,#L\+W1D/@T*/'1D/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/B8C>$$P.SPO=&0^ M#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)TU!4D=)3CH@,'!X.R!& M3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO<#X-"CQP('-T>6QE/3-$)TU!4D=)3CH@,'!X(#!P>"`P<'@@,"XR M-6EN.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E"!P;W-I=&EO;@T*2!T:&4@86UO=6YT(&]F M('1H92!S971T;&5M96YT(&9O#L@1D].5#H@,3!P="!4:6UE"`P<'@@,'!X M(#`N,C5I;CL@1D].5#H@,3!P="!4:6UE2X@5&AE(&EM<&%C="!T;R!N970-"G-A M;&5S+"!G'1087)T7S,P-C1E,SDS7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&EM=6T\8G(^0F5S="!"=7D\8G(^/"]T M:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^1&5C+B`R-2P@,C`Q,#QB6UE;G0@,7-T/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S6UE;G0@,FYD M/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S6UE;G0@-'1H/&)R/CPO=&@^#0H@ M("`@("`@(#QT:"!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(#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(#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(#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(#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(#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(#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(#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(#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-$2!R97-T'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^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%SF5D(&=A:6YS+RAL;W-S97,I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%SF5D('1A>"!B96YE9FET'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;&%SF5D('1A>"!B96YE9FET'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'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 M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S"!E>'!E;G-E+"!I;G1E'!E;G-E("AI M;F-O;64I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^.#`@9&%YF5D M('1A>"!B96YE9FET'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%SF5D('1A>"!B96YE9FET'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=&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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S65A'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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-$F%T:6]N(&5X<&5N'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@("`@("`@(#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(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S65A65A'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@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^36%R M(#$V+`T*"0DR,#$P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^2G5L(#,P+`T*"0DR,#`Y/'-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@("`@("`@(#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^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S6%B M;&4L(&1A=&4@;V8@'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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M2!C=7-T;VUE'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(#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(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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*("`@("`@/'1R M(&-L87-S/3-$65A'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,S8@ M;6]N=&AS/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,S8@;6]N=&AS/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^,3(@;6]N=&AS/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^,C0@;6]N=&AS/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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*("`@("`@/'1R M(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#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(#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(#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(#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(#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(#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(#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(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'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("`@("`@(#QT9"!C;&%S65A'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("`@(#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("`@(#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("`@(#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("`@(#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("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S65A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%SF5D(&EN('EE87(@=&AR964\+W1D/@T*("`@("`@("`\=&0@8VQA2!P97)I;V0\+W1D/@T*("`@("`@("`\=&0@8VQA65A M65A'0^,R!Y96%R7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA2P@;F5T(&]F(')E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!A;F0@17%U:7!M M96YT($5S=&EM871E9"!5'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&EM=6T\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V M.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB M-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'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-$7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$65A"!P;W-I=&EO M;G,@7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M3X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E M,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-? M-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y M,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R M93$T-CDR+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F5D($QO6EN9R!!;6]U;G0I/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#(P."PQ-34\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F5D($QO M6EN9R!!;6]U M;G0I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XV,S@L-C(V/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$F5D($QO6EN9R!!;6]U M;G0I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,S(L,#0T/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$F5D M($=A:6YS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,3,\F5D($-O'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!#;VYT2!$871E(%M,:6YE($ET96US M73PO'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA65A65A M65A'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$F5D($-O65A65A'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA'1087)T M7S,P-C1E,SDS7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA65E($)E;F5F:70@4&QA;G,@+2!!9&1I M=&EO;F%L($EN9F]R;6%T:6]N("A$971A:6PI("A54T0@)"D\8G(^26X@5&AO M=7-A;F1S+"!U;FQE'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$65E($1E9FEN960@0V]N M=')I8G5T:6]N(%!L86YS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X M=#X\'1087)T7S,P-C1E,SDS7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$"!E>'!E M;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#8S+#(V-3QS M<&%N/CPO3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V M.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB M-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R"!#;VYT:6YG96YC>2!!8V-R=6%L"!E9F9E8W0\+W1D/@T* M("`@("`@("`\=&0@8VQA"!H;VQI9&%Y(&)E;F5F:70\+W1D/@T*("`@("`@("`\=&0@8VQA&5S(&QE7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!I;F-O;64@=&%X(')A=&4\+W1D/@T*("`@("`@("`\=&0@ M8VQA2!R871E+"!I9B!T:&4@0V]M<&%N>2!R96-O;F-I;&5D('1A>&5S(&%T M('1H92!3=VES2!R M96-O;F-I;&5D('1A>&5S(&%T('1H92!3=VES"!C"!A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$"!A="!S=&%T=71O"!R871E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XT-2PW-#`\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$69O'!I"!2871E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\&5S(%M,:6YE($ET96US73PO'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'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-$69O'!I'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^,C`R-3QS<&%N/CPO'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-$&5S(%M,:6YE($ET96US73PO'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5S(%M,:6YE($ET96US73PO'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-$2!B96YE9FET M'!I&5S(%M,:6YE($ET M96US73PO'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA"!!'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ MF5D(&9O'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S"!CF5D(&EN=F5S=&UE;G0@9V%I;CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&5S(&9O'!E;G-E/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\'1E M'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&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=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#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(#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^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'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-$&5S/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&5X=#X\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#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(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E;G-E/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'1E'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#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"!A9&IU"!Y96%R(&EN('1H92!54R!A;F0@5&%I=V%N('-U"!E>'!E M;G-E(&1U92!T;R!T:&4@7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'1E'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#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 M<&%N/CPO=&0^#0H@("`@("`@(#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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#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 M<&%N/CPO=&0^#0H@("`@("`@(#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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#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@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S"!Y96%R(&EN M('1H92!54R!A;F0@5&%I=V%N('-U"!E>'!E;G-E(&1U92!T;R!T:&4@ M7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!) M;F-E;G1I=F4@4&QA;CQB65E($1I&EM=6T\8G(^/"]T:#X- M"B`@("`@("`@/'1H(&-L87-S/3-$=&@^1&5C+B`S,2P@,C`Q,3QB2!);F-E;G1I=F4@4&QA M;CQB65E(%-T;V-K M(%!U65E(%-T;V-K(%!U2!3:&%R92UB87-E9"!087EM96YT($%W87)D(%M,:6YE($ET M96US73PO'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$F5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#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^,3`@>65A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'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-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^-2!Y96%R65A'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@("`@("`@(#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@("`@("`@(#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 M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'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("`@("`@(#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("`@("`@(#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("`@("`@(#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("`@("`@(#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("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#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-$65E('5N9&5R($534%`\+W1D M/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S&5R8VES86)L M92!A9V=R96=A=&4@:6YT'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("`@(#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("`@(#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("`@(#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("`@(#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("`@(#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-$F5D(&-O;7!E;G-A=&EO;B!C;W-T(')E;&%T960@=&\@=6YV M97-T960@'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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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@("`@("`@(#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-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'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-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@ M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y M,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R M93$T-CDR+U=O'0O:'1M;#L@8VAA&-E<'0@4&5R(%-H87)E(&1A M=&$L('5N;&5S&5R8VES960\+W1D/@T* M("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'!I&5R8VES86)L92!A="!$96-E;6)E M'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D M>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W M7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR M+U=O'0O M:'1M;#L@8VAA2!3:&%R92UB M87-E9"!087EM96YT($%W87)D(%M,:6YE($ET96US73PO'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!3:&%R92UB87-E9"!087EM96YT($%W M87)D(%M,:6YE($ET96US73PO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$&5R8VES92!0'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M2!3 M:&%R92UB87-E9"!087EM96YT($%W87)D(%M,:6YE($ET96US73PO'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5R8VES92!0 M6UE M;G0@07=A&5R8VES86)L93PO=&0^#0H@("`@("`@(#QT9"!C;&%S&5R8VES92!0&5R8VES92!06UE;G0@07=A'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$2!3:&%R92UB87-E9"!087EM96YT($%W87)D(%M,:6YE($ET96US73PO'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5R8VES M92!0&5R8VES92!03X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D M865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V M-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'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-$3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D M865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V M-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA6UE;G0@ M07=A3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E8W1E9"!L M:69E(&]F(&]P=&EO;G,@:6X@>65A7!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@8VAA&-E<'0@4&5R(%-H87)E(&1A M=&$L('5N;&5S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S2X@5&AE M(&EM<&%C="!T;R!N970@'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA&-L=61E9"!F3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W M95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA M2!: M97)O($YI;F4\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^1&5C M+B`S,2P@,C`Q,3QB'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^1F5B(#$R+`T*"0DR,#$P/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^3V-T(#(R+`T*"0DR,#`X/'-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-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'!I'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO M=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P M-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$2!S:&%R97,L('-H87)E'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M/@T*("`@("`@("`\=&0@8V]L'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA MF5D M($-A<&ET86P\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L MF5D($-A<&ET86P\ M8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#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 M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S2!3:&%R97,\+W1D/@T*("`@("`@("`\=&0@8VQA M65A2!T2!B92!I3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W95]D865B M.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S M.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R2!O9B!4:&4@0V]M<&]N96YTF5D(%-H M87)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$2!S:&%R97,L('-H87)E'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$F5D/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR,#@L,#'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA2!297-E65A M2!#;VYT:6YG96YC>2!;3&EN92!) M=&5M'0^,2!Y96%R/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$65A M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!297-E2!#;VYT:6YG96YC>2!;3&EN92!)=&5M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U M-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O M'0O:'1M M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#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(#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@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$"!A9&IU"!Y96%R(&EN('1H92!54R!A;F0@ M5&%I=V%N('-U"!E>'!E;G-E(&1U92!T;R!T:&4@7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA2!);F9O'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W7S0U-&%?8C`W M95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R93$T-CDR+U=O'0O:'1M;#L@8VAA M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^)FYB'0^)FYB'0^)FYB'0^)FYB'0^)FYB'0^)FYB"!A'0^)FYB'0^)FYB"!A"!C'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6EN9R!!8V-O=6YT3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y M,U\W.6(W7S0U-&%?8C`W95]D865B.#)E,30V.3(-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S`V-&4S.3-?-SEB-U\T-31A7V(P-V5?9&%E8C@R M93$T-CDR+U=O&UL#0I#;VYT96YT+51R86YS M9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z M('1E>'0O:'1M;#L@8VAA&UL;G,Z M;STS1")U&UL/@T*+2TM+2TM/5].97AT4&%R=%\S,#8T93,Y,U\W.6(W ;7S0U-&%?8C`W95]D865B.#)E,30V.3(M+0T* ` end XML 37 R43.htm IDEA: XBRL DOCUMENT v2.4.0.6
Marketable Securities Classified as Available-For-Sale Securities (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 25, 2010
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 1,197,884 $ 807,652
Gross Unrealized Gains 16,203 5,523
Gross Unrealized Losses (4,658) (10,082)
Other Than Temporary Impairment (1,274) (1,274)
Estimated Fair Value (Net Carrying Amount) 1,208,155 801,819
Mortgage-backed securities
   
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 626,776 527,249
Gross Unrealized Gains 12,936 1,913
Gross Unrealized Losses (1,086) (1,519)
Estimated Fair Value (Net Carrying Amount) 638,626 527,643
Obligations of states and political subdivisions
   
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 358,314 160,618
Gross Unrealized Gains 2,339 347
Gross Unrealized Losses (1,090) (3,341)
Estimated Fair Value (Net Carrying Amount) 359,563 157,624
U.S. corporate bonds
   
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 134,763 54,348
Gross Unrealized Gains 815 637
Gross Unrealized Losses (2,260) (185)
Other Than Temporary Impairment (1,274) (1,274)
Estimated Fair Value (Net Carrying Amount) 132,044 53,526
Other
   
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 78,031 39,838
Gross Unrealized Gains 113 2,626
Gross Unrealized Losses (222)  
Estimated Fair Value (Net Carrying Amount) 77,922 42,464
Auction rate securities
   
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost   25,599
Gross Unrealized Losses   (5,037)
Estimated Fair Value (Net Carrying Amount)   $ 20,562

XML 38 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2011
Fair Value, by Balance Sheet Grouping

The carrying amounts and fair values of the Company’s financial instruments are as follows:

 

    December 31, 2011     December 25, 2010  
    Carrying     Fair     Carrying     Fair  
    Amount     Value     Amount     Value  
                         
Cash and cash equivalents   $ 1,287,160     $ 1,287,160     $ 1,260,936     $ 1,260,936  
Restricted cash     771       771       1,277       1,277  
Marketable securities     1,208,155       1,208,155       801,819       801,819
XML 39 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2011
Schedule of Components of Income Tax Expense (Benefit)

The Company’s income tax provision (benefit) consists of the following:

 

    Fiscal Year Ended  
    December 31,     December 25,     December 26,  
    2011     2010     2009  
Federal:                        
Current   $ 79,305     ($ 46,674 )   $ 104,186  
Deferred     (25,763 )     284       (12,021 )
      53,542       (46,390 )     92,165  
State:                        
Current     9,087       3,929       5,381  
Deferred     (4,490 )     (257 )     (947 )
      4,597       3,672       4,434  
Foreign:                        
Current     22,363       31,109       18,469  
Deferred     (17,237 )     4,278       (10,367 )
      5,126       35,387       8,102  
Total   $ 63,265     ($ 7,331 )   $ 104,701
Schedule of Effective Income Tax Rate Reconciliation

The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:

 

    December 31,     December 25,     December 26,  
    2011     2010     2009  
Federal income tax expense at U.S. statutory rate   $ 204,456     $ 202,045     $ 287,228  
State income tax expense, net of federal tax effect     2,988       2,482       2,604  
Foreign tax rate differential     (148,058 )     (115,633 )     (219,482 )
Taiwan tax holiday benefit     (13,127 )     (13,536 )     (18,556 )
Net change in uncertain tax postions     8,283       (102,100 )     41,400  
Other foreign taxes less incentives and credits     9,658       26,707       10,379  
Other, net     (935 )     (7,296 )     1,128  
Income tax expense   $ 63,265     ($ 7,331 )   $ 104,701
Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

    December 31,     December 25,  
    2011     2010  
Deferred tax assets:                
Product warranty accruals   $ 2,196     $ 1,646  
Allowance for doubtful accounts     12,282       11,572  
Inventory reserves     5,114       5,749  
Sales program allowances     5,591       9,080  
Reserve for sales returns     2,240       2,715  
Other accruals     5,359       5,684  
Unrealized intercompany profit in inventory     15,165       2,792  
Unrealized foreign currency loss     -       266  
Stock option compensation     47,998       40,785  
Tax credit carryforwards, net     33,379       48,784  
Amortization     26,913       28,431  
Deferred revenue     28,905       10,671  
Net operating losses of subsidiaries     17,780       11,583  
Other     4,163       3,750  
Valuation allowance related to loss carryforward and tax credits     (37,173 )     (51,352 )
      169,912       132,156  
Deferred tax liabilities:                
Depreciation     17,600       16,030  
Prepaid expenses     3,328       4,145  
Book basis in excess of tax basis for acquired entities     8,191       6,604  
Unrealized investment gain     910       5,951  
Marketable securities     -       3,038  
Other     469       933  
      30,498       36,701  
Net deferred tax assets   $ 139,414     $ 95,455
XML 40 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Compensation Plans - Additional Information (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2011
Year
Dec. 25, 2010
Dec. 26, 2009
Dec. 31, 2011
Restricted Stock Units (RSUs)
Year
Dec. 25, 2010
Restricted Stock Units (RSUs)
Dec. 26, 2009
Restricted Stock Units (RSUs)
Dec. 31, 2011
2011 Non-employee Directors' Equity Incentive Plan
Dec. 31, 2011
2011 Non-employee Directors' Equity Incentive Plan
Maximum
Dec. 31, 2011
2011 Non-employee Directors' Equity Incentive Plan
Minimum
Dec. 31, 2011
2011 Non-employee Directors' Equity Incentive Plan
Restricted Stock Units (RSUs)
Dec. 31, 2011
2005 Stock Incentive Plan
Dec. 31, 2011
2005 Stock Incentive Plan
Restricted Stock Units (RSUs)
Dec. 25, 2010
2005 Stock Incentive Plan
Restricted Stock Units (RSUs)
Dec. 26, 2009
2005 Stock Incentive Plan
Restricted Stock Units (RSUs)
Dec. 25, 2010
2005 Stock Incentive Plan
Performance Awards
Dec. 26, 2009
2005 Stock Incentive Plan
Performance Awards
Dec. 31, 2011
Stock Incentive Plan 2000
Dec. 31, 2011
Stock Option Plan 2000
Non Employee Directors, Plan
Dec. 25, 2010
Stock Option Plan 2000
Non Employee Directors, Plan
Dec. 26, 2009
Stock Option Plan 2000
Non Employee Directors, Plan
Oct. 31, 2000
Stock Option Plan 2000
Non Employee Directors, Plan
May 31, 2010
Employee Stock Purchase Plan
Dec. 31, 2011
Employee Stock Purchase Plan
Dec. 25, 2010
Employee Stock Purchase Plan
Dec. 26, 2009
Employee Stock Purchase Plan
Apr. 30, 2010
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                    
Stock-based compensation, shares of common stock reserved for the ESPP                                                   4,000,000
Stock-based compensation, maximum number of common shares authorized             122,592       10,000,000           7,000,000 250,000     100,000          
Stock-based compensation, award expiration terms               10 years     10 years           10 years 10 years                
Stock-based compensation, award vesting period                 2 years   5 years           5 years 3 years                
Stock-based compensation, options granted 42,000 24,000 35,000               42,330             0 23,924 34,648            
Stock-based compensation, additional common shares authorized                                     150,000     2,000,000        
Stock-based compensation, discount on fair market value of the stock on the date of purchase at which price shares offered to employee under ESPP                                             85.00%      
Stock-based compensation, discount on fair market value of the stock on the enrollment date at which price shares offered to employee under ESPP                                             85.00%      
Stock-based compensation, shares purchased                                             514,218 349,173 209,416  
Stock-based compensation, value of shares purchased                                             $ 13,746 $ 8,134 $ 3,874  
Stock-based compensation, shares available for future issuance                                             1,561,066      
Stock-based compensation, award granted       422,000 515,000 501,000       11,996   410,197 494,995 470,950 20,000 30,000                    
Stock-based compensation, stock options and SARs outstanding weighted average remaining contractual life (in years) 4.80                                                  
Stock-based compensation, stock options and SARs exercisable weighted average remaining contractual life (in years) 4.57                                                  
Stock-based compensation, total fair value of awards vested 49,006 41,249 41,527                                              
Stock-based compensation, stock options and SARs outstanding aggregate intrinsic values 35,683                                                  
Stock-based compensation, stock options and SARs exercisable aggregate intrinsic values 35,410                                                  
Stock-based compensation, stock options and SARs exercised aggregate intrinsic values 14,367 12,259 3,578                                              
Closing stock price $ 39.81                                                  
Total unrecognized compensation cost related to unvested share-based compensation awards 58,554                                                  
Stock-based compensation, restricted stock units weighted average remaining contractual life (in years)       2.21                                            
Stock-based compensation, RSUs outstanding aggregate intrinsic values       58,856                                            
Stock-based compensation, RSUs released aggregate intrinsic values       $ 14,592 $ 8,828 $ 6,327                                        
XML 41 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Marketable Securities - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Investments Classified by Contractual Maturity Date [Line Items]  
Estimated fair value of marketable securities (no contractual maturity dates) $ 55,694
Current
 
Investments Classified by Contractual Maturity Date [Line Items]  
Estimated fair value of marketable securities (no contractual maturity dates) 34,590
Noncurrent
 
Investments Classified by Contractual Maturity Date [Line Items]  
Estimated fair value of marketable securities (no contractual maturity dates) $ 21,104
XML 42 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information (Tables)
12 Months Ended
Dec. 31, 2011
Revenues, Interest Income and Interest Expense, and Income before Income Taxes for Reportable Segments

Revenues, interest income and interest expense, and income before income taxes for each of the Company’s reportable segments are presented below:

 

 

    Fiscal Year Ended December 31, 2011  
                            Auto/        
    Aviation     Outdoor     Fitness     Marine     Mobile     Total  
                                     
Net sales to external customers   $ 284,855     $ 363,223     $ 298,163     $ 221,730     $ 1,590,598     $ 2,758,569  
Allocated interest income     1,250       4,496       4,342       2,934       19,790       32,812  
Allocated interest expense     -       -       -       -       -       -  
Income before income taxes     73,226       171,245       107,881       60,092       171,717       584,161  

 

    Fiscal Year Ended December 25, 2010  
                            Auto/        
    Aviation     Outdoor     Fitness     Marine     Mobile     Total  
                                     
Net sales to external customers   $ 262,520     $ 319,119     $ 240,473     $ 198,860     $ 1,668,939     $ 2,689,911  
Allocated interest income     1,251       2,347       1,532       1,624       18,225       24,979  
Allocated interest expense     (122 )     (148 )     (111 )     (92 )     (773 )     (1,246 )
Income before income taxes     71,482       150,973       86,499       62,431       205,887       577,272  

 

    Fiscal Year Ended December 26, 2009  
                            Auto/        
    Aviation     Outdoor     Fitness     Marine     Mobile     Total  
                                     
Net sales to external customers   $ 245,745     $ 299,300     $ 169,624     $ 177,644     $ 2,054,127     $ 2,946,440  
Allocated interest income     737       760       1,076       1,469       19,477       23,519  
Allocated interest expense     -       -       -       -       -       -  
Income before income taxes     56,595       147,996       58,046       57,430       488,584       808,651
Net Sales, Long-Lived Assets (Property and Equipment), and Net Assets by Geographic Area

Net sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December 31, 2011, December 25, 2010, and December 26, 2009. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa.

 

    Americas     APAC     EMEA     Total  
December 31, 2011                                
Net sales to external customers   $ 1,527,508     $ 248,057     $ 983,004     $ 2,758,569  
Long lived assets     225,505       143,913       47,687       417,105  
Net assets (1)     1,155,653       1,915,284       185,644       3,256,581  
                                 
December 25, 2010                                
Net sales to external customers   $ 1,646,590     $ 220,478     $ 822,843     $ 2,689,911  
Long lived assets     231,569       146,859       49,377       427,805  
Net assets (1)     1,149,826       1,719,769       179,967       3,049,562  
                                 
December 26, 2009                                
Net sales to external customers   $ 1,972,451     $ 149,920     $ 824,069     $ 2,946,440  
Long lived assets     233,573       153,878       53,887       441,338  
Net assets (1)     1,177,849       1,467,903       190,695       2,836,447  

 

(1) Majority of assets held in the United States and Taiwan

XML 43 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2011
Stock-based Compensation Activity, Stock Options and SARs

A summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 31, 2011, December 25, 2010, and December 26, 2009 is provided below:

 

 

    Stock Options and SARs  
    Weighted-Average        
    Exercise Price     Number of Shares  
          (In Thousands)  
             
Outstanding at December 27, 2008   $ 47.76       10,526  
Granted   $ 23.09       35  
Exercised   $ 18.08       (278 )
Forfeited/Expired   $ 59.55       (174 )
Outstanding at December 26, 2009   $ 48.28       10,109  
Granted   $ 33.44       24  
Exercised   $ 15.52       (826 )
Forfeited/Expired   $ 62.57       (221 )
Outstanding at December 25, 2010   $ 50.87       9,086  
Granted   $ 39.71       42  
Exercised   $ 21.02       (764 )
Forfeited/Expired   $ 64.63       (291 )
Outstanding at December 31, 2011   $ 53.14       8,073  
Exercisable at December 31, 2011   $ 51.24       7,001  
Expected to vest after December 31, 2011   $ 65.59       1,049
Stock-based Compensation related information, Stock Options and SARs
Stock Options and SARs as of December 31, 2011
Exercise   Awards     Remaining     Awards  
Price   Outstanding     Life (Years)     Exercisable  
    (In Thousands)           (In Thousands)  
                   
$8.00 -$20.00     787       2.29       786  
$20.01 - $40.00     1,530       3.48       1,463  
$40.01 - $60.00     3,295       5.36       2,782  
$60.01 - $80.00     1,198       5.42       960  
$80.01 - $100.00     2       5.94       1  
$100.01 - $120.00     1,258       5.91       1,007  
$120.01 - $140.00     3       5.74       2  
      8,073       4.80       7,001
Stock-based Compensation Activity, Restricted Stock Units
    Restricted Stock Units  
    Weighted-Average        
    Grant Date Fair Value     Number of Shares  
          (In Thousands)  
             
Outstanding at December 27, 2008   $ 19.59       1,043  
Granted   $ 29.79       501  
Released/Vested   $ 19.59       (204 )
Cancelled   $ 19.63       (24 )
Outstanding at December 26, 2009   $ 23.47       1,316  
Granted   $ 30.29       515  
Released/Vested   $ 23.02       (291 )
Cancelled   $ 23.32       (37 )
Outstanding at December 25, 2010   $ 25.90       1,503  
Granted   $ 37.28       422  
Released/Vested   $ 37.73       (366 )
Cancelled   $ 25.89       (81 )
Outstanding at December 31, 2011   $ 29.40       1,478
Weighted-Average Assumptions Used for Fair Value of Options Estimated Using Black-Scholes Option Pricing Model

The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions for 2011, 2010, and 2009:

 

    2011     2010     2009  
Weighted average grant date fair value of options granted   $ 10.53     $ 8.99     $ 7.32  
Expected volatility     0.4078       0.4178       0.4286  
Dividend yield     4.02 %     4.94 %     2.42 %
Expected life of options in years     6.5       6.3       6.2  
Risk-free interest rate     1.2 %     2.5 %     3.0 %
XML 44 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Description of the Business
12 Months Ended
Dec. 31, 2011
Description of the Business

1. Description of the Business

  

Garmin Ltd. and subsidiaries (together, the “Company”) manufacture, market, and distribute Global Positioning System-enabled products and other related products. Garmin Corporation (GC), wholly-owned by Garmin Ltd., is primarily responsible for the manufacturing and distribution of the Company’s products to Garmin International, Inc. (GII), a wholly-owned subsidiary of GC, and Garmin (Europe) Limited (GEL), a wholly-owned subsidiary of Garmin Ltd., and, to a lesser extent, new product development and sales and marketing of the Company’s products in Asia and the Far East. GII is primarily responsible for sales and marketing of the Company’s products in many international markets and in the United States as well as research and new product development. GII also manufactures certain products for the Company’s aviation segment. GEL is responsible for sales and marketing of the Company’s products, principally within the European market.

XML 45 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2011
Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share:

 

    Fiscal Year Ended  
    December 31,     December 25,     December 26,  
    2011     2010     2009  
Numerator (in thousands):                  
Numerator for basic and diluted net income per share - net income   $ 520,896     $ 584,603     $ 703,950  
                         
Denominator (in thousands):                        
Denominator for basic net income per share - weighted-average common shares     194,105       196,979       200,395  
Effect of dilutive securities - employee stock-based awards     789       1,030       766  
Denominator for diluted net income per share - weighted-average common shares     194,894       198,009       201,161  
                         
Basic net income per share   $ 2.68     $ 2.97     $ 3.51  
                         
Diluted net income per share   $ 2.67     $ 2.95     $ 3.50
XML 46 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Income Tax Contingency [Line Items]      
Balance at beginning of year $ 153,621 $ 255,748 $ 214,366
Additions based on tax positions related to prior years 5,568 11,443 14,241
Reductions based on tax positions related to prior years (6,885) (10,392) (16,141)
Additions based on tax positions related to current period 29,210 43,202 63,053
Reductions based on tax positions related to current period         
Reductions related to settlements with tax authorities   (122,314)  
Expiration of statute of limitations (19,610) (24,066) (19,771)
Balance at end of year $ 161,904 $ 153,621 $ 255,748
XML 47 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 25, 2010
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities $ 1,208,155 $ 801,819
Carrying Amount
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 1,287,160 1,260,936
Restricted cash 771 1,277
Marketable securities 1,208,155 801,819
Fair Value
   
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 1,287,160 1,260,936
Restricted cash 771 1,277
Marketable securities $ 1,208,155 $ 801,819
XML 48 R72.htm IDEA: XBRL DOCUMENT v2.4.0.6
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period $ 120,894 $ 111,188 $ 100,100
Charged to Costs and Expenses 26,266 17,012 61,459
Charged to Other Accounts         
Deductions (50,393) (7,306) (50,371)
Balance at End of Period 96,767 120,894 111,188
Allowance for doubtful accounts
     
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 31,822 36,673 42,409
Charged to Costs and Expenses 2,317 (4,476) (1,332)
Charged to Other Accounts         
Deductions (3,915) (375) (4,404)
Balance at End of Period 30,224 31,822 36,673
Inventory reserve
     
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 37,720 38,898 23,204
Charged to Costs and Expenses 16,047 5,753 61,323
Charged to Other Accounts         
Deductions (24,397) (6,931) (45,629)
Balance at End of Period 29,370 37,720 38,898
Deferred tax asset valuation allowance
     
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 51,352 [1] 35,617 34,487
Charged to Costs and Expenses 7,902 [1] 15,735 1,468
Charged to Other Accounts    [1]      
Deductions (22,081) [1]   (338)
Balance at End of Period $ 37,173 [1] $ 51,352 [1] $ 35,617
[1] Note that $14,994 of the decrease in the deferred tax asset valuation is due to reducing the amount of Taiwan surtax credits to the correct amount available for use in future years, all such credits of which are and have been fully reserved.
XML 49 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 25, 2010
Current assets:    
Cash and cash equivalents $ 1,287,160,000 $ 1,260,936,000
Marketable securities (Note 3) 111,153,000 24,418,000
Accounts receivable, less allowance for doubtful accounts of $30,224 in 2011 and $31,822 in 2010 607,450,000 747,249,000
Inventories, net 397,741,000 387,577,000
Deferred income taxes (Note 6) 42,957,000 33,628,000
Deferred costs 40,033,000 20,053,000
Prepaid expenses and other current assets 69,790,000 24,894,000
Total current assets 2,556,284,000 2,498,755,000
Property and equipment, net    
Land and improvements 95,570,000 94,792,000
Building and improvements 277,624,000 274,163,000
Office furniture and equipment 112,345,000 98,779,000
Vehicles 19,001,000 18,437,000
Property, Plant and Equipment, Gross 711,368,000 677,709,000
Accumulated depreciation (294,263,000) (249,904,000)
Long lived assets 417,105,000 427,805,000
Restricted cash (Note 4) 771,000 1,277,000
Marketable securities (Note 3) 1,097,002,000 777,401,000
License agreements, net 5,517,000 1,800,000
Noncurrent deferred income tax (Note 6) 107,190,000 73,613,000
Noncurrent deferred costs 40,823,000 24,685,000
Other intangible assets 246,646,000 183,352,000
Total assets 4,471,338,000 3,988,688,000
Current liabilities:    
Accounts payable 164,010,000 132,348,000
Salaries and benefits payable 45,964,000 49,288,000
Accrued warranty costs 46,773,000 49,885,000
Accrued sales program costs 52,262,000 107,261,000
Deferred revenue 188,987,000 89,711,000
Accrued royalty costs 99,025,000 95,086,000
Accrued advertising expense 31,915,000 21,587,000
Other accrued expenses 67,912,000 63,043,000
Deferred income taxes (Note 6) 5,782,000 4,800,000
Income taxes payable 77,784,000 56,028,000
Dividend payable 77,865,000  
Total current liabilities 858,279,000 669,037,000
Deferred income taxes (Note 6) 4,951,000 6,986,000
Non-current income taxes 161,904,000 153,621,000
Non-current deferred revenue 188,132,000 108,076,000
Other liabilities 1,491,000 1,406,000
Stockholders' equity:    
Shares, CHF 10 par value, 208,077,418 shares authorized and issued; 194,662,617 shares outstanding at December 31, 2011; and 194,358,038 shares outstanding at December 25, 2010; (Notes 9, 10, 11, and 12): 1,797,435,000 1,797,435,000
Additional paid-in capital 61,869,000 38,268,000
Treasury stock (103,498,000) (106,758,000)
Retained earnings 1,413,582,000 1,264,613,000
Accumulated other comprehensive gain/(loss) 87,193,000 56,004,000
Total stockholders' equity 3,256,581,000 3,049,562,000
Total liabilities and stockholders' equity 4,471,338,000 3,988,688,000
Manufacturing
   
Property and equipment, net    
Equipment 125,820,000 119,829,000
Engineering
   
Property and equipment, net    
Equipment $ 81,008,000 $ 71,709,000
XML 50 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 25, 2010
Cost    
Due in one year or less (2012) $ 76,427  
Due after one year through five years (2013-2017) 370,827  
Due after five years through ten years (2018-2022) 311,251  
Due after ten years (2023 and thereafter) 385,017  
Other (No contractual maturity dates) 54,362  
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Total 1,197,884  
Estimated Fair Value    
Due in one year or less (2012) 76,563  
Due after one year through five years (2013-2017) 370,551  
Due after five years through ten years (2018-2022) 313,073  
Due after ten years (2023 and thereafter) 392,274  
Other (No contractual maturity dates) 55,694  
Estimated Fair Value (Net Carrying Amount) $ 1,208,155 $ 801,819
ZIP 51 0001144204-12-012007-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-012007-xbrl.zip M4$L#!!0````(`.F!74`$,3NSHHH!``1O$0`1`!P`9W)M;BTR,#$Q,3(S,2YX M;6Q55`D``V653D]EE4Y/=7@+``$$)0X```0Y`0``[%U;Q@\`!RV_OK-PM)MBA`5`&%[8DS M+S-C(?1E5E96WBKSI[_?WT23.Y%F81*_/4`SYV`BXGFR"..KMP>K;!ID\S`\ MF&1Y$"^"*(G%VX,'D1W\_=V__]M/_S&=3CY]_/GH;/(MCL)83$ZF7T2>AO>3 MW^=_FUP&F5A,DGCR^_NSSQ-WAB:3ZSR_?7-X M^./'CYE87`7I-"E>.)LG-X>3Z73[8[^N<;Z93-@,X9FW\]%9LHH7;R;8\2XQ MH?,I$<*=$I=ZTTO*T91RO!"7>.'QQ>ZW/J0BR.&-DP5@?3-Q'>1.'7?J^N?( M?^/0-P3]S^[3R>U#&EY=YY/_G/\7/.S0*7P#E7CP-Z!X/IL<1='D3#Z:39:D5X?P7GP8;MAVL'[RC?PTVO,\_/0? MDJ^/S\L_E)[_@8NGD>_[A\6GVT?#+"$NXOO`K)]X?'<6UKT9'D6'OW_Y_'U^ M+6Z"J4K!'!8H3Q\>OUG\1";FLZOD[G#SX:%DY]1!4XRV7UN(L/XK\$'-XU?I M35P"!\)T$\:%(,FGD?OT;!C?B2RO?_OZLYH?B),X7MW4,VN1IX?YPZTXA(>F M\)1(P_GC]]J_5/X"[+VK(+A]_-(RR"Z++VP^J,$&G\@W9;7?*3ZI^9($LE!X MO%E.=KC^L/1H7OLH73^:'X"$3R:%C$=OLD(2SL1R4@C<&PGA[4$6WMQ&4BR* MOP7I/$TBH2?:Q3>N4[%\>R`7>KI=T=E]MN@@^?J;ZG!-UH;U;[Y?!ZEX+]78 MA^3F5L19H42.TC2(KX14DG[KL>FTZG0*$S_6_86_CB^_G'"^<"H#G(P0C^ MDQ#$7?^>$SS@9@G1EM98:>ILEB-<]_"^3/Y`]' M\WFZ"J(/49!EX3($**LTA=\9DB&[7)CB@W<>)XY7$B)-4&5*/@39]5&\D/_Z M]."0[RC_`6QZ`)[\&T6K0A57I8#[#F)8(T<)D3<+76ZHWR579E=0B MA[ILF*W?A%QA3)[,_[A.H@68;Y*9^8/-Q71=L/HH*1-805!&*%=S37,4)3^D MV9+!XF\LM^Q]$!4FK$702.KTLC[6PE0FXYW]=I)GR(MG(GL6WXMTO/K(-Y(HJ(^?Y9:Z"/8]L=! MF/90(X\G+4$(8]/3`ODSZO]T^-RDC[(``RFQ1H8WJ32""QD9H24J7B$ M-*P'LO4VLY/X5*1ALAC0T][+C3VVDS=SO.$\%2,*7T,`HR-;B3=S!V1KIP!& MWQ\]3M*E"/-5^I+DE8*M3X=CK"&-909_%$N1IH43]CD,+L,HS$.1_0++!`9N M>+F"E\#[X77QIR"-8>U,/443#?<.<>3X935F#K!,X,])LO@11I%5V*`[N M]F?'B,<98?6X/,1?9#S.C.?P.%CFSQV0*USH%Z1;7#QS_.%TBSYY+RO.6>5> M4U``*0;M2X]S&FV2.KNPS8W::MD'4*N_@*&;YD$8@_8]3;*PH/!K$L_MZRF7 M4D[*B0,#9/8]#C-E!?]X7E\G`Q0U[/O\X10^R^%AN7JW4O[L^AWO"$$85W(X MC5"TXLTG@!;V8_XM/HGGR8V`CX`!\N@QSG2:B96#F*,3BMX'L$SA8_#TBP@R ML,(D&WX+\^M?XN12KF9P&8F3^!;TPAG\4#P'$2X6'OX/A!7T!*B2,"O<->NG M)G=<6HY1#8W>1K:AK^+8FVWHK?A;(\(;`UTL&L[1WAF(#7]Z9R`8'N`W]LA&(P09HSC MUT"327:(,O3%8Q'G'O$?V[.:Y,"QB>FRH9^'M;3'JQW"]83QGVE\.5Y M6*]'RCL$4L^[AES`=+U)XN)`_!#-<2H2M@[&?`G2/T0.9O6'),NS3AD4Y,!*4?W, M`W=9V?C8!V60;6&$L&8C8%DHP.`X?32Y3A)5(E0:@ M,@6%"[99FIW+\!*2BYU8WJR@`\@HIDBQ+Q35P+;P3Z^#TYR237_^VA)=9W93,46K:#,&5 M*3M/BYCS0W$$=(BQF>IMQFEY#:H`ZG-A(VD-!C8*KTUY-:F*]ZLPDB$EZ8*< M`.>3NV+[9#^GP'2;6%U.$"NKN+U8:H_NL^0AB$9B+K@\'JL[M%409:0G\4(L M0WB_^`P"#:I[#J(MCJY2L2;.JL!ZBL'4!J8,?6V-R/S-=YFK*82H:^[6##CG MG"@QK_U@=&J2"O5B54(P;E+0*HQ74/77]:2FSLSCSUSUM^7\F;@3\4J,H!T\ MGR-4N_IE#.VVQ$@[##/4**TU6%IPPW]L__;I7JZRV,:S0)=O"L*R;8'8]B.K MJH\1MI^\3I!;V+"SS>UZ:'`:$4KW$U@&HU>U">9,))/6C7UW=!$)6=UHY(M=$R>#R# MY_Y
M*I=-5.K\.-KI/>J_S0JUNBT:/;F2O"ZMT84:5(HFN,(U5B_6#W/4( MKE?F;:B&4)./P8CC)/V8K"[SY2J"SR2K[*I,1'E+P*0W?C54*FZ#,4Z MR%'\U`AGMDL\7ZUD;@5DO,(ELR=>;&N'ZNTB&?>S23)QN-=R;`Q`P2NZ@M'5 MRF7NC`YHY?:Z@K'=7&=B+L*BWFZ`ZOMU`K.&I#'SM%I2,L-66.$GULA*&@O0O"2,H!2/CW8-=YA\,_ MS:499UOG248KF0!-5(U9,?NA1NYSHG:+47Y?QZ)7-+G5HP61QI.E&9$:+`/1 MSY/TP;+WA#U..5="8T\_W2#"RR3-2L)2!";+_HC534A=7"_&.LC&O;9G:(EA MK.J7OM?VFK?X8U'JQS";1XFL6;>K?I"'?$WU4X--9]U.BDZ"TJ@XB>6Y`=2D M212!\;!<%O7V=CUWQI2D3F>4+=;U[AN^KRZS6P!+A%7DNDK`E6X_FQ M+E/8"6WV)J"I_YX/IXCG8*_V&*G`:+,T1K*-*&9N;7U$+90ZNW(4[]&'4Z2N M#JZKIUCC2UL/=5#F-6Y=4YR#!#\J%0Y6HZA%9\'^$8\*:!VE/8*,$C4!N!=) M2]ST]C9-;E.II@TOV!GN*X2)DFC=!V6(R_J]0Y\C7M8W%`#P@:D2XNIP6?_X M*6=\$L-9<16"\;+>(#O!ZXWOM&YV;=5WQA27M98YP)I*K]V$R3@''7'*@MX, MH\%/DG1GUV#@@P!:+M?PJ)+&J`;C>+&$51&NP>(PML]B<&N"T;BA/PK8"?-U/R;X[TAL2GQV`R6-`F4YN.XW7Q3J M!;OA>#L+?GR!=Z^3%)I?UC%3CRND=BH`:5S;C_+ED"LN'_>>HYK"GZ%'=93 M39C3EF2+3A;IJ:AAK8GG#_+PMAP?9"V'5A.HQLN`L"Y]N]_T+X9KPZ.1C"_4 MEMW0K-]2D_P(8]CF0J9W%ZK7XML86DG$RRX%`^36ZF-BRIU^UR$7[@5UI+WC M.9P3M*]$8(U,M\!&*3Y:;P5D]U!U/-T*OWITVODNZZ;,DV*..HUA@X=IO;<5:WQEZU&^7S:>/=& M`YJM9CR&YJ?+/:>2>-=LOU-/L-7CBW%'A^EJA8@LQ9R#0U:?A+,K]8H3U0:F MY>SM.B97OQ1/YYQMFFO[:./\EJ1_G$C?%K:T7?\)4Z?!2RUAV-./8TW2..8, M=OP+="'[Q&".?#@^&UITK#'5ECD>+>Y@>X:9[+XT0I0)4>64:80Q3RNV6&A!FZF\D,\M4$6K?Z=_^P?Z1+QOKM-RW M+8/IE*'87!?8>NCG:1!GT=I,&C5#P1`G3E-HP7R$WHY=^S3FST&\`%TD_S5JFRF?;`-(K3!V MT-8$F6R\D3\(X`UYKWM+R??< M6Q=]"]IS$AW?O4:\(&':(SYKZDK0RX*G?GV)X*\ MC`48J/#-=.K*=@S]\TY=69_`@]THOB#4(0Z_)Y1@I*GYZ^X7-Z$:_8IT%X*X MAUS*-;,Y^D16[LC#5^7=X]5<+G0O56%.8]5-,,$YH@S*D1<,^W+D!7,TV_[7 M+>`+ELA MAT-57'690%C79M7V^+DJ7OT)A-4Y"..C-1A`6-.-;'R\^C,(IS63&D;':S*, ML')CL@WM4(,OI`T%QNP]\6$#\7:T3FG`8]OTB\'*`1IA-M[_=93&)ZU5`(-7 MA)0P>ZV8:PH:P%!%%T120QSL<NV9GO$2>T6L[>A4RJSG3J5]L^DI#"YM0<54E)I?JJ MEY#::]/:A3K6M'CF/5M'W88&ZX=E\/25;D-],I%RV[_;+AR_+*(3K<,728RD M=AC1#1F`LXY?F]K1I\YE37ORA>L=?1*)"P_;USM#BB>8JJZ&EUUH5;C?_]S,,;[3#.`6<]X5#`>$=]3;V)99;V>KU7/>G*>L7(GSS*<[#_&'` M`1FNX[K8\%:N'A#KC6(=[C+#GK=DT_&V5\_;C^%=N!#Q8GOG<3V3YF]\2CJ"E&WUQ%[C/`MZ;':]D>[XO81S>K&XV/Y)]7(F3^/PZ%>*?(DA-(\I&`H$< MWU':4YH#',8Z,\%=8X]1QR$7TK]R*:,>TK''*IB>=)'D3J,."O2?Y/D9\]W@^VJH0\2LN.OC4R M:AK`5L=`C:!W&?=131?81BRZP8R/XC+_$N0#A-[,M`:X/)ZG&ZS9`[(;G?)B M?K+*OX.2BL3FSP_R3MUH#*`$:Q<_)>MI]4EPTGU68A23UPK=`QKJ6S'I]B8'K.7A7ONJJ*9,\0%XBX4MKG]0W_:H!TZCS3L:N,$16>['O5I:M,?<>8W@7&AK8B)GXYQ=)66SSN*>M1 MSU5Z8;<=K>]78;0HIA7V;WEBA-7EE73'7BRU_N-9\A!$(S'7!T>!UKF.*@BU M*=Y"+)\ZHWX&?1)GXN@*?(\_6#:9QUU;A=FZI4!\+*!L1^- M=I]0JSJ:-4[^46%8&^OS_$QM9CW"X(L_S]_>S MUIL"!V;B6"<4+^J)6NQQ[3:66C/AMN.0.\XV,[//D-\R3J(3Y!8V[$[ZLAI` M?8>P3U#+[)4R&FLGS`LXLM','?#(UJ1-;52KC$_?G:2T#.>A77$@"%-E.D,[ M(M67RN#Q#)[[MZ+=-F>N-7ZW;$;1!N7P6O6`?OBY\:(WG@ M<^6HU0!DO,(E51 MEOV;SI>K]"6%[1F9,3PIS(/7,X46;*[8-25TQ@5=40CK!Z MQVRG9;-Q7<1QLDJMUVUX+BH'3LSA[?5Y1_(B/0_A^K.\@J,V`+XSIF($2>9< M'5?9"&.,VS(64_9[DM$[):OV,TXU+8W4W]>)?"N&@M5@'78;#9=F1`V#A"S' M`+`OBZKKYP=5B^XM7HPR$PKF.H/=2JQ?G5_`=I%=U2Y7<+)N!GILO6"K#AUU MN=_HT6D"'+9VI-F6.Q,WP,ZB9#3.TV">@U-U+M*;_D4E\GA2#"E2JC)_!J+& MNT-GZ`P['J*Z/0]:K\W52]M)47@GF7@BJ_`D.6D2R;:KRV4Q",5N*%9.*-#8 M$QHH6YSBW3=\7UUFX2(,4O.A?H9''/=:XNA-L%IZB'6_EZ.3O5MWAW?B_#I-5E?7YR(N(AFCE!S(MIB\6\U!*VX=DUUMM0DN@$B+ M&=X[=^(,UX9GQA,N@8\J.36N;_GD'N.RG038BD`&PW M44^08@>8`ZRY![.;W!_'[B+*:=@,HR$<(NG.KL&-!WUHUP\GE"O%N?4@AK!) MX/A9I7'QE\<>IE:)+2^@*<13LMB/D78DRS[ M``?B`ZF$7C6L,^>ZV^>0P8'5RP1W-@G4= M\+?E3E76QCQXWJ+FP.J:ZXB_QR':NN=NJ;&R\&*[Z@U#_V9QP-E_K7 M)Z^'#OD6;UT4Z:V,J$ZX0ZEN5S1#W+9;`343VMP*:#/^8M:K%="8I#1+.CEX MY\\<3D@/2C1K%^R&LI!R>4D3E++;%HNBH#2(3H,0G+,/P6V8!U;C10QY:O>Q M>A`C'+%5#]S2$>NIH9B1R&F_(#C&91'XAY;)WX-$$=`]1:]/U5@C$/'_['UK M;]M(LO9W`_X/1-[=@QF`\O!^R9Q9P(F=K+%)'#B>F;.?`EIJV3PCDSHDYJ24IDBZ2:%$E1BK"71(K8K*KNKJZNRU.JI+!HGW5(:^?BW7T9B2YO*K*H M16IGU6R=5OEQ[M8M""]Q&"WA%HZ13?[UD*<7I)?35/&&E M?KPWFJWSA/PKL@-Y0!4J\M\F_[N(0^Y]H$+(L#\8U-SV&>"$(NT<^,"4997I MHU=-S.:2QVY=5#8+W51$0@N.F]Y2055+EV3>9D6\!#=%N7OVN\>X4Q2]8;)T M2MYFQW:W:EM2*]1VH4E$U08;'>IXKRB:86C&>HRG@(Q2?7U!0-&-77I:PM]G M)*GFR4:S2O5%M\>[IK`UYRV170V_VDMBNV7D4PY*B"BQLVZ<9]`1)'!AQ&YW MLLW6/132T#*L7"\^,%TW[&8>]#1(B)8@Q_<%UI.U/FQCS_6\FNL ME([-E[OW\-F->O-JJZIJ;LYC*R"*QZ+>B3:331J>VFAA\^JLM9ADYUA#LK&A M]+D@:3##&/"R=3/IK>O,-M'#7/?=>\^=NF.8B?%.^\DJBI5?A#1@VO@?* MX_4K;"AWB9)]/8T?"28D+9#M]-"4-"9%L",F&%R\HLW8/=C`NIJH((0C%YV> M:YUJ`5UFS_U2.II60Z8!F6X1A1G[N#YYS%;K5344059O4@9K>?978;AH(766 MJT$X;.OO\G==RG7FV$!9K_V9:F:QZKR-PW@Z,E5DYW6/*BD9EIE7N)O(*3XA M7X'UW[TQ'/V.ZX$R``5,8TJ[J]&H05EE97.W<6Q3EHL-Q>3M>=*Z:+Q>#]33 M,)E^70T:JE?`/!;X+3ME1^:Q:IO,D$VT=]:@J^9EQI0EG<\G7M7%HJ>Z)E5B<:"+:6`K?K!B&5%BBE,A MNW5PY=?0)EHVV%JKC(*N*BMY[*H5%25NN3_]X*\K=#N"$N_6_E9B?T*!6RY' M0R,-VT=&A:IKC;)_"MVB.5#T>*HZ*\!5-5FSI$R>8<'+"\MNSR=/H%[<$*MA M>LCVD&VY$#Q\G8P6(&A[.YU,.)>;!=+*Z>7*V0=+'@[V,+KV,C7+B4B[C51; M#)13`P*+8:GZBW;(AB8QAF(Q$?7.KWYN1G5/LM(4B2WS:_NS`$W):KC)N&C? MX(=+O^C^\J)8MK3!&9MMX'CA++[P]9KS`JJ3J<_J@('B M9FDWA+ZDWUIY3;>-XJ9GI>1PG03#*,^*2;T/'KT";+\+Y[4%,))_?+6DB__^ MA>\=&7H^P3>@%O&/7AN\V+J>I`-N)"-#[1_DP1W/^HC'VFF5TOI[L[-9JFKI M'KU]<+Q;\CCW`R=XQ=(\-^B\JXN<5IYM0V"&17X\Z+5B:V_2!R*$I2E2AN-6 MZ,WP_W[FH_D=UVOT6A]ER0E+:R1DR&,!(5&UY]*?DFZ/R#">[G#>=UO%;MEZ M9C8:D+<%<[?/?L?FO9R=#=)LAI1W[B*((ZG7GEP\$/;JEO4ZE5*O#BNBU9,ZV>%W>K3=O2 M.LYV@C9+X>&USOJNF89FZO`)_Y4CH,/X35MG*FO1KR)%JW\')7Y#YLE%(?TZ MSE=OC/*R%(FM&)J&42O)&L&O%24U[.M3PNZGU4^_!OY]X#QFOJ"'T:4W:94# M>R0K(U7.KGI>&G8\![9M(`?P4TD!)O9P#E(.Y&WG(+?-=@\PUU@PFJ8H>!LP MM(W(>LJ9PEJ#NV=\CW!]2J5=@O)C&1P*O6.0GT&C.-06J-F]0#=!.@QDV[0@ M<'F3OE#/-.NH+UI:WM468&Q,&SU`EAR.PN"0*'7F'35&6QI#V:0Q]#/5.&J, MEM:WLG%]*RR\^E%C;"E15;'UH\9H3V.HFS6&IAPU1DOK>[/#SC9Z.!`/1V%P M>$!E)M']J#"VDKBV66'8;"/VW3.^KPI#V[R^C^JB37'V8*[].+I"Y]`5+,#R M[AG?5UVA\^B*'AQTAZ,N."2JZ$?KHD6-86S6&.;1NFAK?1M#.`X/1UUL%N<` M$*];!]9!$9B&0>/OJ@J?#%667C1-TB23M[20[6?$#;H39T6WUK'WNZ8CV2^: MKJDR=_)F0?_>,K)X*[B&QU'SCL2=SA%\4@W5AD^*(6F'-V.M\==\_HJK$MOD M5Y8-S&A3;=5JNSO30&:T`8>MS"%-OLD7F.Z4K;3VE8^NW:Q#7;'DPUZ'M3C< MGW58@ZUMUF%;R')`MV)+.II*ML)=NR2K.AM3W`0ZV3J]JFTI?/3"]K#5'5.K MZ9;,*5W3-C55WS&]MF%RKN*1+*DLCD_O]()]8G/2N][H:!.UK0&QH!VEZ&:< M)6Q67M22UEX2@ZZ[$9:E=8RA',T6#\V:I%JFE,DAY48W^)MVVNU=*< M^`X1!)$-6U)1!THZY^5AO0=.`SS!?GBRC,:=J@;*DZZ8.M_)RL"YXDT1K`+U MNXYP*S+3K*D!MVWW'@46-455T-B!FRROL6/*^<.-MQ-IE]1S;R3-8-H^[YQZ M4U8-3MFKBFF7X:D54Y^8TK00.U-V'5=V7$\S7S7GPI(UNDD,!!-1_KVTWSE> MN@LBX9.AF'",F*HN&T"RK'P>,LV:)J-@U4$+%HE<$ZRB#5.P*RI5%*PQ="JU MIE1N]@VT`#>&I&HVD(KGIF$5HOA'Q]UB)NJR9[&@ MC'7(W(4'JL$$*I+&VU9G"S=;FZCU3?A4%,:1V`S#OG_,IT:3VAX"5,^:Q]!X M?76F):F\N-=#43S\W"%*S#XJGAKS!^,J^ZIW^-E4N)GD:9W1SRX$ZUKA3"XP M%,-DD*T'OPUKL"W$.G,I6;Q<#F@KJH;,&0Q2 M=4N5>2VYH6Q%?O845;7W_!51K@K<-S@!5L>!E*GA9UPU=W;7DN5F!.ZRN M-^Z^U:;H^=Q?Q:)7J.AM65>LG2]Z;E;^(6NJS;B":HA^QWW=OVNV9&K6"PTN M\49&-9W;.-RNR_M@I&/8L,$X=Z(L2[Q7O.VDDTFPN7"?W`GQ)N%7$M#S[8*, M9_!'C3-:42CCDJ'H]8'PE;-<`C`'8?RL8$KJ5\>MPXJ!K,`9"G^IS8I\IG.R MDA+6Z:STPTI^5OB@FOLT6I-=X.+BF;HVS4S5BDL%(+UV?Z^HO70ZJUTSX,2&3D/X> M;*/K::GMW"V[:W^]](!-8!;-EX\C+%Q0`27J-=O?&3E M68&["K5P`A_/C\F[U]]#[)Z!77%#7-[GXPA.ENYWWDC73+9J@I^V];;"\1J. M19"V^.Q8#:JZ;#.JHYB.ECQV2=U[6B,?ICU/;OT()[]9GY$FG*NZR8,.TBY+ M:R=(O-;QJ/3&H)#I*^&+?_HS=^*\=GUP6+K.]I7>1!&3#8VGRA??\].#)1X@ MV;L=JT79R"='5!.SZ?!>;WK8]2$FV\P*Y"%J[8R:+,;1GPZNTNB5=@#&<^^U M9LI8(P8,S;+7G$L5Y+#WDS"ZGF+#O/";/ZMS%6E"JRXIJI)7=`P!)5N3A/4N M^$VH,VS9*MF'\>L+-EU!^]:BUJW.F"HQ;U+9R#765^SRZ_CDT7357-^_/?!5 MIW3H@N""KH=!T\S&4YG.T[QT;=)K;)?*VLUXFRDW4]UT(RDAK"4[8^F8A,$7 MC_$)?>.&?WT(R-*DN:G54Z54#G!7)%D!J.CQD-0V3`M>+@K*B%=WV`E=-Y$+ M1O;%`HR1^WA;]&!CK5^R:Y!69YN^!^G=$["XJ`Y)3\VVF7L)W;>>._OM310L M8,9_X;J4+._2KI1YUN8K!+PL4,!\#;:+*!$^,7M*\? MM\_M>1X*3I#Z'=>;"-Y4+$5F;8Q26K@$G6K-O*"_@H"#[L7,^D85+7]"M4%S M@>*Z`E675P>QHSL#L[:\:[5AF)6`Z[&WP]JDM7MA3IJ$PE&SO%]VQKML:JW> MC`MH+[*V,3V/ZA%@R_46%"2/ZB<8XAWF:9*,6?S9]?R`]CV,3T$X#/*CQ(@5 MGTGT@!9@ZM/H>)-8DF7H&Y&QD6_&E)52IV?KO+`Z".PI&.63/R[U1A;-8L?A&DUE]F1# M,GFT4M^1)QYO_*43(+KK*E+HSA91*_J?*X2IYN+5)<0P=DAL#B6WUYX=[;*E M,7[I#>2PL0(P6\9N#ZM!-PRF:4SVW<4QPUO_?`P:,""?G>`O$J%;;)6XTK&- M9QHV$WSBHJIP:>3V<,\+1%GI[7;)UK=)3+)M.U1S77RH M'Z2K>T^E_66QUD9-^BI,T56(:;KPZL#F-/)`V8S=5$5*NST$S5H\9YO'HUH7',,KJYO'9LGDDJM MJ;SK;_5VAK#=!&[AIXPGB3-H6Z)Y;Y:QD)SJ_>3,,7_K?#Z?N6-JC8%I`V;Z M]?23^^A&?=S:9-LTN7QFV[!0?.N(LVGZOG5(&AO)W$!/GGATYSNPC<#^O"!/ M9.93:ZV?1:E:*N/RJZ1F@PE)HQ/+3@E=IR$INF0;U38D0Q!SN7X9DS!\*DV-P5BL0QN3ENI%[@2=+.Y3YE(-2V&VF)!)[%A]G"]BC7@]9?TS=5NH MU/"7Q_6R%EQ#[4R.>ROT,BHFS97OX5:GV9;&Z)/LVYD5Y\*0Y!-P.F%#^@E. M!.6R%RVNFAI3E%J/NBYO`)V%:UA0]%:IKO;X]!9844S&9*R@9(L0]FXBJX;, M%UFM17.Q@<(3-NCX6+`UL]!4X2&MFPA7Y\Z4M2S)5L@N2>^/#]D=I?=+JE$\ MN]5D55=>@!C2FM/K:?\^?\72;09VO3:%!88GZBIGEI07Q:5\412X=POZZ*V_ MKJ17*KP-CHL/$],H\.AN12I7SCO-VUI^Y=U?1>2Q\SPIU61+'_AIX\G#3C[" M],<.I,[SL6W)9IL,F5EK7J+AZJZ[KHX.[#SY.51O$=K>>N6I/'6UO7B3%4MR]Q4>\(0Q%I` M3W!*NR&LP'X.7UW7%=;V84EH5`V!)6YH9_3!A2''V$N\%4PE1'98_H-OP$04 M;`O?@BS^39P@*P099'#61FA]$^U\U8`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`E0_5[ZH2X\OI/N-(D:T5P%1D9:DNK,F,( MC>3XCU7R]>H60\)>K"L[A_R^+:TMG1@QBLB5%T;!(C:DTX:^229PO!T[KV#\ MKFFRJ=@OB+VNJK4["=AGNMW"L=.V-/J:I':2S$OGH-@JU9FK=5_L[4:H`UWY MBGUF]K+RMROR[6E#]K3R%:DE;*R:[/4EU`2KJW^Y]B76-08;F.&C^J_M$O"< M1XVLXUHT,>$[8GR?S\JZ/4@U4[+U'^;HW%K&AFU96ET9J](^6R?="!)WN[44 MI(E=Y#@$J1F:U4]I8=O]+X!Q15-H@SQ)Y6WRSH*F\37#V`/XRB;2T$U-+?)H M[@#+LJ6<[T9KPC391K>5">"=K6-+MA3.-I@TP^Z@EW$-8S$'>)"YM7'EJ0=\#KF71.&;;"7Q9VM8XM3'S.=3@YS M&7,*0S=T>ZT^XW"6,:<4%`W,*WT(RU@S3-Z3U-;,@U_(_.+0+$NWB@H;#V$E M\XM!D71-5LS-2SF.GI(`P2V<>W(]I9Z@Y%?AN]?WBS`"OH,MB%?AOR^:K1BJ M7I&M0!OTR*J6!G0WDU22;Y(TQ5M^3B-Y:6'N%IP8JBR]P+U#DTK.Q:IVRY)= MD(6RB=A]W+.QE/`V9_,6'UF6492-O(,]VPHNZ'=-5VQ)QZ5B*YV@A+8"/-:$ MS'HP9$/OBK>2@&I;RG[UR!M::G036>XH4;J'7FPK:6BZ)7/:+NUT9>L-M[P) MC^HZC\TAS'E:C--C](YUC]\0.`Q"-R+?2/#DCDG\WILX`PA_T,[DZZIA<]X] MUCNP=,U=?5EVV&2^BJ)LJ3-ZQ;=OQG#[ M:/==]],%/E6P]_$D@(LGI\+3#:4.-D59=]T^FY#R\5G="K-7F)`F$[-*3FX1 M-*3'%6@9W/W;F+RQO5J`%6P.HHR`#<6B9R*QN1)2!3YV_[HADJTX8Z\_)A M^V;JL:I)K`G2KS'J8;`P^FKCP,>(@[E;XU MB0E#V6R,EI.T;E*':DZ&9J^U5^!)%KI%);D(7A,7,W4JXVTG#J8WZ^15HAB$G+0:\C-]DMK@?[K1P^^>?X=W.2QDO_+F"^S]F$4'N<$08Y"@ M-(84P3"-/X+4:/NPY``I"%UV+)>X;6<69&<73+9;9=-%75Y-L:(!U&H'K_HE M=^50-4G64,?:3E9UM2BUN8JB@A2%UAK:UJ->5QCH]&IB>-'2@7/B/C4!3*]K MM()=8Z\E16VDBJ<%3FK)=\N!9=I,$[QJ:A@<4%#DU]./OC\)O_FSVDZF;M)LLJZ["!O6D8:H,:&&S M2$$1]&F^\4B"=]LM-ZJJ;(9D+:2K0UBV&S?\ZT-`E@9P$U"V`C$4ICE+BMZ" M8<'+16_I+#65+MCS;!.?IADL+=J\5&/`%35LX/7=)(!6XF);Q?&VH[#DLKOT MFO5U#S=-R6".:W[2\BS5ZNJ::*'M>]%N-PT%AV#3Y-UZ M(+92N#ZJ:6(,D%75VGH>\DV`WW M!UTJBG;S-I!BW&!PP8@"%T'VF]3YU@UNFVM>YDIRMKC?]7:19J>'[??8#M4] MEU/58]K6F"XL6Q909;-1,@'!Z:)!NZ&:TZ[JID66=V6V` M3;PH_CS2;;:\B#/X7**3;I9!G9Q2^N3,,0WS M?#Z?N6-J0M&.?/#5)_?1C?JX:F$:N,&C5K=AH?BJ$">1]7S*CS3#8-*@-]"3 M)QY=^DXPQ@ZB%^2)S'QJ8?6R*A735)C.5974;+"M:(0">R?!EV[WSC)3KC:N M&'*8^_#+F(3A:C66I[FVT'=KRWS=K6CE2&4)%CFIP5G0?4:+KB@J1SY+,6F% M?3D+0O[I96:%%]+QFC04UFRN0QR34.U%[@0=(^Y3YB(,:X$FW\5>ON&7I>2NB`LD(]ID;D4_`Z83- M30`^@LC]#^6R%R6NPO'#-%:L1=V0(-'Y8P4M]:+@0#UG/2*]>?5'H"&52N=, MJ1.^5AQ[-^%52;6Y+M^U:"XV4'A\_5U/INNOZ^B5!F^#X^*S M1);6>RAL2>L6VO@;B:)9/`KFK,'OT9Q?1`]^'Q,/OV6;I+9*?7$&1A+XR3D@ MN\[N,;1\_*:*%JY*#)J)M_S*N[^*R&/7KA;#E%BT9W[:>(H#DH\P<[&+N.-3 M0Y69,#T?5665J(B1D#%X.SX'<$V55)XRA&P(R^ZHT%2%O<](GYNRSA)P*=9! MUX>=S'3=:)M^)C4.U2;-Y<43II^@J6PR(#:%1'#I.=:LP:3R"W<*-@_:;\ZL MZTHH63=4E4?I;2*T.D$&IW#<8WJ,69X>0TGAFIOBZT37&TC1K*+D,V[J6L5: MJ7N"6K8MUT""65.)K(>E8QUM66JUBF;I831]4`3X$GZU$\.BV*9%AMWX2*KY'3OU0%OJJI< M?)I7N64Q\@==I.[X9)Y!8K'%UH.U/K(M M:Q/2'`^5)=Z5ZVD2U$U&W@/O_:* M5V_7S@-39Z*.=8CKX5Q/?8\S4F,M8@4B*I!6U%6V)^LWH)D\@ M53_H`9``?KT1TF1)3*'#8#B5D[IJ%;H-&A=-+OT_R8-=SX:T!IVU1L$P>ZG5 MM1`MDZ\37;OMTU(/Y/5TF3#7>ZI>`0V;M$%J<"6.WJXAQ6156@M:5%/$2!DG ML*>,0MFT=280F'L[H[`JH5O[5U@CS:"(N5F-59M$KOM24K:\=COI\,8$>HSK MQE1&VH9@QKL%['D"MGQ(]SHU@WNY7,B*S(#H]SS^D2Y+%H-IP4\; M+_IGO'KO"7S9/72ZI+"AK@Z_>$C0,K,C5Z[O#QILFEU?'G*,\)[CL6^ MZ*Z-05E;M^"K"6);NFPEK>LI_1S^`=>XKE62!A=(FVG?TB+Q&;E0;1#&V#ZX MC4"5OX*1?>$O[J+I8M85NAM[;*9=$>K0E.$BO=&\_@D&)+GPGS./=JZ:=#.Q M"'E(R2[)Q7P^2W,],R<*Q@_C/AW=YXTI22<:?H*R4G^<.^/HVJM[DRZ^0E_1 MLLM7/(@\'V\/RY_UXB$8V;IMZ9EY[)JPC)T%L*^9`#%8E%DQ$@"?LI&YE,Z4-I)"VI;$;]=33RE?LEN`M:[+7EU`3N,W> MY`0&-_GLS+34E;7M,IU3A$7-%NS M[39:!>S%T;FUC`W;LK2Z,F8[K>Z7B+L1).I7:RE(4U94GD[1JJVTD652(2X^ M_5,\[*H/9%+;&Y>H;H$0LYVXJ%7,K5/K\M1MLT'@7-$4"W>#G MZ3RX!XC=3:0!PBC,3MT!?'=+6*Y-I&"S.3,5N*XM%8DU6KI)4B=OQ5AGV\V2 M+<7@3)E0-;9._-"V6PUI@+*US:(2T@/8;W7$H+$`;#UNN!ITJK(MR_9`-ARO MDM!55IL=XH;CE(9EP,WEWWRS>_"&=%>XA M[C=.:9AR<47^@>PW[C6Q0X.R!IV*H>BLWV$W^TTS3%[;P4J#K0>\X?C%H4BZ M914A,1W"CN,7@[EF5?>YXVJL7L.P;)7#I(Q3H4B`T(3./;F>4A=T\JOPW>O[ M11C!_`1;$*_"?U\T6S%4_;NF@][07N`/3:[*1%0P$U%>IFIMIJ\DF33IT[[\ MG.83I,`S6[!EJ++THB'F?8G541Z=E,XDLR#!=!.Q^ZAH8BFA\\'F34J,JX"' MH&AZZ!T,.T*Q)1T7DJWPYVW:!;TLFS02I@\^^+,)"<)8)-2-WRKHDL M=U5]UZL2UG1+YA7'P#5P#5::*N#>.G\UX8KMAKI5$[`2<<1AR-:Y*@NAVI9D MFIIL;9RFF*X\"[F;M1$AF_8T/K-R0NK2#?2/#DCDG\ MWILXU1I_T([^U%7#YA3.>I/?KKFK+TLLO*#H*>7]B'H5&8M8WQ(/]073SA%5 M@W6X\,CU>2\[LGJR)FKP9YBZ4G``-S8H>E6)-?@<68;9ID:L1B^\6/;?VX)' MU994/*(E7>.<2YM)=>$ELA%Z9`RBM64!)1^;+Z'[UG-GO[V)@@5Y(_RR0[3+ M)O.RK*#UI6Y<>]K;^.9DE7X+3:IUFJ M))A-:S'5.MN':Y9Z[C.`419%5=!7J/.F((UDVUC+EFI$]0#1VYH(1)8,R2B* M0[2*Y19G0[=4.EW*9C%(HFFI:3IV8;5SRG9\?5AZ]Y+?Y&70P\1I&^.%:J9T MI`6B6RI9B'TQ7U,['AOEX-?-1;*L]]`T#J>1JMFRV0;@=0D?;*7"VN5\?>@[ M=N@$/*0O257E\RP6D16XIB:37RX%HGU39XC7?@ MR=`9T+/>:=4YG16*I#$=$RM)38-R22,'+!B^]=\1=&5<.*^?@7"$ZD4D^RVX ML&S5>-$L7=81&`#^921I([4@-+B9BI+P9N;!"S*>.>BJZ))\=20;!9'-S61L MIO]ZBB=%T+7X9;V:_A(R=KIZXLB*/9*50O*'OGI2\B6S M"7'?7OAC6KKYP0W'SBQVO'V`[^K<$$T9*96Q!O"[].8?'_[]W[]4#KUZ^R7< M%J+7/_P9W$F=X/6#.R/!%F_^XL=O+AQV]=;;P,&(]+?7QSN_S@6+>=O'F\]? MXO?E!F2YNR'WM%6$%WUQ'NM8P>SKSF\^7WT1/MU>9)G,C\Z^.\'8OB%S;,L( M%**1NX6`_TW"[,N+AU\1<0[3/Z%+8.;4P0MEWCJ%4Y7$[\V-R')+Y_D]K/I[ M,..;O^X3WN:%\_&8S#"WC$P$.G"6\=R;RC83;K0MMQ+^O6@S+8=>?_?MZWR+ M18;_F'\ACK?^EG@W7WJ3BWHWNP+^4(VI#)>YX=<6-?R`XMQ.R,N_R!83#=89 M_%TV+2NWJ//#LV__D\QF__+\9^\;<4+?(Q,:N*BCV*OW5,GX*S*23;=:"%O/ MPB@[!67#YX^\CX$?AE\#OU[C@/Q[.3&E58OM9I%Y^6!CXPU8U21%WF4T'-V9 M#EQ3P4:X@%O*S*<];Q.'UE=_YHZWV&O_-8M^G;A/_W4?_7IZ@A_F0AB]SLAO M;VXO_^=V=/[IZN.7MP*RZTY??Q7HEU=?+BZ_W+X5)-?[5?A\?O/Q"GXBS5]^ M%3YR-(^$6_>1A,(7\BS<^(^.)\9?B`(P[D[?K-YWAW]-610<;R)DF,0? M_$)_0?\V;T;FF;XUH<[C_-?_]W(N[9B.<^'1^5^:/"WX4R%Z(`(N+L=[30B$ MF;5_#84@*\[)2IR"&YZ>S$DP]8-'.#Y=CP[QNX>P0@+MCQJ>"3=E#X_],`K% MTY/G!Q?_-2`"B=?@1'!"&`R[#Y.)*#@T%PB^C7S!F<\#_P4V4T1FK\+?%-L2 M=4N#0?ZFF*:H&+)(7_,W1;5$U;0$H(S2]`HDA`+8%`37PY@@KKB@PJ]Q[<+C MR^\4G7XGBKC(#K M*04IC']S_$`FBQELNL)FVJA;X@X)M^@/N`46WLVV4105I_@4AN0Y M8'Z%DR6X=STXEWX5D(B1,W/OO!$#=WXP(<'R?>]F#FP+ M>*L08OU=(H?X#B10O]TEF@B=,_5+%+0^6UM,3)TY4.I-04)\:DBM7@+&5\LD M#HD[,",/F3NC5>ZZV`V#TUTU9<^INO#0[H.-_1.+=!1+@5@D>UAG&Q`.A-X' M<,.?C(![/W@K!/=W/RF2)BJZ+L*?/V_<\3,RC:GZLGC$>QS<^7^BO@A_$8)1 M&/[\=E@*M3-%?V1I\"QMO3O^?'`C4K@EDDN#H?T]SQ5N#^:Z-9+.9/0=IML; M?P*;VSA3YM'ZIE?.]&3;GYZLMABZUM8N7D+1O4L8X=>G)_'W%=),.)"36\\& M790EBVNRJH=?%UFA3J5O%2;^`FYWRFI(JV7F4H5C+24.`]VD?5ZIY^V>T1 MS'?L+NVW-@:C:V`HI`V%CMV+B/MMS;G>@L6Z+^W0BFMDN:VV,KIK//_1]7JX M!OT@2_.*5K#35[>QDAO8<]*N;.3$_&GFI&^*4#@R.4\^,^X0Q M]&7KVI%`'N]GPM9E-2:X9[69V,KT7V@:]5_VO5V+W@E6GB6K;6]YVN[3(\SLSXSEE@[RMS!S&PY#1W+?`L!*Y(L MRD95TD<=:>[0YCTZIX_NJX&(Z.B^ZB[`5*W+WY6ZK/;WU*T*7+9[V"IGAK7S MD_8X&\O9L,V=S\;.[)XJ.6\A5/5,/]HZQX/\:.L<;9U]MW4N*OQ#Q_.5R]K9 M_?EZG(V5M;-EA/5H[119.^N!C)R.^X66E68^KR$.-"P69C%"QL1]PA^$,4A! MIT7%A5@7K0"!(&(7Q7B*T;!7;%'9T9_0OY4B3?8\.3)Y24.T$8V3U7$^P M)&'BO,8BGOB"YX-HL4C933I=GN4G\]'WW,@/8D+)R]P/%S`JS.=28$).7M[D M].31@<'@?_!Q"7E.HUGS-7$'@K."DZ`2.CU)7STA0-$CHB[@#(0)..`C?\:SF-0,-7 M)P0-NB`Y4=XYL_C%*-/GP(V`$7C1%-8RB97(LI"A\=E(.P[.62[@D0\2)` MNG!"8+,AAF.:DO$*TL`YB$Y/9A24+A8Y%[Q,F9YF,#OBW?VG@WC&T>N%&XYG M='GLJ5Z7U3,A949(\?EY=7JK%`U/J>>UZE*OAV"$T2UQ3SP$0I\ARA=4WG2[4^!Q&!C.A[=J-/`?P0%0E=O].S'@$IY)9!_+Z@G"M.$2I\B M/>&388Q21C=A^KK3$_\.C*6XN2\E<'E\/+BPTP/4G10:"I0P[I_XP$$0IN09 M5"+31;2(6SS'&CQ6(SA:0(%18U`I1Y@E`#^O.#[NXD1;G)Z$#X1$L>)?H8\$ M.1#Y=-_BX(([FRT0D3,YV>!4>T"H\#"%P7+N[P-RCQ)8"C:(%VHY#DEW&X99 MIX6[)(%:B4GY\^KB]I]O!1MK7WA?FM(Z^G3Y@2YKU?76(4\82)2B^_L?ES>W M5^_//Z6RJ"C]SXHL+8;^>GYQWM]>>:R3@%#\<2&/UY>?7QG[=U M'4KOKF\N+F^6P]WELVT23;"9@2(:^XJL4T&L1L.0,%MGIL-R"9M M,[$W0JE*=/U1A5*9;[;/I]H6^F]-3-N]Z$@)YXIX=_[^7Q]OKG__U"EDDPZ3&?`NG;.PO MWSANE:,\.USB*$]O':7CG9YHMFA95:&'!E1RAAN6X[0BLJWD0Q^V3%%3JK*@ M-[U];[F6JO*>MN":>U,_8\)'K9W,4D5_])[Z#-!EX(S'`3JIJ?,EY[-QO=.3 M.>SOI5.F>Q,ZEEI+@R636#S:J&N*&O._!;/TT9\T133-JB*:PC?^/"0>ZLQ. M:UMKJ_.RD*KSTKTUH7W(XZC4QD-T[S:7KHAJ91WT?N\P6Q5E4VGUA3OC138T MT:Z\QW2VW^H?967N!]K68.*B)[[JD-KEM;)JE7-:@75>5[D]3T]^`A6GR559 M3>NTUY!>T5FR:0X[D7BGXDUE"7:AK=;3=F5"^+$$A[K'LJNPZ+:17#_G/DO/ M*A-L=64FF+["<5DN'*M]#97-_ZJCI*HN3S5?M$$]:098L-NMBTK9<2[L\KGM M2O@=2;JY!V-+$1R:!$L<'S4S)3CU=MHY_[WN8#D2\L4O" M_E-IVF\'QN0[)$W!5KY&FGOA3>A?X_0G^,G""^*&<__!SBN1\P(/>&3JQBU; M5KVW\*GUYEO">N^MTY/"YEN"&V(21YR=$=;,HN@PF[-A"E`W:4>%21S2-DD< MBMY=%@>W"AI$;/@8U]]C[H82UV]\:`\U^GJ,TQ_C]$./TW?L95Y&F'0]'Z=U MHER@]O0$C:$*(0PFUB8K\=.RKHJ&4K7##RO&F/*-R\+4.HHR#IEO61/52NBW M_8BNKJ[,L1EK)_?=M`EJN,PRCV\L)B&S`L<)EH=33G4LZQXY]P0=);L^=;YR:CI>AM>3/XG M&=&-:X<]!\:#(6/=+$F@IJ\$`2 M`PQ5E/0V3\A]/E6&NWW:S)0ZLC$D-@9PQ&0V2;(98(]@-6T4S0@MQZ>(`0+N M&V<1/?@QS/^ASLA.#1=%$56Y3L[U\*RO_YFRG*#B,G6L15 MZ#/WT4U*QBL$<(#I/;9HU++LCGE1L>`4391JNL*.@DM6G&G6\QEWD$_6YGG, M$91XEP)).%&::;;!V3_?&3[FA MKRFR^?WW;Q=OA`D9NX_.+/SMS4A]\P]9TV15DJ05%YOH68.W&A,R"3\$_N,W M![$/X9LY":+7KZ"4HW-O.5Z5N&=%DQ&Z8J[3U9L/=4T6D\%%?)9GVDV*$U!38$& M'YS)Z0RCOR(V>&.19_4TU3E&6;CO4WV39%TS)%1-Y"P##WB2`*(T4^ M3-V*R\%2E+)T)$L2+=V(!](TT50M$9]:#;2&S[>S#-2=TH&(:>LS@F*+)9J" ML,4)P@)BSN&4NL$2(PYF`_.._4=W#+?T)P2;G%*4.02;>P@(27*(X4[O"(BY MA@?I"&:)8L6Y88R_B,O$`RV2?21>//>!'X8"G(KWKI>2DN8WIY3CU,;***6< M)B_CXXG7>?:Z8C-.?@XQ(WG)!%![>G)'8-5IEFCKF@A_DRQ1UHT8.?5OJBVB MJ254KJ$BC,<-ZC.O;;^0Z+T3/GR-H>HF[UY_#\GDRKORGI!2[_XWV M\-`L2[:MW.G!3UN>I_@'>$C&!\Y5`H#:+0>J8LE*COXR.AA;RG&#/Q#Z]3-Q ML)P`?_^G&SW\[OEW"`"(%MR5-U]$X4TNW?X&T4"Q'AF!FL/S,"311\?U/L'B MA=?-%A.4U37B[Z(V#,@#G+BPB&)2NA6%+JGYF=P)CTPY1H)I32;X4_@=?<$Y M%G/<4WK>O:Y^\M5YQ:_.LH^F%*@;S0'5/N MNC9[52-O+O;!$[NU$@LN/T_PQ3_Q!H/PP]W*0&5-YLT4,>M@"7B>ZD7X*5U9 M(9C7GQ+`3[SZY`#/][9*YYL+Q\#4'3OT,O,X]ST:`4IJ=0K!6)?G%HT04='$ M-3:SE73H.=VXO*;'8A:]1C%+_^BC>U86<2QI&3P(W!`<9,=ZD.'7@^P08.=B M_7QY.Z2(=T-CE!5]'I":(61-@K).WP,B25(2NB8AU(3JPLBWJK MP%\#R/%#UY(7^<$K]3&O^ID,1.2Z*-?/>AOFZL$HZTZ`UGK121ADI%U?[@/G M$2[YRSY,PYH"W6ZS4FJ'K-BB9+59-C$`593T4Z+Q#VS]1CN518N@,&]R9X*' M\TP[D'H5133EVD5I>Z.1J#>_RGC?H1I2]39/@IVR8EAMGL\#4$._>W$K18S- MTHY]XR0'``ZW*>VH!_]-C*8A384,MI+1YG;>K6:J7VJZ-YIIM<+PK"/NO8>] M23'8/WZE/1B'-!4'4D&CU,JHWP,U]2W"8*(_C[N(CC-AVR&)73-%VSX0T`A- M$LWZ1?Q[HY5NG9>D:2PL)R<(7D$W88@_%+&_\)`F0E5%U3P0`TJS8%'MB055 MXHW,)$L/2;**(=KR@6"\*):HJ8>+\7+!)D,.3/9VK6X6`UY'LB0:M2KD]L`0 M^D(B`4L;:(_WTY.T;?Q4"!=WH3MQG6!@->DR)HP.JFUO>/ MA1*@FJ*\9:^''[/879=%5:_C(QM.\Y3A:BG9L.'2<"CI"JJ"54#[J71S]P*: MWY?)&3\F^>T;/[LTZR[(/"!C=W`."K@'&-*AW`,,45+WWK[+KYNO`9D[+A:) MQD7F@[I$JJ*J'(I?792UPW6KO_/]O^)R8=I1F;R,21A736'#(OH])KPXX_]; MN'C4$2\:'(J>);^/ERJR["JX.SA&C&74BT>5.&"XB M#TYZMMJ.[V_GZO4XK=EI5251JY7V<]P7C``-T93:@3(=FO&ZW@P8([@K/*15 M+6^-"=_WSL*R:HM:K4JG8W-F]BC114U?]R/4A;%LANJ2AX:A1M`7WUNF)<38 M,@E88;?`-K9AY<&CJHE90^6!NV1(+DC\YY5WGM24WI`Q<2F\4L?P7;)AZYK* M(O-LI&H-F#/;8OL\+@))@(LZ1A;2=4U>`^.LH"9/.:(W7D\_^OXD_.;/)ET# M0:)90@H06TBX5?'[9@Z2XC0 MMA:PH>FG68QV-4%4(9P2.(^NI_"6&,J*77U=3XDI&^O[MP>^\M)<9C$LB\U1 M_R4E>N'%JC-(U_AO=EX7\-+%[JK'1Y?*`'^=`R:^<,/QS$6BV\0'E;$YH"3#605HR%<1>>FLWY#+RS,< M%%7):JB51E$&]!2+3,[X$X#MZUI5!DY;F94)0]7&TTEAP]GC*?. MV%F'M2%J2M7$%3"\@U.2:Z.PI*YB"10(O@:3-:,0A;+/QPM*IK;*L*DY:G92 M=5.4*S,""AG>7V*:Z>3=I[?M%-;^=\]%M\^_X)\F_J/PA(T,1C"# M)"G9"@A-VZ07]-@W0QOY)`XC'`7[=`3N&$?)$_<,.@^6H6G*B0,)O4J"P]^@ MB+>'SS"%(S]11#2#KQWB]#U2!CF6SJA4-THS)4)GY[@6ID[ M`>U,$/DPX8'K+T+8DOBDG/GLXJ75H0KR_6FN-+HFJ$#^.C@C[&F9C.8S@6\:9YT:TM>27^7TD)_ M#THG_`L[$$78#,CSH].3N1^&+KI?@.XYEA*.H[@_]SC>'##:\P.A#_L!/L** M`VA@Y`'/SV;"8A:W&IJ]"G<$_GV,*GT)"4JF;IYW!`/!)\P]>`\$=C_R%?@XHZ=`!'P'S"@\8[`-.0+G-*-;P MDTN>25S\3)YH4`\^P9$,6EMX_^"2J7"]'`;./C?$[?39^0M5Y4_OKR\^_XQ* MQ:=%UF-XF.Y*>'B<-('#%"**!`&CT,6#==BP80E0B.=]0EB&JC/A*RC8`-5G M+%\4WW6&RP\QEZ!;UD6'ISD>!7<@&SA7/!C$$>#8N9^19&KBGC+Q[T]/)@L2 MMYF#[]Q'=^:`1G:H]Y\J+A\=_W':0#R/;I!^IGA?5)V%RTF.7N>QN3.&=>0_ MXKE#`Z*3]-F)BU;(W6+M:>0K)6#9#`_^G%#]!3/Z>:5[`S):3E6L'6.&T[;W MB<(MD`Z^94(PUD3%@TK[].0.FTEAI"KIE?>,1]6#$\#Q`'L%]L,X7`VZ'`H^ MO@KA@[^8`0V>_XQ'4BQ@0@T\[-^'W,))'!5(?ET'_WAVTCDXB8`RG,-D M\.O+S[E!\\;":L/0%4T)B\$4UG=#&I:EFJ^`O],3L*[RT576!(FU7DXK)BI0 MS.K`I6Y!E4<[RPG+M]W/_+N,=4"WR&L8D4?AIX]?O_V,\5SBHAD2=\ERJ*'E M4T,LQ&2@>>`B'6"'@>H("!AU,Z1A1I++1T9I))8L_42R3X**+9VSI>GWBH?, MK>,^.]Y9W&FS\/?IJ2"LQ!]DV$4>X"$"%B'>AH"D)^1Z'$_''VZ(ENZ'&;4$ M;Q:S1'%?>;`H%E3A9/\--CL\?I\@:Z!TX%7K4EF2E%EHJ0$,!+C!.'"F$5J4 MBRDH&E@_P5$E5$QQ?!1?OL#]&.^9PC7-G@C`?`Y!\Q)/R)@53IC8S'`Z)UL) M_K8\WO-',9W"];,[FG")._TG,\W;[8B#7S6WH-6_TXP/KO MD.Y(4$HQM#C<"K`*LRPH'*A M/6=%P4T[A,84Q/LX&5Q,T5Z%)=BKL\S-2H[B^&[G^=XH`VDU]L&@"S`/)24S MEF[2[X/:?/[,Q3M"JM=7*BZCCW#'4(/#>22QFD4S8T+",2AA:K7$_QQW(U)/@H+*D>FQE]L:WX")7".RNQ!>",[=@/"++NW5,RK*?3'(N(6EB M7&**X-/?4&Q%31)T!8V?N1LXLJ:@'$Y.2#2=2NF02 MBY@JD)TNE?0.RJR9?NZ=E6EM<9_K-4T3N[/2[Y8:)_ZV7#?2*R2]L]6S!U/S M@NI5O+B1F?_<84K2ONSN84J`+RLKGY)A:S72L%*J1QBZ0*K4G$0:I0OANT?/ M!"W`N!%A49(:?Z2H8+AMT[16&4=:)-1QE$R!249=NT?)K$GF,W6+'P6S+A@:(C@* M9DTP=1,"CW>285D>1Y:.+.V(I4:$=U)U-A1*>BU+4ZRR*JTOR[!:Y"\SDK"G M81)^KU@&NRE9LTLKUA1+$ZT"&)E62M:&R[9JJ*)268UPD&PKMK6AQ3*< MJ54[K/[[=L:*)FIV51N1O6)%U=JLZ]TA*XIHJU6`@7O$BFR+IGT@FT551*L2 MI&&8%9R\BC;)+!F2Q*OPP/=HX1S9.+)Q9*-[-OJV5J]*TYB')&$3[_\'8N3) M)AC?E2V%]HD9R10MJTWLE!TR8TBB9!^(_8VKS)3-PV!&M[#7<&<(/6T"5!0' M&7::[:H=LUUWE.VJZ/ELUZI+Y#&R7!6=&D*`[\C2D:4?C:5CMNLAZ-R!)EL= MLUV/V:[';-=CMNLQV_68[7J\DQR-J2-+^\-2(\*/V:[';-3$445,/Y<8CZ:)E'C<@292 M'3-9CYFLQTS68R;K,9/UF,EZO),60YTS&)M M6>)'7,HC&T-$L2]2M`RDCLR1+-%HMNNPLT94_YC#OXH7_NP@C=_J:?.EZ$^+19%=] MF>RZ=(2+PLSW[D!.!_-_"G3_""#^+]+-' MHM.3Y)=WK\(]\>\#9_[@C@4G(`[^'XPCA`_^LP?GR`*.:;7%(@&=N%1+&MB0>US%,L^ MI-8T]DD5D[5VNM69M:TFO+G5M6&PE2$V`-*&0L=11$<1[;^(.O0V)?:IKOP` M*3FRJ"NFJ$L_7KM5S1(E_8?+5K`M592D'S`[9=C-=9N'$C_YWKV0=84,R?VE M*#KHEH/Q?JNB+1\(S(-FBL:AH`EHLBG*K:ZROD-9:%"DCDQY4"@XLBB#2C+T M`UGV,NQ@T+"'$EZ0+7U#KND>,:/"Z6>(>JMM%+L]F(>N3GR$]__'1X M"F_P@*;!O`IFCHZ9H^_J***CB/;8`]K+`^0U@UEG(@R=6R:,JV:!Z,=C+A)#,. M9$>KH@1+33K@"/CJ@C/WO/SR"R)M-,_PJ^CJZ,H[?G***CB/;8 M9]@@L6'HCD+;5$1M4(T1&W`!5K!=V2-X^#Q8BB9*@[IE-7$4;@:#&J9ULX\^ M0U74#Z7MDJRKHC4H3_\6S"`O!Y-#"WJ95VUW-LF\'I?U0IJ:D%C8"-!O[7#]SH5?"G MJ:9X(#,$)Z,8"+][+D*5?8N<"-Z`L`.WCOOL>&NP`[],W"?\]-^_+,+1O>/, MWWXC]PC#<$/F/F@W[_["#</=NR#<G("\@]]/WON/"/!&^Z.Y_A4>..&?WT("+P[QHR[@?EH00QSF(TL M_\"^=";)2F86N^:"$5H$RP*6S"(8/^"(Y][DAD1N0"87BP`6T5=8T?Z$OC%L M@?^0#I25P-67#V_^H2N*I1L9(=2@*L_/4@J?8>6`L%$\?[K1P^^>?Q>2X`D5 MQY4W7T3A#0%VQNXL;J,#GV!-P=`@5S>DJ^P61!Y.X>:,AWK+.^`E=-]Z[@ST M8+"`!?$+NY+=^1QH`;;_"2I@!G]][X?15W_FCE^7F[DQ3?]`_9&H#T;'W5[^ MS^WH_-/5QR\9E)C/YS4)ZK34JX$9"N^ MZ-`?E>K>]NG:K.\+WTF_O/IR<8EOHX@YV]&1$\M#*I8QBH5"Y230-/1\P&_Q MV+CW_4F(@`GX+<+<$,$9CT%;.-YK_+1'T10HZ.74]1Q8YLX,V((O<#^$/(<) MUQ+,+ULZF:"\43E/XE_VMD;?G;__U\>;Z]^_7(S>7W^ZOGDK/*/EWM+B?9\X MT?!?G]PQB0]F,G[P\!8A?%O,\^N0BGHHP!5,!],F:P(%P$"&H$8*N MY:5'^4RX!1&N_]P-*2> M^Q\RB<O3__E&[Z"@BOK&ZH"^'U]?SBXNK+Q]&[Z]O;Z\^\,$/)P^^N;RXN M;Y;/WN4Q@Q(UE"0BG]GRX_T).)?IEL,=WZ>S)TNI^%.V=& ME9L3"7<$;NX>5N-7HE6]9R@I\B[/Q]'[A.86JU$/2J" M7Y:BJ*J6"W_QDY9GZ7=OY3JY=5[>$8],W2A,HV@AB'\QPP$^!/YC$D&+`RGP MZZ]^8ECV.PT8XPK(`_%"]XG$34:`_>LI4-2MW'5=D2P])_<*6K@$G88M\X+^ M"@(.NA.R=":DK`E? MT>./S'%XSO\_>_^ZW#:2K`N@_QG!=\!QN$_($1";`'CMGID(V98]6LNW;OMS?%$LY M]/?0*P*=M.,`%3TY9;E7$_,:X!80WY.K%YWL29S>(V[M2+1?<%POB;'=@\]D M[TMTBVL4)_YMFU0]&_=;K:U"WJ,JY[-.EX5"=^Q&'17617-?G/*^(3J\T=X) M//P'-\)PP_]A..$2NX7LG*A2:80KKM9N*RS61>@7DY>>X^PEPG&^AR*00U`G M'.2G2EUOJ]3M8C=43G?MIK-%V58/+X4CQ$D$1B%T9O?JJ50]UX&69-4&9)VW_JBURD`P9^Y;DD'L=S>^!78W+V6 MB;[DV4V?^2>;C6R+89>]N8N75G3OTLYY$S_^^1)N*BC^*^@B=5HK+=;RX>=9 M5JA359?H"FY5I;O!*@7%J[^T:[;UP=)^KF7)W3%_Z^7++=^@H_>65AL="7+30WMOV=^,'']/5R#7HCHUBRJ=_<>/!@EKF@%.SV[C2VX@?$E9LZY M#738=PRK4R:3P.=?6-;V\.CDWAAVGNDI];+U@C'LZ<-^24_@$2D%L]W6K:V" M'U3MO%_DJ3%2W7"9YLZ29P9KU2(L2>8I2.<:FTR]X`E+G;`T^OP6JZ(U&^N^ M2ZF"[3O.5[PPSKJVM[9#5GQ??[#A_EFV>/L-.AS]6AAZVRH9[MGZ:FS$^EWR M>6T!7UK_LCK_CMG.6N[CF36_GG&!;]$`V]A!MU7_Z:ZW>\$KT<(;#)?50>S' M95JOS/S*#/324>8=K,R&R[!CGF_`8+-MZ$:O#.+IFC*Y:YNW=D[7[JN*L*AV M7^TNP+1!RNX>MV>HM*\ZO;:`]K\9P687IB=L]I?"V5Q_6 M:I5"=Z]MG1=]D-V8>UL$_N\;*7OXN+9@EG\Z@?AQ/8VFXQX\5<.9XWHDRD&41>;\.CM?D_7 M>KHQ-/5VQ^*`EGU]8'3T]K"K<8]]L\%=]MHC"YD6)#%B61*"I$-HTAI696%# M.:/-!\"Z&UV#)Z8,L1:8]Z0W&[=)S`?P@S@'RUM0X"Q#"TQ6DD\1W9-'%F[9 MR$Y@_OB80$QZM!%`*79EZ'<%V,J%Y?, M,N\6A\`"GJHX!,_.IP"=_"J*DB+@;_JCD(S+GRPA?<)L)TYQHYA]F$M\B043&$1]&DQ*CTG]B*)[X,0D25^@,X( M%=J_>;8?O7V2'/B&J&'?$<<^E=;M(Z@.*XR@6A[2DY-R_L?EU<=_WHBKD5)? M;XG7$,\S[2PD+_L`E%KVR_7%=_5/RL_!./NYN`(\*RDN*F1=8-UOA#%;Q`%\ M4@K5DN.W^,&5+(T"S,EE"V$*8BZ>2\C98$K[I^8[F]@NGC*G0M#VEV=SB=^. M3N`CDX)=0EXA)N0&RU`:W6^59?J:V6=[).4H6//)';/L[6=H,T4E82%/GTGB M8*!;TJY)V<6!5U*!7M_\WZ?+WS0W!DMEM+D&S0\WKT+/KOQL_)NT5&7+LUR+ MC`4@Z-MYT:GR^C`27)WU/?*9<'?]-B>R?[SJ/*9[IRT0X0>M=EL[?VVVX=\E MW-@!&/VZFUJ.TN?#])>V9:TJ$O^6B#=;9AD4]4-0/S/Q+:_]D78CF(,+I@UH M:.?:Z\Z"G;BVZ&W`<'K4T+M+ZPB.J.V`U2K5MF-'E)0,_BY:E4YO&4Y&]1LH M*,+?D<+?JYKP6[JY-*!W1,+?;5EEM&65A=_4^P/S$,*_-77?DQ(_J)K$&[HQ MK("2W([$=[8I)8>4^&%OFT?P097]0(J^T:Z:[%=`6K8C]TN+P(Y)[K?9[VK_ M6IXDG,OZH@OV`?6\V3T9/3^L0%^T+9GU[789?T9%-?WB/E%\)\">:#9>&XON MNDO"![L)>^RKX5:9&]MB'JX;13INWG5;_>VT>*L6^U02=SIX&>-F+>;MX'RM M[IDST-O];?I?#DA*IS6H@']O*\=G'X[/9Q*FEG=PBPC9%GYD= M)2%SOOK?$7`)4SFQRC7ZX0>WV*\.%^7*GR8P5:!TY'HNO7-+*8S%_:Y4&4K3 MLG,M(RDM^W?M\\7WCU?PI?;T9XFL1_[&#T&HV<0"2GKVLFQ0;2)X@FTFQ\`N M[0'YI06^9FNAY%*S@0!VD99$F$,=N7>^.W9'MA_#PF:LTUSD7:2=?6(/S-.L M-S+I.KYGS<:4DF9U2H:VTZ73[A+7H3:7(?M/XF+J-KU783]F6=,(6<-N:D'+ M\[I%ETP@.&)3.[1CYCT1Y@NS1_?:Q/XW_#B"3^^"\*G9@*$X'UH:]K*:>1%0 M:$>BP56TN"757I9L<0)^42KLH%LB%59.+&T^BFG_SZ7'%IVJVS@\MYPBN$HN M;4_N"A#W[`6D)[)?A:X@I9)]^B/:TOE*K,"<0]`"\+=C(B^C=T>YLUX]RQ<WEEZ[E8_$);.ZMKV6(0%\:@@A7^F2KP^ M`WNGMS0.5_C&HGO>X6CH]71C&S3L554M"K*0TW7,0E1"S8;M.[\&X?,"=+*1 MO_-2I])QA/U.AG>'LEUGIYIAO%SFO-/<\5S:+%T\_/K+I4+;+)2&959VL;T1_IIY7CD;F*/^XV!?K3#"5Q\0\Z-_\+W0\&@1[@`(])6E-AT#V8/ MKL.D^P?-U6S?:NRG&\4PLL,\^&KXI-W;UHBBD3&`0>NS^9 M`V=V",^`=&(G$="#'#!L%'@>&\EP\30,;O%OK8QE&@;;<5#/#K&5"(6@09)Q M:IP@\5T0MN'O$7\W32-BV@B^"0RP-80/FS`PMLEZ@-#U, M)G9CC]%/H1O]A6_P8/?`UX`EL;#?,;8?!\T&89?!2L$6"]7I8AP<59[M/Q5Q M>@Q;,>41O*'9`"WH/.+\Q*QX3D$4C&/Z]#;Q'0_>^>C&]UKZW?C>CH%AS0:# M8GA0Z@;#-']'N?P?VT]L$$/"*6PVX,(_NJ<\%0TS$6!'CAG) M%BS4A#:9KD7)[;\1:E#L+_''G-(!;0!J+1(*#:XJ=$;K&B-%IRXQ#.($C[X7 MV(Y0:C&)OM1Y!5APE%:<=<4>+7:7O:4K]*K>'@_0VX],13I$!'V+@[SCT7MCUE20%- M0#8'?01YFM"Z):;EDYAY;V!VX=VMOV".R>R)6)3U_L!_<.?KSX MB-+`T2O3J4_L\"^&HR>8"\B?EP_)):2:UU M"AH*C99)`BLQ!48RCUM.BA45B1.X>WYPQ\KL70O,!$5>KIZ7EH(I!5"9OA"KB2@/(> MN>$HF:"M,!)VGV*T(#>`Q[@*.$.47S>Z!_&]=^&%X>C^B32RL$HYLFSN1;2# M;TG'.K2E!!7X!86,'`E*SF.S<>:^R602ON\$X7EJ`P5TLLP:W%G:*#R>,?G= M[_^Z_GJ9_?[^]S>Z=N:JX\?W;NB<3^%X>,J-*$@B;L`GN4%OOLV.B=(!XZH# MWZ)JDMHW32#-.[$195(.DE'S<9%ANPIE^?A MGIZ$2^_5TL[.QG$8<30[4PLL*CZI"%V_H"CRT]+*D98=J\AW>;0ZZ9ETR^)' MQE5IQ.86@Q<><$X4'[#H++D'RTV[F.!1JKY"WIHS4C-F^MS*Y7:#4V`3:'3C M5ZS_(L,3E"8>7GPLF:8A;U6X*W"$>5\%&>>W2/4$A3/38XOM9I3*6<-YEE*Y M'"0>R6TT"MVI-,\7;ZV\=9V_\01T3BVUH)??=%(CKW8(5&L>W^"Z$Z;V,EIC MJ3)'P\Z-1K`7^*U3-2!2`Q0$$EU"JJ65WY:\8HB;0[!5PE\=L$I"]S:)26&X MZ-W$8V/1$5:H5Q2ACC#VC`XUQ<"2NUJ84>-`,6MR;C;\(OX0).+:CSN'#KT% MFX2L/^X-A");NEW<)Z@XB.UK(S[EK@F=4&1 MCK"3=S0O76F3CI#9CHOV>+H(M:*A-[Y7VYZD'K+B[4`&HK+H($\S\@]V#7`: MA4I9++B5+%KG+'+!O<&@0'R*N^!3NC#+U+.2CD1JFD(&!W];).V]B^MO-#_> M2(8HF=^,Y,?!20_Y7",P&/#+3RWM?2)=%A@!ND<[,YKQ M1:C[7#21F0(M,!_A[^"/:;/*6%9>TC1S-@79$?S`MV%^6:7FW#%`C:V->C_1 M&R\B)6"XQ-=NX0H0),M.;^G<0C&&_2(]%13H.I^)=*UP@F<*!278#S2\RX", MV7@29(>9+2Z<(,N\&)GV3F9Q<&\W'HYRHQ)%*+4+74GRP+!%Y"L[)[3/MF^+ M4'$QF^B@%7H`+P?H8..W%:D$N']R3LFDUPNRU9]2ISZ>_MEF5P$<,?V_D6>K7\9`[A]E#T&33:^3:# MVGQ2`%VHLF/TP=6,WK#-A0A^ZNJI*&7.9!NT@.MA$T?X'?00WJ3`YDP\$7OS M&&JZS-]KCT;XE:),).75GUS_K_]/+EZ>"BUY.$G[XRD+$@QOA1T":N\ONNZF M\02?_$2*MU@)[X,AE1U:RBU:Y8:(=\]Y;9N-)6Y;;46O+4_!D?LZS_3LDB!O MPS.6IU+B1QZJXMFLXL%3G7M5MIK2SY_Q6U;F&&VBM>6K\9L MNL,<;0L6).).YV7>V.7I#,+SRFV3_,95//>&B2:!V='(75M[9N=R3D,G4DQH M6`E>P$%:+DV/1'@A:>>2[4:J$7-L(CP404WX_"(`ARY**1G6/"0HRSMY;/X6 M#09=^D1AC%BDU9U)0]MQHQ$/;HC@+9\(J#M/1/)`XER*T($D>\RF*WW@.6I< M5^9SNGBQ!!K@KN!R#XOM/,@*:I\]9O8]'BKHA7E#F4>30%Q>4P<=:-5DPLZE M^2^HC%K<@"IF&V4\RLP)Y1H"@_X[<>Y$7)EKB'L@"2:)GFCV$Q-TZ&I'$%`_ M\3A-0:+&U'%6<2?!%-YQ=XJX(41,>1GPTD-[Z$[&UFW>HK?@:&PV`I[)3BL5 M)9X`D"+[3!(L=,Z#RQ[Q$DB91#AKC_)7=,6YRGZ*ZY!PQJ%^5!:YW>UT2A,1(8'Z8.\&X%?(D@KM+2K,=GU,YXV.FW)-3Q"%9*:(Q/[28OM MO_`5/4Q80KSB)Q,<-T;'H>%Y6R=H5`4!1+RH.BG_&' M;'C*I^/BOL^<`IF1/Z.6EB?B[T/_;?E^HV9^H[Z3"X+7A%208ONGCK<7ARDZ MB&X5J3P(32=S_A:I2KYC47!IKZI*1FA*53$H%_>\I9JI!+C$ISIAA5[:S]:+ M+.R*C$"+;Y_>>:!B=UI0[Z^%'*?T=YJ%^NB,M@CZO"WO"/L7J=R$U)MY-.AY\$;SQ]Z%N^DY6![ MAYY*!H%;_D7'WP.3PP`?>@VJ-HLH(37+@>7$+X>>W3M[BHU9CW8:!T2K46YM MBPR89B-:6P9W!0"SHY?6]-3TU/3L''2K/)C23!_CN1O3$BJJU\YWR$+*H*55V*BKR=BG25H&WS.GM)H- MEQR-`LD&HQNW(E<]@T-;PH.-0"NW#*"Y+DZEH7>ZH/[-8VGQ5Q&VG6V7;R5[ MMQP=NXX%2;9F5\VN@YC3:D!:6]`NYG`FY["C]WJFWC.VV2+YD`19<)GOZ(." MGI5'2<]Z'HH*$[3>Q?G%$;04"/D0Z#.Y;(_M)IH\EP6B/;I.?/_W5YAO^#X/D3B"/,M$Y'%")B5I'[!$S(>,]DB7<;P,[=/"7]U0H%H31#`H82HW\ M4K.1?HM0;K-\500?QDEKR1R96?VS%#2J+4U>"8T(HKZ)$):I'5-4Q]T>ZD7,F1I]$0JJ"F!%!&N!Y4T4NF" MQ'[SGN@=5%9-C\.BU9Q2&/-@[V127PC,/79&6* MBTCA99AX!(98X!GPSB\I$V2-#I:\`0E8KPX[X)HQ[4L0@[XT2@@D_H\^FTML M?R93/9_6_H%PG39LL/%<@X2T4&'CRC!/U&+P:6O4QQ>9<)O*X?/5$EN;1*F" MD+V5J>?`]1S0WBB]L+>RL@GK]ZYU_LC87Z(R26-<3@-?PCY&L7:-9:V.G54/ MV!Y\S>:;3P6J0=,B3C$R)$P>H=7_A+_`INR:&KZ-5Y;E!Y(%G"%5ID8>'C+P M!$*,$)8HU@XS=>?AC+!8G1X^P[=DA7-43T6%6W3B>`R1R?&+;ZA"WT;$W?S+ M(X'4PP\5Y!+GBT`[(]`@7CHIN?J(6D-`:2O?XKT872I2ZUH9N:)V"PN#T^]& M>A[%1+M]TE+LV"+>@S[)39L:5M1%FOR-5\BW(&)*I9G*:RZ8M&!R76;P<&A% M>L(3)T6<2L%_ M\:BD+UQ$,%]<-L"T-P<&6]B&%`VP+3(/VD&K[ M>(O2=,>#N>@Q%3PP:V,JEV.%4BWUD)JIRL([RH7O?`K@"VE+HDM$W#7*$[UJ)B.5%EQ]LX_02)`B7^ M3B)0$$?\NT_N`W-X$[*W3Q\95DQ/[]&7<(%FTPT*]4[K[,8PY&J6.\?$`47U MNX:3.+?AP/(5Y48?NCYB4@CE)K34%Q9+78)`5^<(9$"H`$`S577#D@MP>[Q: M3_':+>#,?1;3SL1OWF+O%LD?/&AM47`'AFCPZ'.`[[2Y!M_=<'!@BOQ<)$5? M5-:7?=S3:6.WR#P5V-X7WR[>92;[1>3:VC>;0\+CPY>?+R^R/W/490%@]]EU M'%`&EWC"X5.\SSD"%>\'_[LF*#_G;UPU/JF4 MERP9>WZJO\-?0H>%Z>O>YD.:@N(+T!'`CF5M,0OFS=A-! M/P$3-S(%%7`)Y6+L,J4@Z2,+9K.L0;9X=OC+HN4R]*[9U[OM9KN]++/X),DV]7YWH'=[RS*D-B!\/V9;X:S0^:.I MKI`""E=>@_47?`';S2[HEF7E1.7?>#!BC(ZE#PWK-(CI]/7>8)GV.R9:C+YN M;%7*=FA<+#0HI"/3V*@D<.M"KQN@DGK=$Q%[`W8P:-C!L@/PF,@9P-IT3H08 M"TZ_GMX=+/,[5.M@KBXO=_32FIZ:GOW1L\-3^!D/Z`J(,[5CIO9=U2RJ673$ M'M#UG0Z%#E!MF?]SLT-BF>]GD:'?ZX`Q.5RFPO=]OI:GPC3;>J>_S#=;?1H& MF)'>J=+]<8UUT'N#(5P=*W4U*>ECJ+:CT#*>\D3%L@.89=$^$F,Y0M_JG MXB@T^_J@6H["S<[@ROH,06H&9N\TI,8@],K^R6BG/IQDO1/9T9;>!E'K]LPJ M[>GY@[FZ#*P=434]1T]/);(F9:;_$KIJ5T;M[:E95+/HB'V&:R0V5-U1..R; M>J>[3=?.`:@`*WAH'K>SZ6QS)>KDPD4^0TOO]JOD M6-[D5MZU]$&E//T;$(.TG$QR8=*NG\C-O6!A0?S-K72:A"I:Y3@R[V=?_66ZOOI?U9;U-2"1F@V M/MO_#D+$(L26@%Q3W#,O!0S[X;L(9T(`'!SIY,9V'VU_=E;+8+2VC6&1Q\JX M%$!@WUA(T!KO72^)V?I@7(6P'G].6?@G!RM3$3[,5_\P6[U^1O2"R>1G_#$( M'$2A`=*O_-CV[UR@CM,^^SMOJ;TS8+&=]'G/:-`N,L.1_K10EE\4Y-)%OE&X MMJQ/>)Q#)'.:C2EL1!_!E$`P$/U&L^]"QF%&=4WI(<]1EMQT+?CF#1`KK-EP M$6'%';N$W#%V<8\+2)7L`:D-.+03W@)B1!\+HIC`)5^;[1Y8K28-^]KHFKIA M#70$:L*V]#"6Q_&_2D+8D;Y(W=*4(IR"02<%,T^T. MC8%L(DK:>X/WKT1$]>@VAWJ[MRR59@.Z=]TY;079E?:0]2+!2I\=64IWO$!T:[=_W+X1]"'J14*]ANJ2P]NF0+G MDA`%"1,7OXC0I&!Y(-Q'&#)_A(#9MA]Y.^WH5^;`3%=N[K:S^=BY/G66WNU6 MO$==)?G6T8VE^7>;\.V@O3#-5G>-G5ADJC#?6<%(*7S_AL)!8VA.D,`%9J%\ M+#O22XZ::YC)[[`;B49)'IP<"]A-RHB01&R<>A:,CQ-FW@9S0QK6'87V&_77= MB/N/XON0(8@W#,)\CN';TBY&HV22<(>,>!<__1_M"+U#H)8''>$J:L/99L$O M<0'H;[&;;L;K=:&\`'O!$$HU?Y-EZ8B+`S_T]%Z_RPUM]O=/I;!UW6,<& M'.K$KKA/WV<_8UB4!R;A],D_I7)%SMG%5D7I(L0!8J:_-@=ZI]**Q^=""0W M^_*B[ZA=QC7E4GT+,38RJ9WJ2UIW3,/@P47\;-$^0IO`RM]['!]<(//#;VXF M&K#UF@ULL>0PX++`]'=<4#+N;4(ME'@';]@;#W;H!DE$;3NHMY+LG]%L\(?E M=0*=+0^!ETP8=QB'P6-\#]HA;<;A/8%N#(.)!AM,:"SX(>_S3TD)V2V%X#"7 MSB>%&)(F3#MDP#>=9!2#LKM,=ZQ\B+3NPHYK\O%(\)M.%]<'78%=]Z@!4;-A M.P]D@E+4X3%]8\@\#`L@7[$#BIP`]EN)7='XI-E`)4<@[O(Q)&-D(Z2\9D^G MGORFIV1`@AT>4&N-+`[BB-83?`SL/Z'1R-BY1;Y8]!VCN`\-B@SWL7L$Z"C7 M290D2\E^WIE)2(.NB((NV[ MD]R!'[2Z@9T=O?2TZ#E4L$J<9+T.C\9BTT>7MV3DC0A#^!ZF09UA-]UE@9#J MA*:[_.E^3^^8Y0(91QV1S\CN]I;E>%U,L+:NI5+1T4!R3(N[+*GW,?V]6D(TZ.J@ M,4]$B(:F;O;+9'M44SLMSJ7X2OG69U\"\F'.>;0T]&A&+RI1I=O1K:7(2JLS MMUIWT;TQD+R&NV;@#K7QD2UGZ9R2%=;0T(UA7Q\L[1AQ]/M@-XPSVP/L'K)< M8&=39^:C.YO$;/+1GW?<`_Z!9W#.=0_?;1=PT[1Z5JX+^#/3R<_]/9N&&`3< M?;OR;J=GM',35=^=GQ5FT?H8FKSRHSA,:)'>N]'("Z(D/$#H;"M)%OV6EKDE M,;:24JDI9)*PKI%\<0J)%A<8%!:5>+QZ3<-)N/C7Q+Z M+0QW_8YG!(P#SPL>*2B63"9VZ/Z7*6]R_7$03O@.L&\Q>D?/P%(U&VGT4J9[ MC--IN-DT*+T*CL'1O>92]%[$Q+PGS)T`9>*.9%*$C(["3.#;-#SV9G'KZ M`HRZ9V_`N"<53\.;*%#I\)RNT,8H%.:%3`/*),"H[,@.0QXVYX$\GOF0A6/3 M&&=A`>62&6`%(?$R^NVPDE(5B9U]^_$'&RMH3\S%>'K\^B[2!K+W8:5B^LMI M5BDN(AW+%572]U.JN&-)6\NYL"C:*73B.J_9YCS0!#CT'(Z;%X>1Q<-O?IV$+*O#G'UTKVX4ZGK;826^_T32;0X&4)`]I>V_'K!I!PPI^IS6I>CE(Q4C-<+(G[' M*CJG1,Z@;>@#8YOP/R=%S`9X#MN,2[S,Z,R'($P#=RM%O-2@GJZ67V,Q*@72 M0C9B<,,B\(GT0UGTG,*@9J7+GFO?NA[I5!Z+E+$Y+0W-3:=A\),'!96*22<1 M==M44!S=!V&L5"ZN4+VZ8@P]'WC_QHL6HYO@@D.B9J?#=59/N-,\`TY-6/8'O2+,C.6SVF&C&`R"?SK&%;J/99@,]]) M$:#Q[O_-=O>&1VVT>BHQ*\QL!IP:]N&G((J^^H@W\77\+0S@7?'3-\_VXTM8 MURD5S.XV7<88FKDU66U2,[M$_0XL9/JUXR_JEJ3Q4NYT3?*U^W%6[>W('!Y" MTB%=2<73.0B="8OO`T=BZ*CY&+,P/*@P'UC9[(+]%0[W,)8OG.5@D7^Z^'9] M^1NZ%3U[&K'57R[GG.*6P<(]&_HONB',6O]Q,"TT_64NPN`7ZOAF1&Y`C(\)XFFPR3.NQ<4.$--<^=7-AC5O M@ZT8#%C$@-7>_'4\1IC&<1*"+DE"QBL!TGU0CO"5B3U_)IEQ5]1^MOT$L682 M@C/AI/IWL&,9?;!CL@]$]+_8O3OR"J^XNR?J^;34Y\^6_%E$Y^U;Q'=!TQ;L M"$IDNPA#V[^CW?KV*?N*L*,N'NW0^3HER(K+GRP[<;S3K\S MG$V573J?_.1OL-E`$CZ1;;93DV2-/C'YYI+B")]-E36,ED;KJWUG*8*N@">C M;;,\079;TQ(?NCYB#LI3>N4K[AYF@;P,0>[S>OH=[$<<-HRLE==?3R)`' MTTW!(28N:H@?^('=AHD=/FF&F:+])6"JA>Y_4?^K&$J(=R.'2*9T,WUMM=LZ M2"EA,,74>0(N!/R-$::*?+ M9S#+U==\=A?$W+8D,&1;P$4AI!;UN7`)58M0O'"$Z\MW^8O]]P0L.*-]>VX, M>&;L+#O`MA$$I^B$E!,,/\ZA$K6T'XBNPT&D/)NCC:7M-;"%BC*PH_5UJ]?3 M>YV>Y`B9QQ0FX<`ZIJ4;G2$1,X9[N>WQEB&U5.<0W;JFJ0^Z*1-5#F,"]&NC MI_?;!L)K8SITD%N3O##`NH+NC#`9F]8:OGP-HO-?%GKDN/&U_TG@LF+VQ5YH M-FZ36$GMSHE@Q.+8PQW&ZT<1IPDK^72.M12#!B8\T`A1E6(2J<=[$&_*^A:D M<%2F6#1ZB872EHAJRI=PC+''0:X0%B]%^4L?DM]VN"6'$FI8YX^,_96"?7ZV M@6T"O],P^)[!GCLAHFCBIH3GTCXUP!J8-IR3A+XG&D_5DKFIOOT*7R<455*W M[<%!U&VQ(M16TH/8!:4];&G8;HV@_J9R)]$#-M^RKWOI1/.3E,*<;6$.^<@W M2"*T*S8[@AVY@HNSV-"9A>;C,@UDT+]7?A:SIN29W9IRW78O9\@]-YW\Y"\> M;-=#(_9#$*)[*G-V'K^GZ2;G"()%MT5USI/TU8^*M/@"&,$\+)TM^78.ZOL< M826U8LA!N'R+T_TP+J=2SB>CO=5*DE6NVB71T(XZ@?5"8EEF+SQEB+2/81!% M^9=ES:Y^^*"=O#PST%.^S&MR`MQ8Q(/]Z0-2/_ MADVF00AJ.O_Q%>AJ-WS&6WC4G,FP)],74@'+@BW$\^'3/YY]8;&B6)0*G.P1 M7B"P93"0_:06B2.JT^8IBI]!E=[9=^P[`)U4>!L2B(/7]IJ]NS!CILY]V0O=?F6+EK&';!,@O;8)FIS^*K M`D\.%ZLH:[<^#3`Q"1V/47*+`/]1U=HD6MV!;AG;A`<[(#&F;A6$M8^2%%26 MPS)%*PLUY,%(**,"*[P25G=8$C:V&O9BX:Q^M*Y;Z)+&^T7,X''?J90ZPF9> M_:TR^Y"YSL:)9*"?F5A3==3*Z,Q8!P6S4B08EJFW.P=!\MP>`"%W?BPFX>2@ M)/L#O6V5*2\[%A_OOAAH&.4@VVONY7H6F^9V@&!?%(!NN=M[+7$YA=?7AUN2 MN8/;T(LF=A/$ME>I1:T1=*O$N!Z(VDF?6KO@VEE'[W4W:P!>S<-J)\PJ>Y]Y MR#64!]8VTD0J)8C>5\,-$M7:-7\J],":]X=FG<=4^_T=IZ%=X!J@)>11SEH MPY6GN_.4V%-C6Q>LM3J)LG1>8%MO#TXQY;_.HCRX&BMNW5(2?GD%Q+4\1!OF MUXR".Q\S;&[LGP*0-Y(X;]%W%B5>[/IWB)DG&D!\8Z$;X+>_!1%'Y]MQTX.A M:>3QA+^,Y;.W(C;*O`(AB#W.;'"4G^__U-LS%)P>J9+A)D==Z"PD4`Q=LD9MI'+[BU M/4T**+6CN'Z*8C8Y9S[N:@?Q.)UD%$=*LYZ0>836*O_4TOC,$4>6^U%QQ<\^ MOGNC@W49>-[3>?#HPP.W3YI"HX[YO=,0]EWH>D^(88J7;W,T6!U^';5@GE=7,%&[VU=4S*['X MK<7]H>1+FPT7$:K])WB[PG@Q"A_1Y6#6/WSBX[4(#B+VJ><)/."($18O?GL! M;S@1H+\#16(P`9PWLVHV4C9(P2J$&'KV,Z9;LM[7(R]8(G M!F>KZ+6`G3`.<<`^7T*RCS,4]`!M5<*9!A$;(R@W+6EZ:C#)L4P<"$&9(RJC M"D?X^&H`S\Q/8XT+YLP($'P+\9Z"KXLCA[ M/.T[Z"T_047AX`'WTYTD$\W#@\06R-.DHP,!HXX496^FBI@I;!RJ:IFR$-.6 M[3N&\V#VZ!XTC1W&+BH8/Y[1;C1!+3<_3H?L^4>3B$CK2L8)[80RU=(N4B1U M[TDGW7AO+^(R3"1EJ;8R1_NM;L929,3$YL6'`7UKQT0-V!`C7'O%+IT#*6\U&^\S=/@G.(($-/Q\HP,]^T@6#NF\ M.U#V.>'(MX& M0^T16#ZZA_W!'\;N-UQN:KSYQKM5FE<&(8/A\M9UNFE`AM!>\+#58"K7MT*S M3OF)PI>JI;U3Q#VBEF_PT"BA=6TVP-B%5TW@UXCW.QBA`8&[`=MG>G(P7O%E M>S2/%O#$Q<.JV0B4K"D?^W+F7B;-F$5RB<#SBP53*Y!+CC4?`6=`M8P0]_YY M"V3=$W:N.^"(,2?"JW/:KP<.7U`=.[[G6]W\+7_93&9LI]$]]_PZ/_=VU5 M&M0H2AJ)>6`AY3Y*>I8$7%2RN=_R%CM+AN?\F=^TMWFOGQ@$NX8M\1P*VM-! M5O-C*N511=.3J[+"!'G=TW8GN"#JM2:OQ=(_RY0M<6WC%Y6B'M8(UN0NA$5P MSF%^03B?V5+((;$#^MB?7%GP]]_I=+LD?&)Y=22M(WA=%V5;F=%GZBI]4>&N","U+U=T[0U>2\46\ M+8HN'8ZW;7W87K;3CD!8B](H#\;0@6X:IR.K1;EA!V-M5Q]8R\+_%1+516;' M#5QQ&/6OV[I1)1Y>;C0M.'Q6S%8J,[8:)^[IG:5Y&P4$'^"47&FCS$[5;'57 MS%Q:_.3ZO*]\"?0^2=OW3?3K-F`>ZFUO6[-):G,L_@+B[EO M`Q%-=NM?Z9KMP3#?SR_W]IF)!7X@)85_1S1MWK$3J&T-._DY+IK((A_0-Q[< M^X,WC'SZY-JWKN?&3[MW]QP`E`L38?P1T,IZ6Z5N M%[OA!!3<\VN#)L$>B3@:IBSK9?)2F=)>YL\^YE-M`_TWQZ;-7E3/9$6)V`WH M8*_#`TAO;<_V1TP[UV[9G>O[(A5S2G?C);Q(D;XVVK]+$,06C;LNIMFB\9J- MSE`?E`(D6&&6*[H5JX;Y-NCKG5)X)">!=(=4M\O5TE<6Z.X=.0TP\=`>C4), M_\-DIS2!&\Y%1^,IW2Y^3MM\&;[H5C?WE@83BU@\6KG:ZC5FM#;]&Q!+CYYU MS)(-HA<6XQV,AFT"-QVP=>3%PKWEI%FOL,>>.T2/;G-U3=UJESLJCVF'#2W= MZ&\39?"`M!B]CCY<>H^I$+;8(O<#10XR%U954:8"$Q2]Z1CUU>F#!;B872WFWHF`O7MM=,7]' MG%[?@[$A"TZ-@PL<'PM3>O!_]-F2M)[5\AH6945@;DO@8P[0UW%:32,R*41Q MT`DE2!36FKE$MA;;/WF>!%6/G8ERLC>\(BR*H[2$/\VRV&<^Q#-E,GF7UV"K MS%.T^_MRNM_PHPS!SO'LS]A[IT9IMXVR_0SVTFP:?63O+JV$#8% MZIQ(_L-9!P'?EEWUJI\M-31UHU>Z5=9!KV`$05M?P&IZ7LX%[)E+U^&TA]X> MG$C'0$L?FB?2&KNK6X/2S5?KJT_%;=".WBEE:]0W'WEEW#A7\05R;5BJ%75] MW5F@BCMZ=W@R!V3O5!+7095:!VF)O7[8B6-BU[>>FI[ZUG-HQIJF;I5R0E=8 M2"Q#-[9:PG-`6HR!WBD`S:NJ7J\O/BLZW_NZ:=4V?/DVQKK9K]NW;];;U>H= MT35H*RMQS"UXF`P=@8>V\&_FA*Q;+MI8_]FJN MGJ6;I>*FQUL/MS0#;0,6]G7+VBRG(F-!&QK!.R^F4\\=X:@8SD]B^.A3UF%QMX#2QK"W6O?P34C( M\TAX,43V^!Q[=TMO?VBUNSEZGYE.?N[?17_?"]]YGW7TW0OTMSD<=`=Y[.^E ML\E/7-Z64YEF$3P%_[Z##['7Y4[G?MXQ._T\VY^;4'[ZES]'+(HR<431*P:F M_^#ZMH\EG!<@K0]NC`T3=PO);AE6CK*-YCI3GYQU.+P8C;`#&386!A-K!%_= M?RGR5I#,S99VG4PFHLVX0J&6D:A)&DE=TV/TT\(:X[0^>M/JZ'2:,^?A0>9` M[;&12VJ#;.J)^8WWY<:^WO#G=]A"&.QN^OLQL6Q6P/(3VTZMNST:\6IWE*M1 MRBGF4&M3X*+MP9S@`]X2\MY^8-HM8P3:QZ:P;1T![Q>$#@&18!]T^EW(ZC1; MBSO8\2$V[VTVX`ML&K/BGO$M;>G,FHW"J85L[%%_9O%LXO-J_(\VM@[6/L5. MBW>IQV;VC_,2>L&K[V)9VX<&PRKZC?O?G8B[:+<=;D9V=0QN4%3_X M,]YH#+LO^SC7Q8U\*R-EVY\#+V/7TIZ5]79+MYN`EN#-MIV`MH"M=4TQ6VSY M]WO7.G]D["^!Y(.X/H2#ZW-<"<^.8NT:K$C8;T^R.S*P&[YFA]1$N*6]3YAH M1JV-;=H2O%LV]G/%UL!^$&OL)_S%>X)W:_BVB+9Q?B#:+OPQ4+21AS<+>&(2 MX!@PI@^3@A'33N(:S@AFS1\^P[?`WO<21[;>9N,Q&_%=Z3%[VFS@%]_@F['? M^>S+(VH63BH&B$$N<;Z,N7CAEW3>C$1R]=&%O4O;T%:_1>.$;H33Z%H9N:)7 M.NJ3]+NP9O!BI>'X+0Q[S[B6*N)]LY&?=C`:)>&2!MY[$;49X3_8/*Z0;P&U M2!>W(G5=1#-M6C"Y+KK:[1OT-*XHWKA";/T.0@L:E[Z(W(^`\?#`*(CBB#?# MEIW8TP,"3QHR'I_H4($S`H27OR,[1/CD!'0+SC8G#T+3XZD210$\@"\P.D(6 M@R2$\^X_B1V"Q.A<`E'P;T':?>R?C:<=EV."8!';DB/>XL!X^+#_)/#E(@&/ MY!Z$661O%Z^C(X?K!MB6AN!@2Q/Z%XO+Z7$LJ&XV^%:$I],=_WCO>BFQ:/AJ MV7?D8,7X%'CVM>XZ$1`1?&-ZAOX2MNJ(T3?R1.$C$2[-H+,+5"V"!NR)4Q M[AZDWRU:(NVS'>/&(&;1-V##3=U1JJL_I)M>N4[!I%!_.Y'V-H!_M+,/%]=O MWQ1^H]EX%SAD&=)EX^SB^MV;676BV*3\M:!15'8A-A3L?5`4`O$:M`%=8(#` MS(8DTY)K,[!``PU8I0MDJ7DVS=BYNM0:H-JF04@DR*\V&Z@&75AFP@M.PBEH M/)KI2+TG::"80UHKF-R##>L+8W`\87[FTF&'0\QK8<9=+%QWP3AP.IX'XW-Z M@L;,.`!*C<7\BYZ`)'/E!8!;"YR'8'](AN#D7!(*/!7$_4.+\#*"[H+;`>W4KJ(K_L]O=/MT3Q? M]PR]WVFCV`;C#&]&LPR=*U'\4OJIV:5/VSJ>,E.&AQ$<";IZD4J5+K](\0G! MKWP+D>W"P`*)<(YW8*_\>N8%4?1&7)WH+K7@"BGMBJC* M&_5."<%CI*48Y@TVJI^-KBRCJ=AL%/=P(+![*-D@QRQW[ROGOR2\I]4\,E M1O58M(%P=Z0&5QA,A!;*75=Q$HJ2$6\0;VXVTE>C=M!_SV[2GDYF4WZ:DA^#*A=TU<2452^G1 M1LT(RQ6ZWI-0M4BAO)'QVU*S$<7`D3OX1#8S(6_']7O-QJT<<8Y>)F&0JFS^ M))A?]E_T$#&AZ*D;VWV$XY6?I5QESL^TC3.E#@N+I[K"%)N-W!S?AB!FT;WV M#1OWPNG(0CH?Y)_3N2NC@9XJ.??V,,]E?N[DYU[TIL5,0E:.8;](.^+9IXN( M;C;R5.]3K6[/N;&5:5S:(7(OTK[!%B(G_DNVD=$?/=*8Y`DZ0JB#L-!P7./B M49WPLSG",UZ^YS3O_:GY">HG,LLD$OL:;$6M!$D=HC*+@:1\4"X[4 MA.-Z-/C\)+B1FHTJAJ,+^&.0>#`AF(8;10E>G\61`?J8A2,WHK.(QD8;A(PJ MT.+2ZQEQ@S7$$"AZ9\7FFGL77#?1R4,OR^QBM?,Y9/PSI7,,?)26/#`^M'(.O&=.^!'`B&NWJ MW(0/>2=^9X/61X5(/UR"%?V`WJ]XY5#4*6[\#S,7*>72A5P:>\$C7I`DZ^@' MEK$NO0'PO\!>!QO(T;6T<74:SM`UT`3L2W" M`?N`791O?`"SF=I\S'AF=LF-`-JSI;:_\;"FX+L/`7,E[U'0Q2 M8"\FY)2-G)R.UU@-E$2(.HTQNZRU$=P30A;;KL?06X^1/(8^B%!X'^C:W&R, M8';!A`D/*OL9P^4@TD:4/I$=OC@P0YE-&YUSE[YX.'^(9"X>N&7SH$JX8[L_=J*I-P MT^).1VIB$BBI,=0)X.GI@]H(F>VY_Z5/:+?"6$]3=X2!69V&*'Z8C!,V51W,HO)B@@-PY"/E'V$Q1F$I)+/&68EN,7 M*K8)6.,8I8G07Q0\4O"5NZ[FV!VJ;AMQ=Y.O3B,ZD;@+*Z.!P7)FO$GE0%@( M]AV_&(!ZINAR;E[:F?D&/GMP&4*\$SWW8,&=AV[T5[J,,(=O&#%R$I9CI8PA M$T\?02T"(?"B,=?(.!;QCQQ\G.,NBA+Y$@<*T_R5H3QQS"]G[]DQ7WE MPPD'PEPB#><4;1^%#23.Y/Q.O4FPQ>0E!O8!;%!NN;1`(\#OZ,55(JU))`5W M[C8T86`TP*;C5PC5[.!.@;$;1O$Y.;7I)S#BM;,/5Q^^OA&/OL%-_O%=>I?' MO\E1;Y^:C8]75_2WCY>?<*]D-(F^#LR1=Y%U^SKL3_B/K=?#R0-:%[<32'^I MD=%7XADV*5!YMGO@]/61_I]EWLKU/Y##M4U-0WXY`J_YN/V(( M&92@[2WK\5@9/&.S*P"-S:%N+E4CS[U_)2*J1W?;TLU^N9K#0[;+QI__",*_ MP%8Y)R]G5"1F:S-W4UR$KJD;Y9LZ5Q/CH6/IW?8V$94.V.+Y@^N[T3T8H7=! M<8?T@W'9['3U?D&SNJ,4&;,_T+O&-O%:=EB[OWHQL+S/P#T':Z+"A[+]BX^[ MJOH,SD:K7P,BEF>]O2O&'2NGO/QZ-[I"6?OMQ"#L>@&]QV*>E,I,4WD MA?I]_2/7VX^;K];>+=S!]UV'!76A/[\_]9`*S&]$( M;Q/7PS>+DDAW@K$CGO^^WM7>7/G5>%BM:E>LRH#5WOQU/,: M&A-J/&&?U].ZX2B98/;DB#YPL$R*B0)EGE8&9T2:5V;[_#7:Q'Z2-9-PM'M/ M9$%@Y!>V`$]T*7Q\;KY8I8SC*(]K[EASL=B9YY-2#NQL8L5E\T&MYC/X7)4R1:3@Y1ZSR9[W$\P6P^T?!8$/ M3RU6#)C=NE@S4S M\[GVQ1L,?">==%ZUZMD?TH1ZS%`;V5P+D;:(U'I./B-13D[IC3$J"5X!3W^@ M[,(9&M1\10FR(FI<[Q*7([C87A3,"%W&7JI#3P6-"YD0KIQ$R3N<&RZZNXF" M?3QZN+`I[,BOB9LRFZ!C^#MDVIT]$B?D@KV0FR+.JMF09;]5%1F^VKK_U/XC/-[$LUHUI:6/WC,=K2 M5,KF!!/<':-\]O'4LWD]2Y"@9AL%H$=XQ61FA;RSGV`*VE4$UI]#V_T:Q/V_ M+,3?6UAO[V!-UJ,;80X;'P`!3!YUS9&+J$V`"[1MIW1GYZEP5*TC:J:E"2*0 MF\":8+$HE\.YJ5\]@NKB7:VUI8MSA=<[J.R3C+53KE,YN=EJM[$$27!;.PO& MO#Q*UUX;K5Z;%S[:;HJ/E18UP8GR>\1+4!68D#<@-/83-WA]`B6A^@HX07@) MNQT)7UKTF_:ZW1JT\1#C!1OP;1!SXSI=>!HD`V;`Q'8"5WWFU>82>TN`7L`V]Z#K3"B&@2'C3P" ME\KMS68#-F"WK51O@M2`BJ3%`\Y?3$/7DR+5+A`I6?:>?5D(9[M`I#!/67E] MBNB0"90Y'.B#KL6?3;^(ZF&Q;.`4:N%8J+'AXL+7KSTL+1OM5K^[4#9FU!$. MOU0\LN_K!3>1%07$Z`SU0:>W9P$Y58];5ED`4O+:M(9ZI\]!M%Z;AJ5W!KU" MWB/#,&BWO<'#QYGSJ`-W=Q5X/A13ROQ4F!`5W',*<6BJ#2!-I?L+[Z%A>MSWJN@AK=M4=B$1X/9 M[NF#OLF5A8&9M-:@`$Y&*\0G8(2*#=2(JCPQ+CI1T-7*"S51(6`!IP3-DIZ/ M,^D[>L/!7EX;?=1;W<5JX[5A]?1N9Y#[AF2R*-J$BV?(;*K4UG+\F6<)#IGZ MKX1QC&`2$OS7YDY]3SBS!$0OS)X[S2/E7LSC'&G=)J%QCA%C$2;HL&@$*I0# M"G%8AFYU%-S)U&/-%^QL5%RTRTJBA65#*.ZD@$/M5_ZJ\E561T@UUDC-4EVR M3JJ:6?`S._>\W3)PZ^9['XH/Q1;K#GX10Z=!%XE<9J/7Z\[U)?33DT2JKGC5 MBR%($MI[@_W%V+BBI@<7 MH#*)P14N]3`,O=N9!G__$_':F'ZTKQG^C/.9@$9*B22$/9 M/P69-#*KA0#0P_2B%BODAO0<"Y%&=&U8H)8' M'>$J:L/99L$O\KPOE!0@LS=L!TILL2S?QJ=<@JKU^5V`[6WV]T^D4 M@3L73*$$N/.,;UR[XO%;G_V,85$>F.P`(X*Z&5?DG!&Q*%L$'OUY;0[T3J^# MD?N.WC$L^&&H=XV!CAC5P_Y`T-35K;9QBM[YK75L^DS84.0LNT[1+&M?^5PC M#ON.W-LSD'8\UP0,=FJ"X($NR=I4@/4P29F;PPJ5N/+PHISASW/S!"(>)HXF MHWOTOX*Q+[8QM3_@.88%@/![#+-49&$0`5^D[A9Z^+,%T%2L5D:PBG[D.O`3 MJ#<;>VW@M\Y!^YTCKF6A%U^!)L9DDXOYI]1%SN&R9?$$G6=(DK\]\3DL)&), M<+1%["A`*']4#4VTV3_U+*KL^BG4YJ(6%:#Z5PGM<#DIP&+;`#ZPN4ZIM[U181 MP2Y0!+>Q*F!2W5"N0:$,NY'`YA2IOKG3%15/R"9N,A&8G[!4(9-_DA4:E.0H M<81UGO0MJAVYXPPU7`)=8OM5A!A4 MY^=&FMJC18*;4FHFZ$T,[V/P'TPQ"3WZ??%>XL6P(X_T-HQ&.['9^'?BW*4F M!8GG.39/.H_9!',WPR?:Q>HTN`SS.0BP4[D^RM+`_=M1RTYXCB+L$SP=TKC> M2"AU7H"[6,Z/.`9/2T6-E-=HDE7+O.8-(SRE(G+*GS).LS<9V MB;/=7M7*,E'$@I2YA8RG3V5CE=G1!>RLJ#IP1!-LG-6"3E$P&;7B/"?E63\: MV%/Q(Q.`Y#@8?H]G8Q4/*],TX:2) MZ*U%VHYR?7@C!O+\J"UWTM:3,\UUU`HUG`1HMXA0?I55I/3!KJGWAW@G,>&J MU3;E;<3H&WI[V"^^U*U]HQ)MK7AY$:,C-TRRXD4I>.)>QXV."<(?*YE4I+X> M*-L\&/-:,]%`*==R[I:-;*K$(\M4S<,B_4R-@+@RQ69G#[RB21P8^69L:M;6 MH2]D]15G5D>)'KGB@N/!2846=%JKI!Z(^:JYE?20FI2BE$*A@":^:`\;/U$) M6TY!JLF;?->T>]QMD(LK*QGZ:..V^TKYU4PA5AS$\,TLKQ.WABAVXPKCEOD@ MII3+3\A$\V8U=]WT#'W8[BB-=U-SA2 M"J)SUY#EQ4S9/2;Y\3&EO2S+9J=`[?M"#^\*,.JWQ>F%S<;1Y!>:(L^N:^D] M\^6@B4NZ42SZ+RFO4M)M='3K6/,J"],7N!D[%*D+%XXC"@T4]!VXL4C4GDB] M!TY#5]Y?"ABR]HIMFK#8U;N],I)9[=S+3F>;*-N'I`4.DU)@N54]RXIWSG=9 M-7K,6^>LIP\&93+)%N9A'HX$HZU;0_/(:>CI1OF]4I&\S@U.%(D4Q7&'JK0D MU#6F#,![A35QQP(U6'J'5).6GJ6WNP?I0U'!4Z6ZV^?\-*2M)J.*1XRR2<1F M('2(B,6QQ^O;1?0=@^-)?!\H"9,GN"('-5Q,4[>,TDV.*F5]'61W;'2:%/H& MB_?*Y<^I&]HIN@TF.R8Q)7=Y[L2-[46EE*=;5V4,]5XIRZXN2..,,SNE2XQK MQ@F)Z_(#)5-!67Q M"RH?/:O&,JP1XZF78>O+L$[(:5O+L+NRS:/./9S/K),%3E1[(A+L"C+@F@V9 M`J=CWXGLC[KV2+C[A,'(&V+P_%XL=9'9P$I.7K/Q)?!E;<*R5,"0:4Y",)1* MNF**$AF#[4 MDCRN$YK;-$[K5RE#G'+`,=W:S;<7D?BA>)?'J@Z?5Z&F69AJ;5VSX>0%A5)' ML80#!$%*)A:B8)V)=-N9>TP ML@E^LCTN(RXVP$%\.Y$C+VH$5!'D/M'<;@_9V..BDTM)EB_)Y?5F"]ALK)': M/P^U**=JYU%2>4HQ+WL>M*70M76CU\Y+`8@/+S7AG%$G.\>M,T[W968RN-34!6L-$2(DHGM__&DA]0S+EIZ/(M M($+\15S\;3C0_?$SPJ#\."=`]*3@58R1&(<[KFV5=KRIO) M:XT%$J6Y@#4YCO:_L*$=K+!@120E)H";W M@=PPP$RE-T%JP<(9P(,2CC1&!9RK4$2(7YTXU(4M73SJ-((ZBQ0_*"KM.W:. M2A#Z(7QP1VRV0D7I?)")8AY,1-6>@3PI03&"?&5!$P+]L$7T7L]AS:H#V(M> MF9X[=!<@)ZN.X+_D-93%=>0)HTX<60&0`##9HE&E*V1R9C+5#:X)+W@TXP;G M1<>DO^;45%5V267VQBWS7/:0ML&B)GR(BASX<%M^PGAU1-`]W+2?,8S`!NH, M3%G&*%O)DXX2E[4E5TA>#.HP`<(LK@G\WIN&;&IGLHLG$[K5*!TDK;SF1A$/@V.#P<"';06"C7TM,2JN5',* M$'*T`D4?*X^*W]E4J0D6QL8UCAJEUV2$;4GQ=@A^XJ\,08)7B`;"\D`:Y\1 M"PX\'H(A$L)1C&:S]EDVI.`-0V?'`6-\SNW'7(*2H2PC`O[`5G#^8V?%],XF&J(%)D) M)HDX2"#O7X1X'@).Q1S^PCON6;U?9',2+B^1BTYKWM3J2K;=51V*$FD.G9RY M3>U'24@>;ZHGH%V;*0&;\)1@9V-#7[&_L=<>>@[?)NA-S5J^B%T>)+$3!"&B M;L8^BX`+$Y!EGXD3-HF#7R?!K4N(:7=B@X]D2W#4%D`.G>P^\/:7%"^JD'4Y MW9$Q0\RDZ!:H>F87=+R9@36[QZGFL2H0Z;75D7,K7M7GIP8Z)W]!E;?.XVP- MMI5I2*?$=WX12E'-7ZBQ\-%&O,G,3X*&+6<0G')$$U423HX^#\?\V/V)BB((4\Q+#J2+ M.V84>.@`$3AMH#%N\6^J^^B#B!"0TL#C^=\!*1.8&BF4B;NP)\$RP*^FV#3J**U!"QI>`5KRA=ZJL M%KE&"SB==@`F7#T\Z._MT'D41@[.BELH43".Z=/;Q'?0-T=V0_I=[L\@.-M( M7/[%J3Y.?&*G[0DFX8?I:NQ?0./^2S-)) ML>LD@?R:-!O318=V\.0*AA-7!:YP@$8."B$.4_9I,[^BLI)P2\L?R1O3RH$;K$Q2]+_8#33TE MB$BLC3!5D;E@TJ`4X)$HIO;AW>^?[6FD?7+'#%%QI6XP3/-WE,O_L?T$T1@% M^ADU;2:((C1Y[K!['"/9@H6:T";3U9`&90/P/\Y<.[AYSA6:+VK+=$2,HU9U MV1+#($[PZ'N![0BE%J/Q,[&GW!*;!BX'D%)0*M$S(G"L2=_^!RB(T5T@%&,* M)CYFA.S$@>^^?7D_*[IR?PJ_1S!RR9R0L)-A\,0CCCS.F^ZIE7B;[4=,:I'( M?[9PI$B`8@Z(2^#$J6L2[O3DC%T$@PXTS8-_6KUSEX^ZNV3ASWV0R"=]W$%)9VD`!G2RS!G>&\`V/9TQ^]_N_KK]>9K^___V-KIVY MZOCQO1LZYU,X'IYR(PJ2B!OP26[0FV^S8Q(NMYL;^)9R>X3V54"754[E1KV\ M_I8;M:5E@R$9BOG$[Q.PY!XZ_R5@JI0:?`>/D"D\AD\IQ$!7:I"52<"W!B@F M1*6=4"R`=)*.FHV+C`Q>V9J4*7BY#WLR>-1H7Z),P8$A@LO*><_UI>=&W'D" M*SN;785*=LP1X*73E>,[IT^+[?X0>+#:4C.<%VD&L??(6I\@O^'^XKU`%I/>`Z0["6QO[)8V MTR.MI5V#U,`-D_;[*@:/KN'XXLA?;.`A/'")$[_0P&LV%`M/RQEX^6P(P2AB M490Q"+<]P;/C'79,=R^>I+$B<^A>@G^_3,)@RF`1N*$TFSD7I7CD>$5^S&M% MNMF(MNNX"=6CD&\+B5DM+L9B_MQ`Y\,PXFAVIA985'Q2$<*U@J+(3TLK1UIV MK"+?Y='JI&>2@I@=L;G%X`CAG!/%!ZQ`]*;F/SP3,GV%O#5GI&;,Y+#;:?7_ MO$T@LYBS3)T"PS.-]I!0QKS7@[Q5<8]ID:\B"^5,4#@S/;;8;LXP]S/#>992 MN1P2>GH4NE-IGB_>6GGK.G_C">B<6FI!+[_II$9>[1"HUCR^R:Q%DFFTQE)E MGN%)ST=34@,4!!)=0JJEE=^6&;2_PV"KA+\Z8)507(<4AHO>33PV%AUAA7I% M$6K><0)-N\S`DKM:F%&4"RW-FIR;#;^(/P2)N/;CSJ%#;\$F(6N/5%ITO%,?UT1N7'NP:&IY"^:X(G)95N"$+M/`_(1B-[#NZ1B)CR)!C4!0 MU>.=&E,A[#NN#0AX7/D.SI-B7MCLB7J#(.`WOEMV''&P7T@01O/214UW>/C> M=ERTQ]-%J!4-O?%]0L8GW\*IAZQX.Y"!J"PZA4IS\@]V#>7K.>IB87;3@G7. M(A?<&ZQA6@PO^,&-RLTR]:SDH5_LM$`&!W];&C:\N/Y&\X/G[K#/#65KS6Y& M7LU$70SQ1YV2!22=*>$D.8H_UL;T#?@0WQ&E*@3FD#7U@$F@U(D4!#DBEV3N M2$VGDOCI;A"S0JM'TN.DV<_HGFII[Q/ILL`(T#W:F=%LGHJRSV/:,FK[-4R= MH<>T667,SUX6TC1S-@79$?S`MV%^#I>3HF.`JE>,>C_Q>KY("1@N\347*4]L M'J*>7$NUHWR%3"P`U79W%\*5,F:*(.6W(7QSXCKG<^Y4TVCN9 MQ<&]W7@XRHU*%*'4+G0ER0/#%I&O[)S0BEHC*7G-M/]+R^0/ZT`O'# M79$[DO0YZ0O"O'"1-'()$_E]:(.B<-6Z/DU9$T4'0AZH.E\>M7ZF."EOJ]"K M]YP-[3!TNQ/0.V'AC-^8](WFED$[7\9'R M">XY+;JGJ`:)!YC'B]WKM;K*K]UARP+Q2']O MMRQ9[PT_MC"BUY.$G[\]9Y#KQUA(`$_E^1FL0=^.0G4KS%.<2)B^S04F[1*C=$O'O. M:]ML+'';:BMZ;7D*CMS7>:9GEP1Y&Y[AC#9F5$DM/)M%7MN\LS67(%4RGV&V!BEEG9AFO+2RJ MXK;52GMMR>>ON&T+,\Q6\=KRU9A-=YBC;<&"1-SIO,P;NSR=07A>N6V2W[B* MY]XPT20P.^M5Q)VJTE9R3D,G4DSH,,-'I3I8D1Z)Q972SB7;C50CYMA$>EK) MC"OH4D$0-ZQY2%"V^>6Q^5LT&'3I$X4Q8I%6=R8-[:PSL0C>\HF`NO-$)`^K M+"A"A]`QS*8K?>`Y:EQ7YG.Z>+$$&N"NX'(/B^T\2-0AGSUF]KTLL'A#F4>3 M0%Q>4P<=:-5D@DV0N?DOJ,0\>;XCBMA&&8\RR`))HF> M:"QI@>E2TQML$IA5N)"[.B%XBVP/PQ3><7>*N"%$:C4=+V7S\4K-8^N\DJ[H M:&PV`GBQS**@2CAQB5((%CKGP66/>`FD3")1M`.3U17G*L?KX=4M8Z$?E04G M]XP:E:>U$(S7^5U-P?D@?9!W(_!+!&F%EG8U)KM^QM-&IRVYAJDW=&J.3&Q$ M.?@+7R%7#:MSA36J5#O,2[.H3GX2+!(7,TS'IN=Q42EK5RET3^5!T<_X0S8\ MY=-Q<:]\8<`^]-^.:O&DOI,+(OK10>6R=I5X5N>:>5@2RX*0,D6U4WE$ZP M'_1G2Z]H@TD;-QT,+4EUI`&B8?7X0)V.WK<&LWA1M5TGE=W\BLA(2#1[89"V M-)A)J0D(N@8.T&#BCC2/#GR\J<%-B*SYD,F*NT7V.4_7BR44A?((%Q[NW!'N M7?7&08"*?.99(DD:PY%9]6E<34GC$+DPKFK'B@31UT9GH`^[!-_7'NA&5Z+) M6$,=\?Q.P:&S%;5YC?56LBWU/^'_T+[;2&V>PG[*L>5>LB7;2RJ.GHQ[W`6! M(Z+^,D4O!SGQ;"U\?<(OG=@W84S]P4'ZGBHRONDS-O%J>1,C3YS\3P6,<.=U%;WC"SQ&]1GSXS_AQAY);, M3CE\`=_"LP2DXMBJB/Q5?M]>TRWKFW`;504;J=*[-15>]%UR#XL,_%(B1.J4 MH:173"7@^8?V/#XL\\SQK.)>+QH-#+?'^+ZE M92$---_Y#B2'1D#8V&P&D4*2(EQ_J!NPI4,2,6Y$"A*5W-D4QLM)'\IY%B-M M:C^1QY\<.RF]&/U3".:F[EWBV2$Y:X3'2KJ90X?#M`@?4PIZ*"Q;R?'4ILW# M&\[1)YE7P'ERB,U[-S-'9LSS%-2*8ZVT8Q-+9%3/YAQR#/#5'MVG$Z!PB7-<&WLZ]>0W/6\&MPCU*"R>!!Y1BW/0\6[SNFM$P9,O1M\; MCGH':I8&#:3[S'&!EXC#E3IBH$MVCV1D15QPY/+FG31S$!VJ M83:#4J1@$V58E>(Q<5C,5!MA8,;+<:"VY)9.[,*!^V?L1AM?-5["H9#J)UOA MFK#;2(L3T@?JY_3/&9(KOR.+/3P#--[IZFV3;LB=CMXS+(FWVNWJ7=/@B>OQ M`J2=!5#@&=RJ"L.Z#1#[E[9%OH/BPXI8X8\#C@6I^5GO%,6'J:D(-`M=ZJ'* M3B=C)P5@0*MC%L<"^,J6]GW1P[0+4]P*RG[@^\Y1MZ:^;!>:PX'>'70(];C? MU\U>VF?"&NA6?S"/R%^X"_?42F)AA["*;,:7/;]WTGJZEE5O(``W;'3O4WCY M.IDB;FHUY[Y#WFY;Y:1LCA0VQRF;(\[F(F\!-*9N#[>'7AN M47KDKV>MMK3E4\1,?76.$O9"&A5I7@^_P7#M2'<2L*YYN!ZS[(@*VX\>>06X M$CQ'L%&\G2!D)=Q"IO>!+_.:PB"YNV\V_F"W6N224<_.)[;K*1D7#%.TPP"F MJDV8[0M;GU^X"*,/[@\(\3/+<'ZKDFB'"H`I6E/S7W>C-,UOOE^0/8Y%MI'" MCA10*U)K9F50V,LAOV33I:HUG+/R9IZE?P@T@>WMM^WXAF1&FV+B'##ZL"NS M<#LW@@\7UV^UB^MW""H*FP.OPM0G`F?CJMRDJ=(G63Y/T@S2B< M,VM$">03-V/PQXF&*"Z>V'J!%]S1?AHSN*OS\@6J`Z/D006RF#`_N(4D$F`( M43M3CR-[ZF*\][^4W`]OR/D2$`U,5K.0,23T)@6/*6LGO]G?*:,MHP[3,["V M4JDQDE6?-$W8SU-"F4''RV,0_H5[F7)Y>=:')Y#](P6].+J'[4TU'&EC,(': MFRZ1:DNBT98W[/F:\>45YJQ<=#U3UHE`/00)N.?]4H,DY,`M/"-5^(P"58]E ML(*<:V)X<4#(;#25\SE[=LX!\B2/MD1F<5(B5!H56VAQ2S+6.MDJ<3>K[*7Q M(@=D"_>78/37^5MRS^&M"%;2?NF@JZIG)1CWP9T4(=^$XYQ-IE[P MQ$AA91S4IIXMT\&>U.I,+H4B M-[O4?I2E\%0'(W)8I_83CM)LV*`:'4S)<$B'2DJE)QOK'G)Q@O0;G$&8-9HE MRR)V3NB.^,;-V*?DOSH*DA:P[AIY^B6(F;972.2*B.'2QIGJ49U58:$4J%AD M%).<6U9-K*K(+Y312X+VEZ5ZOERZBU*7ZEL;44[!:S M8(4?0^W!^4`P2KD.4@CL2\KHEH.4%TGK"IG_Q"&\-N`UBE]LQ(&TI`G!@KP+ MJDM<+_'B)`0PMR(+U(>R@FO&37()KT(T,['A=J@J-SHW+;(J%-[DUYG)7X#? MQLS%'%O,@E^ZF92OBN+6;!A;=-Z0A3-\EW!U]N!&:+NZ&%3#VZX=/F$`BHI, M86S<:ESV0$..$=B4&LFH;YMK(Y-EY[<01CO](B]VSJ:5,FQQ;<""KAAUHYHY M-_J(G_!74805!8JH?`L#/\!&SR2S+]DFNO*US_:34DY.)HW+.8;U^<`A1U:' M2RT@$3TY+#A/KO=D^5=V3JF&2QHC'WE!E"C]DQ4(5M%XC8`AE38M#@/%G1H[ MZC$HL$DF@9]KBI/ZS6<,)^7UQZ'),4?B1743['&\GV+(< MFWH`]Q:Q3)[?FCB+Q>O\0'X59A1G4`K8%TC.##-MTRYT=I16^&=0!=B@0.W3 MR%]&?X_$932-2!@\4&',(.BYD6*8,YPRKTR*<_7JMH,FC'"O@11(QNK:;2); M"Q*\O'+`B-0OZ79+1Q,()%M/R3R=*!MHB/])?+9`1USERBH;4);;.8Y#"\]+>X%8; M&R4X;7W&:BN:.T3K# MO3Y./&JJ&P8RK)E3F:[BC"-H'0$K$S%.LM+N(E+U>*ZC) M!$%98==1X#2Z(X_@DK'C=RK#OUIJ:6W_BY5A\0XT\S6VWN0Q_I4L./1565UL MM`RVC0"15]1@Y_>/0>"0Y*(.^(HZ0);71W!D>@A-$1%X$OFZJ$,%@2K?R>>H M+2!L'C?D3:)_R`8.FG).P[3H>9%"1S`%4PGUS4$G;.Q(%F'FJT=-=A]8FKV: MPXE_O&=4(D1NRX)SP'3*]YS';X02/F0*TA%.#YM#^Q@`;["[T< MA&F.5H7X>Z2:5:B:LNYF=`S984B5'SS_`VN5A:+CA*60=%3N1ADLJ%\*9ZSR M*YUGKI$RS@LGBY#K!;/-NX^D?@ZE%8F094U" MTHFE@>H\$A'_(IZ(<-V?WD>X%\[-]KG5/>](ML`6X97E9(KD6'",,<%LLV5>PM%A=*3GAS,OI^(/`9"47I58K;CK5\=] MP-_^]FL2G=_9]O2WZRP4F?DIO@5@RH".O6$_X[<>V*W_:#8T[6_RF2N!7?!> M@"9>^1<\L?V*S+0;^R>+OHFT>30O893O;/SW5RSP_OQVV1^:@][Y^;EA&.WS M_VVW#>O/ZYOW?UI]XT_DMV%:QI_M5R3B])0;!1W3Z/_YX_K]*\16<">V%_W] MU;GUZA]FNS?HM-OMC)P24\O3]`&T&+#B':W=Z.D&6[UQO(:/<+?]!`+]PX<1 M>8QWIT2=&X/NP,I1569R>;+^GRS@2)T(5QEZ5+J\:Q/T#Q0J(5-[\Z\9'8SD M>'Q?I`1J"F':V0_?3AQ,J'Q3^9R.F+?)"_@SA(' M$_6K3A'+T-O)PE<%],9.T;/?+MZ_O_KR\?SMUYN;KY^!PFG,B3W_X_+JXS]O M\,6>L_IX;[]^?W_Y/1WNUK-!HF%0C>($POS-S;7H==B&$OCE__V5T1$D?Z"# M(IO#_\$ID/UVB6FQV:_RX,@^L0P]^P4WS(< M='%,>O5GS-Y1-DUOCQ0=!X?0):HPJ%LS:(9!69JG=%$H[.KD)Q8E=`Z?F=Q* M$+_.'-4UDLSYQ[<^KQJDFJ2]DC2@OT[7W(3WMV> MF>V.;G:[.OS[YG=MS3WNL3$H&JE]Q&T*=8^XE77-7VB,+RP6_<:7T"N>D1>Y M+2P)G]ZSX[Y><3AJ09Z.-UPX7K/1;??U@=79[C17%)L38F.OW]';PV'-Q@W9 MV.OIPZ%5LW$S-@[;0[W7V2<;5U;HHH9RNUJC#VQC[XX]EFKK1;M?\6<2?3D>WK&4.RI?-GXYE(9[L;N=5&8-7&KDB M+>N4%G+8U3L#LY;S!:,98!1T^CN6\V/F3[>M6X-:3R[D3Z^K=[O+O/;[U)/E M[PPZY=R4M!\2#M5J?"VE9AB=O.)*9 M&C"3F%)G[I1*3.D6)T\8=6+*:LPM.N1.7'&>3*"_)JDFJC-&%W*2A+1,*-*>W@=`GJ#HR;`:)5*Z*T>`;`"9>Z/58Z>%@V?_=16VQHN!0.:*Q)_9V0A02!!)'.XMCC`'34)`913ZZ^7R,Z'.^@=:TCMDSL4E^$ M8#R&!V0OA#Q6C3*2@.QL-N"-?9H:X<2E0_)^1K;[:",,;XA?D-C13L)21$V% M4$G08NRUXQ2X?"&G=C'AK46C^^#1)S8*F8H*A*JC8NG,=1)39&UT;_MWA$V8 M8I"G*Y0";8/P_$X`/!P'2;;(X:BL$0&WLC"T/8&I)W!R>$M.X5;3L<5L>M'5 ME9W".__P*4%JK82WE\9DN_-AU7(^`4:_9*`D)V_#R)Y__ M!S@24>LEG#E?QY=VB%AET3<67N,FYDIX"WA4I!(B%8KJZLN'5__H#O%8[&4T M;F6^>1:\QT;,H'NB=W9TOUMH+6LPZ)F#'+16[NTSD&`(9GC-:">O2H;6`NX,ST^4A<*JI;>Z%[WP*1JAV!=:?$'[QGAW#]G4Z MPW9>M9286YZJ;X@ARIP(V8!-)!"-]>N8A#LB7-LKV90>ABW>%M^P6=2.T1=- MR^KG*-[6O&>TU>B>.0GNA7]Q-$W8]+[S_Q"@=XP8J0*W,GJ?=EG8&["AS&'8 M3E_*=_^\?/_CTZ5V=:6=:_^Z^/3CXN;JZQ?MXLM[[?_]@#=^^+^K+Q^UBW?O MOO[X_Q(=D(+#9))NDS-O;0]/^VPX>ZWTD6U. MZ1T8&'=J)4PX\=:ZM[-ZCH_MM/:F9Q60J6;&M4J3T?FIZ:GB,O$1(IHB+RU&DO07F^P/;4U(,9,[.<(+F-QXFW3./-QK5. M`$$;S/6!60Y+M,8AGZ/7U"UCS9KQ;3%Q*QS;R*C*UQB?[WH&)R0^9Y8^7+<< M>]&H;UX&ZZRV;IK[[.IQR/)VI?ZA:-:89>?'0?@DRS=.Z7*&D`6E"K1?UMW5 MZ.GMSLZQ30]FLI8Y34YXE<_,CFX-M[',RXZ'HV.+.=2M_HYUPZ'O-SF4MW+G M@LSAY;6/Y-9YD$FH6-TB;D&R&G/ET,3>(/26+=F*=G*9URV5M6:C:^A6*3B! M!8NX$3WU+MF8HP3W:NV^ MRB+`/-6$?R:WIJ>BI&SPZN M/?AS47*R!(:KDY-K>FIZ:GJJ&^Y)TW7IN8+,W&:C3LVMZ:GIJ>DY),+W:BE+ M]&@NW;;96"7?=C..E$=NMGIZKY3O?]>25)Z$LX[>Z9>&AR_RV!QL#VPWUV?O M"V#URV1R[HC]:\A^V43PX["@%`64ID>F>-U5DGIKH`^&54+NWX"6KM[O5DF- MGH@RVH",LYX^M,ID%E3O6"B=`%Q)L^C9-+Y2.7M+N'%R*4E65^^5++(Y#K"( M?3'0`+5LE:LRJ1E8G:2XFG&,->/^MLIVD".\H)D.K8,'1C M4,;B7Y`!L/[..'H6]O6VL=G&J#0'3S*-JZK,WKVXGO5UJU3KQF4<+)UD=<2, MVUJ>[8%2$:KI$ZAC)S4]-3T5HV?WF9F%>5$]S(MJ#^N\J)J>FIZ:GHHYS>MD MJ)J>FIZ:GNH;6*>9%]4Q]4Y[6"&A6B,MQ]`MJW1Z2Z4"X%5*15@O,:U=QH53 MG;#UC M\-"F49T;M79N%!RN@SHW:H/<*+W3VRP4_[+Y5Z?WK,^[,\O:CNB5!/@Z;J[M M)QUTWY!<+S,3JMW6X;^-UO*%IY;`%:/3+6/.'AD'ZTRHDQ)7@J#J;X9T^4)3 MH?:5-9H[^7Z-;9A5]OM4ONSSQ?>/5_"B]O1G^E^WU9&P5'#&MH&H&W?"(NT+ M>]2^!Q/;U_D'NG;-0G=]'9K_+WWTD4N^.G^7,_#J:%A[[H/=$6=]E2RRB? MS:["RQ&["R9*3WT)8J;%]W:LO38Z^G#8T8(Q_,XTAXU"9D>LV7!]\<&2B[8; M:4X"`P5:B`%9X!@]8T\P:M%LP)@WM@LW<2U*0GP>QG;<.,('\'NC`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`R#*-*F83!VX]V?H7PF>VE\:@UTJU]. M0Q_>QM@??RS3+)U9\*+XT^GH5BE#?>JZ5;+O=I5O5R>F'#X&MZW$%+.;3TQ9=B\^A5CNG7H>`4MAOU2/`:)5*Z*T>`;`"9>Z/58Z>+H5&X=@= MY=_F+7(-:]G!3@`8BQ4%1Q?_#X\U:8Q"3%KJDM;,+G:`,=KXG)#EK]-]K$]3P$`^$P'.+92`N9AT`B"-"1^",6QC8B MBL`PTR!R$54A1>:(>!<'L]WN(3((_#O`IVWL[P"_!PE,G\6QQ_#5VJ,;WQ-Z MR-7WZQ2EY,>UKDV!+-?VO"=XY1AQ2FZ?%#02"7"BC(0H(_!1LP%O[-/4$&1$ M2X]HK'?/+0V1T>SDR.K#M53(ZG58[^[.@`QF1HT.56?P?_;X$8Z<$(DL> MU.5;&(P8*F M&WL!<`)-EI$PI4`A)U[,S2UZ!H'> MD-W$@\3V-(=V)]EG-^KNO/)A$]RY(("1)B8(RM;Z M7?L8!,XCG/JT7[\"[\."O:K)K0HJX/J=U`$1QQZ\4T=PT_?('4N6/FP]-G;A MG`5)!7'%KDBXD&1\)IXC-YO-P>M0NR2P:VR<#GZN2IDB4O!R--I1U_@)OS.` M;13`=2?4%BL&NFXLU`QZ*=FPW&==&/?^3!C#=56R@E4 M4C.,R&DMF$DH5!0>>?S"IN-CV+LS]RXTHT%ON!%85/"Z*3((U0X:+=G>I2T` M=D:(;$F_!>(6)B-$!6QI'V#P:1*"6F`1U[YHG\-WTDGG5:N>_>$>=BI!,6)' MAI&XT)&V@/M2]C(^(P$*"4<^J9=8W`'I#\R&[3U#0RO;+D2V:)9%,TM`=.&3E@C\0)N6`OY*:(LVHVX.!T`U!D(7X?AB'5;B'+X!Y/F)ES M.FW>Z%['/)LQ\/Q12)=JVP-*)X%_C?>,Z"*.0Q?2O8K4>/J1?W<%U]H=WX^&O>Y@=H%6GMKC40C*7?P*UZBK*$K8CA>E:UKM[NQM;X59Y2FY2%UMH'U58-;=3MX: M#LW\Y!=.9(;S?)=$-X$0/6G3DT4/=\+4GM\Q`0.KU\MS?^69S6#T_!8D7V""F/X"'ZU2-&'/>]59"I23H//J4PR&6Y3< M1J[CVB$ZB9(8U`Z8:_SX'N%'`5F98%7X_#;V`X]G1[N.R6QY'WB>'6IG(*9O MQ)4%+(AQXI,4P5U+C(3WG0CO0`NNQ[-+I'VV8_2U+K"VL41(.,RTB\PD@DGY MCAV"J?`V@'^T,S3*WQ1^`]VMCCM&NQ8USAD8[F_X+7N>,7-2``.(1RNZ&*.^(M% M)(";?C`.\YWS8'Q.3]"8&0>$"8=?A+.,[KC`(6X7LO$8$=")AW@ISO0*F(K\ M8APZQ!ZXQD9L:N/8,(_)%.XJ_'H;Q:!U[@//09E(+VC#WS44*+A-PW(FDP0' M!;:K+\CB.<2:U_V>WNGVN`.W9^C]3AO%%BW^>;]PSIDO`T=YCZ^>+31>G,C- MSPD9C?B$T+:F+83TA`SN71'.\&]OLJ!IF=-%Q.UB>V3J MPS4'N%SR!G\(M74*JE(]#G&-QD)'*KH5B=6HX"47)B#>(-S<;Z:LQZ,1W MHOA*3JKD-#STC\'7D$1.87Z'\OG09D(;PQ9S0`4Q$8XYO,O*EZ*$(QFX]PP" M*=*UUP-$<^J+,$I/;\,F%%$P?IU#1ZQ MY&2#E:3ZTBSX,PUAN4+7>Q*JEAR(,I;J8?2^V8ABX,@=?.+C6H@_@B[7;-S* M$>?H91(&JA-BYF$K%3#W\\^ M741TLY&G>@4GPMH&\XS=;;LAMM=@G[FW%X^G/]SX_H_G5_XTB:/\ M]?`[!LOPY,;TAX@T!H;6=GQY-;MXV\CUTMCR_//<^829!L#.[^2_$*TM=DNB MT3'[^4X;A9-8R;TPVYOC.P80A4;%W(U=-PWI#-JK.1N>FVB>VDL[Q`T6?6.A M=!R!.;Y56OZ$\^3/>0>7"2+8Z@TR>@JGLM+:T*T%5O53,,)0N_C.SC?0<+#2 M@BR:79ZTK"^/[``LN\+`EVE/O:.C]\KG*2P[ES>CGW<^EIW@3+L:5`C?>\0%ED2-AP.UTOKVA92WW_,S.)S_]K]QB\^^X='W" MDWJWGL*NU>_E-6O!'/*3_!&QK^-+$818?WX'<37]X#ERZ>SK#(FYH"M<@NF& M+Z+ON7MNH>_%)8F:(9=,=\D"V,=,+?,5W-21,= M5:]5ZH>*-)BHS2,>>&N9@!69AK_$I2:*DLF47W(HM&;3%8J;L+;($>3.F>QM MS],$0\_<]_T@1G_)Q8A2%.0M:T3Q7WXADQ?``!,:TEFN8+7F-]2,NA4.L1D' M/C=?][;W\G*V<8J!W`""*$U2M9UML,4,B*IX.I3@[30,,`&.YQ)EH>!'P4+N M'DS=&)@VC4X&]!WRVU_Z1>X3I6$FF+4ZY8M!62Z!+_R.&`]_#)H-?NTG`7>$ MRR2Z%\&4QWO7@STELJOM!VXL9>.1!\X&Q3#S9KP*/@::,G2:G0-_PJLAJ`KA M)<3M*-^`EU2?S8X_1QC=-$/&E!=PK3!+0"J.K<7R5Y`DNFQCKA[GO%#\G[LU M!(=6=^40IS*K52-2'V%IT%9XR]`/=X.--G=KUYK&[*UW];G-!CH?0+3<"-3\ M.]P]APJF[4C+*N1I1%]5K(TJJMA4-'7(N>R`'9#]&5VXW`>B>E@5 M-S/8.Z^-3E=O8SXZ_-31>X8EO*M&MZMW38,':I8Y6+5E_E4E.K+`P?J\0GMF M%^2W3%&"^&G8)!EE6D9:O6/FHM32+'=8S#`>RJ(LN@(F/T4(/;#.LQ@N'+F3 ME+E@DF2U#WEK!6.EHWNL9N(9;8SW>L9T2VRZ#+8/:'F;5V]1;)!GYA5$2UY> M3`S#0\+%GI8K9='82%D`3>'_(POYI0@,2]!NP%;9!?L#E\T^IBQPR?L.B$!@F/%,3;Z:GU7284ADRVZ.$1PH.\'`;A:AX M;1'29O_4;@H?@O*NF#N<]%CBF"!.AUE@>K9Z?`!6?2&0M7PY;[5 MIW'.7G?AY]X;G>*!2O29.*M.]IFX<[.A3#PE.2U$1&_C"Y3JFWLU%99J[(`K M#KN-50&3ZH82[`MEV(U$OH%(D+75I#94/"&;N,DDN_Z'3/Y)UC5$W`_!"Z5T MGBHM]`.Y[?VJ._X$79#/4TBU>YN'GNF*59,^*[3["Q4-7EYN=& MFIK`X")Z&0PC"^OX_<;U'Y@PW%O:]\5["7\&@]HCO0VCT4YL-OZ=.'?#IH6,\5 MI^<$<)#%]X&S@LFRV`HIR`R&5\-VIW^O?)%R)(O(=GQ7,7N669``O&Q&LP1@ M&4`0/AUUGI^D8@.#ZA2TF<*&F4,QIN@\G!G<\8K;*!1'=HNN;I2/E5I<6`"` MUQ,>8<=D!N:AK]%"2Q=O;AZL/7 M-^+1-QB\__@NCJ*_O;Q\E-+4VDB0X)TK+!$Q@$&FF"FOU75 M>BZ"FA^T2T#-/PLKKX$JOO/__DI!69V%;2F!SO("\73!;LN!QB]K@E-C$!\? MT/ZSS%N9N_/0+G-0V!N]IR(3.12PFU"/G0Z'D_QN/V(R."A!L'>6,*,R0)IF MES]MF$/=7*I&3@M`-*6[;>EFR5XZAT00Q9__",*_P%8YGR)H150D9FLS=U-4 MMZZI&_T3@=OK6'JWO3,`K+WI*/K2!]?G5<=8"%PIB3$[7;UOED$NKK#(F/V! MWC4.`EBZ31!BQ>IYI5Y5X9[S7>!IE;.==F,,IOR;N\QL/G:VILW&&9R-5K]< MO^)%3'CSHAB'\-REP(C+,.[06+YRAF:K.[M/=`X*IN#/E5CV;+SU%X?&T)P@ M@9O\PK5?9CF5'%5==6L(J]XI9TINR(.38^&@KW<+K-*E$)H%*!(+'*7+<^6/ MVJLJB=&`&NTZQ>)]H7AZ8A!>BX'@T^/PE>P)R-*H:CO-5'RB2]A6FX'"$B MS8AC/UDXOBCI`0#IL!% ME<%IC-EHKQ`3>F9OSV37IDB/\V`KCW;H7..,O_*I96436L9*:L"\I6%+%4<-5CP.TQ\1&`LJDS4WJ+6/P?.!ICRS4<@Z<`_3P*' M>1E\;AH9*-A\:F;WF+"E,J@IC#M@DE-E`PI[GD?]]OKMWH(P5G>;8:RBZT?= MJ%7QZ->1J6*F[#[T='Q,6=I.:J?QN"U[#(2JZ8F0T!_B*$]-1+(0N+V@F!F8 M+"4-#/H&QQT\DMWG6L,R+59.@N9^RRK3@*B:[?;H M2Y<2A?DAP`17A#FN4BBAW>JT^U5J@+,9+<8)T0*7V"V^\(!10=D]0'MRF5=T MW!R,RYU6NW2?LU^J1<"P=$RS4@28(.>;$W`PI2X3R:5)Y?J\EJQ*+.ZURG2N MK;!.[+6JU.AL(T*VV5WQ@)K]NQO]=3[&>N^T,@(A]JK$:Z,\KRNF($OOWDK- MWVJ5[A+\C'Y_/B"YW0C#3#%^@LT15$!L@8.&S8]N"/M@MZCI72./F_7\A!86 MWN\)1J[;-CLSV.*S4W@.S2LBU#F>X_"..F$X-P$69R".]SZH,'OF#+[X6I.< MB82ETHFA._@['R_K./#VJ5B`4ZQ!16BE37+#PLD6>('2HS+!>/4/,"24/;:K MN<^`9AQB$5U.YE>U@=`_Z2AXQ;:5H+0%O$7]_"PV-W MQWAW/Z:4;!EIE;GBKI M1K[@7N0OE,H@SM'H:Y8AL"VDR^+6+<:P8\PTTR@UL>4"#-VO8_YGV0]FQT=\S^SVS6(TW-F9S"2%$7#< MU_&E@,9&N-6O?K'X[EAO=X9YO5UF:G/=:(H;C1QURINDJJ!+XPM->\MQA*5] M;F;Q[ZFFF-?^@PTP$<9]]_73IXMOUY>_84#6LZ<16_WEG_O)!&8WHA'>)BZ9;MTR MQO6==^G9U%"9PGY2+93.JW^T6^U.V]SQ!5PE8\'5[+T;C;P`.QP=B7G4RQ$M0A M0,L)4]?;*G65VR!55VYU1GJ=D?[",M+I,&<.AGE^JU+JP8Y>6M-397IVF`HH M]R+W0PZGF;].%F'P-@C+?$"52[0?ZE:[3(915_TRF;.SKU\& ML%*U-39`H1NEDLEW44^Q4?9AX3$XMQ]YMKD(EY8[5'=C!NP/.JBK]WOE*J-J MZ"`8Q1R44P(;,>#DN'=FF'K;W`R"9PO`2^5@#:MI"W4MO5N^$J*:M)S!Z6H- M2Z?]%BF>@]$P-'6CM\VZB=U?P:B/8WT!J^EY.1>P9RY=A],>>GNP34C70]9O MZ$.S3/EYA4GIZM:@C+%27WV.P0;MZ)U2MD9]\Y%7QG)PY#77D&O#SJZX]J*N M.QV].SR9`[+7/Y&+&ZA2:YL0Z7L(._'VP_6MIZ:GOO4-FFI+SY5,$6-OFY:M0U?FG$@CJ50PNJHSZS@M4'/']$U M:"LK<7++V-4-LUQ.0,V_7/,,="=N9Q>\3`8.P,(J!_*Y!@L.8ZIDC6%N@MCV M2JSJL;>4Z5FZ62IN>KQ->99FH&W`PKYN6=MJ:U3&L#MVT<,TMWY[#PVAEE:I M%M:[R73P_74]..+^"GG&'[0VLK`,TG''<-N,LEY!O,N1TN#HJ=FPIU/O2;;< M^=&Z;FG8<3[!+EG:F.?*JZ,C:J(6!^*C9N.6C8.0_L2BEH93B8(D'&'S>NP, M#T\P@B=)&P7Q23%$(=.;#1C&2QSY>GJBS`Q&):HZ9R#D>AL"49B1ZTW*E%-5E<"'C%UU:\$ MW.CV4\EBKKKLKR[[>R%E?XNMZIPI=MYN&6B+Y3WWXL.9^JEFX\.\;<0$@*4= MSQI2"["F9ZR$RM3A((<[W1W5X529;%-O=XZQQFPSL@=]W33+!1JJV,5F]>U, MPU$6.MU`9O8O-:O&2XB\_F2WF`(>K;V&&P>Q]>'@1'K(F'IG<"*92:;>:Q]/ M9M*6MA*[3"[2=-8)-5:BD,2S?,TFFNU1(GH*%K ME6Y$5C$:!GJWE-V]Z8XXY*GQA<7-!H>LQG94B3]B86R[_!"9!A'A/59I>0:Z M.3B1K,$S`^XZ1ONX2U\[AMXI3\)17E8(2!_1*U,SBT4P3D0`F&AE/8B(RRAD MCEL(YGRP91KJO?+V5C6WC=G3^^T3*0?!Y+C^\27;KI1L4_K^0ON++OY+&')R MB4UG0VNS#)@7F99[UM?-X782$E\4WPRX8^P\G7FO1WAA4DYIW7,UYX$L(17' MG@M5I^'5:7AU&MY.TO#*I:?M/_-O%WEP][Q#(:6XV?[3"KELKM]L7#^Z\7]9 MZ,$%2J=$M+35P#2(?H^T*4@5=<_&A\-I$%('"RW"NQ=O*P"W+A@5"!OQ/_%P M$=S*M/])?*:9?5W#[`+M+&),^Q+`>PWSC:ZYD=9O#:Q?6NIR78W5.5"')G_D M>LP1USX[IK_#I.'Z-T,P7!$%G1GE:MH>/A@RH`#3_Q16P,42)VCHFATU&].0 M12@.CF;?!@],5Y('(WC^[G3U?J>M\X1!:B1%EUSN-9T+)FC9R`Z*$J4Q:C8L MQL3U[%#F.,8!Z`VXXL#5LZ5]X-2U5R$D'[F'E<4)P-);W5^T:>C"2"D;\TLN MI\_7I6`$6FE=BY+;B/TG833)HI'TE$3*SE2Y-^SJPT%799[1[NGMWCSWD*1F MHYAQ\+YDQ/E&2V=/6,8V[>RU`3?VSN!-2[OPO&8CP*M1RC0^2,@FZ*A#4F*; M1H?9)3YWYCFMP^J!*N7E+NM9(E)GLUU(>SL.W=N$YY"B#/N!?TXBB0V$2#Q@ M#>P(=DW?TH?#C@X_H>>[*T3@=:\_T`>]@4Y;FG33$[/#2&/8ID*3R7>:9>AB MPZ>[,L#'%I!?(/(]!*']`R?"*>* M5`H,-?9@*.UUN]4&Y2C^(0K@QZ$&U&J/HI/FNT@\HRZ$46X;039:;)U5,0<^.9]&"1W]\A1 M`]X%2@:=7E%7/M6]=CYHNDT-8&[N^ M#08":'A^LN.CTP3,E$AFX2N'7A+!A/$IF'.X:#2)0)!#[S ML]S](FT&=$@^T"E:.%%J-7D$>?K#[C9[+Q4Y(NJ<_"U,L1+4;3DGO\Y:K[/6 MJYNU?IC8#GWI_?SQ4J-H'1L]!W'+S[<_Z?=XPO*W,(`K<-QL/-K8AC3.:@J7 MT%RYO&W=*!F&.H%D=4/O=8ZZ0<@*XDK/7:"E;*.#$:QU,+*#Y#8>)QX**EGR M55(9AJF;IY+`;1AZ=ZLPF8=5??3W"T^8W%(O2= MZQ]R044H3JB2XB2L5J8OG&>=;3+^H*3TC>-I#U-6G+[RX-1BX_V`:LCJG@@L M:U?OE>H^=@1JZ(-"^(*J6LSD]$HGJE:Z>JK::NXV#TEQ9,,>Y/ MT6],#Z4L@"JQO=/7A\,3J?#HM/7^X'3MI1N$4J,2(1`GC#.#;GJT0R=:5/MP ML(6PK"V7IQQ2J`8@5$=B02WP1DXPL>"_E5,]9D\?&B=2DVD.]$ZI1.[C4CTR MCH<7?K"LDZ(JAT/R?EBJNWR%Y0BS7OL'D:/=&4)?$)&'9T#Z=\T&VL^,TI(P M!=5U7#MTJ^6%-/J@\D_$A80AD:T6ON\7Z[S`8U0E[G;@1G\B)YBE][M'[Z]> MH8M/L_$OVTM$VG\:IU7J"5`_::I]+=&0P>I>6*"_)&-G-SE&>RN8M?JZT2\C MXW7%+&='2<"KI"I:I&^4A@ZJA='/W`LKO4W+& MZR2_8Z/GD&;=>S8-VE6*<2,"LL.W')*(2M70]>L*D5O@^`O[=:.W(CJR=G/$4)S8=44UO+1 MYYCP8H_^D[AXU&%%;EPQC\5`-TXE;ZIW*!#>?24L/+`HGF`%^9WM5NJX&RZM M13DB$>KJP^[I^N(_V^%?C`H@FXV(C9*P!'#SAG#?5.J4JGXP4[W!$+AUV]T]T#7&1YR+X=HY4<#+J*\.?N M?$IDMK77YE#O&5UM'O-%<^`6X=]QF#LJ624TLB1.PARDD<22&=MNJ$WH'J(] MV%Z"4"QL>IY,,?>>NTR",27GV_Z=2\!1'%I&A6TK@&&#CQ4X/XR[8KK(:!X1 M+\7*"1EY9?`^+5K8SE.'E>)1CA6(<8,@.G`MCPA:[\)Q7)P!O.F;[3KG5[[V MSIZZ,6$.$EN:#9S1H^LA4L\#"R/"Q*'&MW-4$F`.3[H3@#V$*P?7M90*V6!W M'O6G!HJB-U[$17AG*K;BO>UHKWFFJ?36Y;)C@P>$(2.`+H%F%L'W#:P.P^\+ M@*\H";,G87WC>\T/R*/LH-UA2T!Z_]0D#\@,@PG%]W8L9D6(?==3Q+!$N>7P>MQW_V#GP=2X(P[[B`_> MPX'A!UJF6C0'GIW!)[P71U7HT)F]2-?8&IT;\#DBVP*I!>8YGQSMST"3D^-H MJ1RH$N>-1+AHNS&<7(Q-X3T7#C@ZQ":(<>FY?R%^*7S3QV]PO$1->K1;VI6O MR(BNN6-N/4AYDJ9#B-V?+E@,/@?FC9+QV!VYZ!)GN)?A8QW' MX#.+[@5J*;V/3PD8X(D@C4J[@C*$2P5'-J',3A2XUB)^TJ$.)$UL)U66(-9N MX*`>1P64$L$?!;G$[\ZIG%\=]P%_^]NO271^9]O3WS@\_(W]\[T;C6"'`(=N MV,_X+1@U?_VCV="TO\U]\QO<.T=/Z;=`G]\N^T-ST#L_ M/S<,HWW^O^VV8?UY??/^3ZMO_(G;W3`MX\_VJW_@C,2$=F[ZPNBW^*.`P[]! M-$7B"'U:3B6>@AI6;7`)^J(@-PJXR222AZ=,G7G2)BR^#QS29OA@Z`@1!;L$ MO_CAXOJM=G']#N1YZHXTI,PM9#Q]*BR!N='%H2FV_PH8D#"9D&5Z*=W'.*4, M"C.'A"FBIXQ?!19!2W*$2[A-S`!G:CEP3"P[F$?'A%T(]DT2SDZ(^?8H%N2$ MI)WY1<)^%`3+#>]*K&\P--@L,=R,YR"Q=!+RV@GO8!XVKP->6@N_EB+:$_9)"VNIPE("&1F5\B^RF$OH,$UH* M7@HBG/AP0W)C)`-,*Q^XR-/OD1RXX0@M*L&GU:Q\&']D@W4F%&'ZM$W8QS'' MZI4'`@]M9B>Z.A":DB!GKN\B&/:AC;7:5)S544XP)2F_)]!W.('(-K]+7*Y_ M9N"@20V!L;FJ'E+M2:$.)?!SVCDP?J+K1DY!PH:>V37M'K=F;]F=ZZ,L4J]G M.%Q!CO'>0&C7_9;"X_0GLK/B`._TV5T%MT;J%\B!-R.6/GQA;M=R!&^C9^C# M=D>YG1$2`+4K+.*5/<65@.2M`8>/ MF+I>1>"4-XE'5A,>N,9,/@AF\O$QI;TLR^68@:13%-ANE\/`OK4],DKM.&<& M\F8I2YA0&3A^4RSXY";J-CFZ5@CG:!0+R M[O*<910U2OTQHD5)$(G/E7L@[\=%]Y<"AJR]8IOG#G=[)U*V`?>_3N=$JM-A MYYB=T\WI_HZ1U&/?.F<]?5`>?JNH*/QP)&!C]?+`AA6CH:<;Y??*!C7F%3E1 M1&LW$;NKTI*80]T\E>*:C@5J\$0*\'N6WNX>'SC.;DZ5ZFZ?$ZDGJLFHXA&C M;!*Q&2AG+6)Q[/&\4A%]Q^!X$M\'=;W=S@P7T]2M\MU$*F5]'61W;+LP:M%> MNJJ95*Q^#4B M0V5305G\@LI'SZJQ#&O$>.IEV/HRK!-RVM8R;%"/>,JYA_.9=;`H<5ALHA7VZ]BAJ!>!*QW@N,.7WN@\LS096R8H8S/%N-MQ(3=[&#&7$BJ.[ M/"P';2ET+5UH]?.2P&(#R\UX9Q1)SO'K3-.W)MB.H&NKM=GNFZ"%7)T=5C'Z0%OI)EN$L MT\6G%&Z)S>K[X-&DVL,Y"]!KG!=\3Z3_'(=/7O<#-IZ[(V/6H4C+= M*Z(U*`K4;%WEC]9U"X24.51_DJN4U%%!/C+/PW]ET2(ZFIBN<2@`'"#MRI9[ M=E9CRZFY5'?I!?X=R%^4W/X;2WY`,>>FH'KNO9N&Q@IS4V7A1@-6?D@KQ%)"4D@9KXCOOWX.S?'!';+9"1<1" MJ"8L%<448%>;`=(@#``Z*4$Q@GQE01,J"[9%]%[G=G(A*,F"5Z;G#MT%R,D* MY\%K[C64Q77D"2/@@*P`B,XFYFS1J-(5,CDSF>H&UX07/)IQ@^.\A/Z:4U-5 MV265V1NBZ#RK1W=1SNPH\.&V_(3QZH@`5KAI/V,8@0W4&9BRC%%@0W`=)2YK M2ZZ0O!@TQ]'?7YU;K_X!(_2[73`1 MLTDOG\[,U.WH_L)W\)]+N*4]V!Y&>8^Z[AYI(5U&/RA4T1+35UZ>=?H!+P.R M6CP8*UA+(^32&`L==?XSLHY^8!GK<'/2G8C_!7;X/7Q-5R!/9&6_CIN+/4E$ MK''B.P1`X:@`O3R+8()7$?X[74="QJ2"D:`65(L.\Q[=8\Y.BRO*V?)X>'CA MQ-6+8T1878A-XB5@V]Z!EA#%V6#+Q7(Z3WPR`<'P1'&8<#RMYW7%2ELIO_O> M(NH!T`FZ[%98*07@&,>U_8QN2[M`?'B15G5,NVZ3=[Y/8>/`R,KA!H`\?;01 M,47[%#LM::F*"G->9$P05[;"M9)%QWLH\17%NC=?OY5\35KG*V,'\/2S9;Z@ M(9SX_N^OC';[%S6$NK``,@ZFA:%643,BJHM3,5Q:)3/SY3%L/_D-"GE\N/A\ M]>G_?M.NGR:W@:=&BM[V^?#XR#/O*EA'&NF+_>#>@8*]^*B=9<;-._EY]M'[ MW]^`'6_CK?.!K+_S>P8FDH_?XU:8@#8)1<8C".!'%D[0:-IB6*86O9,1O9O0 M/;\)`]\=10CKTN+^6(_9#NDGAT7NG0_BA`">E9S0GN MM#B$JP;J0SR+IWB$UC)7RUR!S(F3$

CL.&>NMB'+HC6SO[%C^]:3;PT-0% M()'X4A!FAVKN`D@^);#80M1]Z$SA6'C708(X='+D-451D;KL/VZ:US)X[#)H M3[F\:5S<;(UD1@@,B!!\82J!:2;!K>NEX$#L=''UAH'W\ M=BVBF_<@.K:OZC*"-EI)F57_#-W=.^'F'S&Z/-D^N1`0B#AM1$8XH+YFW]V% M[`Z]?IEOX'5OJ'>[`SH(R#U`GH771E>W>@/A.1##\+BJ]#>@98W0"AZ&P.A@ MDG#@D7BSK!Q*`\9W0>"0$Q75Q#P8-L%A#3J8E]Z2=T(*A2A>S]>6/C0M[J-! M]P.:6.2G"2)QFA&BX+T;.MI_$CN,N?U%24.R@@D=]NX8=!,"%`NT3W%_R%TS M,3+AN*"W$OHFGS0'/I.,)*F=H9)((I#3=%9[<=R$12N8V`YOR08))0HBE("YN`4(]P[ MDJ"Y%0,B^*THF<(KI&\\A43E<(P^I/!KYL6VP;XO$GHOW^KLYQA#P97W(LAR!:,^P&($Y)C:*:$]:]"= M)7/Q7/+3_L!3&A9PX%V`R70)*,6OW/V,PKA36KJ&F5^R\A/,$_A5^LW%@SN> M?W_0&9CYU9B;P=\R+WAL\5@I6#\+G]-%$X_Y_`-M2M$^-&G11'7!!`5C M-21D;I@':@!N3`53'.[7ZXOO&OO)PI$;(2'?KW^@"<\(*9Q"II?7W[ZEQF^= M++/->6Q-I]#-ZTO@G[/)U`N>&-/>N]C>)0@C53@H$R%^0L'I-E+8M?])?*;T:J%=>`^'-"8*2FQNN.HSSDXW92?N37Y#]]7%<.1B:&SH,W M!TJF^#,B!W2'IO@>7,O(49+K,82*"U`3)+B[X9T'(*2WMO=*_2=?@ MO^&PMX@9-%-B/M[+?8Q<8BIELX%+NY'R.VD#0FBA=K=6,>543+LK5`SNE%55 M#&QU?$;=M\1[8K6Z>?-:1G?&@K?Z3P%V$*J*JJW!0M4BE&LGZD32? M&SV'."LU\66)BFI340O\AV;4!*@2[T`-`'-8HJRD<2?823H(T[B])Z&*0%N0 MZN'-$!YDE0[:=*(=U2-86UDKIK15R-L`-1^Z:+/C013ZY.XU\`LU$.'E57=P MY0_)>\H;9($V]645Q#@,)CQP:7-D$)HTE=9P[@=V! MWXUA'WX88M>[+D_5[O3;^K#;7J9,Q5&F:%,N]B2L,VGIHKT=O,34+:O-QVHV MA"@6Z^;9T;B/,)VW24O,*;'X')\ M!;U`Y1&HO[9U>+3KPZ/$X=%?^^S(\8=>.\^B9H/SJ.!DT58Y6#!-:M')HJUX ML'"-672R:*L<+%BBE)XL:F6)XSIT\-"WM.W M)F80=.A+5D?O=0:@687/(%_+M^"^3?P3]IPHRD=\.Y7O6%3QP,\Y.VL7;G0Y M1S*=3U`4,)J."51_R0Z/O/&8^)8HI?UOSH8C7X[)AR./K$B2IS^F#B(Q#]ZV M;X%S9Z;>DI(SLM)?[J$M8J*87>6\$#OQNV]M8HOB%MH%"AW80U6)$U1&T8D` MQ-.,490/*]#F.^?Y*KEXA"W8RBT&F?ZC9M>H]Z+BS4$7)G[4[U7J0+,WL]-O"C[`$0_^X4N7KNF>/T&;G?C9E8_I.$$2P9D7+<.E+C^YRFFI3;A9;LFW,HG%FVN_,K+B*;:EZ>ZG MA8`PP_L]7NCT-8FCV!:=S!5\2[-/UYYE*+R5Z=DXY`]W^JW^CAHV[I3H]3I8 MS%*/J(SF\?6K+&Y>\9$[_;9U=J6`_Z7DBYXPK=;2;KV%KZEFSQ:K=+^_@RNK M1:U-1/BH`O)A#%I+E>01R<>9V2]-R5[;4I3H?D-9TF.&:)F_4B><0F'9NL6T MO(='R=-MT3#=8:M;9BLO'FGWEEPUV[+T-VZUL:GPKZ45E]IKPDU=`978&;3, M$U&)F-BVU>/_!5M2EM7JE.X75TVQ,+=)1VU)B;W6;75/I%?MV:#43:RVI`YD M2?7,5K=?6U(;=`;2SPBIQJ+<'I75B10RI18&= MQ;;5EN.NR]JRE52%Q8-8PU;)/I6'#T9O/(^5N=,I8Y9L+PJX:PMPT4R7&87' M)MBFT6KO>/6.6+#/^KURGI#B82IHNBYN_KBA-;NUA2G=MW)SFW=F<.=-:'=MZ6]:'7AYK5XDGG3O"!MMX08+7W1EG;M MTG=LN&^7CMUL=*V6L9DW^YD7K+5W-V=ZX7:B834G2&X]MI\-O/B-S^SA@=[N M;Z91UU^7'9Z^2RU&RO8N:I)Z`H9DUVB5\OJ^+$,2:UYW?'_9%,4JZD.R>E`B6L6ZB+45G[7%G,V96?C;^C(JHU@]5'4:=6-5Z_ M]#K$(Y\)3[/8YD3V[VW)%S5U1!^NUX-6NZV=OS;;\.\2;E2O+,OH\V'ZI3)X M3J0F31)OMLQROI']4S\S\2VO_?$5Y!6G;]$&-+1S[75GP4Y<6_0VS2PS]*ZU M3#4<49*I4H'`BF\]&J](IE5%0/?>_(OP=*?R]J@F_I9O#;99U'I"4;LO: M9H+H(87?U/N#;98R[%_=]Z3$#ZHF\89N#"N@)+-H_@@RK[ M@11]HUTUV:^`M&Q'[H<5*`3))S+^J(+]@'UO-D]&3U?*I^STO*N MM]O;K$@ZF)]I866A(6ZZS<9K8]%==TGX8#=ACWT5]&V<`[Y1%.FX>==M;0E6 MHEKL4TG#ERG36H'\'YVMUSYRR^<<5/CX[K4$%_'M;.3[+YLF6$NDZ,W#V MW<>6&;A)&D#5,7(Y!O8H$=1697*73I.K7KQ!=X1S.K MD<(W0PHWAF4KVDXB*TM2K[<[Y1Q]5Z7_\%]\Y*B$E9U5-A,<'%*ONZ"D(%T:/OL`NSYYT0MB4(VN:0/A6,1^P/ MV[(&"=_E<6FU.B<";6GHEG<)85,Z*L=KF"@0I+1=3" ME<1ZJXVHO1I1(&C6SO,23MF(LK8#KUXI(ZHZ^.!FMS6L0&K$EJJXV@>I%ZKQ MP7.:<`$^>+]<2Y^7!0'6,5\60#AB`CUG$AZAA)?$ZWQ)$GYF]9ZJ[OI/&[NF?8H]N'78MJB038]L-M0=,GZ55C^]9Q-)51[8!E]V)C5P&SL*?-0=^0?[?H?NA MV4@BD@3M+2JL\^O1?>#!B_D(VA06"/\\"1SF:8]N?$]#C`//"Q[A#\W&W)+; M491,Q/MQ1KA^W".FD[QA@/&W>OU2_5J__<6_O:@.:=#=9AU2D85>URHHN;@E M;P4OH_Y@01CCI3-E:4,R,8-QL2`/C M[MD01N5RNT%_[RB[N;I$#UK#8\QGWXCF?MG0?!6RV`O#F&DSH8?`LV/7<^.G M`L+6YOJFH=EVJ],NY:NH<)@9:#%.B!;S,#VUM]IBB[[TWGUP'0:WQR>7>=M/ M,=L(?:)\JMDOU2*@/-I:I0@PUX!)G"?@8$I=NL.D2>7ZW+]6)1;W6B<"(MMK MG0CH3:]U$`#9[6OV[V[TU_DX9`P$'VY@+(JU$($"*L1KHSRO*Z8@2^_>2LW? M:I5.8GQ&OQ\4"LFK7=\\=%$8<4`?@TT_B9B#'6D.>V!>,(7#$@,*282ZHMD0 M@0T,3\3W,QX*+0YM![ZOA+\TBG[!Z3VZU^[M!Z;Y0;.!O5EQ`!F+2K]LAS!B MXGE/.)(?C5F($M/2KGP-O:KX15VZ06;G',%P_TE<&`'GY?K3),8IW8-`PWA1 M?M1Z M%UCH)"&RM2@2U6R@@+WN#/5VNZ?##X9NPB_T=_REB_`%\X%.^^XN9'=P3C4; M<&S!Z)$[XF^/5%LN%;OE0=>"#!7M$P`Y:P9G8N.)7OUS]FF%%, M/*Y)=Z`/NKUG!HW('4G#AB+I=-ER9S1UAR;0!*\P!SH/;;_NZ=;\:E\L)"=D M4_@J\^,(-VRS,0TB%Y_2''<,^H+YL&%O6?S(F$\[^ETPF=K^D]@Z,*_A[Y$V M\@**ORJ['-0*?\"SP1A"189?<.PGTFNHZ=QH!!(_A7T0.+I0:<0R:]@:&%K@ MJSQMZX(3R`.N6?CJ"YTR2;S8G7HN,.[VB;[@$^P03",3G51B@"$D4W-KIN.C MP%NY=-UNAY:&[\[$#]DHN//=_\)K1L`(YD=<8XX"M/B89XMNV8G/-VVS$2'" MT?DM+6GN$;&YA>\9'V*3J1<\,9"&Q'=8R->#LS3WY-0#78X29 M?_OVIJ7]F*)8=^!P:^-_?$C:P+`O)K`C^--D#]VBHD*-%CZ@\(ML$@U'XID? M^?E,IV'PP,^SU"2"G6[*=XD-3`Z-SZ"\4!&W-`Y;!N-Y'NZV@#3ES!Z&S6E+ M50B&%`P*?R:%R"*8'NZE8`0_>_;YLY;+OO?]= MZ+)K1F:IUC$M,8-FXPJORLCM[V`9^PF>+0X8I^\7'WRZUH5#SS3PS+;`P#'Z MEOSC$,R*GI",_.G'3TLY04=5KCA9LL9M87]E9-"I`C-];5AZO].C4]:P.JGA M,.AWY@P'9>9B5CAYY+8<-^*3<<%BQGM`&$Q@74,X\)/P24P>SJ:"W#&=B^I/ M2H("FL"FZQEZN]=+!90&MA]LUR-[#*D:)W$BWH9I_G-J_5?'?<#?_O9K$IW? MV?;TM_=P*,-9#D]]';]3SISO_&A[!Z=-1,+_%EGYS7Z:H.5PPW[&;ST0@W\T M&YKV-SF8_//7L71\1Y1`!]_^SL9_?\4"[\]OE_VA.>B=GY\;AM$^_]]VV[#^ MO+YY_Z?5-_Y$P@W3,OYLOZ*T.GK*C8*.:?3__'']_A7P=U5%.]6SB6KI674 M:!DYZYY)E3S%MW,H?;BX?JM=7+^#;3\%4Q@DQ(T]V)$X&Q>_AL">&N%Y:I]I M>S(2(VYC9[N$\Y:>`%DH8,=`;I&V2W^0UW904)YKW]*E&8\BU,9!"'I,7NUMKEZEI2[.@*D= MQN[(!8.=IZ3B9"89.7@@P'ERQGZZ,9_D&W%1&8V"Q">+\"YQ'50>8./#[-PQ MR%/F$(@P\9*3((95J8>3),@G6FKW+EB>H`J?*IL[693%9K013ELDXKS[^NG3 MQ;?KR]\PI<:SIQ';B9_X(=O.\AP6,__ M)`'^0R)!IH]-9YP0JXB;5:A-0;K@U"2QC5!N4R%=U3G_''&;QBXV>"UG8)'3 MO!RW>!Z[.X&#.12LPLV;\LI%\0C"O7(L633[_,+.3?QDEK4H@,:7-;C%NP-I M`:[C9$9ZIIU7E/*%_OE3N=H)7Y"&]P7[(8#[%+H^T+7[7^XUOL5`6&:3NCZP M(0F9$&J^X4+F7S.\=N"+9N-8.FZ*0((OOW=`AP^1)H[LW736!Z6GX@9L@ M8N^A>8'>Z?Q7Q&T'O6(>0^W%)Y.W-28LO@^@DT&Q\PA2'5++N7;CXAOSX\U%]!O_F#K@IOW&HPM[2 MWMG1/9R:,#,Q]>S[4KO@+8V("&$U81UB^R_\E8PH88^!M>63S8=_\`*;*EM\ MM.\\7;L-\'ZE>*7Y516F`Y_A6R8);!GD!!\8%B*:V9'9F_1<`0S->&([W*`- MN"N"44 MD('K+"CG=0I9N^8I]-_9WU1J%M0L>,$L.$S5RV(4ZPOI[JZHWKIR6 MWLT1LQ(6];I@X`;P=J`;W3+%*D<'J%XSKD*,.Z\95C&&[:`*]UDNKWW4;%K7 MMJ.7UO34].R/GL/`_TI5LH9_Z`C5;GW`UXP[L8.^9M@FEM&>\^/J@'X=T*\# M^EE`H9L/Z.\>([,.Z+_H4'%-TC&05`?TZX!^'="O`_H'Y\_!`OH'\\8*3/I9 MOFSVHGHFU9W)H4*W,XDF%RIH``5LFXV5(K:5`\L>&,"BO=9VP9EOO]LJ!_A^9ZWK' M##QIMW_-N\KR;C\;=[=&XVYLY\K&_6MZ:GHJF6>RE4[P+RBY9-`V](&QNV#;.E?'FFVG;27M@F$',(TVZ8YP.M#R%YZG"<0KS250:H%CJ&",FEV. MLZK=VP['SW4)J0/!+UT_"9*(D*]MCP`ZO""*M!0[!\%;#%.;P%?O.0)&NN;&A+"S$#R<`&<)>PE1>47OY^SJCZ`WL>OAYT^$:_W`L78) M\4E`1JE@5%'Q(,X,-FM*#^(331"K)$3(*:2NI2'N408^A`4G2SL0*O9&@[P0:*8#1":BV")!1@.U$_+V!/X(91V:-[;6+_&^%XX-.[("2P8,X'`=$_ M\R*$;XD$Y%)T5)".I1H3O_3$K][Z>5\_<`=LDXH])!%5/;U++L=UIE84ABOZ M)?OTBA1-]OO9;+#US<[Y<9K97__';&5+7")P^FXF>'JTU3M9<+H*8$O'S[,Z MGW4[N[[.E-PV'LB6LS=RAO-YNV68:#I+D98F*O]46+N]SB]B\+?IG4#<`\C$ MYU%7;?6@:V5"XT:7/[V&@^&8,P(DV?TV2-7Q-X@O(]1BP)NT(Y>XQ]_9+O4= MQO:#'!2:P\(BM&S([ID?(28[AX,". MOM+1%AV]N^ M\VL0/B]`)YL-<=(QDF/G755`H\Q65TSV,N>=IK:=YGE@ITF93G">0%^G!JX;#9D=\22H:==K\7B'F)[;12VHF:6GI3C M.((7E.%<3((PQGM@]D)L5KFK&1^:W(]A$$7YE]V&VJ_\;3_22W'VC8]X.SYM M;BSB0>[S3_#-W943')H17]'CD;WLYIXWI,[(OV&3:1""FLY_?`6ZV@TQ='NJ MG+F4#6FR%^:CV7F&S,2VS[XP)<3ZS@[#)Q'6SAX!#93X<'-5GAMX> M;$+ULFU;-6)?7-UCSQKHL)UW0W:UHQQ?;SWW3K0\A(M5%,,1QCNO30/,1\3V M@U%RZ[@/;H1?*N#1VFNXJ7?7Z@YTR^AL]8T'(\;4+:M,=4&%24%E.3SNP$$9 M%5CAE;"Z0[W;6Q85.**`V8_6=0NL[A#O%S'C[4BKQ&S#ZNC]K3+[@,0,C#)@ ML!4FY,S4S=YQ*R/0IV:_]#%7*1(,R]3;G6T>U0B;\L^LVISK4Z+V$#A]?7AEF3NX#;TRR[7 M-W1CV-<'@S(FQ]'MAITPK@>B=M*GUBZX=M;1>]TR2;;'87&2T_[*YNLLINVHD#J+"8>LLYCJ+*8ZBZG. M8JJSF!:E/G3-OFYVRL':G4#&AZ$/2[IF3X!HN'=U2R(8UDE,1T,P[N1>9T=" MO<6^\9)X(5875*:X)J$G)FZ5:G3!9&K=5VM3^Z8&*91Y+% M=)0YE-T.R/J)**!>>5.DFH2<&8/2R:"54C\GD$#9M?1NJ0J5:AA4=2JE&-P: MZH-2*%S'$FC:%P/-TA5:-?_JM,":=X?F78PM'0<@Z70L9,1L!66?!83)"8?$:CD#DN;+`I3,R1;9H6]-F2LZ%8 MQ^@IZR"E3C0.M%M&+W":C0MLZ77+8GBM]NC&]T1L6$GK="-_H(O-!M`C3]RIVES+;59EQ/`V_T@YDW`''QYQ#R/RZ72O2N^ MMV/MWH97VOY<,[+H/GBDGF7X%,]:M6\#^JZ#W<=<>@7(*S.1:C[JO\5>.7=\&\0-B M@:&.J_1'`TY$48(=ZO`5"]O3\N*;R-,=.SBYH#=EDD2K`9/(I?][=ZGS>M4!1(K6UUS7(?D&0<)L:O=DY8V MMWP.(0-@#M1J@,01MBWI-%PGX-$M[3+GWA.P.O$EW!0TE*. M.Q[#H.,PF!0-1IKSEM&APK4.:)TDGK%S\DR0R&',V5JPVX-E*`Y MG@((:L[_QE4%\VV/Q$:[4MHOX%"ONUV]-^R`G%->J=BCH)!?6QV].VQK0K&+ M+9RODBES1$@E<[R0^Z$3O*2^O7-N1=1,EMQ%H;K%-GY@=GL/!DK8OG,"I M31T1^7R`$Z]-0S?:G463\`-?S*.RFZ*H4*._U3H-#8[;.__OKT1:65V?OE=`$O3[EVAFP]GN"_U4GN MP%6[F_VSC;#MCEYZ6O0<*K=OIG?9^X114R>?T:E.O:99%"$.2=LPCR+W/>W: MU=,[9IGLD^/.@%?(+H=V5^$,>)1&>XQND50@X_LP2.[@$?Q$R*9U#O^G M7ZET%:O?U@>E)+#"2@^)Z79+9V!63N/-R%4F1JEDQ7`[401K`()E%FJ^PZT% M7&W-K:[%08FQ]';_(/"<6]=2J>AH(#FFA7X,ND^'C/Y>+2$:='70F"S&RFFGQ0$W2A;4SKX$S4:11TMS,%91K1CFCI-J,$UZP\Y3U;R+[HV!Y#7< M-0,/D)54T>6L(=XJQ;A%D%)+\Q=^==P'_.UOOR;1^9UM3W_[G,8CLA+=&_8S M?NL%H[_^T6QHVM_D5]&;1,ZDMT]O>0?&ZWO&XH]@=TY=_RY]BL(,\,MW-O[[ M*Q9X?WZ[[`_-0>_\_-PPC/;Y_[;AOO/G]?Q\K,1,15RD.)B?!1)=/XK#A(<^,5IC1P(F*BK9A^Y4XV:S M;S_^`$4%=="<7[C'37X1:LS>9QEZ]@MNR5W-OGJDF]T\Z,>A&*T8'G<-R\.(PL'G[KI\!YR>G"?NT@S%<=XNJE>W&G3G6R M+>J9;'W?/L:/BAV^?2'#V9`C!.L$3 MB75NFY0#YF%DOO/EP,&'Y'7IQA/5%IU3(J=\0>L1$K,P'(7_H\_F0E*KQIGR MT:GKT3US$H]]'5^S.XR[?&=8G@8/7/GC()Q0:Z/#: MG<41KCUP9H7XUCYF44D.\+6;#8O-ALW$3!]=)[X'Z[OSR^]:V5F?HTK!65DY MCF3'\P,+"4=54K7DZ,5WGS\RU#2\MB3/C[)>Z(+A!#/.^216]?]E'A'S5:FY M_@Y_"1T6IN][F_<9"BY\<"-@4#:'_V.V$K6ZA(57.CQL%M$K8`!?\QPM:UIB M%5KJ4JM:;E'+9#RM,Z^:I)JD%T;211('OYX,-;N95_5U[N;'ZTY.UXL'EVX$ M.S\5CX\U7Y/8"8)ET*XOE3,?W-AGT;+XT$OES&<[=/UE,>P7RYC@UO5JQLPS MYCGLS?I.4FW+HR:I)NE`)*TU\74V[=',I)2:`P4-"ODN#!+?.8?Y!>%\<*Q0 M%0J/H#GX);_H:?S@"P,=;WN$0$=X;*%O>\W&*(G@M2Q<9CB)L5;I?C7HZ(.ED:;G7E^.AHJ0;?4LW5P*>WR29)O#@6XLA9TX3;)- M0^];RU*H3I)L`U'EX+]EO3Q.DG!3[W<'>K>W+.:\`>$;GT)_8&I5X=%3.)4+ MSPM&A+$X$P1=ZZ1>]J;23^:2%KK+=ECY]QV,E([>&2[+OCLJ4JS.LN+[(R+% MU(?6LOKI(R+%&.K]X8EL%LO4!\8V16P_-OZJBE9DEE2)X\M:_!R1X-1DU&34 M9.R>C'U;JU=J^IVF9M]5B<-]O/^?B)%G],'X[BSSX1P3,6T$REF6Q75$Q/3: M>GMX(O8W2EE_*1+=$1'3'71TH[=-*5NMG](::;'%08:#9KMVZFS7`V6[E@%Q MJ2/+RZ)350CPU235)+TTDNILUU/0N15-MJJS7>MLUSK;M@-]:+T\,==[@Z$^7(I\46>[;C_;]41BU*9N=4XDJFOH M7>M4HNUZSSR5;->!;IHGDIUB=O1A?]D)4V>[;IGC9X99>DMOU,%Q^P1TEA7@ M'`,!2TV+(R"@?`I6M>;?7WJ).0(",#^Q=++E/`EU*FMA*JNA=P:G8O9TVW#` MEI;V:A(SZ.F=X3:-A0/2TC/UCG4J-YYV5Q\,3N3.T^WW=;._LP*L.I/UT*'$ M4\UD[>4R6=O+]&0=-5X6>:I"\*XFJ2;II9%49[*>@LZM:")5G[G9TPUP6H3I1PH>=GM[I[&A_UYFL1=D#UHD$ M0OM+4]Z/B!!#;_=/!9E,[RP%83XF4H9Z9VE#[R.BQ;3T[M)RH#J+=B:[>G=XKM\?G=%:>GKG:6M8HZ( MELY@H'<')U)&-F@/]%Y!T>72=-5?'?7WS_D^K;_R)'>\-TS+^;+_Z M!W&14F@%(_^X>G_SS]^T8?N7W[4/7[_;JW<7G\XO/EU]_+(T?'ES^?^[D5\K&ZO\=O'^_=67C^=OO][SKFMEN+ROK%R.5":VJ+,<+T^]:?I!EH57U6;HR MI0\/?Q'ABU9WFO1,$.B"X]2#'U>KNSK*AX@UFL+)B/Z)(K)8WRN/MT M^0&.MJ'(BB43!"X36])`*T7NYQ@LDG%:2[%0"E^S?1U:SKE03$JWO:RVN>S; M]J.LBL7C._,8NB-^_1?<.RLA)F553X7%!!>K[.M6AK'8ILK(6NW=RN4E%:T;HJ,W8FVV";+\TP M7)U[&TC\6@IQJ:G6(U.M2/_L_;BT6DN!]HY(#QJZ92R+]^SLP#P](\IJM\P3 M.1V[QK+@;&U$;:@\VLM`7HY(3,[,86ECNS:B]F5$@:`MQ5"MC:AGC*BE^=1' M:D1UT8@J;#:Y=SW8;0V796<;.1VN:60;;Y,NZ4>M&6-NW2 M=VRX;9>.#1MWV%I:0;SAY-?VL*%W^O,6 M]8+T[<*$[:WG6N>SNF]"L/"2\(F>HO2]B]%_$C?$]T7Q9Q;?!\[:V=E:`M.@ MI]PHZ)A&_\\?U^]?:0X;N1/;B_[^ZMQZ]0_3M-KX_S+J5YE3GHHK?X3/,-`0 M].^5_YZ-60A/?&ZKO^[]OGB^\) M='H^."=%`P6N>:Y]ZWIN[,)#$T$;>EM`:(&-6,@Z!@9H#\@!+?`UN]D()>': M+5*NP3;0HF0RL4/WO_#]6^8%C[_1_IGN@989U3&'WYU/!BI5?"`G)HQ5FNRS M!0E%1_6*#J^J)7@;'3'%HE3B]%>Q([`^))F'#4(\A2V%_H+0D:$EP MPB38CW]_\UB?RV?7&Z+OY/QL$(076*)8BM#G0[U$Y;1TS=%3JUSWVX9,*4!; MNZ,89:)'&Q=VUA).(,*MJM75$NP0!*LA*F(ME;?>:G:-_*MITA:?%I_]X7.8 M((E$E6SA'VJ@VFTW^)9P1[;1MP3;Q3):VHZ[O=`7\@JSO=`7P#]>V86^:A0O M]%=%&;87^NU5<8O22:#47NBW%_KMA7Y[H7]P^ASL0O]@WMA:ZF>VD(@+R:&N M;F<"3=(;6RFYL#T_V^C&5K2ZH):M`(G*E:P0(]2@1;L\VN6<52W">[RM+.\S MO`$5A*E#DQZ>#\[/0C<6-FQDPZ/7MDY85>X89ENU2&`O=DN[EG8'6[CU5\XZ MH7O_%I\6'R'C3"JIEW-"P26VK'3LE6V@&[][U4&V;8Z.+=F.VTJJ@V!+3*.2 M[2[+%M,HEN*X)7X$9\L/K*%ZS;5/9%.W"G5#BK,OZ\#Y83`@6-R%L";&]^[K M5S@(`WJ!W_.&'JT14V6'S14%0S@7_WL2Q=Y@REE;8>6-^R3L$=8*9'8 M?94(13^2@H$4P\]]#SZ'Q._ANY[?&TYHR2CXZ?S,&XW=7HQ/D@@%QXN>Z&\P M"E($_H;WII+;ZX438$N'UAEQ(TQ*&0Z#EVA-B9%9[/<7DF0[NX0DZ?6%)*UP MBF^LD`YP3;ZXE$4M(`J!'<;U'#%V9J78M6U"U[-A+\5>&DB4^@/FFD>4A;UI M]G)K7_NE:<'^N9"["AI`Q7JT_$N^D9OZO_C0-Z1/0G>()@P8=`MFUUU)*E MY,6\B-QT.=/A[F!UXIEC;OUV))_00\B`+_'L%".2+U/M.'89I@GLEE4[NGTD MO8/4CEF^`V.#=\9D-PQ"XCWZ=*G0:_[DF!]["QW5!^//6T6W.[)1>N$L:@!^ M0"04HV-JI7NSB(6$JCC;K/N]-BS8<6'32CB'I>[%0R\;IF.7M+3&7C6IV+/E8 M6B3+''C+91*ZIZ/,X?1%8V`FGC^XYH`YNNWH!=1*@C83ANA. M:6VD^X`W/WL_B3P?CF'(21=#M$D-@/LG%^5O@L MTY]9:&7R3?%53/>FOTV)"U\1F*:_H!EG1TJ_4@WZE=RAPV9?F_BU[$A>='XV M#H-GK[]A)[>Z>;,\]%(4.':N2KF!M*WB=Q!IGM/_P2L*>%^7*5MZ&7J_,8?HT(CJ9:9L!D"\IR>S<(U5^.ZS] MBHL5%?3`W?W??W[X2?)BV--[%2BHXGBS@+_]Z&.>3C")8,^+5IWWRP,GG);: MA9KE6%X)$,L7UWYE9,-=K")P]W-OQ,UPRV0AJWDO@QOGCCT6/?:L\E.+%K^K M6UVKB;':V]U=SF(/!U=#K0G]/63VL^L`AVN)WT,7%FF_JKUKH_3?)3?=6G=E MWD>#+KI+W7&*H:P62T=BX(H@'XK=7:DD&R0?;U6K@G#@_58!F;U/3$2$1F(/ M",S0?_?A=8P^W7U83*NO:TON;LN&,9SN<;=+J3MN0;'*9":4B5JHOW[54GN- MNZD%4(FZW2T5WR"P2@2C2JET^S]A2TK3NGJ5&4&'#']L7F93`RPIHVL<2?+; M6[O42:RUI`YD29EJ][CK@]5M2:GJ;@%70EI2/`Y``)5HR%W[2*+LG8YLE]:) M@AA2RRYVEMM6%=^[LL6S>+"2JG#Q()K3MPT6[+>66JL[.9G4-:[72]O`\16@QD$73?$'8;@DQ M6CE11:MVY1P[KMN58Y^?&5I7VX@!HD_1M$WC:Y1KOG$*8F^TI'U>>ILG3NY;899,6,M_^Y7 MEG5U%41Q=`NV:&]ZZ+2TG1..8+X'_/.RUPLFM!X^3?>B5+J@Q)/R%*`TIR_0 MOPY<%W__G0AXSIZ$?22('P^G4C0&0<)4N4$P056*LL#2]\AH/`RFA)R?%1+Y MQD/7C[H2CG9S>?=>NKR[`M4W]GH2%MV)L;TAXN;AI'G2IX0`X=%^9AR:YPU] M30H)3;Z,:-K>B/6_P(Q-S,<[/PM)+WCT/0I-,"BF&?)R`1&5`GHMA-,6;V@?IH]F/5B2)Y@!#H_"]@"E%@N8Q2''MT" M\N1#8("3(YKG.'"]4'K&GAY`NCNDZ><@)I+3/3TQS*W4QXG7=_T>R?C=H_+I M(>>#E'Q4"C(*`O4'B]@J<:X"X6E7#7P3GGQ$U[R$";YP@O03UEV,@67XU2CH MDR$39SIZDMTZ#L)$P/`C'1O^`IL6LS\G0P8:+"`RL__#[Q*7T/]@J\]"3NS, M6DK*8V-^+#P6NKB]7`P]GZ`0P4#!,T^)I12*O)CV+`Z?/2#:&(@:8`KM\FS< M'JYMK+%(9=#S@=B>.X0AL-`O38$^10%0/+!AHTB-YQB7QHIFCQ$ M,#8N-29[H"$'H$Q[\<0=%F9CI6ZE01B,8)H@RF8&]7>3>_"%A`!$!E9*L"`1+%`9&0H4>ML>A\`%;W4=*[8*L9Z/,R_2\E;6A550TI3Z3&"L#W/+,[_?3 M;P#L1_^&K2O_D9MC'JFY",6%)ENZHA5*&FP.6Q&GK"['3$V.UZNTO5#M"-FJ M7<1F0ZAF:C.@GQ"6&=``%D[\EQNB3$^O2=0+/:KTMS=RJ20'/K46XI>`E1+( M&>UKIYXI:S)!\;\>3"X1 M:;8RWT^S1WBQC4O4@/G.9I,1LZ&2\_._`UB&P.EXBB5B*B#`&%#*8ZZ_^4WN MZK)EY_A6/R)SRRT$638IK+<#GZ/+1?X:'@W!Z[46]88"'E2.I^9)@ MQG<`L$B1;=PD9AWF0!D+6_QD8=\Y@8N.''V>_>(F=>F'M@771C3#UG=YFM7? MH6O[+/:UQ-O>#5MQ`0)!`#G4Y097CSKOYO75?9$^@?D2>K"AKB"&,)G?JL&3 MGU6GHZY4(Z(F?^^(MZQU5*M<"/LAL[[Q[[^"\)\+#WUQ`?H9JEJ4500I&VI' M*55"0."`:UWK&)66:#^,CJ(/W7B^%SV!$?H8!'VA)$;5C8Y5:3K8(9&Q[(ZA M5-G9XZ!5J)/DDO2D=G[VE:`?O6QAIZ8GZ3@=S2K3'J2MT\X(IUFPMNLBG"A= M(K+JU>DZH?T?Z(5;6'Z]-+T:MN8`U_6JZHAO'SW99!+:5L=88)5N&!2SF7LM MYXJ[]O#ZP^_#H7GHAJ0O1I0+.K4JB7))T&.K\*!Q+`\+A'(+@*IV!G[QI?^: M^(07+<,2SG$^[`7^'1)ZZ4KOU/O!"&\->V[NJO_\;`P"3B]%\2(&;W/#<$^+E[?O:-%K.&[R+TG+(!B#1T7SI2 M/V&B-`(JX+6L.\9JTGC]"88)C6QX"H;P?L2O::5'XM.VNR-"Z%TOARW_Z`E> MY">\UI("WDBJ(OD2PKHIU9%V/ZA=6<8[;$YMZ2U\"79G[ZDC_:!T35EZ<2-I M['KST17C(/HY8@7*!Z".@"=X%?@C"(T[I=YFSV>15)X?Q>YPR*("W(A[RZ.? MI!_DKBWC%3>#76;`@P3-L)[NN2`Z_?19Q4@0_0$OLO#[.S*.>92IW#D_XR-) MRP?*7I@?+9]=D8&U8K#T\60L5MP]A>Z3&_:>DK'4U6.Q9V$@BH7*(G*2=4M9 MD:T;H#$%+HG,&&$,!&6L!BO>,C58@.^#^(G%`26,IX,D=>)#,G+A*`EK*?<[ MXV`:@8&19A@&Q*)X7!:0D6B*D&!C1@R3ER30P)??[ M`,.G@&Q9:?X^WZ*+:Q,L$:5KT,7)A(5'KE#F`>4OQZ$W3$1*7B!2+#PPS#W, MA5->(%+!),Y/S^0)A#@3*-6Q.[:AL7?3!U$]+)<-!*$5CJ4:>SCE_).=TK(A M=RUCJ6S,J",+G&_?DTB*W]0-:>C M6S)5VC^HBM;1;7.A[L5@N_,S#VRN`2AU^G(N*I<:;7T//S],*`M0+C`$,)&+ M\22,)BY&!F-\SQ,UU.C^Q+I5+\QDFND-DK0,0=Y&8];T:#A=$8JVR7DE=[*Y MT=O!_2/\N&,0O\/2A#C>5"%^"!)`0"!6,:00OC<$[R-E&W#6Q4:!]0DT* MZDP,?3ZFFH6=8LAQE-"_GZ-_#^F/^HJ&HL+19T*CCT<2QI@.8760WI,?#(-' M&I@Y(&[D/=!()S":(A:U"LL.K"CJH^_@NJ%FM43#3&DD*(;.TDE@ZEXFTVP& M%GG-@N@PCMI]=KTA-P/`!`-?6:H!!9,,W7&4J(V7(/PG#1/'"?GD8"8%9%$^@ZKO2 M9920'<]R=,B41>APIH81S6'(27V.9XR]/+XF87J'`T[9$;*`8>(_8:SO^1D> M-<@KZ#8$DE,.-%1GY^QT/@\Y9%P7$[2$Q"/-J>"@;^G MT%!T6*8$>SK,(;J`_MN%4Z]3I.O58UZ7!K1#-._']F5P13M$?_6B?QJM4@MH M(>D87A(B=GB'D1B)3S3./>(]P:D"(2$:$YDB`8T54$<+,_46YE6,0W*14W3) M<'SML\0*Z7>V[H;33F$DJ1\`Q*B`^..P$F$IH1)]>0(%"OSKDV1$4#*/K+04 M5=YY;<<>&`;8M8ZNR+0C&>K*%5DA,ZLM30O)KSMZ3$ZU6Y:3\.+%3QXX^2!CB8+DJA1(R;4\IW-[S!,*COLE*P#W M61"6O&!2$4=M3\\(M*U?_((2KSK_8EXMS?P7$X.8RPMLFSW"#XX?_9P+,CU! M3F`79%E?Q47M1Y.0INJ`D/%5FRD!]]%%WR$<0<)'PMS]!)2)FX*= MK'(XI?:#(.S`6HZQC65'&H$L^X3MS>XD#MZ-`C#4<)9'OL!9XA#7%H`.&D"P M=GBM;5 M$]@VR'9;"!KHG`)H::WLM>;%IA9#SLKX2GHTQ?9C%$U(/\O4N@T#'_[L,57; M:(LC05%B.$JY=+0BEJ=L?GQ$C^@TIQ^H8>\QBJ%S`2C4IP8RWW,RR:>9FC2S M*$I;IL)#62YL/CDZR5Y.+DGQG)39(RQW%1;:9(@:"+5(MM]ROPDW&_.IMC@D MV-^CP"]8-VE/U9GD[-STR4CG9PS21*%^Z]Z!;71Y>4N?_XAAT#Y=5K`1WZ2V MR%?J/*,D2)*K:-*YA\F;['.B.J/4ADLI&7%2HHW!ST9I>B1/#YY$+)W0'8^' MN0O`/.YSM,4K`YP(_7G+2);D"$L\WY=/!_8>?Q0@BB7,/B8-1P.AKWF2ZR,UM[*=$0 M[-)ZH8J8E=PQ'K#]V$V=R7B0#@F<'2(4''Y>GI$M,D1#%K-CZ1A[,N#(6@5P&8EYQ42Z.M,(S'/X3*10"7TX@%L$\RU M_,^\@T@\PZ+F.7/#OUEI:57_H#`DKD$S9Q$3FUEPZ*;7#+P(`MO&]1^]!SB$ M9&I0__GW(.A3R44=\`5U0(?+>@1;YA!=%G`>#5Z8F]]#+T.,A[_'Y#WJWX'% MXX4X9U=BL48L$B+=IP$L^CYUS3.MQA&*'3.\)SW_],W*$7LT4U<-D% M+#S3)^A.P5/DRQ-ARA4'H085+<:`MLPS4VV@Q;RP-QGA$N\!]$/B]ME&PV%` M=TLV(#.1J!$Q"L!2''K_X)4=/8"B5<%_C_)F%:JF[)A*MR$W#*>TJ@N]C85# M^(`K.H988M7$`3J&`0C<*Y=`G*=7"F>4!Q3A0F`!BD70%DO4)/HY3*Q8FK&, MPR`*2,C%.%#I8KL\["P70.AQCM,2%0-Z&$YE`8:<^&F9#DJ#'-FQ>`+ZY2.V MU[QX$>%3>#&]P4AU-]K+*X2,Z?8"8+A;T[0=W(_ZM-+!0[()2+@C/H;N^"G" MM7"ARA>:<:$G9($E@I`R@9HA`=O)9@A'7GN$8.!/028Z=``_C_`,2K"7`1XC M?M\!U,#+!:!I8EEG9)PAC@KCQ(+/=;K'#A;.6-RSAQ:6"7" MB@%^'XN2/)-P>A.$U\'D(083B0]8<_D&>-3**AIL"%(.B?=84^K+X#9G4L&[ MMR'8G-X8--.7P57J0H/?]N6:JKX:X'M6/&L@W1:L1Y#N#%EZ099'=U,?5?7@ MBAETD+^A75))+'^^R85-@LT^IN%;Z)/I8;@5/<306YW<@6"<\>(QN2O#P_OK--9NBW51>9*_0J#D-2"6*8S:2SLIIJSG=-8:6/)W]$]8F.6C MGZGJ#[R^5^HD_$#WR<\D9N6B_@RB.I$QWOQF.%BF*D5F.Q"WP?%W.'U'H.\' M7EPOAJ9I;(5A#L!\P:#)&"05UZ`[Q.IDESUFFN&`K)SA+D6Y-I,_0S/M7!6@ M32`JW.$44D0:>DV#X?0SF!Q7D)U:R88WFP^4VN%@#_?H2F"Y`VE^4"$WB&9) MTIL%7N01K7\\4*`GE&U4;)_(-IZ9;*+SLR7I1`>F347.F'J8Y/G/P1!3?"(X MVH=TWR=CV*N_^-(->0@G<"K.X'=8=HG<*6S];QGY?Y3XR:GP6XX//])([O,S M5B`XLPVF=#::;)!-929WVXMF0B]K3'4-%RF>3G853$)Z^`23"=U"<.Y$WR[U M$V/@S6/$8XDP+B=U^^:RPA:BQ>_O"I'PZ)#AV5%8>K;W1%@=4#F%VF) MKR,_>H*+.^Q*&;`\/RS[0D^@=Z4G@A$2CS10_XD,DW!-0";/"7I!F,2P)J_, M\0O'<*-_^!4"AESTO7Z2>U9$MDC?#++[I10!L['GCO).`0!(^TF6);<[ZG;F M$A$]>CD!7+F;^'UWVIDA09(7*;VEP:FI6_+JY_O,8(65!L-D/U[__&.K@T0# MY)*))XT\A@TJK<9'!2['3/INIUBQCRE)V+%Z+(AWMPI^=1*U4,*/37%Q_^6V MY#0)=&D..]YHK*WM]^+UXZ=?WRBR_*^-*OO%P7AAY05>9HD1*KM(65E8*O>P MTEWQ^`+^T)=N8S`K.1''R2D8/8!H]2G==CO0'&40\[()]1N\E:+UI M&H.%MB*`$PVFM*1!\##T'GD4-KV$''K/2;HGAGW0^`K.(^Y09*7UDS!Y=O]$ MTV)HM`D>TO!RZ)FPSB7L_JS8\8,9V$F>3%:N83R!OZ*DH/S&NFWC$W3V'_/8 M-M8480FN-+0PO?DL'-,6U&8HBC:L_$2PN,&[XN&%FF.AD/*QW)R8SD^<'XR& M,:=LO/[2.K_3Q8Q4UMPX%JLLNC>0=,#`Q_6?HP!%!V\`J8N&&HW8$>, M7*-!S\=$'KH#<8TW+S$S$K%J;+R+3`?O)"JYA[ES(SB:/I`.FW%^*UVY_[1' M*`[(77ZO"7A)`'6EPP2CGX,>O7RBES0YT@>#@<=2*7+$IB*>^.Q0%'UD>KKS M`PRY9W\?/?PQ>QA/D_?3'-74!,CE'\""&49!YAP,6##(*FW5S3/BDEZ.@0;` MM(?$A*(+"'T*F?D#:^4'I6,Y9D?7;>J[H1^MCJX9TEO%P1:C\$&Q$T'\/]+5 M'S?`D7?2M[MKR>G*EJXS19DFSX.4)]GSK%H!ZS;#$YJH69($UI24'%8)K5JC M?BL1KA&0#4+FMG)OPJ8RXIL453I9J"TZCR8QG/99@C/C\TQA`EX!:$F63;8F M(JD_H;XL]C@FY<&B2DH4B4K;0\O8HG8">(BLL)_`)L?1#6L\YEH25%]CE@\^ M6_@\UZU[FYFJ!.4^I/%;TT/#P0*.#@W%5>`SD]8='AJ4RU2)E9]H^SX$HJP0 M[@DX,`]$@R*:4#7+2JWR#X>&CE>4:"P8!RS2?L6-#'J276S`).>TJJA71='S MFB9M\6GQ:?'9=M(:^P8D+6_X-=#J&%[!KI!H`1IZ`$^Z M':^@P4XMFS:'NM8N34I'-T#]E^K!MB.HQT"VM]72K;;&8(*0JXPF::6K)9=@ MY*K?G)ZKE"^2'8#^$=-4.Z9294/40R*DP6%>[]ARF3YU`N.SG8="8(2V.SB? M'$+51-2VF2<%)B1)!_GZ72O]3C.Y#"7N9>_2@"06>9:+:7^;BT$KQ_>6!TN< MT(MY\#&I]I3+C,BR%[*0,>2'+#UY<$X,/5HQ$%LSM*S9DC7:!JRY7Y3`PII8 M\0C3I-(AZ:=UCGB:.2L"RZJ+P#O8FL!-FU$5*[,4ZTWF"W&>G_%@3Q*:ET M3&/66>/2<2X^GZM(#&>? M^#DA#%ZGV?9(-U#,A)3LB\MWESR5AW=.2I_"ZL>@,MJ#.U<#.N6A-0JQTIBO6K++'T?D_`[6TCYBDOJF]_DKJ;L5!^K M`'5E-+CVAK2MR_ZHL%N5L!FX\^7<:"W,+SY[]MY]Q?)I,,R0)>6E7W]@#=S> MPT(<>/%EC`7T)EAZ+7L18/@XN!R/AUA([]*G*8'I8_R!>LMS72B&;2EFKD#< M?K';G*Z@+(CWZ!>&O_:`<5CC"7C8,$+NC,Z"E?G)#?\A=+N[8\V,]E!=$`S) M^7)UBP#)P?O-QQ[`CSX:IH`-EZ&(MB(!/'H+%D5\Z?<_P%&7 M]IS\%I'!9/BG-R"76!WL<6NDONNZHFCR*_[CY%'\&XS"/&XRYN)E=\(4= MZE6'G5G+,Q#.R"2/KX86HVP925?P"F$7E22V9NGV"I)0(]J0:Z-((ES)60,' MSYZYS`KPO9]FC]RZ4_SJ$JMD?*#NU(\^'!LGU.-*6WGN&O"C0[A M>ZI6X10Y<8?W)-S)CEG(I]EM'[BB=E5E'TPIC_UAMHT]:23--/>DD8KH[8NH M-T$X(-[^Z6HK>R+K'(+Y,OP;SGI1?MH/_-(Q56_WV&SK(UIC?N3U:E?O9"/FNVZ9NF6\ZJ9MZ/I*0?_X^09L&D56'.M4;)J*:>P8LF:L MI[&B.([96!+70TAL+F.GA+3PU_6$K$(EUTDJ^C^X4V*'LOKH]-NM]G<%E)B' M=HO-9UY(7\=>R&]$*[`]%^.OR'^7W"K6P#DC`!B`]34-B;@-@\?0'645D"Y9 M7\%=<7-44]>_ZX9N*_HK_`.Z>+/MDK4S*IHH&X%<1!.[.D4Q4H1=0"2W$SL@ MINJJ#7N/(Q?\9JMZXSF:7D!D&5"SH"8'MZ#T9!"') MW:Q\\GP@!>I/-N"EWR^.PM3K)P(DZV=0;'T5M@TUP)IWU!ER[`W1F37@#DG$ M;VT^D_W*!'ROS8AW$9H]R;&MV*JY&D!J*;-DSSH"C$N2-=VE;,4419'M#UJF&?`*"O"$U M+-!$LQO4$M3?=2QW*.7I!+D,/"_SM222Y!!L.1#<=> M+\JLYWCN;ITZ//E3T?OIU22*`>]P!^`U^'\$WC;,[#2K6H7PI(5Q`JJ3]$1? M#]]AL9DYFR_$1C.%Q<913BV81P[C0E+O M_&WH]'YZ2 MJEP?*6<0;)A0*MN0[ M$2D4P]B>"(;JR`;RVU$W3;]797LF`J<`2Q',ZZ3XS)4;/>T33,VV3;5X:U.` M);>8OJ9-+%B!F2^#KZS*$M/*]T%22IY]WB<6%XIIR4H6KU\2U"(O:!`S[CHA M>8*-QWOF4LE+75Q-0+WZO>E]"'N-2YNK@VC23T.FBOM8$@EE$1C^90#"S()9 M/_)24->$EX3:F4":8R]QXLSG,R1%/?:-Y6:TQ?(46+.)]$%O8C+5[Z[GXS+Y MXF>E-RY#+X*?KFG+839;,O=>:6GJEK81+7?%:D$0,&L#FW^8B?!B>VEWLNB& MO4$(H[)W;M!K MPBA?"2^_N#-&CFEM&&\"7#*5^3CM,N`*()0S^"[E8&52F0Q0(`@ET64/K)`0 MWXEB9HKLDYTLF#//SDT@W-M*VXA/DM?_].VK2:B5(IL$R*4VQ M#7`X]$96@@07BN.H>I4[V;PK)0*+]RN)0)1(=$WZ$VH%[Z(S-#A#HP$B&TON M$^;T.YBEUAJ'SV(HR^!V!<+P2/KW`;5C>>6TFO%\C;R??&_XZYLXG)`WTKNM MX,4M#>LX[59.;QO&P&%*+\.8)2`?3`)M;*[\ M&:IE;';8GC,.G>_:=QT-7WDF"Z9!B/,EY:EOB%]+(._ MN#KU/NFA&Y8^F_Q3(2KY@@\5U;U>BN5LEH'.;AQM+:GDL+Q2-;^V\A_1F7OE MAN%T$(18Q"'*JCCL=L%8@!DO&&T.U:93'PA:(U<_@F;<`.RJVCS8:48*PFYL M#_L=%H:#)V[#`*V/OUPL`A)/L=/%KL58BB2^5?[.9';UE,4RKC12`#?3G*:N M#"CU[ZSHZJ*)\BE',^#N5*@E#P9\,E7+PNI3IJKD*;5@2@&+[A1Q*51Y8@2N MN>A._1+,%EHF+$)(,`=*.[`$(QAS$JRNE6`QZB45D9@1W9KJ)=7`"D9\EM*] M,?'K``'#QM2\4-:GP:Z]B!YUT5/,>F#06+KDPN5Z)VLL+0>H%_*B%N9\VD8% M&FX#;"JBV\R]%!P)Z->5TVK)A:>A@-5>12GB)7C4*UU?\*R$@1!'(5UY;&:U M\MRUU?PT#[/3T%N,+X-]2=BJ$[%FZ;G^0#5A)&:MR)*E3%5-.Z4*D07J_'9K M'']-R!F,ZZX"*1"3;<.4C9-B\>Y`VJS=0)ZY+DJ_E+?%LVK,U!3>*O06*P]1Q:$/?!>X+!'-?N M]!,`_G3I]W=S>EFVHYDHTT!(ZEY4+F3S0EL0!;X>BB61[+D7,;:I%X1U@Z\8 M"X+8UX-Q4.IK"?A.(ZF?`[]IU'=DVT[`5]3&47\&_"927Z?@JQ>RUDCJY\"O MA/HS%;/[].*;AH3.A;-M#K^NF0"_["RJ]+UQ">C5I;U7`;H'#$W;6ES+O'B' MO01#.1^8NR<$R\8>;XCA,J^0JH+I6A:Y15''LV\>#B=+,TU37X'4+JCL5?YX M%+^B.RLEL)S<[=P?8.!H,R:>D.U=B@F55CTU[)FN583C&D M.C=U)1FE6T"E:*HC;YQ"^L$-L=M8L>]]I?"MRM0V%2-=F1G7T(71FH-`NE;J\RMPJ\53*G.'N5N3)4U#5%-DN< M^7>0.07@,C>7.>R7NP>9*P658^BVNE>96PG>*IG3]RISI:AH8.Q:"??=3GK. MW!PNS5%,0]V+GBL!E:+IMK+GS745?"LW5WN_BJX$&2W5MLS];*Z@44M8=*JJ MS!B@=2FZ$E`ILJ-;UIXUW0KX5@E=_LRX#TU7@HPF;&&.LR=-YVP,UUR6@_Y= M^ZZ`+.HZ37/8@P+<$5ATIEN.86R\&6.5J2SW]([$\9#>?&'6QC=_$DW<(6#Y M[$7E\H;*HF.\^>W"L:W97/@RP-6B[U?`OW3I+60,ZHZNKNUW&]A1F&18J(ZJ MF?LQ24"UJOJVX&KI0M4T92^;QH[`8L4\0]9FG MP*6:6]XJZ8Y,WT8YZ&I8FNTSO;KP>[S-:HLZW1WM?IJQJBP];HR(ZI"[,UED3+ MP(:Y7EZZ$>EU'X/G=U?$G,GJ` MX?O>"(N4!OZO;Q)%_7X2>3Z)(EHK,*+5PRY?O>C-;U26/KO/WB-\\SL;X)=W M"\?]#2C.)]Z.:^:%:J[G&C)7KY]KPLFT&-1)G$)"44>FU+'644=.%$.-LF.* M1QT%`Q374X>)6)W42>Z5A**.3*EC;R`[;`'6*#N:B-2!37(CO:/52YTD^$(D MZF#,N[J9WF$+L#[J\'`HD:C#U>U:V6$B5H_>61G&**0A=@%^H1#MB^`45@P:J5P,-5;DW"L3OD023A8 M;9J9?),<2W.9-#BB'C_5NJPWM!4.PCFMT9S3POY)5/-(.#^,@1'?V1W\0A"-J^[R?LM]RO+R,//?6[6%WC9-E MHHC&2CDFCH`^/3OWQ^2#RZMV7TY0)Z>'$MS%62$ M8VD59\O<.9*V8?%["-8SP8,F1A.?),-Y7:A39+AQH@S',GK'SO`/H_$PF!)" M&9]4[D.^GQ;/BW591>)YXC3D%6*_A+P=6HZ'G]RP5D>>P`SCM7P;QK#+9]97 MX<18MJ*(M$@,K$'+7GLAZ<5!&+$^YX4-EKGC/PPQ=FN-0&PL>U\1-C9_\A7O M1'/*(E82^>,B;2=)!P^M.'N]84K%J/T^%5KOVMD+RB"5HAZ:_HN?M^^LG][R"\&KI1E/W0R;1O(6].O\\U\&2>="7-ZGRV1=MT7=B\LR.7WL)@BO M@\E#/)@,D\[T)\I;6;10IVUY^]%_A@F"<)J^R)\],<:JC@S;L*&9CJ#W=-@: MG+K@F%L-_7.!3["R7'&M]OLTE]H=8O.*C_Z5._9B=WB2W-0=TVHV-^]#XD:3 M<$K#'DZ3A[IA"^K`W)"'\/TH\$^8@YIC"VKM;JI3>[W):#*$9_O4,XW/A>0) M1WLF["A[FIR5'550$W=#SGXEL>OYI)^4NSHM-NJFIL@8N"]KCN!L_)U@:NCX MR>NYP_Q%T22.8*9OZ%_HTX=/DX6ZK,M6XUB8>/ON_SH9=NF6:;+X3>WXF;?Q M-/?NZU5(X.!RY8;A=!"$L^'>DS!.'CFQ]:WKJ@HJVC)U0=W#BT-&6`.TK-/6 M-[]/0FH#L\[B&`P2O9]^>"5AS\/,?Z]'OFMG2R_1?5:ULMO]63Y+:HGK%Y^ M*R?&;^S7PP[P1A-",EEQ3\.`-3^RV-.&AN#4`-N+A218#R/%.]"N:%;R[\6+\Y619UV#5^642]X,@ M/$G686!"@U<=JW=S-XW@R5-;>[GBYDTX!FU]+&F+J3=&&+$3G9W68K#P5[&$ ML:XZ>9E';X.JB`()].?`3\J^I34E3J_D&Y=>75$P9*BM)%)C)9%:1;K0=-?K MT7A%6)P8NAA]O?O6"G5;NK05X8:*L%A"V\K"_F7!Q$!>6[-T03U\24[V$O[_ MY<5/'_T^=J.8N,/;`'A*8MA]J6P0GPP\3/)'0-C'7WV0BX<) MRRA-QCI%\XV*AJ68HKHR]B<:J34_+R(TWN#4)$/10#(,^$:P@VBN0AO@'4^1 M.=A'`)(<1?>EH&N]%$=O)B'LYI,0-_\;[Q7_ M.LTEJJNRJ/?RI1CZ?N+!J/XC/)?\^7$T#H-GJLQ/E+>*XAP#;_]-GKS>\+06 MJ&C-AP]/'E//]69N6QI6W52[OK;1*S@G6-Z`2"T-A>1=9*6-1\ZO6E3+^MKRP]='R2M2`R\.4G1:25VTE MXI-A*31O!-].SUDX1'!6==@U5E[ MX1&!6=<6'FDL`]M:#VVMAZ9+K^G8MMZFQ3:C6T<][&PL(WC;@B[#QE6+S;H&J\[ZXZK%95T;5]U8!K9QU6U<==.EMXVK;E1TZM[C MJL65W#:NNE&2>[A86L%%6"RA;65AO[(@5ERU".1AU)$MX;J9`-JRN1%U9*NV M;B:TUPOH?-:PIPV-K+U[HFQ$4Q>(MK89=;2ZU(6J MTN9'LBEX%2U:G'254%NQ=C=U_N$(\T=T^$ MQ']Z/OD8DU%N^?\9^(_W)!QA'%X44S]4M0O?\X%1\'2^(57R7=T\P6)3@CEP MU_`D-12?@C`^/KZTZ5P-X(R(!WX!%?M!U5U`-XF+KS3X.+K9NF68S MTC!UQZ+)3HJ@R179J6L^8^W;'0O61O][,/1BC`F^FSSTO6?7^(?T[TIN$P*6JH^L/R1C=U$5-7EG%&)J`=$T>XJ/D MB:$Y@IF(F_#D*@CA\`;Z[`CYHEK`%TLS%,&,OH3VMV'0G_3B+^$="9^]7B$8 MA?VD'AE6@^ZW^!11[UO5[U"72' MY(LN&Z+=,V[:NOW#W9$P0-3!GU2_HQ=\Q[&&.%=,7?1"2TNXPLV( M_Y!^+<4(#\T5T0N#K%\K1\F6AJJPFR2`[W@46%M:M2$LTAW3:C:+[D/B1I-P M6D/%U(,RIBUD*R1;VNJTC6)76W)60-XHBNF@-\Y6!-UZ;EPOQ-,^>3_-YXW] M'@:3,3#AVHMZPP`V'99%-J*^FQGEYX;A%!YE>1JDSQY*Q\U&.!Y^@FK4CI:? MMYAM$_B7&0N/E)=8&1@C%S3%P;.5J=&5:LJ".O-RG$W__`/&=,/>T_1/\DR& M13ZF#WWTQY,XHD^LBS3:!IA/U"BE^OTF)/\S(7YON@22W*/15XP&#$$DCTR4 MA!>>EE]PXK!,DQ6;UHZ_4OC&T]R[KU)4'^8[R_S.W_P^"6>J.T;OIQ]>2=CS(G(;>CV2B\9AJ;7XV3HN M)@H:'U\S$\WC8J*@QE?-3#R&!,H<$P6-Q*^9B>LB5QO&1%%]?_4R43LN)HKJ M5Z^7B<>0V)1CHJANW7J9>`Q94;QF+`8=B7K$J+WR-7WI*QDG509"/,*.;LA# M.''#*:OHPF[D/P_R*2W[B^YP>/]6X[+#*N;9?=@AFC91DAQ;V MCX<=MJ$8S6:'ZA\9.P3SMI=DAQ+5&1!0,SMDV1*B34<.9QG;T6#WC;IP5F55 MU<3"6;V0U0NU3CXK*MI%;9^`\M*(K:-JM-X6<49$ZTVL/@'[9TO;)T!L/K6E MCQO"H+;TL9B,:4L?"\B3MO2QF'Q1#%'#BU;QY7)"B]U]!QJ2TP)R)NVQ-0>RA+MG9]MB:ECX.7"$E.Z*@L:N%]%B:EU M"=1'5;+HT*+45BMK16DG41)>>%I^M1E]A\GHVR>#VXP^H3G39O0)QQN1(M?K MQUG6-9D'XF*%`=/610N]J:'"0)*A3]7];5)0HLXL??E"UB\TN39&R@X(K]FF M()3FC.S0)59?0LQ"S@AVM!(O!>$`;&E3$,3F4QN&V'#.M6&(C6-8&X;8!&ZU M43P-85$;Q2,J8]HH'B'9TD;Q-(I=;12/>+QI[W@.<<>S-P8+Y*VN'V<;<+9: M7T#UTFI3SEG[XUSK"V@X0)J`8JCQ$M^9`* MU(@E!/S&OO[E7?*9#8%OS;SO18$.4O3]V]WU=YCN^\QX?5KT.H,:W_L\&9'0 M!:JD7^G09X2\;T&X,O\X-@%\N?Q<7X/"G01#$?A"3 M/SW_'^EU"/_[4Q@,BQH3G^P&X>,[6&7:._SY'3[XAC\?@PX`E?X:$[]/^BD4 M;/QAT..//85D\.N;_S7PO?YWW;0U197U[\IW0T[&&;H/9/CKF^4/L(E@1*3M MFW>E)E+73:16,)$F.P"PNG2>F=]WF098H7S75\Y4?&27R30'WW:91UDRC5#/-"JDK_K[;--J::;0JIM'7\$:O MAC?Z&M[HU?!&7\,;O1K>Z&MXHU?!&WW-NM&K63?ZFG6C5[-N]#7K1J]FW>AK MUHU>S;JQOBNHA)T5,\T^LN-DZOK)U,HFT]9/IE4VF;Y^,KV:R>C&::ZYBS9@]SJMG#<)@5IYKB M[RNG20ZV,V/Q;_FY3TW'VN30F[Q_CM"+!S_4_';_ M1*2Q&TK/6&5""@92#%]0[X'48Q?>TAA>)WY,^E+@TY\';B]]](%528)7"(DE MU^]+'GNH%_A1,/3Z>-DD1@T?`J&?1)&$J%7(!)Y[0TG?1+1=^<` M4N2.+-/_I#3YC$$9=9F?+J/F-C0V:J7QM[$4!X"#WI$UNV/)#A(G"2[@:$@C M=RH]$,F+H@D0+'X*@\GC$T6>O)*PYT64&`%UM4JA]_@$M'QY\GI/$O+J,70I MAV">W]UP!#P@W+,9(5/>!:$THNY+R@`/WGT?N&$?/Z2NSZ[TT9=<'O70H5// M/P0`2FY:LQGGHQ!+DSD9YWND;&H0>,F1*7DB26 M7@BP$BC[Z`'5AE,Z!7+5Q;=C8$$?6$Y`\B?`=CXL?2>*O>$P#U17`G`CDCR$ M(@*:;$AZ?+@<+%(%L@JB%\.T:!]1\S`@"S0WX]*1%^/]F5[@B1/B.? M%*42CEJU6KOZX`=G-Z9VWW^ZN):!GE,K>I]A9_%H=`+=8-Z[D=>3_.S+,=ZBT2T+D);^ M9^*&J&0(D]@[,H[9'9-J4%TC)RL4A#OPR47LP1"Q^PIKXK\GK+,*:KRW/SAV MU_I1&L'*0BHR79LN[I`,Z3J`)R>P_X6X%.@HXR#RF([FX7_2(`Q&,+%LXJ+! MBTE\V>7:&G"6(A+'0[H]LD6'JN'CU[M$2WR[ZZ!DQA[5"<%@`,]+#U/ZFTM+ M$*;[=C804@*_0AN.PD6U3#HB)>2]Z[VXJ$U"?("\XM4:D?H3NKKQN1R2"395 M+&M-KE5<>%E&$(G@Q<^+1+1`)O0.TW9(CVO28]]J2J>@RU$-/N%E(Q*0@+*% ME452$N.EI.M/_W=$!9'>=X3DF?@3)JZXQJ0^#:1VAQ%5S)(';_1B)#.*<>0. M2=2!/3R(8(PP&'AQ)R??'3K,PVJI1T"62WZ"Y0NH_A]4I:LG8MV1?E"LKIW_ M:'2U5.AQXA]D4(,=%(`Q;!_>,QE.]XC$/$\H#H99P$&'I9K_J'?E["-'`HE0 M0*(*25;J57PX/[4,?E#TCN/HR4+ODYP=0C^S.'VFQS!2G^YC3/^#Q<;7-#PQ MZ2%5BZJCJ`=@Y#X:B%P'T/T?V,P?=Y]=;X@-DRG#)@R$P22>``M1Q8`(@)IB M%DHR$DR16:K(C2?W&4X.A.";J-.X(=%LRXR(@0AG,E^ M?:-T9QSD\/BRP^MJD-4U(.O-`[F!5+;%`GGVCKD9$,_<52\`VA`/Z)D[[P8` M/7-]O@!B4S2(BS?Q\Q!G]JY($"N-@WB5QA`38JUA$.N-DV.]<7*L-TZ.]8;) ML;Y&'V?N*I$@7B7'8D*\TH(3$N)5Q'.A,`L6GRHDT&H3@=::"+3>.*!G M0H4:`[3:1*"U)@*M-P[HF5"JQ@"M-A'H-<8T,+!_1`L``00E#@``!#D!``#M75MSVSB6?I^J^0]:S\MNU3B.GNF,*E_,='`#G M`AS\\K=O:W^R191A$GP\.GWS]FB"`I=X.%A^/'J\/Y[>7\QF1W_[ZQ__\,M_ M'!]//EU^GMY-YH&/`S29'=^@D.)ODW^YR$?4"='DP?E&`K+>32X4N''A/1^!N7 MK$\FQ\=IQ_^,2?PP^BP/LP>??VIZ=W/[QWCW]`Z.SXA[/W M/QT_O?_Q]/C]C^\\]/3.^^E'KUCK@J*8.`_(_C`Y>WMZ=OSV[/CLYX?3GS^\ M??_AA]/_*98FFQW%RU4X^4_WOZ#PV_?'4..TQ(X_3V:!^V8R]?W)'2_*)G>( M(;I%WIND)3_APP1X'K"/1P7HWYZH_X;0Y0FT_>XD+7CTQS],XL(?OC%O*OF^M[=X76SC$.6.@$;JDB;ZRJZNG//_]\(GZ-2S/\@8E6KHDK6*-` MX$1:@O]UG!8[YI^.@[ M60D&"-@:!T*XPD143WBY$Z4F3_H2?@1X'_/%%0Y@N+#CWQ*&>1<7 MOL,87F#DM:1?L=&71'#K4-1V&%JT'*Y0B%W''QX3S&.R1MTI3^H/0Y>+CPM- MWZ\`^HKX'BR'G_XO`OF29S0(/4^2&W6$=-M6;VDO,7)^PB*+[:+UVZ`Z8AY M'(+J<$M\[&+$IIXGIJ[C]UB9!^ES0.BS8`O\)13ZZ@REV,:`I-U2LD%4R"\7 MY`T7A$\LQ,`$Y#TRM(C\:Y#D[G0K=S`@J(N5$RR!8Q<.I3L8Z.F:C_A\\9D0 M[QG[?F=->XPW)T+O3L>41;J:9.2],C@7X6E\#$@3]S@<)Y\$.I-%+)KM$7^N\$D M9VPZ!V3QC4._HI#W<,]I$:3F^N.43;<.]OG/5X3>.\52G;G5H\N1@0^["ZOW M,.2ZL28TY.O2!6$A7[@.)^RBBK#SW04)0NJX8>3X-T[(/^^Z+R*#4C'D%DG6 M:QSRS9A/3]X93#D4#*^"M>YH0)!74`?$9ACKA]QO6NVWL"2,%_`,@+K!68K^`8E M\EFU`^OFM]/N]I)U2,>0SJ&7P,:&AY357&OBHT$"OC3!$"(802J4]"J=K+O` M=.MNR(VL9(KQCK*ME15<@K.`A33JM_9WZ&I`H%]0R)5`-M_PP`F?(D*L@(J# M603ZXAW:@.81*Q5+3DMGU'W['8$%T'>56P%^/M]]1F1)G^J&>`LJKOAUON&?..OOIW<]UJ;6 M/8T.\P[Y7/DOL'9\P&I]OM@(WR%8';$+%(ERCT$?3U6'K@8$^BOB45NPU+>P M,BZYPRA:QUQ]!(I@,2P8>0F["YY/[NSP'??KO;LB8GD5Z>RG' MIFM8,Q0TQM3/Z#!82@/O$OM5@]D@/$8G5A"!L6DU/@8H;:' M%2JJY=,H7!'*W5&"RSW67=4.-(`JAUO'1CAP<+>PB(.Q`5;5+CD2-+#RI];Z MX"$YL.^GRR5%2]AJ]DCH&9.K:WE`&/^('!HBZOTI/O M@M45'^@9>!8TMSSD^N6ND!?Y:#;CJE>\$00><-+'"^%5B,\E]%B453O0`&J@ M1;E3;\.2.;ER8[-L/,(=&;$V"5B+L6;A"H1R)PO;F&/X(<#^=<' M]"T\]\$2:FQNU)VV&YX!B=V:@3C^\,/JL6S.X\,"]@R_-@Z33L3E0 M%]&*<>#!5>EK;+PU$>Q\:QI^D%MV:Q87!A:#3IV/S9%;?LA7;+CB MY.\M82$%E8.*7].C<&-*2&<"QN9,%O`<$WUM)SH1#BS["EV-C;8JM#GFT*KV M9PCN@0>\7:^CZW1Q&#>.Z\*J.^:XJ_1E`-ZA%5CE'L?&GO<\7U2$$/D91B;< MGN<\Y)8>?!M>#OK283B?!I:?8:@9FV?[P:KAI4;>@S9L`X]T4S]CXWR@XNQ^ M?'9B^`&4-#\VJKWHW/"XI!WH0C:P6#9T,[H=1HD7N6$:]1G5XFKN2C_:@4=7 MN<.QD6=!IX*"G$5JAA]KQ>[,0#WPF+?J]*7B*Z#;/,&OG(0QY[AB=Z/;(4FL M:[ZHCW6-:H_UH"'ACYMG=;D&;I3X!&51X/'$%?%73LV`N3=B`D[V*!B3+,64 M&H($(`+X5.K8YVE4""T+3M*OR)6R<-B32)@2L>.EXVQ.N$"=(#]DZ11)2*,^%Q3[[SA/R/1PV%3S32?8=E-5$>K2/A2;E$&XK<^&X[_-M'R8:87/*- M3T$EET7X98JP>&-$#G68YC7S1I;\YIHP!NOO?`$SJ9D%2JUH09J=#KMUL,<3 M@&QPR$\R52.2E-9"N;A_)R,T_E$?70WK0*F,#BIY1B0><8;_\:FV=7P1@P[3 MJX#B%H6$>K6Z6E"1]3JY!E0+8+^8#EK3JZ1B"Y,06BZCG8@\%GIJ;0E9:!^5I.I4DYJHL3\WU=*"9!1Y:X`"'B*?F`ZI<4,;1 M=$D12C(H5()IK*8'2YPW<0<+CI3N0A$=-!:&G=_'Y@I7*;FHA.[&:IJQU(N^ M(;)>F82MEO"Z&J8@:%S_&RKIP"&,_\3UHRQ%#96TX9CQH,02`W\S=:<.055Q M;;2WT2-J*NB@_Y:BC8.]3]\V8NM)3D:K^!I4:NI!5`J_"U%W_#R:U(1*K;8F M9-6^S,^4,)F.T5#)*!SR.5];10>&/%5*M=>J<1UHT8`>?*&#`^2E)^A*;O<% M=K$<5V-%'7B4=41#M,+2T;XZGV-%P8S>0M!^2LND.]1-&X1_'D3LRR^-)"5. M&,_QP%L[!I-EG=9?4+(^\)"GG1&9GKP%LF]4OAW[V&J`W&0\YW'>O`6ZS M9R,'_,-K`-SDK,WAOG]-<)-H48[N+Z\!G=RRS('^:!O0/0.FB%!14I,%Q[4155R)EBDU71A0E6I'+R=ZZ*"+KM_E"6WU"SR M$ZI!5C@$DZ-_=0.N'*C+E0$[=\!ZH:^YJI(#MW//4U#W]\_2YI#MW.*:Q_KP M2D^.V:H M[33EZ\9;=@(YQVR1VJ9R,D4IZ)NW/'+-%.Y\:YJH3.SGFXR,^#79T(\=@\B+B%V MOY062F--,M.G$ZYE#V!7$UY?2>=]PW9`FFKI0')%*"Q:0\LL"!%%+,P>(DY;B3>Y&Q2NB,=/5["P_M+BRU&@C\.J\]2D^9FR MMWXCVB^EZXYI/,8Q_U*:I"1+BNN@/7O_]%I^Z:9<1@N5H"B5WQ^OEPIY>2VW MZE)2$B)D?#XLIY7:1KFH*JGMUF);$6FHI.D6%@+3CI]YO41;Y!/A2*J'45]' MR]TDQTXAO0*W7TH+I?89.CCL\=>Q[89IB%7""V#?*C6%FK[5^A M`):.9.R/E)4GJ1M`'IB(DK/3AGNQ-&C*I1A@U:9@Y9TWS8RLV::LO&O58%^4 M9F*#"\3*NT@M\#>Z3JR\KE1I0)1O.+S@A+/R^IXB"VLEYD>+]K)&57W_@DRU M<6UE.+HE]CT7B)TAY5:86[EEK;R(WHH=3;:ME??1I0Z1Y-XNUC`#3Y^'?D_1UF(-\V$]5P'N3)$J94Z`Z7\&>P MC$$U3(#1NM.Z-"LL!"4'57G66>D2;@GYY::PE7D[!N)F_TG;3S.R0E,PZ!0B M3[MSY9-G-@L\3)$;ZCF0F$XMF(S%<_?2BBU$!KI7FV8>4,VWU,XG5`M- M:#FBFNL`#G]HMOG`9ET-$Q"4+H0U/?^G6%G3P='2YC(+]E):R(^0-M0S"TV> M;*XUH$)58S#M7=KM,%:2%LQ`F.55@Y5[*5WKF^N9A28Y@]4:35K/##3[F4GK MGR90KV\*NCA1HUS#J*]C!@IA=V9>^,*E>&5,\A;,0)AD(TRG2&560F6P2HV9 M@;N.G_@7F1^A51-&8-Q7)E6!'=0S`DU5,GA51)5UC4!5DSM'#9J\ M`4T/@;D(>>*`\HRQ"#9YE(1_V&/@\:<;7*`-;[D"6>UZY$!JGCX;IGF;>0/% M_(@'#\4&,!<1OK$95MVG;BYRAR'0?>.$?$[OYHLV:T3K=DQ`N^<>55DP6K0P MB.4C5$46'Q!(K)<=Z"^7)'H*%Y&?.@ZK+"#5JEHN2E9.#@G3)87U'F'H$(C= M.Q2C;$I8F=]W)`95VI)6YE(M]BH>5,E+SB\;M:T=RA9^=K# MP`)4&T"1/`KQJN6H^3B"Y-$(.[E2$T)^;5>I^G&@?*#>RMM/_1A0 M_;BA>E9:DN;A52X6[>(&5J9_Z,&8QJ-D5J:%Z#>+VMT+Z9E?P4H.-=])LS)U M83^FR()X=J;1&G0?DJ20LRK'5B^&J%V/D63;^LXX4[H(($F_]9VQ1.W,O22_ MZ7?&*^DM&4GJRN^,/0>7#*W,"CLT5VJN[=B:-'90_AQ\1R%BP(C;FN(<-,3G=1D=+T:H]P+5SQ/)LKY(DW`B2'&B6%=;TV)$B1 M/ZY1*J*5QCOG^<8)$<6.W\C:4EFM5//W3H7<\YRD=%MS.U9:02O]OQ+ZE6OE MA)],::*]7%AS,OU#T=[/!5XA5E8&5I2Q[@VFE4$49;![:[&5,1)EL!7+3,_( MAZ:=/(WC%$_@?&(A7O/WA$%;6T3^-=ZFV[PF(B_$L6+^>C>E.ZXVKKF&%#\- M](Q]'=GVED; M>S*`U()E>B/>#T?>-)>$*P=3\93X'"3>C2C/\7CN,*Q%_8MISDC*P4CV2WEY M'5O]=.M@G]LLH,HSIWA"!RCT@>N1"`@E#[=7`VK3A%:,5X3>[Q.H.FJMVM"Z M;30*9.E<03O>6*DA=6.(TH3HIT09LD?4K[K2Q?:1)]@MN`H>`_+$U0_.O%FP MB4)VS9]?>*=U1ZDZ>WCA.XP!T8".R>5?RUXBI28Y\L-CKM+W@%5K?V=KL!&[ MJ7B9(S].P0/'K;?3JC;,&LL]"GEH'+'3UL,I:6:0F]7R7D5LY`&4^P>TWA#J MT-ULO0'!JDHBVJLIO9MAEXFHIC'LK5%VZ@J#L4=M";#2"S.B#,E6$(D#Q_"( M4V=&]5NJ['3^5*EJY@6;2HL<=ZH<.B4J+[R<[_B+I=1QP\CQT[LQ9NF8E^@I M3"CCK%^$B%[A+7I841(M5P\H^&_DT)Z::)<^S-)QU!!DTC`2A_+VC>?./$B) MYSC&D:'&/FSDTJ`R5-N^\=P9;?&Q=,4999FQ;&T94A2L&?U?<;C"`4QF/E)# MLJ"F86OX,=1LD#1J.A](%-[C8.FC5+V\!+UT:!E1Z,1*/@TI.PT=F,6?UQD# MZ[.)J'DJU-?E5^8(&XF#BK;"*W.8CIC9R$&+4BQJ61U5M!,K M;Z6/Z`U7TW6MO+K^8EQ3\*Y(KK;_FX&J+DXK;\&_+`-KN6;1A?D77>V:+#7) M%7NSXUP\/26.DP3PC,1$W*Y"@9EWJZZBD(?F<(#7T?J:WWM+DYCIB%WE-U`3?;I?EB+#9F-ET1T&+Q90T;C M!64"#3/`A9;,1OQ,AL&;MF,PVH<5HLCA>D\_M(5VM&H]+3>>HK[3=F6WTELX M/G^*\\=*'^"+L*BPJ%KIVWL))A5V6BN]=R_"HUS[LM(G-SZ/BCM

<)LON MTWKCDQU"R<5/\>Z&>?9GEEPERVR:T*O#_$SVZ"L$P^WX0%22H"PEJ5K5::JE M0XU+:8HS@+9%(JNE$)J5B& MFXQB*]V?0_*IG=G6SQ.J*ZDOB:B;/EL2OXTM7GZ&?_%77Q#CKU;L^]CX,WYQ MGCC^Q$<4\F3)T\W&WXE'CITP$BD6]]9Q_M#V`XG_/.?I#^*SOQ,>>LVL/*JMHBQ(_\%IMI0^J/[OD MT]Y*CU-_AC1K.:_=;Z"RN-CY".H@3-C;.ZP\RM*?$1*5Z+5[CI15WWX^:=T' M8TR\-5+("LP=""3@C)XO4G<+4%V5QAA\IM`/7Z1J"3/[I46=0(FL72J4IU7-@(NK,'F\63 M';!$/CM4^D*7:FU3D.T]EEI\DQF6U_19C^I'FVMR`HW2E:$\:R77LNJ&8DN? M!((!$N\5.CY+WBTLO?[9%;M:\Q;QQO?)LQ.X_';R)8F>PD7DIT_)#LNENH[L MX5?/J2-MT1X.-#SMU[-1F_@01C007U+1'IHG%1W8PY]?07L`>V@WBKP<-&X$ M7_(\[O&!!'<7YW-7A2ZM;P2Z[-6]3!Q5<574U(RHE2Y@T,Y>(&5ODK2"L5_7 M'%1%(_8+"5R>0Y[X_!VJQ4)XM%H.F$I[YJ!7U"X.:AB&@-M!%*U`M/`6J3J6 M5!HQ!V?Z_1A@6G^]L!53>BCE(RR^XL'GP0!U^O*GPIO4RMCON`RKDB:+XK\C2U.%]\?*@\!CRU"5.6ME!'E< M1B4ZFI71Y,Z<*<36K+S1U!FXW*2W\MK2@%.C0^#%RGLJ?5A6&87KE\330BY4 M1Y]R-GP/BN_^,8L<_?>@Q@>R MA`EJ3J.<(7:JDYWX<>#"SKE@IV[9B0M*+N^<,W9JFYTX(W1AZ*38Z$V@'8M.=N+@)P\_G MN\^(+*FS66%W"I--[Z'RD+A?BT:TH2DK!9U/^Q;_U`WQ%N:;^'4NIAIG_/WT M3J\`5U-[AWS^IGF!I7;0G7+Y#C0(BMV0IW:`71&QV`CQ!X#PPPWQD*\56YPC M(KY)?9XW`A:1>"&\152XPC2E=Z"(+VF.SQ]?`6'FE+!I"#+R M%(GU^('DCKHDR^^4AR:7J.%^?-^&=02V]X3Q2[1^0I0G!1%#%F.81R$+G8#K M4Q+P;5LQ".D!<4)JV^&4M*%5<>PXL$6-LB7'K`S7#\"F(9:4?I%[76G#'1H` M3UBZGANH?W&R0-..J+OB[U51KL&NS:/S#GFP+\(F[\;2;QR!]WPJT=U\\;!" MQ6N3)OX"]6?)5BLV"Z7%*T!!UT MCV:MU/TC=F`Y&Z!_T+"1%[()F33"2,$00V)&+L$C&7XDUZ1@%T.%@J;V%Y MY)H,__H`O9^#0O[5*/(+^0027@/7;XF/>5X/FTE./UA(^@/7<@WD&UL550)``-EE4Y/995.3W5X"P`!!"4.```$ M.0$``.U]V7+D.)+@^YK-/^3FO.R:35967GV4='VY_?OWUXW;]:AX$? M@E?7;VY!`OWOK_[+!0&`3@)>/3K?HS#:'U]=@(T?^@E:]=6-'_[^Y,3@WU[A M_^^]0C_]U]G]S:OW/[Q[]6J7)(>?WK[]]NW;#\#;.O!-E*W]@QOMW[YZ\Z;< M]Y<_>&'=Q]^^%/C+_=1&GH_O?KPXY^>/GS\Y+[Y",#[-Q_??_K3FZ=/ M?WSWYM,?/WC@Z8/WIS]ZS5GG$#@9\^C_N_T6#?_ST!LUXUZ+&O[VZ#MT?7JV"X-4]'AJ_ MN@#'2U'=__O.?WV9_;8Y&<'A) M-;P)UJ>W^1_ST;'_4YSM>1.Y&2$%T'E%'8'_]:8<]@;_]`:=QX=W/WR/O=?_ MCC?\"XP"<`\VKS*(?TJ.!_#SZ]C?'P+PNOAM!\'FY]=;N`^SPWGW/I__KQ>1 MF^Y!F)3_ZX3>99CXR?$ZW$1PGT'_^A5>_^O]=0L-=!WW?IA=Q:2XUV_QN+=" M2[X="O@]FOG;0X(N*-YCO;GR0W2XOA/<17'V99T'3AS[&Q]XDO`++CHE!G<. M!++'(+%RL@.)[SJ!>IS05Q_M07_(B_EJX'+]-XVE'W8(]5T4>.CQO/Q'BN[G M*O36B!3P/-H?T)]`&/O/8"@&> MEWVZ3C#@95:RIT+4K\-G1-\(HKUZH])<0R%H=S`Z`)C=7WR1#_@B7,:)CX@` MO*\QV*3!#;K)_>$6WD`A4N<[)]PBBIT[$![10:_V^,37F\]1Y'WS@Z`W,MR% M%2)Q#]P(<;/`SZ[C>G,&MGX8XDVQH.$U=O\:HF\U0A?\G\!#LO<9")'L'KB/`7H4A_2)+X!SR#XH.SFC`VG M0A+?.O!WD.`='C`L&:BU_+B*5\^.'^`_7T7PP6F.ZDVM`5N.C+A:+BR^@\IW M8Q_!!+]+YU&<7V`Z1BVHHJ-9'0X#%1JQRI4B6 M/UX!I$%B
S[]'3\!CE_SP#Z`SPCP"I8VZ08KGK>G]`3\)Z@YX1]%[X\0[] MAD;47]41:3>_O>NO+UF'Z1BW4_43R%U8Y5VMI29\&E&(GR9TA`"=(,R$=)), MUO_"]-M.)2-KJ6)XHXJUQ@V3X'48)S`=]O;WV$HAHE]`@H7`>'W`7A;\B637 M"D%Q\A4A>?$>')#DD0L56PQ+;ZR'[CL""=#>)+,"^O/9\3.(MM`Y['QW!8$S M&&N)K51^Q4GD_HX_*!#&V1,Q@@0@LX=JU#(?8'/OE9OXSTC$S?ZZ/N"?,.D? M5O<#WB;IG49'\QX$6/AOD'9\A,7VG.R$[P%Z'7T7092-^QH.L53UV$HAHK\" M[.-%FOHS>AFWV&"4[G.J?D40H<>PH>05Y&Y8/K&Q(W#A=^`&6(M$;6SA0`,P<+D-T4(E=5.IQ M#L1VT[A<6[$.)[2ZRB\;[X(X/%(2=ECSA9C_[16S)8D]E%I8/70'8NRCRYX0 MI3@)+3Z&J^UQ!YIB^2I-=A'$YJB,R@/>7=$--"#5=K>.C:%BYV[C$4?*!M*J MCD4`D6+A3VQUY2XYI-^OMEL(MHC5=$`8Z)-CK:P0C;^E#DP`#(;$#;$7&QE8 M-5\'?V65EGP7:5UY0(_BKX"_LLKWR]T!+PW`]346O7)&$'J(DH&_R:P*>5S" M@$=9=`,-2"EZE'OMIB;BYDN4@/@QJJP\5=A,?)8BF1G$\06(7>@?"J@R1^9Z M&BN^^P%9C M8TMR;8YYM*+[&8*WX@.7VW5TF2YWX^9^7?3JCGGN(GL9@*]J`59XQ[%QKW=> M;P@N1!S#&&=FSS/L8Q>[GL1/J#Y"R_-A8=;QSZO&B;J`+,\77DK/-Z'H8C+S434JOSZ@: M%W\K_=@J/EWA#GT:6"-]HX?]@8UGSTF MI-D.;_9@_P2@))BMJ2/"N$-+0#=]`F\JRLA!2EJ@@->KBB?=(,A:,*./#(0> MKOB2_XJ74EBT)ML?08"^X]:V`2[S$T$BK3(,8^#^L(V>WWK`?XO?.OP?V:/W MYL=W126??T4__;9"6WMX^ZO`V9;+! M?67@&C$^%J#$X=-!FY\C_7*2QTT'WR-:E@%6]N?QH-.PGQN(I`9SVWR>" MYW@.<#XWDJ,]\/T_P9$&U\FXR>"+]OLB-22/;%VG"2XDAY,QZ<"R)DT&>?XD M5_;S+.>4]!4SAT\%[44A=E&@NVC*5>-#<^4'`)ZC5V(;0?J=;(^:"K:[]"GP MW:L@P5/K4NL8!LRI(B4RQ0ZB9@Z7- M(I;7*'Z8#8HGNER-Y,>9(=E2K</UF/9H=WU*C]P7K4R()9C>$?9X+AB1)9 MH_@GZU&D6^%J+/]L/98<*;A"]=V/,T&5II[7F-HOY%!4KQI%^X4=HKV@1M!^ M44?$#%;C:[_40S"RU.AIDG:(_K0NDD3[;HG5B=)>\PY=#^J)Q[6+$,70T#ZH MTFXHB\]?WK8=B2,Z%P4[2O0VDFR<^"DC<1J_V3K.(;>4@"")RU^Z)I/BY]_J MQ.`COC0%2^K83SB#^QMWAL-]#US@9^6/OX!$#'KB%$TXP!1X*^\9(/Z/RPMQ M$:",UPA]HX2C$/2$\69`_R4*74D$&E,TXI!G@N+;@./9A0Z!/$4C#O?1T0FR M*M\BX)^,U@1YND^S1((+<(#`S4N[H_\.0!$/5M2XSHN`%+42<2W!I%DPD8ZJ MFN4UTX;6^^4FBF/T_JXWZ$OBDT!H%2V85L51[AS?P_TO#G[B=!T0O-%:(,_* MS](`S?^H#Z[54YP5>6?"5PW2!R?GO6J-T0ZE$%&[8W5`?9;Z`=8K<4[[-?KH MH^<\[/8S1-\[!7KV'!U8X*91."D?_0]^CI^=`,.S2LIJR5FA20HV8G.U8%7; M`9@(=(?I@+6LMIV).11`VV.T0\E^4(A#=<)\#YY!F'+T1LI@`^#F"OWT\3JA MKZK'U@Q3,!`^!,HDS7@TRO<+GP5ACCE8R)P'>9H67/QGWP.A)V;*HHW6 M`7G9<:9(2Q>^3_QYN](S4SC`72C1[7*1X@U66PARN9J"!'>:'ESR M%J%'Q#BH<#>&*/EN;IS0P]U='+X.PQ\_KZ#._B?9>.1P@P:L7K2Z#5-.ESO- M1%PXZKKP=,VXL9F8(9+0*1CBU#?!8G+KN#O$@&&K%P^+V3`F*'G];ITPW>`N MC6RY@31,#_T('4>9%Y:0V1FZL"H[D=']GMQ^8_$`GKP2Q!I@5>6*6P%=VQ\UZ?CQ9VH`Y\JGO&& M4AJ",5`KO*3*!Y1!>N`4M&<88L&0MED89J5HU=5D>;,)`Y5HR;^`G>\&9+,P M8<#TL?,E`2E*XKC*,.,:8_-2 ME<0QYIE.:BS-RU82QY+OT*GQ-"]I21Q/7HA!C:5YJ4KR6!:A3352YJ5CBR-% MMYG5^)F7DRW+(YO8F)=_S>'GIT@)ACG6.)N7D"V-,]-=4&-JNL@C@"D[T:I" M]9/I$H\`JNTH@1HUTT4;`=28@8,UIJ:+-Q*8MH-I:Q1-EVP$4!3R;M08FR[E MB#Q"--QT"3MZ,Y=UG)5LL$KS^%C!%2:7O5*!.S_$UN2J6"HHP$ZU-;EHF'YAUI[HT;5"N8L MCBJIU$Z-K!7<6`!97@1MC?%7-%#EFTRWF< M$B\UZN:*('U19^0%UVB;*XSTNNB=0+<:3W-%D+['RPO_KW$W5QKIB[NZHGAU MW.!\GGRQQ(H:N/^D M*Q,_C:%MRF\G#\RP*9,<0;IQ;C5#,]?F*8:9N->CQEF3W9-;$)Z=^V)N57@% MB$FII`7"[TW6+>7\;Z<5&FO6:O(7*A540*N[6Z-JKD-"#E52DE*-I;F6`3DL M15(D:ZS--0I(Q\;(%7F5*^66D-S+6)$\37,#L?+WL@[`+,V113<1&9J MQBCOLK1*DQVZ_/^L[RH=DY,91F"0-7`3AKX8;03D]$;O0E/F4@%S!&A^>[]4 M-.1JIC.LI3":8Q)LG#1(VO*(A7'X*O,*T#>F'Z/%]J;8]B8GU]F072&&N)"H M9T,JA32ZIW*@#3D3/=$LA44;%3XWL6A1T.M0U"*1 MDZ:%GP[4HQS%B%Z?H\B+'Z*`KLZU1VF!-&=^56QD0;4S$*++1+-U<";I;,XA MAPAOEI8&%X5-MV349T[LNQ3XR6--@/K"#]*$:LB@C39*[=;3!B."P-^&^1?F M'A^A$\:.B]_TSP@D;-X^`QLTAMX(4F8%'1AF`2QW,*)_EAI@E*Z$*\34 MSY%BY(#/T]+BH`2I`(9V M:T[':866>\M)([6UD)"]\)Q)FDJ3`P>ZN,+=!7@&090%D+'18,_1XK1Q`A"7 M)4BHU?N[H[1`"@*TYO8S$B>@$^!\`6_OASY^*1+_F7-_!"!#Z8&W`+ZZG"DOKYB8:[;G(RA`EV"]MJ#4I MB5S3W&E#54DQ]`1$)!OJ2(HA.ZGKV89RE#)D8Y@X;*A'*?@YM)UW-E2?%$., M$O=D0\7)?@A6(5+:2TR^[+#6[##:&;@A-<%82_0K/^_YMG4[NT&QPO-U^$XH MQ0G8&#'GZ,'B[VG!6!\C"G@9\:D8BLW\%V4-:O\?EIYZS(K0*KE0$+D#^OZP8KRFV-XFV M7T,$4X"S-_\:966/2Z_F.JP;B*Y@9H>^R`I%YDAQGM_1MI.C':6Y/9)-BH(X M;G9RZ\T]2'P(O#P/\C&J*EME_^[@V&L)/1&"[$%U9L MSA)7-W)%FZ*6VT-LCSO/?F6YRI)L MN)PE"R_IM4S#.OO;.C.DQ9??`73]F)IW*;^.:=BVZCO>`Y]5+DM^'6W8WH-# M<<=PAXN";9\`S<)3<`4=&+9HS63XI)':(2YHB<-52J^LN&]+>Q7YV>4>"+4J$])\6WYN\MEK1W<)358<+\GL56WN`SPL MSL;@1"_!<,')+-KZD\7&IMEP2_6;/; M?)(#>ECAYI,P,'[`TWSR#Z0,F//)2Q"SI\TG-:&GY\7^)(-^[OGY9!R(&JHTFTT7VZ0K( M?E'A68MO9G%6V&O![5@U-2FSILA&>@0&;(&]"J)O\77H(:7$3?2T)BE%Z:L( M(F4()OX_Q1*TNN.U)Z-A(U7H^@%H^;X>(TSG.QAAN[=W=OP:XWJ(5=&)E9OX MS_E7PJYL/,I66A*_$(Q(,L7_@\749R?().WDW('PB,!DA>J)S34'*ZED%:DE M=.&('XPOZ.ZA_\R+8>"+%7I%>^+F);OP8\P>4\BKV3UX624)).<[)]PBKG;K MP-]!@I_YFH%U`.>/-Z*%#_K.0\QHS]&//K57!G>:'ER0H.'Z+$;0&J(EE3'S MY*TWE]_=["K<(\:Z#LD?,04'J266Y%%$)H"XG/.]J$]#]Z(2W@W:$0Q:4TN+ M(\>'&9];;U9Q#!#[*_PF%`SIX\ULT%2K%#2$9);0TJ*IUH'0MXL;__$:%K%F MF(`!DBF1%)DXX96%2VF,))S.][ M)[J`(?AA,W$%XXWO//D!2_J66<$,#.\@.""9H'P"REJJA:HZ_0C\!%]&W,`OKW$@AL8#9^/&Z-\HO9!"^M>&Z MYWF2%C`;OW[GR5K(('P)CC,Y/$D+F(U?O_,TS<-H1VD\I-EG!KZK"-;1_^M- MH\@"!72!B3KQ66^J'"\.`LV1.B%^C`J3^%D:^R%`8G>%DWC0\V*>.) M8$W1C@-2)I!`"HJ8Z_AKZ`&(H$3T]9^Q^DYV(.+#$,)WR/(VTP8-"U(<1-A, M#AV98.0]=5,1.\X0W+=.@M^EXWHC\\Y)KV,"MATWH4&' MPBYS1#+8190^)9LT*-U2)-N.Z%0M4>@R]?$-*G?_HJ+]A]S;A_1PR&/1G:`I MCV)W8YYL?7K>$A.UT+(#&0X?O`XW$=SG-5;8:JSH;'U!^6/&%;<;M#?C[*JP M]0_FYM1/11E&7'I-)G-S\*>'S-;7,K5\P%;6XQ:L^F%N\2A=O)#>/_6!N MH:NI""43)U71[:.Y-;)4Y4E5+)"=FU21Y-/+($G%Z^B)$#5)S-5DQB`),3:F M)H:Y^HKR3T;0Z%'3QER]1#Z,E/VXDD+O;:BSIIH.K9!B&^JLJ2:`6"RK#978 MU%\-2BR]#67:QGHOJF06&PJYJ28"([)=>XDW#>0X29VIB6"N/C,6$:IL*!NZ MX8SP.M"2WO0WS)E952N!X^T?B]T\9F(LGPW=@12A/VY`BPT=B,PBI`G=BZ:B MV<`J%S6AS!77U3Y2K`#JFAKFRNMJJ"&39%13Q5P!OG\2"NF.B(36VM!+1A%5 M9(+O;.@],])E.8V5MZ%?S4C$X#@?#.Y6,\Y'(Q"?:T,WFY%N"S.5QH9&-VKH MPD^DMZ&1C1I:R*3-VM#GIG]:I4BCQ/?6O:>](RQ51A?4]+/NR96_.,)9RW6T MR5*/?1;UV/M7HPS"GFDOJ+$WU^0HAKU-U].-V05[M/6'&Q9=="J%&WF`N/>2PFY7X9-O;3]@DIWYA'M+] MWH'']>;!WX99]](P*>*A<"^C*/!=+&=5+2`;E)#KID/)W3V-U;QPCO$Z3>+$ M";%GN5REF;?+GZ2E5X[KIOLT0*\?M2LAUOE7SXX?8)BO(HC-K(TV4I7!(#,I MTOO9C;&3P10CY7P%^<>HF&)2.^FA6&YBOL)O`KA!P'M='\[9\=;Y>P3/<3MB M0I7+(2LIR=87V/BV]3RWOWS1R7JZ93T#F&2]X(I88QKQ3P>JH>USGNK.(&![ MA))=SQ#+.TN/]$W;`W2<3.FM:>1&5&W(H>^"59!MCM-(H\C[Y@=!V;>:>'Z] MEU/:R:GFTY=(FT!,&13*!)*P,R/"9XC>-"21;?PN(OW7F18#5J7#(2MIQ.(. MP#+:R7?5H=1>U@#\+OP@34[J"BI<>%H[\RBNTG)6H8MKZ/DX-.<)<\]"T[UT8(CX%:]WIL1"6O`M M7O`B,><"<=['Z`Q@OG3A'&^C,,$>%GPB-#S%%U!S'^O]L$GA79S0E2?JV#$@ M>1]ZPI#48\>`Y`,4AZ0>.P8D'Y.=,"3U6)W?09FAEBN=I5C#N?N424HI6NUQ M:I>BCS.!DOA%*,5"N2=%9`53,%QO,`.#`S"DK3#*+2(V\F6--`**W]Y/T.G( M]$['#/MMPU3?+DM)O(0]%C(-WP9L;*NQY"*&X9D9$>4QRZ<9ADOM%_GB[,DO M0-]57@RF@][!47"M;12WSG=_G^[E$3U=PEP\#3C<"%9\R0F MFH?/B65/>-K2GS0G5&D)Q&6]OX8N@`EZ+M$C>1?EGO"8ZZN064$'AKFXDL9) MM`>0%41#&*A$Q[QUH!\"NM6I]7<]%,JD&R*$Y#%:H,SE$S:4K3%:NCDBD1@G M6#>N$E/.IH^W&GII?8#R[63Q?7>C*==\K-V4G.MC='@$8:5FTT4C\D`=IT5'$X=#;EU5Z2YPDQ3$=-_[>3YRBN*\,10;M9!#%'G=.\FN4!M[U M_N"X21[-[S]GN'MW%9A*B#*EI()ZFN'=2GOT6$$(LX<9PW^4++;VT#'R`X MVIOX=.(%;:A6R<.H':H>BBR>W5 M!]*+'31B[`"RLR],+FA MYI`G0Z`SB,F],,=Y$[B!J-H;88Y'DM$R(FJ:S4[,E*L$5!-B=C*H7-FGFA#S M$T=[5-ZKR3$;J52$'*3"?#4I9B>&\FL:U6FR&OO929H"9>;JYJ.S$RIY);--[BD^$'6Q[BDFMQ57?/;,(M\F-Q@? M\2+4K8%,[C2NZ"*(](\PN?'X"-\#M22\R?W(!]*!6)*KQGG MT6=-G-D(D`J(4W4)KHV;.39$V.>0F?Q!*:-;*:1,T=F@G=]`F\J1*$9%%NE=HK$_1/\O>UYPN- M@>F@,D$%1=[/BB*,JCD%OA]FA2\[M[I`^>,L46[D"A9X?IHEGJ1J%@7"?Q!% M^"]O:WP1B_@]_[']6XL(X'N"/J"Z)&&+#-^^??MAZ\"]'_Z`!.RWB?,]"J/] M\6U&B@L_QMEN*41".F*\"0(,Q*]??`O"DAA'_$;'.^#A1!Y:?4/*8*UP(_F) M!RT>HA7&>^?;+=($(5("N:1MC=4*]2].D&:>4!QZ"9\!%_33"5KA_S6"OU^' MB`.Y@-IRD3+8_B9'M.+0+OIJTP"L-Q7F)Z)YJRPT:_Q8$-&+5-/&+O6XAN2= M"]R).MN<>ERSS3$7)`_GU==?7&XL/#OOK,GU(H8AVA&1M)>1&`U1`NY3]2/T_P*;PH7NDT>!ZBM?67 M*L]2/\#I-@BV\C^O]P<8/6<,C-R-06[N^#*GZ;KH50K1[<)AF*%WY7_'_\4F M+&."_1*\JA:5[@X]@[#U47$:5M)G:&KZE;T*=X&3)4Q7,)T=']'>[*YKW)E& M8413Q20F&H4/IC*O01MWYNPPDFX^-S).M3M^]0R@LZ4U\I!8P%#\JLRVOOB5 M"YB*7YG"V!N_8@$MK;XJV9;^#1$,0]+3=>#V"]CY;L"19CJ#%IN6+#Z<B02&%$`^\2X*2]NM?+LA9^C&1H^AY%.1M+0;GC12873 MD@-FU^@>B0HG]0;,+N,MJAFT"VD*F8],=A(,I`#+N&.RRV`@VDS[B\D>A(%X M=R5>[?X#KH&]KQYB<6CG$)2EI$K9F$XM[H/<@?"(W^JB5E)9VG@)%JLH M059@JS_KA*V,.;Y((8YBS!(9.?`2I^C$@6<'/AVG$]IF4?S0*^N#UY&D=;EK M'CXR*RT.GN[;75%1R$K6'CVU3DZ]Z605O(/:C#5N(<+4[[`-"H,42N3GVP8% M00I-J3=3OYHP,YMQ#\&8^+C:'6Z#\PQ#UP_R;F/KS1G8^F&8&RDNL]JR[6JA MIRT+7KQ`7)7H/H^RSQ:7-N<);^PYIF#!$B+HXQ>A+*<0M<<'D9ZTT09!?@%< M"!"':A=A+[H8Y%RZV;Y"#E'9Q8VGRQU^[\>A"FUIXVGR`)(D%\'C7_UDA\9C M!I,FNRAOBJ2".-P]#*(2>D3'^Z)D%S>>+DJ^*+FE#:+)L!X8,B0:M-/41@0A MZ:L=\T\5=&9L4I`F$[]#F<'6!E782KY#-E@H5)%&4NC1;[[0?6L87%V[7U3[ MO1$BCKG!0>,2AR\UVQ`ZI(I&BGJ!Z0HO$C8[<@TRYL8<:#85:S&D%HU20J_1 MWO86?A) M56_E303C5F]E!&&`J)X_$QFH-(1DEM"*XTG_:(E3DUICR4"MJ,+ZI!N?;]Z_ M%;:^9I[]7^T>2FJPR(*4P4"MTC)@-:UG?G:L_O.O/H"(H^V.-[C5)"/%5'"R M9KP*HF,Q\@J"?Z18GA!#BCI3*T;7X2%-XHR\[]@)XHP9IF#P01J##R9@0+H9 MS,Q8D9FSPTA3KB\)LOCT@9+&CK[&B\#2I-.LV*?8\\&::K37?B)?PBB27U4U M;8B`-6//Q&A$[ZE#V6",G8YF0KJU#2;:\4E&-Z9H-\^*%18;K@&::Y*Y'HPQ3W=9>%E^PL(2<^8!("3'Q5?MW)%9E8B)Z&%%R0OZ*\"PQ/'J< M**8FT4#L5B@F@1D704((X9L9N!_%B>YG0XA%+VV=2`J2^<^&T*11*/#!G"(* M+]#UV\VA8;N"J1[@KS'ZKT8;EJ]A](0K+V,AJGG62\9-1QBEB9\G!&P?E*2/ M;O`N]E**E0>D<@=3[*HXRNKTZVM#W$8O0_XS^AYP0\_KT`U2#[U2-AJ!T?%LNICDUZW$]8U3:6TRK+.-X`&-,;)HVUF^648T41 M*=]F\<6,QN.)DK0*YOAR/#2C'H6R+]4J7=`*PLJ(-_KUT+E1OQ!SK#+R6$'8 MMDRDW?LKG!\P@FIGKOON)9J5;AWX.TBR5);*^YZUR/8W/O!6,3VN04LN01X1 M<.\D#4"884FL&6;%VJ_V$4QP&M)Y%-/T)M'99F%F7A;!&/D@GR$26W`ZF1/@ M<_A,CP246\.LL^Q`B$4U$+^3/D[*,DIR#.B[9J+DX\X)'\'^$$$''J_W!W2Q M2!4C!RVEX\S.(X@!2<`%>$H$7T?VG"5+!_<^S(OC=?M6$+H[=P;JA_<<'>P6 MR1S_S(0PYD40F#@S?`9%6,^KAM@M$AVVSA:<.>[OP!-\.CB3=."1O]I$5RRP.N(#9CK_-@,@K; M<[6G9TU*#3'KJ/8Z67IO",V66I/ES_,CRS`3;46:=^9*T"/>&';BY[MWAGN3 MI95_S1[[&B0$-T_ MO-%&03.)+V$\7QF%.O7CTX@(.3OB2J'0<9/4"9I7EF::'K24!CRHQ>;Z+&._ MAXE"TYLHW#X"N&\0A6C;Y@S6XH'8(;U,!':!"7IL\4)O>B5KLQXY[6(4VUZC M"E'3;>^"S*AEOF'<8I--S1*H\AX:[8;E$^.<"K998=Z+;*J&-(_]K= M6F)U=09(0!9KX"I0YW`@[7657F+(>LNPCCN(GI:]WY#L#\13-]G^L-HD`%[Y MS^!Q!Z-TNWL$X7\#!PZ,%.^SAUDQR&(8J#+2\-XS'.'>+N82.5 ME-XAYOK&4V>TQ\?2%V>49\:RMT7E5;#G]%OBQU.<210JL:_6-)D*=6*H&@J< MKF5GP%C8&GJH](X1%C6=#D2;@>H[(K")E70RUK/Z\G)D M%[_DXI><0>TG@8`M)9)?7Q,S38S0;EHVF7""5@V3'6%FT)!O7=3N93.>AES" MF9L"HO7E$Q&4]2>4&$Q$"S,,!IL7!K-9HO?6W/0#+003,(?;D*.@CW9L=Y0- M20SZ:,I")]^32;SM*OI MR,1):S.U2.I\8^M>8EC9>;3?^_E!KD(/GQ_BJB!TU62N46S`C$UKR)@F;,D5 ME%BNA?:D&JPE9MOLO5#C,;H!3@P0F>X1N=`']_V`ODN:9X@\UFA;_X24O$?/ M-/3=!$DJ3KS#-P_]S^4_4O\9\:+3^I_"TR:5FON]%Y6P+//ASE5&[D]"SC=I MLL=&$>;\;TB[RT5,:I/G8(NP9I*P=I4FN,H`VF*?[K/O\!O+#NKN'5\Y4M&(9K)WI5*,>0-1R=!D M(-K58]V4:`@/)D<63D&+AN!H`NBA,($C_OYEK@$Y\=<7W5]8:X%+WKUQ0[*]%/+O#U`)F= M&_I/*5X9-C)\5-66-T4I7)2;QZA&*3AS+J$'\_(CW.5LF!T'T1FD M`T[ZHTX\;^%I,\*E63192RNS">6&IOS+)Z=VLYI89S1#Z6=$L5>R85*"V5>6 M22X#GJMIL@^QU,JYQANH)$E$8Z+:K4]BBK:@*&INH(YR-"=]B5]ZK5,=266B MHA?K`22KO2:[9'IC+ZH4RGIAM-C%4"$ MN+%GJP3K]95ZH>=T!)SLQ[*D?;@MW M%%)U*'3OL9`=^')JD@Y84`O^S(]>YKSE%[(#7]YY]U]04:&_8F-.M")QG&H( M&'4$.V-TG+T4L&+ZM/G1[.1YLV)ZY&J#U\ M9W*2B*HN-M3.4DN9/B*K#56RAHLJI$^*:IJPP6BGEB2B6K/)<=7C4*:/5J#= MH44K!4:7CQMUOKHB[%P=GSQRJ'BB3:ZH)T6$X6*>]OIXRN[#@/?%@G)M8D3@ M;"1_^%OAWTE_7FU&M^A:B^VD=IF.`(@C3! MU1E7AT-P1!3`]$J3"!Z[LM0]KM48Y?\\`YL(YD\R^B%(/33Q>G]`1[#>7,:X MR:P?[]!O:$1=2.BX\$ M/,PD5S,(<\KAK$H;8/4QM;"1HT?//0RBTCK9`;CR_IX616'E\#^9;1IFU4_H M#23XL7HM81".9`8*)-&DKF(0IBUNY#+;+,S^&@6^YQSED:HFVN]"I+B" M.Q_D)A>C_&?0>E&9?FK9)2:$F^K=EIF^*,H#C+D][U=EYY4ZY[F:@`<0<20A MSF37T\@DH\L$)GN=1B8*7PW2[FS21YR6!&*RQ6Y\.G1D3),-.>M/X@ZK*.9FG!2&\BF.0Q-=AXH19>G3^;Y)ZQ9^D,S>E@JJNT!7% M\;D#X1&=XC<'>KP*3R(KZ,"0_/&U/]%^!EH5*\\E5Z?/=WKY0/E.T1_4Q/3G M+JBPIX!^O2F=8*LPPHRX.D/RO9AFSRDH0U6!R;=X#$(I!T&?^16_@]C%2G(K MYY[3!O^\]<.,P2/N@.Y$G""MNKT*[B63'&]!LHN\1F<]IAUW&@BT&KA7*0(' MDBW%G,%FP,VL%$4=;C'LS>I62^[8M"=7V%ZJ?Y%S_71MTS"^Y.<)X"*6E M6T4YW;G'_C.(MM`Y['S7"9C".7V\MHST+CR,&TL?KZ9GE8`98QS[S$,*$^?[ M.02>G]"?%\(H+=6/2QB:[""/)Z><&VN&.1C0[QU]O#'0?W'V@%U\FC-K6EOP MXZ\46S#ZP[20?*59I;_*6J75G.XO3I#FKH0@B+XYH0NZ'I?S'68[UR'SDY-> M1F_E<;9=C^@L/K%&:0__$RL2/AQ5(^IY"^1S\0R'&->F$]?DP(\^..&GQ>3X MC3XX73X8$):A""*2NK<4?]'C] MM5>4F()L"L)(:CH9&@`M^H$I";:JJ6%H!+3<-L MGC#=0RZCN;EK-,V3K\71%(B:K1!];YX2*W6'F2;1&DO+Q4QYTU2-NN62I%3< M=(VUI=*CB">[1M)F64_<-5[C:W1+,%ILFKG5TH;C)>!.U-ZJ2QV6-/MQ@>*' M&:#(\,\56'Z<`9:-^(P"JT^&NB[LJ\0@Z'8Z"9$Y.9_3!FGZ,6(XET01LL6% M1(C!:6+4"0@TN22#*$;M0$R3ZRD(QR#5TA8]F,[DV@A2B#8C'/07.A!Z-+AA M6"TABTX$_0^*$+K/:-;[SY`<(%!#K:!]Z`E+Y0RXY4J)Z>+.,2"G'9NH0 MV_E%D:@G&`-_;F:_#A_2)\2Q?`?2ZP&*SS<"N\:]_P)X_2=ILXS`1`)\DV#F MM--B3C$"ARQB1A3Z?+`1:-MU0W.Y!#.!S5BA^Y;HP=8(X^U_0DH-ZXRZVO$6T M*1U<5Q&\B-*G9),&Z&]8M5-,)=9&]M!KX*=#7=$>"I0_*25"M:A-=$A2&&:_ ME%=;-4T(&]A#GU^1]("TT^,H]^5D<2/H\C6$P`G\?R))(.OHXQZQLU4<=>I\ M([`[#8H0Q8LP4S-&4K*`09R]`8JX=D6:9`X>G8]="IWN7'.P:II&OD0A3C&` M41``;[799/&BDA=/9#USL!>4DDYF&(8!UN<@V&%+>QGX*X\4:1%S\+R#T0'` MY'@7(':*&"R.PCWDV2\2B-)7,0?3FKE^=OPP7H>/T,'MO!Z`FT)Y3B"PW-Q* M8.HN`$0K*>#N@)<&H/9^U(%#!!_(#:N46N^U=&!"+5E"+ZJTW.@ASQFIR\B3,6 M3[O!8"8G2BIE!.2X*Y,S*)6AW[W?!J9,*L.5Y#0Q.6M2&>)9S)K)J9-RWA4* MKF*65!NR-521X<2=8T-BARKDA;P^-B2`J"((W8VB/V-D.BJ(N!Y,[HXYRJVP MHPJB*I1-J(\XL\Q7.#[$.C)C^YLH/D0*, M"P>&Z'ZG>7DW#?$AJV?'#S#1KR+XX`2@%L,J:&N4*$$A'"*8 M@*)(%P$Z9N,/V57T8!KOT%7#_X.5[F=T'.AFB9^E^/RY1/3TIW5%E3,GP-:L MAQT`R6<8I0=T2:H/O,JS/W>R5XD:=*-L6;VT.)+`;G011R"63R*]]T;OY0S$ MG12:)#55*TY$4C-[C@A-G2%.@YI!F1)7J(;2=X@_^ED1X))NLKQ69@4E\8;W M`,EAOHO8.N9]?(8I.&DJ?5\U3VKJ(F+OVPRU_3&)*B&HV6`D5TDBT>_1!K/Y M&%='4F?3;TT7*\LW5(0D/EE,5J_=;"M6NFIJPAA1)I!K7NHC?5M<#[M4_ M).\T\H@+$"/9(+_4^$$HRC?*&9@IBM(J3:)]A-N_W$9/?D!6XU@CE:AKJ^>\ MSPQC]_8(F\V5%!I<^4D(8D9G\O8`'8:`29OC$`T)4T*@A\(YD.R2`=U1>B"M M`\(P-4N8J"!3AMMO9*-\S[<.1&K?PS'&BA_]JR8-4[+_.DV\*(+TG=L#=-RA MC/O=@V<0IH!>";([2@NDE>.[8+XY-\YX-GIO]MG;9X3J89813%JO8I_'=<9.Y=YT[*I`-IBD^R)+MQGHMS^/B77' MIF-#!$!_9'7TSS:@-Q/+%RZD*1$:-!FC<4CVH.J%9A\_M5:W#;JG969T,RD: M_?GL6+?66D'@J/'4[`'T78=A2NR,4..9B7WGSG%Q0R;&QB>#=-@C>!UE5+21 M,=9[=)GBJWCK>UX`+IWL$5UM\&V@GQIOBOV6>47AK[3R!_2KQIRB*,!UB]XW MLM"=_XU`49F9BJ`L=LD7)GX/C($&P*#)7EQH!+GX@W@61#SO/(V1=@E@EF07 MA=L;I&9Z93HAVX;<>[G%*R3F%9(DL)B#J->BBPU=A>3>XXUMQ#H3'QR34"8< MH7*,C8@[Y25Y,YE#;=;KB-[Z]4XU:)W*]B;;_B4PXTK#VET"5(/L4,Y/-M+V MXT\SMMEMX>S?(@H.ZNH@:&$D)*H9,,( M]+1F3R+W]V8E9_S!QRO/\W/8&M@I,7F>HVUQ,3F\[1UBW\2LW=-!6BIU1/M] M%.8$<@Y^X@19[>NRKX)W%<&K-,&Y&W&<,CK,R:^CQ$ARX4/@HL%Q[FNY1@N' MV(V-#_CQ&_KO(^+KZ'.@6Q,E5]!Q1I?[0Q`=`7A`E/1QQA2I./F7*/,PH:\Z M*]7]&*$CZ!8O_Q(E_PV2>^!&VQ#7/J2T?Q=H(-#&ZK%;.V$6\`(_ZW_K@TZYOUJCM!C]B_+)&0O[%=:_& MW%%Q_[O^`%+\>:J6-ORFQ#3@!9-M!JZOYA8('M";$R!*H;JJ+ID5FG[<.>$Z M+S%R^1VIMWZ,"[4CAN!'7B9(7H?H:4#*KINE?1-OCV:0M-RZ06_$+^B]1?IF MCA+MWBG^$DU$]US"WG0,-2W9J0 MAJTMK:(A]W'ZC#NF5B^3:GK*;C\I=Y&'=ITF<>*$7F;`5,515((QK[O9P/-7 MX&]WV#CT#*"S!?<`&S;0[SBP&M=13YW@$<#]Y/>W!XB:[_CW@Y\'H!/HI71I MO7A6-7[6F]P:\$MF7%2*,&T/J[["$Q>>JF_G1F_P7%^POZ387E`H2O$J3781 M9-BVU>]C,[4:)1PSSCXRT4ZVTT:[)SXR3UUDVNHAQJ/-S=^QJ#?.AE;=O5-T M-$D)_0&QF-XR%I9)M[:1IN-J82IT+3/H)*J`C;^?C9Q&7ED9BP7U@<2J^YH+ M**7="$>K9#^KOJ:T;=3I7GT.N=")Q&@PZE9&WAFJAX7D>F-7]!ICJVGT=BID M]+RTP6O.%C/IY+R^N%$N4Q7XR%&:1]I$#>XX:*`5K??^QQ]_I(>;,,>/!]$G M28@^*8UX/%&)/(1\OC-95Z1N0$ M]RD@JB8Z;5;I40IIHO;.:J_(JI>8D_"J@L8?7CB-&T)H09&/VBA"+_&IS$7> M\WKQZ#KC-/-Q:-\CV5![)K(V8HT0$6%R_8]QB*DV^,KD*B.&7D92Z+GV(B;V MD9'B=[:BH+J&#UK>[FU%#7>S[J10O+_V"O*SH6L[%Z6FZ[N%K@-]_#4MS35+ MC_6*CA$O4-/3W,))AMU-;EQN3=-%#Q*5WF5SJ6H:OQ3U2&ND6DWN19OJ%56$[21$W? MEZ*$TJ(Q?EJHBYZE"J9OT^.>GT.+T7WTE>7H:;U2]'!C"AG MU*"[QZPI9+&*I()"O"*=-:',4WN49L]4 M%)$MV%Q1Z(-Y*LPX%&*GD=3T,$_EF)`>/Y[2PSS%8T1ZD)-Z:F*8IS",0PQN M+?":)&*RN[[^!*`1KX\!CQ'(>5O>Q7)>"I5ZY#$Q+55C#X]5DX>ZC^74ZMA]2OV8U*AEZMTMIFQM7]!'7T$8;*3R500WP,>Q M\6.7'2+M-!.*:;B9LE#82.FE&E8?%#1<1@D`;*1OPZTPJD1TNH_EU+J/@@`] M5&-4O&)O9CG=-'S"HKO;2-D\P@KW8?U^`-C]\ACAGZ;ZK(6WGR=M-5SF@4#I MK5A>X,""EU4\P+E-)`W1X:^ZSK79.K M=4UN.AOIN144=`TL9&'U"KZP(\#MZ0Y#6W]7M^)ZSXWOE.W[@[/A!^8X? M.3M^5+XCH\],Z^_J=OP#9\<_*-_QCYP=_]AKQR7VW^#HA1-SUYQC_W.%NZY* M^A7Q8-A)]T*'VY(&LHM/X!IC[F09Q4ZQZ-&D;]A."\4D=Y+ND&<@S6ZB;P#F M_^7O?;G>ZHJVM)Z&95W,AINGT!6F("=C]]E0MF$,TT!9PN[F=&KNB=LI3J-T M;YX>.NOO_-?#8>H7N;OE$J&X1"A:29-151?MK<^6Z$^#K/DZ@F14R?A+;-PX MG'J)D!M=ZG_A<7,&"-CS#JN;_I:3K`;Z8SK87:0G,!&/1G=CU`?!KNC6DMB( M?M2]WPHE-N@JH:?MQK8W;G8$JKP_I8IY@6R34^7#*57,BRR;G"H?3ZEB7IS7 MY%0YK;MJ7>O7$:CRAU.JV);F.`)5_GA*%;',1(/B\\J:HZ02Z$M87A<@$XJ. MS3?P1\$.=U1N.6@)3=?LZT->_RR\(WK].I6KN-6$2Q'Q!ZRZ/) M-`$CEO6;?/MYWI6ZD0+*M> MDQ.W]YQ3F-3TSY.E4)^MED!Z>=EHO0<^FT622^ZT]^'G, MH*]!^O.TK:A/2Z_9%A8PQ7E,;TNT-R!A'N?1M238&PHQC_,@>)Q,CL,P1FN< MCJD(&"Q,SF?039U1BFVI=[.8G"_Q,H]0VBYK5RS]&OOA]BQPW-_1ZXN6C8LP<403](?;R`/!$A]M8GST M$A<[BE>S9DSU5U1V#;GPGWT/?:WWZ,-1[?04WG8D;,==O;V8LPV(FLE&!UM*)K[\S8K$*C2$VSL(49`YYVQKBK`-NIB=NKC#. M.FIF.J*2M1[9$!@MYDZ,?9IDR*\W"%G?787HRPM2=$>^@.0Z1),!8C`9,?H; M+_LK$)<.Q&7PXA*&#$:*F$\>JT/MZ4)24%00[G+T^.;9:8S%_>F8W[_5/DJ1 MI+-*$N@_H=N*Q,W'Z!X<(I@@LA5`5E]U5AFA;L MI\]50W2GDV+HPHL+(2=E]5C>1#&-W.TQ:A+`*OV-^/C5C_G9,3_A\\")8YJQ M2VY^3H9ZVE$T>MF"F',D164FT-XAA.N:4R6EF^N)$Q!,1281^QP;\P^76CZYNRG@,MQNWNH[3R/#^'ZCK<1'"?F;UU M&+57Z)WS,&W]9_``W!21S@?QY72/!!R MFE%+^?)S,^8,C5+3Q\*C,\].*30W3FXU4:TA<[>'''.=4&`!.=25*XAI7K:I*9J M$<;H@+$8)'>:$N]@H>7A),.Z.\M5!.O=RI^S.W%QFH70>YE%^#-1^+MUOOO[ M=,]L:-(>HZ4-2[<#8+?E2O5W;="Q6\(T1AB>IKDT@)EW0=:%9J);_?9>8:GI M$QGL"CS!U(''QV\(DN,C"(D/2(\%1H1Y[281VB+?\7\`C+X@24L6;M8B(\+> M^"'+^K@,/9IT([>`EB\+2UXU0!ZZN_<@\2'P+I"R$VYS"'/K,^V+D5G"7!R9 MR8L2*YB`8>^S,_3$^IZ3D:=3JLZ5NL/T)0A.GMR,*:%OMVQC7)UVSD9'2:+U M5[1M<$;WO4*BGY,-[N1>-T)2++$APTS172`R/I.#X\;$_R3CV+SX-M7HLZ57 MD\/;IJ'$R94P-;1-U@1N;@C;**A.8HW3WN]B5-(U#,$%HA\,;=YCGZ-5K!G1 MB2G^Y'A.JU::&X=*,-TW\>EX1TSR[8.-DP8)&:NE8=1TW\,,:/W;>Q.HK;\: M;Q]KO/T=1B)X& MY@4FC[42:E4NY:ORYCY!7-;O'7Z1!D^ND-`Z-L+M-0E/IM501)YH%6$@7V:3\!4YUT'H&F$[HU05 M$A-L:@L.2^"887R/+)&8G-7DL)6^B%)%.)-C4]0A:W8,BN)#/;W'YL6=]$59 MR)BG/E^[\#C>O.X`_6) MK3=U/&CQ(*FPI-2+GCL'/W$"NKV4-E2+#\(V#T\##)KYC#UV\4M)0%N4ZJHN M+!_NDQE&8'`=QZDX],5H(R#GUY%F3E&4T!^6#FGNXT8=N_@C=?HC9^93J^.A M\+4_.U+KRXO,6+R"+]@KF+_UISD!Y'@FEF=&F"\_43-]9 M!HJ-'CAE2P%E04?E'?I_8;(#.$\L6/+!1H57.HMF\6^:E\EFIP^4[X7C9631 MAMKL@UNRU!:/VIP]:O,OMCJE+V<$B%G510D#S3`ZS2^[23OKB)X/;;ZZQ6Z^V,VML)O+)N"^ M%`-R/SS[I-QJL1W_ZN`2:\GQ'L0`/J/74VWM,/UVG_G:7.QHBW:+;B\7RM88 M'5#>P3&=Y[\(',$H;,-MR!TCSPSNM!4PW!B&>:XTW3@LC37&VS=##T' M>L7AEJ_^!8A=Z!^8H>G43,.M<_239Y_J1%K!]F5Y)Y%YL2$?_M MF;&MJ2_11#Y2&RQ/LOB+/@#:34_">J$HZYV!"BR#*H&;FZ3W+AT%B"*[#5Z= MOCT2Q/PX6C3S\QW&*;X.5]LM1.]#TM75%ZW<1*U\T23-UB0[\L7*=6'J!)D% MS]_XP#M/(034GIFBL\W!K&B5P+ESM$D&X0$!0-\TOD#7H8N]6N`"Y/\KAQIC M'7.P+?[IM.!%"S9>"Y1^H&V02]42@?D&:@].FIP&B4TU>94!C44_@RC.$:?XL:G*3O-$8MZG]/D"T@0ZXWVX`;1 MAD*W]A@M[CXG`/$]0'<^!0@:FF^O,TIOX@CCLQ7+(^$N,+7:(/.&D6.T^329 ML0+1FWS=RV^#HM`7V=8K;H,*T!?1SL-K@Z3?%U6*Q*9=P)^;O:='F*\HDYJ? MZC*@>``M(3ES<%V'2).-TDP#O(P3'^T&KOS0"5T?42XC-UU2[;^.FI1JT9U9 M4N.0E31BP5(GE2T[+7Z%S#`(F7*-16>ET:J18.:,HG:^;[R_I[&26;G M?`!)DJLO\2KTOH9IG-G%HV^"+T1,F+-4.4`D MG:,N.DB^U:^I&D40JAZO*[]\T>-?AAZ_=V-E?GCM+8_1]Q7$# MN.P_(0#,&GO\>3JDT]&PT51`D`07/>V.-MH0R'E:+W.*$ML#88>R;\`=]%VP M"K+5T,_788)XBX_>GE4<@TP(_1Q%WC>_UAJ:!@DU"VLIC>C$N^*J>U?H>6Y@ M0#DFUHS%)J'6)D&YQU^<9W^+/N[/]`*)W2%:@FF+:*C'J+@OY6<"XDQBIUPP M[C0M2<4@1DJYFV0UF,ZCF!K"31BHUPY%>)OBLV/C7V+6*,%E]*D0PKR_TA]. M/B.3=`%6V1>.6-`TJPA01;O&();TIQ+I/@5AIK-`BLA.9,NCZ+<^8_NC+/'X M3,H&4Z,LUDRQSP:#HBC"*N5^&RR+LA>!)-?H-Q@N)C$YJ6T&E0N&H,X5$63K M&NAI'%)0X/H:5P;-GB/T_/PM=0)_;B!N+*^4T-09XJ3) MV<8&[1%MS_"]"4[6BQ=)FJSE3YY_3GX=D[%E6;WEUEB48%7&"YEWI:GWB6@G M-K19Z(L_5W_0WWEA/.2EQ'O]S=3%/#QRO(A-#A(9];\&0CZ?<H-]LF MDT&(&\[8+Z28G$Q%VP:/T03TH*KH-CB8IJ1/1YFWP<\T`7F:>K]VEY2P'Z.7 M_C$#_TUOO&5Y_:Q\.8J:P)OE")F7^^`A%VL^@V@+G<,.'Q33PD4?;S7TFHQR M5>>O)D0BC:!/QJMIC))"],F?(]723^C!MX11FG)URQ?Z(P)P6..2O&/+A;%S[\]_MH!M/$',\SU7:M/ ME1^XQY`*&^XYRYALU%Y,^(L)7Z]>R)4W,&K-)T6_K42RU2I-$&E%9-.IH/\0 MY3JN#D+7"`NKX`%SI:5.M0HV2S<):\8QJT3:C,/F/U&"XEC="XT@\VLWT2UN M`ZOMG#Q15;N%?+%WCFWO9#R]VMOP34<%AIQ14.&#@8;>+U$"XL>H*C-381&7 M*0B--J&(-+C63+S>W$$0HT$9P1[1[F=(B?I=9]4/"2C):E:/A>82[C\S*W=Y M@WDF!,)`K?`RL]?;@Q8M?YAH2;\CQ!=]_L*A&$'Z/+;:K2+B>7O$#]'&2EUT MIO[@;T-_@R23,*EKS=U%@>_Z:,9P1KXPMA$9A=C941B(V.2%82\,>V'8LV'8 MHD_&PJ3M8]+E#UJ2Z+UG`!,_+BMM9+`<>3R(-TM-9<13:13)J'?01T0^!`#] MZ3P*8[2SE[\R;-1>;:7^Z7OFQZP2(/G[D48C8&J(%Q@@")(3D+='1\4$'/4UY M!@-Z?+-_!OGW+W8K^J^G`_NR3AH"K5M%K?MOY@LCOXZ6DCW[@^-#+'BNX84? M'Z+8"=:;FRCR@\.M\%\:(-UUIB211VRO#%K)83 MZ-:!OX,$:Y,/``D#2,T#[,^:,4%+;6H8(=TY.=X%6%\,/2P6'_`W*'8_A*?K MJ57M`B3C(U(+OD","4ID.[Q^F`3'ZSA.T8-6:^<0:?8I$HSW?%5FP$*:ZH4# M![I8Z[H`SR"(LMM19,`R/Q21F7HPROI-H2.(MKE9IPQB(G=J%)]G!C;7F8*& M."Z]LCMCBADXB'[NO'E:'`0[_W#`P4.A]U\[B;AK9W30AG%]CW/^J:%M&HVEGT.(66]QB$[K%E#@( MM/O*E'D'VY8H[8':ZO#J;[W2G@VAC`A<\ZWV0B3*4!7T)^GOB:,*899:;$-U M0#$LZ88N&XH`BN$H;KS17^]/V;GV,CA7^+\S-Q]/0/K@.@=K/-]9BN<`-TJ- MO.VR%NG;%&UG;Y2<#, M72-KNR`E:G.M,;9=C.)88RM$W]LJ+XDY.&H\;9>7N$&U-:JV2T="/L4:7=O% M)&)08HV>K1*2<&1RC:JM(I-LF&X#95MEIB'Q#C7VFH2H)9]$.I\D(\"`;!+] M\;F4F)W*CM@IXL&,S^%/6N+G.";,WI%GFJ,\=>%QO*K/7>92]I2`42L$6G;Y$12Q1$5,+>@),LXC)2]V9192T7I04?""T2Y(+ M`Q9EP$.M@@-JS#P[?H!WOXK@@R/#:D1F+G4(KAP?XJ+'H.PK[&"ESUN']YA< M$`G.6:0\-[5?=AF#*#Y")S4?D6P781;!?!=A%L18)5I1Y9[6+MPL1[,W'[HS=GS.*J`(RK M%(G0X!9=HWVZOT='ZP1WSC$[8Z1EK-'M=_`IWR`U#-T*$>.:FK47QK\P_H7Q MSX;Q*WIP%GG`)'G@+B<`D@76R0[`NRA.($A\F/WU#(0(FD2M>K_(!"-F3?0] M33+?Z;W_1A=P+6Y-#OL>0BOBWB MVR*^S49\&\1:M$MW(Y"ASRL[G]C@WGQ6>[SP(N@W!/WJI^LP1D]8]MMB<"/V M+!8C%)F%B\Y>])A%CEODN$6.&[7EE>!#IEUF6QBU/*.>EW%.0;K[V?',"1#E MP,,.@.0SC%)<(U\XCYTW?6'8"\->&/;"L*=(4.8^90O'-HEC/^1W[QX<(H@C MC&>L5L^,EPD<'(5A",Q]S((D`V M!,A:8,R#H4CM$!]V#@1G#OKZRVQSK=7&AH),YCU#5UWJD1DI8"]BTB(F+6+2 M&#+"X&=8N[BT"`+J!('%RF0P$ZP5&GR`3_@`VT<<)]!WT2D_).@HD53?^>4K MNH?Q"@>((S0D[4PC;&D`#<^Z"&6_QJLTV:%O_9_`^XJ^3YAALLX^=MR<$&E' ME]_1B^/'X`ZA"NZ=<"M+R3$V-I*>-0:#;EZ?A4VA1_'(KKXYT&N"C2,H,ER0 MSIWN\]]ZTV;`)HM`OPCTBT`_&X%>Q9.L7::?CAH*&+YV4^A8U%(L8FK/LQOU M5@UA\TNG#I-TZ$L'AGZXC>_02X"/5ZN9G`X,60BACU],VT9J]8LDO$C"BR0\ M!I=F/)W:!=R%X8HPW,4<;3#CJLN.=(X/=R=TD6YPX0=I@JMPR-5UDEIM8=D+ MRUY8]FQ8=N]'96'H)C'T1YCUK#UF=I`EM]!L/OZ2N-F$<%*^`3*\E,$+%UZX ML`8N3+NZ"Y,UB`W3@($Y\M]/O?6&S2MGL%N[#;-]W[XM=\2^_4.O'#D MV7!DD:=B85%33:7-=<2<.<S8=>B3\;"I.UC MTHNV;2ZKKL5D]EG*J=PR:RV,?&'D"R.?#2/O^:`L?-TDOGZ6QNB,X_@\VC^A MO^)]E;JV^[^$@I"17TC!R4N1$2,EE85G+SQ[X=EC\&S11W5ATB8QZ5K2JLNS MA1Z2N@)_<_3#[/S"XQ<>/QL>/^AQ61@_ MG?'_Y2W>`I>91?_X_U!+`P04````"`#I@5U``X^+O-NC``"/40H`%0`<`&=R M;6XM,C`Q,3$R,S%?;&%B+GAM;%54"0`#995.3V653D]U>`L``00E#@``!#D! M``#M_7ES)#F2)XC^OR+['?#JC4A'BI`9&1F96<=,SXKSRN(N(YQ-,BJG)^1) MB=$-3EJGN9F7F3F#7I_^X;#;<=H!A;-69KHR2`(*587^?C@,4/R/_^MU$Z,7 MG.51FOS['SY\_\,?$$Y6:1@E3__^AR_WIXO[\^OK/_Q?__/__#_^Q__G]!1= M7ORZN$/+)(X2C*Y//^$BBU[1_UKA&&=!@=%#\)HFZ6:/;H)''.?H)DI^?PQR M?(+H_X8H3=#_.KN[03]^_P&AYZ+8_N7]^V_?OGV/PZ<@.TV9W.]7Z>8].CVM MVOP;U^XOZ)?O/WS\_D^MO]RENR3\"_KXPY\>/_[T\^KT)XQ_//WIQY__=/KX M\Q\_G/[\QX\A?OP8_NF/8;O6>8:#@@A$(='X+^C''S[\>/K#CZ<__OGAPY__ M\L//?_GIP_]NETZW^RQZ>B[0N]5WI/`//Y^2&A\ZGCA!U\GJ>[2(8W1'B^;H M#N\'A]Z6DN/0#(NY.\G__0\OTU\--1$DJTY%*DQ4]<.?__SG]^ROO'0>_25G M4F[2%7.-@8)(6H+^=%H5.Z6_.B4>_OCA^]<\_,/_I`W^CRR-\1U>(Z;#7XK] M%O_['_)HLXWQ'\K?/6=X+=8BSK+WM/[[!#^1#@QI"W^F+7SXA;;P_RU_S0+P M#XB6_')W+37HSQU9O-+[>93\TRGQ!'=#I>2A?DS"+G^_RT^?@F#+A<14K4I4 MI1[[)<571T'\6N`DI)+Y;VE]16]R\300F%`J-EUU!,8T)-),:#*3M0[R1R:P M4IG"XSV.B]H(!IC3'SY4QI>__OMB5?%&>/\<9,39VUVV>B91DQ.[\'6!-WG5 M+K/VW_]@5?5];1.MW+$JPWE**F`K-_&(&JS/W^-'6GT3D\J477%R^N7^#_^S M516QNJA5&7V]84Q+Z____@=785JK"L*N^,9'TQ99-Q*#;%6I2/ZIL:TL\7Z5 M$D[<%J>=SEMGZ<8REBI-T@&.>>\7MAZ"QX;"S#N;5_,#4TR784''JOH'I5DL M\@!!G6`S1$_C"R#DD&EED=\&>ZK'^2[+<%+(>U14V"U*!!K((XD51F5I5!8' M@\,`U;>\-'"\*T*D%^4R$^UB^RG;)"QB/_Q8QBO]32W_#J]P]$*;N`CV^7)7 MT,4`7<3U7&]8:>+X#=/5;D/L9FN+01KI@J*IB&A-U*HZ2VR+$'FEB` MA53R8S0;8D>#DA,4XSQ'01RGW^AV#EJG&0K3W6.QWL4HJ"JD:_3?/OYP\N./ M/Z$H06Q#BD0@^=V'DS_]^&/YNQ]\&"-5$2D:*:7N`X)5ML/A(GS!61'E!.%: M3$G*NP646`EY%-+RJ%4!'$F##`A:!N#7+4YRZ%FB.GAZX:^P&3#VKY-5NL$/ MP2O.C6)?4-Y][!\JH0D=7@&Q&EX$O[$%I>8%T]R/M9$Z;`11+S'6CZC_3&RV M#/Q6%=#8;_2P"?^FEB\(T-I!"IR6)+9(FT5D>O95XU):/Z@80D8+:3:"J#<0:87^OFQF'6(.#*.!> M"EOR@6$^*59ZO#"=.X&)9%D\X^P\W1`SGG&21R^8SW9OTCQ?O`113!>O5VEV M3^8M]YC,?2/*A(OPOW9Y06WXC(OEFDR-]9$W64LP]#*5^@888DVA3EO5>D-74>)3PUJ3=X3&%$1-P])3PF=MJ_Y`%21XS M5IZ:PJQ:\H_";-2?@,+*YE#5'FHU>(0,-H'WSAN.*EJ^".KZT*NFN>`V@*&L MW>TQ0TW#/AXSRX2L<21L8&%QRBQ>=2RF\Q(^+3F&2<#8^+ MLKY?\.1*C0/F5RX$[OCVK$;^RK!XALCY@\Q`2BKU0D&%9G,OY49ORCJ?'N<#PXT+N('N;)BX\V$9%(!U()*5=#N1B%62A59=&M#@)*E16`!J)AVJ_)<5/HP2MY-H[ M&TK5(=,9+A7F>A3MZB6FL@Y\Y*NI51K_T,O'\<:YF_4,Z&-L&.HW3JJFT=E^X@K@%H: M(*:"O^0R@V/OBW3U._L468GSG7^F`*@M;8UVO*]L]Q"\7J[7>%5,N`Y5'4Q1I`_%&$&VE3"5U=L!9_A+1<"]1VQ]Q@M=1@2CV$7[% MV2K*,9T)X,?4S.+U0TDM6$$C/ M@_SY-DM?HA"'9_LO.=V#7FYIMK$H>5JLBNB%'S%]S(N,3(=-0G*JIJ"(9R+] MS5BH;HR=HFJ?JB)_I"VBJDGZS9@V2HFJ;A8U[:*O5S+X#L1;$$ M@VWS0&!79:.[2K.+,A==E:]-_2%97]$E++7:R`*HSL9'/Z%555&=O@_XN_)X MLX1)!D$A8AQQ'<(W"#4I#S7)1*QD>`*L`\4&8JR5ZA,V(\D4MHKR?FI2 M?OJ*1FGPF@)3[+3A&,WQZONG].5]B",.3_*//BK)K_Z^(&O&D'VACX-^FNS# MOSM`TT&CT@,191E$"[E%P70ZSAV[TBZF<2DV8YH3ZQN<1:M`=2R]6\+YV?-. M\_+^8X4<'QRW40WT^/=8'[HYQ"T,Q>:D]J$1(#.CI(C"*-[1V^A-]H?+UU6\ M"W%(OT#0[PX['M#+]660)61)E-_BC'V96&SH*"(;K">1[7(F-87"LGALR6[G M<*FD\Z^"+?GT^G/5`CVV4'XQY(T`S;YF],^2?_=#:9//'SWN"I2D;/>=^RA* M4/&,V.$+"N=$]33>5^..A MG1O=.W`3,8\'C^$!.VK==U0ZR%%'PD`'4)N0A&Y&/-$GF_KG47`;K*)UM%+, M_@\*.5\`]#60!2,IA\J"4#=)O5-5LRXPU?=V<0ZW+)"%:;,R$)H!,E:S"Z,R M,N9_=#E.LA:E02B[LCL^ZM(BB)7CDDJQ!UH;!6`WBL6=V>'R1GVX*-.=!NL6 M%BE\*K9JJ?=X(8]A2H*CRDT>P) MZUX%4<;NTEQ$^2I.\UTF/6XF+>\\N@5*J".<5N`WT%!3!9*GS2U@G`T?WHHX M.0QQF75P8?X9JPF;_MUY&)-&U6%+"D`RL5P_>N/!E^E#JVL/([$R`23R=NP! MZ+N@:.W=J8\2*FJXC$ZY&K)XY340K=+>TP4^-#C8CHS:T;QW`!KD^BCJA+W& MYFDV@7?%!4.$LW*?WX\RE]C&)QSFQ520"4"=20]WA9^#TO#8>Q(4HC%TIK$6:G M>>EH2&0I`KH-+)E=(!,Y^?L]/.L5O3:>2Q<8AK5=3O#,5-(]#25^+:N2P"X% M`DW\QMFGM<#9W,\N\#KS0`L7^(6I"_Q8?`J*2MLUZ>TKP@0/SUFZ>WI^P,E_ MXB`;B;PA;7B!SP&*#T(Q;0A<]:]%.@=HFI)PNJ[VGFR6264`M66>68^V#5])1Z?XA,1# MFJIYAY'0DMI[KIEM>^>X]G3FWL@YXKV;81LV MG872CQ]1D(3TCFN&V9^/AS[FV9PYXAV96;9ACF?O98?GK@8#J@/2$]A_6GZS0[S;O6G_3-/^G93Q\.B,AOX<]@ MCXG^0>@_KIE`6UO=!9U1,GTG`=V%GQ%D`'\]:`:'^'O"PR+"1P,<_BZ2H=;U M/&0BD!_*\Q#@!TI.`N[6E:AC`;:I(R[S(MH$-%>5>N'B&\BET3T$X&)G^0SN MWZ+B.4J6"=NXG'(>KQ#L(=SEVDZ">RZ>?5B@#1S5!J"U:^@:GQA;?T0@_HEQ MSK\<',=!"3THAI"#QI%'PQ)3[?I)A/K.#M/N^O69X5AV_:Q<\L8889*M/H4# M?6>"=%?<1\E3C,M?[R_(O&_JN8-!(YXRA5[SR9B#-(5X6]5?]HBV=G03C,$^ M8P]PHW>?4T30SJ;8FF@6-BGNGG M*U+6.:;)RR!?-9L<:VKJ"]O)2=>$;[+?<<&0ZPV1X,941*#9@+L.DH$8,HG)\F\R8FRHT MQP\0VD2GV31&YA:_YC$]+6_(3SC_8,W#$C%>S&;$N@V:T!P$,!>&/HS#)#-U M5_=BR]CW"7ZB0_.\1DO,\@*8EA%K-D`JO#--!CMIRVQGYN$Y2![P9IMF0;:_ MWFS)<$WSR_4?0QDERGD.O&%Z&AU@[L.023RE(D]KF:@EU'$BO7DL%Q(0W]BC M(M$,EEOST`SV:RR$R^$W#M)-DK\1WO)KZO"`7XLSTO+OUH-34].+"4*MSB!( M?J75$:OOW4%2G66M17'+HO,XR/-H'=&-QQPU5'QU2,5^3A$.(M-L5M#UUD03 M@8B-F(H4MMT2[H?M=O-2`/!"4)EJ_=%1DYC61E'`D4P4DZT!ZL"(2:!P%A`W MK/#],\;%3?E"Y^(U$DYZI65=PT.FB*1OR^*(E490OU[>DRRH(+)+P-HN25;2-R:)P?9XF>1I'(?O;+?G7:B];>4TA MT3VXQZ@KC3XBE!X+:XME"2X:P?3/'='H*Q>.YE[0*9AB-E\L>[Y8='VQ[/NB M=`7_AO#C;[>7KXFX!YZS4;ET61YBFRMCM@5;% M_JBHP;"%GG`H$X5C`YH#$R!V8L]V41Q&R1/!:_7/Z\TV2U\PVR%6/K%G5M?A M;JR10K)H*2NP0:S^H5T=^`6^28P+9,9![KE:Q6![U]7<)9#0RHEZ;;78=V)- M)XOK`$!)J(@FRG*&H0YT6#58W`RQA.$E\@PFRG@2P4-N.0PLX*,6]+SST&.;[-HA1^Q,-#@W-RYTVQC&VMPG12D(Z/'&"]8 MOY"%7J64<-=T$L'.M\VGT-IJ[2*%_PEJFD"+$@I)6+."X\UZQXY1T.*A6Q9S MNT7S@<"%;X)&>'[2\.>6>2=H14U%DGP_J?$59U.X#Q13$DWS86,RUT/.J,[3 MS6.4,#6;"Z^ZT^F&E0%F2VJ-=('>JMVZ=._!*?51YK4"%'ACUR;D1',5`_,A ML72!\U46;U5$+_Q]DWITT?Y0Y\YRE___?ROOIO69/A#?W4+'*U&][]= M/_SOR[N;Q><+B/@][#@:@3VMISEJ\$S,QM?)8L6DD]BM'@$I@SF(+]=KO"K8 M_=/;+%U'_8%DN!SGQQ$&*"D+62:*+C(:8:B2=H)J>8@+/"D3QG.9C@\M3&[U MM=#J`Z/GMUESLF$ZPVG^96)0>=EI_'<9&&\*3NU3+]Q MGNAB>NOU%)7P[3$BQG^"$J+;GJ(.'0=(4KNV..@KX[. M,W#9#9MXX`RQ5D[86>S5,5";A6,&\ESCEAF],@?OF;A&3X*/M':+"M&6N".G M1/%.\N#,-(*/BS)+K1V09MG2,=&FD7/&$^>6XCPE.B-C M33EM3E,G8BZUO7J2RN0F^L5'/:C:4T_;4Y.R3/,:6/,FEJI/A>6AV$.DC"28 M'IYQI&B7?-F:K#=9GA5/D+%I#8_?P]# M,A8^:0A%^"8<('/8&T&Z<7#'O6MW&TBB)&-('C"'U%,@YU;H(X++]7V1KGY7 M)HL5%'1YMN2@=5ELT8+T7C\K"IS_U5+KU$1K9ZMLEK7+\93*4E$>E;>S*:J9.TWK5C=3'EG$-O,:.7Q[HTFUP/_/:7O(*4VUT^#$I/M*)J7EJ M*IG1O`E89.XN](<\.BBT(X[&22#K5",5==?P[(2X7-E::38>CN`7]*:V]P": MH.OD0<':64#;^V>RH3Q-V")DL2N>TXQN(E^EV1VNLDI7O^9)7H-".J;;BH$8 MW"UU5,1AFI2KXD866J<9:J2=H(X\1`6Z'^_GM?BJ8[$K@_4S@&FLY@=E,MQ* ML)X^9<'F!`4=0T.)H\FZ*;_#.F-I7NX*P MY76>[^B+]XH1R4Z.X^F!E7(FN"TE\?-?.:ID,1!S::@2!S=)F,)J)N'TD81M MB%;I9HN3O'P/(>>FIVOZ>^H9OE>85:Z@#$[/9%S>W]Y"3R@&!7E_3F'O3F!, M7T0O48B3L#Z&1N\JWP91_^RL5548Y$KU,0%K7;EU9)/=\:<"P.%I:UI5GFE_ M`GO@(*G29RB2JOK^`4EC60VDL"QW!&#J MQYTIF#JN``:3.CWY03D8F*CS;;;HK(<"<`186L:G\(3U@_)DKR?` MT$6:!"I*ZX'!PUW=;(CH^_*@!@Q8^FJ8@*3<%&@JS9,#.Z6YWE],L6%H2(6) MX(OSV=1]P5GC^G4"M^;>!J`A620E;"/T%HO6(=NR9@S3ED: MDFVX"A9,PRMX@E"E]OR/I=[>8%2I:E)__]0I]^*%9KYZ@'W_XT\D/?_SCR4\? M_G0X9>?23,?_Z2K^.//K.(/_QV]^YP6I."?3XB^Y/^(0";JQ^_^X@D*Y2_) MB+H$"&WUU]8[?C^5O:9IF#7?L+9;;)JH)(=L71N5U?GSHAZESA]E82MA`_UV MSK^\G[$O[VW!P`"RBKHQ]`P6W##\3%:,7S#.X?,;%H4AK1[$;+-2*U@-Y[&6D&7"9+BPCJ`T)E\$1G4HG:29$QV.7+]7F& MPZBXB_+?35X0-Z[L_ORIH6;2T&G7IW'/)2`J`GTM!Q2X=\5G-0]\N)S>1GH* MK64BX`%22[BUCHW:N&,J;@C9:[%!7&Z:"[_,J\L"(%^HB#Q*JN+UF$I/*,&]#4&[CU(CC2WHCP'6*`N*MK8=!OY<;<.!H\U!M8ZP- MTMT'I(G"6P2T`P-AEG[9-B4C+[[`CT63(4MS3DU5Q^GR3Z&(-&;*.HA6:F5S M`S_,9F_+E^_OOT>KVJ!'$EO`]Q<-@JF[#M09#8.)G*Q%?TW3,+]/8_G7\VXI MIW'?:5H:Z3G;UF#E$"T(%=G&VI*ES!/3-I=HZRZ2A2'0C=U#LZ"B-;]."';( MLHDOF!0=T2_I.&I[S2MB(4=5T7+1#A>\ADKO\B+=T/.@.'N)5IA]]7G`J^OE*]U)QV$EN6E]4"8'F)*KH8XM7\8_E!YOC`\II`$K&\RE9`3/"/HY:0 MD%5RCPB))AI`E)_E?D)=O%@*:N>VBH M%=(@A%5FR=I8=>^@,L8X#Q!C%F@"X!C8#8&?"[S&=#7?/HBVR#+Z0@;]`O9; M5#Q?)R&].+\+XENR_L]P$67L;Z7J^=G^@6BY7`M%O4:RW/\N6G:(70?FR#(V ME,4[YR%1JVU$&T=-ZZC;?$4+.3K;(ZH!W1H6"_U*U0#Z#.*S@[]U'7PB\_`) M>BQ=G-J[V!73.:2$-D^ZZE]8ELT+/1_2,B#,11K60X`4@B8`N9Z?4[X[33`7 M5BJO9"J[!U2K]\6A7UD&'J3EK,6D*ZJB4"%;MF\4N4@QDW0`H[RAC%?)L3=C4]000^,G.5/9:>I+CM>[^"9:"S-KRXJZ/E,IT<,HQD\0KX!H#;=G*L>H/;O6 MZB.5`U5?<8]G>)4^)>S$(LT0&*4@QW),HKT^8JDR&'*4*C\DV^WH&U8&&*_4 M&NG"JSK9X-M6_R36^3!FF46;:.`R,!T41OQ+W4`8J2M#P$BID19&Y:=C;V$T MQCHO8&04;4(8Z4V'A%&M%Z8OQ9#_\EMWNGTK:34`Z,ATT8&F`0OF#QY1V)1U M8>$RU")^`1P5M*(/J-$%EP@O2MN]0(K52./1$#-P;/%U3#G>P63`*.+K\'&' M7W`B38/5+P40]&73NB`OB\%&M)VN7C!\K_]%H=NVRH-0-?O6T2L,%[B&'P[* MTGY\\;!3/9-##RB:#;Y["$R<="NWE,^RX70VLNZ:C3AZ9'N9*+=Y;<1`;0%; MZ&B*`IK(J7OF@NZ_MN2=\)/Z1"3,_O%,-B]5-L]KLMGF\_1VYRCAG=T]`7"" M<%Y$&Y8A+]C0G'+5%O8_V3H)[:DS4K$SG&YC#T#ZP1:WK5M!J.J!2)N$K+@@ MW^F*:3DU83&A?E.6M=T&I#6?V=/2EHWMHXBKD#G$2^KJ('\P>37.A:&O;^DD M(4+$>$]=W]+)B>M;ZCEMV=EL0EHSF3PQ91G;/8ZPQ,[PDZX:I`\GJ]*M'FQX M&!^#.RP/M^UA?NRM1J4GA]U,#2`%3@].+_NW%V)VR$UL-&3P=VY@#?MT8R0" M`"(F>NE0T[\XZ.M'G@EL]0%,-M$HPI>Q&R`A1S1:Y#DN\NY'*TT/RVH!`$NB MB@Y+%#2\7C,GO):F8G>'G8'F>#0&:2)*A!25T9.N&^N&KLG**WF*'F/,?U;- MRN65H-:$4HW,H_X$-77+7\&L]2:PQ9$I9FNXP?84Q)Z`E@1?A5&015AWCE1?'QHQ(J4L M`<1%D'^BMA"/$&5A(]OPW6+Z2$?RA.*4R,CIIF"NL0P46:K`U`)-ZAPO<'<3 M!8]1S-)EDZXQ[?1>+4B,=56Q0%:K(MV2]P1.1N90$(4'DS6_<",.+"5:!+9[ M@1$+8$"CP0X"LX6][J6Z<7J?4,5/$+OF[57,FP:Z;]&]>,R++%C91'E=!3C: M*SWLHAY]K>H!YZ<:8DI#^*`O`9L$D@X%'9-]08/9"6]1#6`L&!Z8[D'!BR/? M`\QH7U;CCV6C7[[S#1`&1\%EIOL"!^/O_Y)*P*`P/PG0PX4O!P*LC!&E-&N` MXBU,S$X)*#SA!5B6U;[&39KGYT&6[==I]BW(0N-=+(4$2!C)U;+`5"T$42FH M(\83A`VWLYF3H8R_S(Z*%*UWQ2[CR'OD']E1FO!C<)TM,+1JM>45-O4AK02J MQJ%^H+9XECY1*"D,BD6J@0WL:'E?\*707:HG7.RW`T,=YK5=7D1TG?1@T!@D MJ0T9\V*5+$#09.;P-_(0.+%X!2!V'2D0I/.(+Q*K?E:?H M.NFCD[#*,LU>YST+\FY^:7KDVR(X1C<%#-ZQ^ELBO?Y]=12UFXH]"5&=Q)ZU MB5BCW5*T67_8828'WA?IZG$<9R\LW]ABM`B8B?<+F48ZCT5NU0@;TJMF4-E.^WR'M^@>XZ;[(":F;[/T*0LV*(CC M]%M`H.K7*9"18+%D"G-W'A&35!U[E687Z>ZQ6.]B\C=Z479B3E$UY#^[*+2? MB6>J%FGV7%2UB:I&CXIS[)W76$\6YRBLK`\4UGM.0@8XFX".=)X^'F(:N9Z0 M2O2>:B99=8@YQ>^UB*4OV-\H(["2Q\<(8]8L2E<=#\:K7TT:,[50[Y%>_6H> ML%>_/2:\:SQ27RQ"F<(XOV'?C_GQR.\X[9C`7^RRA/VF7EQ.'$R"!HZ`%`ZU MGHL@6$O\E\KUO;]T8>RKLC9;3N1L:R/CE8^10>3`F8)-)#X]'F;Y+:!/]1;[ M6:87!\*]9Y2^QO.P2=7*4D%>32W M[_E!^-7^AET0-@TE:7U("I`I98'R5E:"2@;B0CS!L*6-+7O6YA[6 M*[3J@E()2*5CO,#),X"1IK5,0#X MC_J6G^AG_]!N<9M\N.I^W23N7B$=7RP=8 M0\>#N*GFRPUS15CI<>'3+?.66L;WS`5UP-%A<=>\#0Y?+IO;6^+S=7-Y4.G! MX=&5\Y96O5T,JP[MUP7'2D\A6\ST]_=\`H^9:;<9W@91B#`OYOB( M'.`/C-KYY^B-^30IB)]B'"[6:U*$+`WM%B0F\L#A9J"D+02[61@[0E$CU2=@ M#G?"69K^CAZ#/,IINE/\NL(YR]!(9X;\U_037;#ZQRZBKB(M2)=^L)BV"'X] MSDW]Z0_V;?*VB*N!(]DN=TLGH:,_R5L&V7,DLTWCO"UR)_@#&,,#K0;FQG<7(IX)"4JF:+R4H08I+88:=:ED^HM#>8A.@J\NE:MTU\ZI&H=H@_ M4/R2A%%>9-'CKL#A%3^H&UDU44"?@4FC_E0M29Q7LZ2$./CRS<3K$ZRB)"AS[\@"-)6#T]*#M&9\8HII! M_4IF3?DR>CLHP:TJ:V#J?>$4%,A5E2%T"L[!J=KNDD_!6$:<+H*;=@7MU M+E8HHY5TM]@X[.KN`J)GRC2C$XGU%2FL$T]A^^D7_O+V/Z M9+UBD+*3X'RLLE)/%B.5$,2EH%H,)W4N"'%)4&/7&S-4,Y9-82V%`ST,T"-Q><0FWXLP9/\(XNMDG68; M?B=-?"%FL!CW1&.MHQ2$E21TBMK"Z(^U/-02./>U&@7IS&!TQV08@W7DXVU7 M.R*CP:AN,=(P'TY-2SQ+.%T"Y.QK:UY$&WHI^"J(,GI?%B_7S;YTLRU[MF=K M!J+5+H@_!07]]=Z0PF9I$I#NYK#'""]5P^P]"G9ANVX;T<;9Q76V==KZM-`H M<((>]ZBE`ZJ4\(%.89S:<^E"YM*EQ*7H#,:CQGS]KQ:KKL>#.>E4-';,UI]3 MCS,L`0/1L/7Q[Q,.Z)_"12%0.[FCRF91\G1&KY48#BU3M0(XFDQD@A$H>7H3 M"L;V)_>J.104$I#2C<^R4<1:]6'$<.:XTFT+F=L6$K%AXBT'GFOHG M9C@1VT_931,3/'N*CS1$1B2:KIXH6:N1+]=741(DJX@N:X@*C`L-*7V$7#@2 M'ZZT"8(JZ:@4S[#4((6=):S;0*U&/&#I.3USX)=%SR]+(+^8TO!QAHUCGAU/ M-`)F'>GYJ;GTF70BODZZ6BW7OZ9I^"V*8T/F-)4"R).&*AJ%-Y-%;Z7W`IW& M=270!P:4 MMDL6!R[Q^Z/]T86*:U(7\/PKP33M0@3S7!0"D=$>ID:A-[;0:P!/XAR#H>T MW;&LW+$`=H<%31Y/D+BGR.$<(N;'@;Z>F!RKJ^1U6\,GD7:BX,C02D^3^*X$ MMH+7XSGBQ.8+C/=[-NAQ]SLFM4'8%Y"9O4>G)K'R./\93O`Z8O>XQJR&[<4! MDIFMKD8175V/**6RJQ!>+WQG<(/$"9Z3F__AX)KDAG*#B.@&>7=BLKO:%>1_ M/T5)M-EM;G"0X]M@;W'`Q*`^')WIE3,)6"X%E6(0DX,J01ZPU116@MIH2D?P MW>F8;%TUG<\=B MOR=!OG6T8PZR!;2`B:P\.!PB$M5BT+M2 MT'<^<$4'3!6A*)TU.9.\$%RFF?SU38,*D&QQH(U9 M2-75O""#`48X-,$<[3-WAG,P2[$AA*_8^HD!*[JY.6)-8B\.#NS6NII$G_C* MML?+E1F\(/:!WPL8_X/!,5L-)@8!EPUSK@.F.X^#/(_6$0X7^>(EB&+ZYZLT MNP\ZJ@ZF/DOY?G&AG?+#\="T@P)"$U5+IZ2I4]I6NZR??#FUI[1^6K3\1!^Y M0([]-(95CR^L/&#>841E2,4#>F1B;OZ,"]H8/;A:O=L%*/>]0T@V@['M#O MG,YI7+-HNZ;SKA[2QXYACQQ..@%M'.G\F3ET210)Z%X!O"!*- M^#_.,)EV\P\.A.OO\#;-RG'AB6IK1[!C&X%GVY$66,'G!-6ME=O1)PQ$Y=8T M;[+\`$;?.F]:166S'C'Q[(YK6*?O-4;-(J==@3C-EJ3?5,@!$?A$[*9@\REZ M">1=@]J2Y;K][,H=CFD&)YK-+V=GA\^"'(?5L9<'_%J<$:U^[X7P5%)=OIXP M3E4]O);KS@M(J!3,TD_FY;%T)KMU::=9IVK[D>+V+;Z(7TTU,:VEP$S=;54V&2_&2II4LD,M% M3+`'<[#I?2!9]<)XP'1"Y7LH.)X;#:4$P21HD&8FA3%47F36YVP M5IJG]DM.GP".GI)H':V"I/B2I(\TDQ!=P5TGVUV1W^`7''\T(QHHI>`X#,AB M$ZQU5:/I#PSR0:NS0#,U44M/U%84<4W1.Z8K^NC#B6!O^Z?7.\NU2:YS=89S ML]XI.\>7$<7;#CH"`#D>&8&'',&@"QD\,X_G9_@I2FAN`[KD2,)6$M(O24;* M$F7_B<.'X+4\S6ZXL3%=,_Z,N8-M&$8"=7-\2D(&&+1&'WS&P MD@3)UN9JFB&C(\_G.P73FMXWW.^+!)YVNW.ZLT>[D-$LG3DQ:=VOGG&X(Y/A M:SI_YLTEX7_L@CA:L_SXJQ5_S,.(N*REP9&7K:HFD5S)1-?7Y*=:+AO6&\FH M$NT!CTWOA<8'Y/\U+EC`N,"4T_R/!L?T-I07!!0WR+=3TQP]LG"'MR1^GFD* MG(R>4=V,F*(-$0A(=O;:&D4X.P#4R$6E8)]G;K.X0NH(OV=R1Q(6KJEO.%>( MV&^@CZT)J.Z+' M_@J'.*-C1UG[+BCP0WIP:I_\(M[17='KS9;8N%Q?YO0`?Y0_D]^1$LT3*GLR M"?_[!T.Z/UJS`$>:8_69$3MQXQCO4!HJ[6/TU%A(?Q1F)J,T47WNJ`REURLK M4U%M*RJ-;(O;0:)%%*V(M*_+NTF(5"765QY5Z#P1(C@,RB;8Y)`VXCV-CG*,ED6[ M3J'KK'NT0/.[91H>]31HO*)1`XZQ9E&=WYV0:)EIH/5=;&(ZM6O`-V*UTGX4 M6K(RV4?4-'5T;#NQMV2\6^5%:7_3/DX*/L;P\H*7!]&6,4/;=\L<7-W6:.Q[ MJ$,$`G.QG;;&X!`D%?+Z`-4CK%$M#Q1K\Q%TP_/N'T,;+$KGM.,W@9E!W)--Q!L MI7E`P(:J6D*"2.V=/&P$\P/?7FP"3.Z$%HOV7+`$<($U9?H:#%!4:,D**MZS M<>W$)/=;D&6$;NE7+YR]C)IUVHF"HS&P1\`8G9.W1J!L/1TW.!P\4+SH(GO,CSW8;O97[)<7B59DU&IW6YR=E* MRDJS.\7!ZO?[U7/*\M>S;8&,S#B3IT]I2+K%C/L<*0'(FFXL-()03I>>,QPQ?W>Q;ZKD"U753OB6VW[^1T44?#Z))F^``*?O$)EJI<-+ M*0%=E)>TSC"B4LC/>\3DL(,T5!+4VT(369JC+1=Q@L+R:M$C)K^+0M@'A6SC ML_MVD)5S)ATLRY>(/N3%)[QYQ'W\J,M"#8]]10S0P9YH(1705UX%:#@9H;M6M4#?$\[Z@ M[B#49:CK&CD'ZGXJGHU1UY0%1EVMB&G?DPI^H,Y>V\1KEJK.R4@YHJM94P#NNOM#30 M#,DWA)(KG@SG1@8$^##KGNRPC(#"DQ:HTX#!3JF`<(65Y/X85 M,^6KX<2G,:07)ZK!HVVD#R%./S=5WWOM/J::2`"$@D(M8WBP[ZGU803?OJ:. MMQ2%]9$1]CFU^M$G;!D$J`IO.N?X@L'EFK[2EXW`H$P",`8E:MEA<+E&7(K7 M(!QJ:O=,0[I&&1/C&PHU(:I#H&SYUSO/K^*7UY M'^*(3YO)/_JS9?*K6J6K*%\%\2W.HC2\(K_K[XNJRSJ8`2L5T(46KX!X#<2J MN`6+"^WGCG^C<*&QKC?6=5S3:;!95#KGL/591U^QQ`J(.G^JFQS2`NQXC"?)6PT9W]#"2Y0Q)]G4Y[/&JW[ M"\X>4Q?:HW>?TP*C#S]\!_D%11GP[6\E\$W>L&=9W?I<9QD%<41_[)7 ME$_SUD_U=@K+NG4"R2ZA-%Y=6;Q6D@^>O^Y*1XNB?BB[>3J[5P<(HK,YY\OW M]RBOC2WG?87"6&>XG@X8'0:8R)-P7+%<7[ZNGDD?8JK,,J%W`1=)2/]S^8]= M]!+$-'^W,I`,13A'OYE>2IC3\ZB5$`[R9<)NH+)#J>P?+5&0:)["V'2-<&5L M1HWE_\X18;,5M96>AV'_P&JCW:+:+H0/X6OA.DB<7I'0*9[_8Q=D)"0N7ZA. M!U_/)*&AK`J`2Y4^6CSRRJBLC7AUP*^TTQF7#C7.-=Y,0E&$,ZUK)CFW>KG9 MQND>XS.C*NY/J5JH),LI,J:J*J*6CF79P>+B`2.VB#U\5,@ MJYR<-+5`4WW`U-0?,\/]@9Z*M^LO7L4?F#-]!L4.J^D-NKVT8RBHYS`&&,L= MJ!C@N''!I!B^(,TD]&GGI,BBQUW]G*D\I9AA32A$J]72Q5!9&[6KET_=PF0? M.VZSS/`^EVW@J#<#UP'X#?P!LBPNU2N??K^)@LTR/U=CI00H0XSCK+'B-O``)FWN/PGP+LC!_2(L@;O_]/,V+SVGQG[B@6]U/"7W641,/T[<' M`-/)C=#!NVRP.6[(1I;6N_=UHXBWBEBSW3*T85*P0*1IU+0-RP^N7,G]L4NR MNB!:M9VSHL[)2A8M4E*R]"<[J73ZR%S>J1$PG7R@I-DP+**R>3ILTM7#?9&N M?K\E(?M,]*-S%/VR058%:KT@T4?+$[0:JNJQ^2;P"N%8##%;$TQG#?@J0`.2 M@^F_RO1IT)L\D?4%SNB+<7*\'A1RCM"^!K+.;\I!0=`W3348LU<7#D2R6&U@ M([1F_DM?+($#65^(]KP/_^[HVE>G46FW\C(P.[U3:NGB^I>PFZO[7X>&.(J[ M_3EASHR^CAWBU_\'[V5./BCG,@[[C:MZ>H_*PHB51J0X4%S.H+6S.)6%12=> MA08ZB]MTLTD3-L5A"YM\N2MRF@^'T+>\1U25W$:T0A--H+":Y025UT6MRF#! M/HE!)X86.02"09SU4*'SA#.(\`W+.[Q-LX(TSDZQBG)^*(N[A850!TW\\#JH MKL0/;0/DLW%C@\/85P90+^KE5KN*=V$RT8,_.XUG9?[*LN]ATFU.IZ.[>#S, MIBFTPE6\744QSLZ#`C^EF7SBW"WE-/HZ3:L[F!5%55FH4)Q487=Q*0R$;G@> M6N8J2F]WCW&TNHK3H/]=75S&:82V&E9W-R^(6$FHZ)Q,67>1*>C\;ESV;7(5 ME7?X*:)I2I/B<["1[GKUBSF-S6[;ZAYORB):&"I")U;979R*PZ$;J@+C7$7K MW])XEQ1!QFEWN4/_<@N?_WWR_M>5[3^X"!FF]9DO8SN MW8:B5J/[V\7U9X@8.^PR&E`]?:1VU/K)H8[5.$*^':$5V(IU7A3K0,\*4CB4+1Y9H#OP,,^?3Y0+NW(\9 M'II30`8F@DQC7EG0$%G+C?:E1!D(<7>8Z+G'!4ZY[2)[+NVF4X7"9W>+7+ MZ'E&4N!S2B]2\!]I^F)M!IIIVW!(%I,J+D$+;0.Q1A!OA0W0[:M\54,T[53= M%"O5;HSE(?D@S M>XR0YGJ!,ES5J9%1`@$B8\B,3K#CU/E]H%X4'5$T.%EQC:>%>C$VTK4>3,VD M2FJR6EN+@9M@:74SQKL:W]#IL21%MV+7FEH\.D>[1G,HSI+TGZF./LA?+/=;+=%=ULPI8+KM&M^,<(IJI/0ACMQA!KK9_FV[M5 MU^Q^.SEPW"&KG$S@.<]8R!:8`TC*JHN.E\-$J[571O[D#*:[T.?!ENIM_KUNJ%@()ANHJYZZ2L&(24:5:%3+ M1K5P5$GW:3TXEU].)(XY&><9YRPS$CI"6AGCV8M4;S)^4S47&WK6,%^\ M1GK^L!0'PAMV.AKPQ5Y&&:TD\%0J*L6BKU0P.$],[(<3]"ASQ,D`3[CGA6%0 M$//!`-]ZR`-&6S:JJO[@VW"318YE/W9.QABG`*A7VQP&L6@!.D\V)B3*F>XX MZ*I[!#3S/0(5V+Q9^(^U4H$ZG]%FM)HV\0TPZNI__C7"&?'/\YYM>9A-9E65 M81"GT,@(;ZV?:@F(;P)Y,BD=8^%)RRBO9I8&42@!F,X=P/`J=]+HZO8JP__8 MX62U-\.6M"8,L&3J&*&J51G5M7T!U'#+'NTM`\"6+@0EP%*Z!115PF6B\NZY M454(7"GTT8>?=,\`]*[Z)+8I-D0\N,UN$XE"=.E<`PHO_NF+C:(?A!>;36I` M@.E0#3V&RN]\?(;W`>C^[W!+2KV]`(,\;H08D-CH2^A_M`[]CWZ$_L=!H?_1 MP]!76U+J[5OH?[0+_8^^A+YHNF3_F4R,,.QE@F7,0 MZ2-0"":-6WP!57ZX46$-+[D,8*!)%;."7"[>??,/?L/-[0`Q/[$W&!*5VA#6 MX5/M-V^06I]Y,YL"JJI"X[*GCR4)/BRZ11WP! MU6]1\7QP>C3O'A_MGC5E)U%_)>1PD^;Y=;**=R$.KY-E\8PSFCLFP\\XR:,7 M(FJ5'J2YAM4%&/:S&V@WDZ;J"$]7]XYU]X]H,Z40U0I1M5"E%_D'8IJACFJ( MZ^8/14%U0_.X0A._3[&WRE0B",]'6@=N/G+V8F/FCE3=SG'S%Q+@D*B9O%H+:XBQ* MP\LD=$12*M==L@=TJU/8,YI[7P19X8'!9_@I2A*-S4?(OAT*F8EV&[^"\NUR M728N7/UC%V7Z%0@&["NAI[)EG>N@J@,\7;(QX8690.8X09FN06&"<[3) M`D@(&Z'5(/&/0YP%,=\R>@A>+U]I%G5T$N M$6.MG2P.N:!R(J MQ2;-BNB?HL10)((0DX0:4(UW]#;TJ\<\0=$B4"()Z@]U&P@8EN"JCFO?V@UME:$ MU+:%6&ZA#RB5!ZTI0B6>\@R=OV9I+MU@TE7S`X%,EV&88U6]`YG*H`-8T42Y MJS07?H/W`$B=^#*$3F._9V#Y%/Q7FIW'Q/&?@PU6W_ZQE.('E$2J#4,6DX28 M*$1E05\"FM#F4XG-)W9&>P!.53P;8E7J/<^@^R7'ZUU\$ZWQI^`UVNPV]H%R M*,(/T![H-0RQ7`RB(7N))2?:4#OH@3M<9#EL%GB!T2O M(4K%?O,7HJ306(B6(KR#*-=K`HAR03Y#5&FJ"**\PM%#M!N]]A!M^0T&HODJ MB&^9WZ7]WRKB%&)-NU((T2*(EX%"AZF6_TDB&C:>#[NZ&Z\]2Z9Y&CLJ$ISG MPLO9@@+.'[!NMR[M/U9FWFO5(B3XI:'F[6=S->'>8Q;%8O/$\H$%((2<9CAZ M2LYW649SH[!3\\&*AF]U-_$,KTF9A^!5QD@6$ES2N;E:LO#A$E`E`K5DM"X> MP\`V M@[*)HP!Q/<'%#GM![I$\P0V',G2/Y&*'`[./X6+'X"`7@/LH+G98JZJ[V#%< MH-!^<1%SMDF\IIMF&R[Y\#$@>*S65A0>>; MS"(MY`'#RR)>&&K7V5N5-=O0(_2&VY=6A7.S/RTU#62HW&5)5.PR3";H5]$K M_9?Z?*FTO,N!3J:$+$*J\FR16=4`/4EJ:<%RO8Y6&*UK0P)B"/['+MI2Q@(= ME70!U!ETE&;[$O_J#-3R"L`(4).D&`+`*:9MK3@N&"@R2:L-AP$"T^?P!@0] M[W`5O4@O`&GK.86%1ADI.C@T!-=YV'D/1.M"862828*S6C@OHDWKSEW>N=6# MRM-::"VQU1V4#".QBR@3-_D'+!(P@SJ>UO,&6*2IP<`B=7T$EMRD$<"2V.H' ML%J1:`ZLRDW>`6N9#!JP:#5?8$5T&8HJ4M5#4,D-&HZI5&RI%Y!JQ:`QHBH? M>0>H!]+2($CQBKZ`BFDS%%:LLH?`4ADU'%J%S%HOP-6)1V-X-9[R#V#?TD%] M3ZIY`ZYOZ6!H?4M]!);4H!&P$EOJ!ZB:'5.DC"$!5)\26"7U-8;F^3EY( M+[`\29+N5M5P"".%&I*`:XXT+A/VN@A-4MNJ!G2\T=Z0N^HL(SVZ^/X=.U+\ M'9G'H4V0_8X+EBP\IPF0HR*"/=EH$%UME.ANEBIZB!> M"?0R]``[6-$\DA[V=1W:JN@1A;O45%`()`"-=*OAH!P`NNK&=>CY M2DLB5A3H--#D*KN._X.`$,5WUSK(^&W=QR*@NR7]^1SD>+%:I3MZ^/MI$?[7 M3K.9-D`2``8LU-.%7$L4&V\J8:B1AEKB8($TWFZ:@#ZN]NOICD)E[C:CY_"" MF(4IN_+!]AC6:[QBSVL>W%,N&EU\@.J`V!>!V=;#('"GYVMOLW0=2??Y6B5< MPK-I5@8[6@+Q(D!0,M1Q.Z..NEN.XW5TAK[#4.R@JF?()'>,KC?;8%4LFXM. MW:<6^]>@[H("7T2$QPAM%?3EC?5BNXWW%,M)6CSC[+X(BAUI?%\6[G6*FS9= MWWR:VR#9*HT6S<0NTV?(,$E12H2M14X0=$:53J@4@E4:U%7/KW^V\1(?*\]G$MC;1`_Y[A;9K1%B/>;X4X>9:3VW"NB+>^ M6.>DUUV,29([N8NBUJACQ!Q#U.0J>#9B36W?F`%,G52"(+_AU!X='^6PYM;U MRE%.D==@H7#[T0Y\SJ/^![4S MRNB`L,PNHGR;YD&\7-^DR1/+V]W^;*#+S#9(E,-=DR'Z*7#*1:%EABIA]%04 M%5=FM.]\-/,@&=N$]M-*IVTK(?=&QH1P>Q-EL']`<,OH9<%&B7Q1%%GTN&,G M0!_2.T;CA&LNR>R\V#?/GNIR-8V3Z1+)8Q25?A=F8UXI%+6EHH<4U7(1%]QZ M!A@^:=,<_OA,5@D9C5[0S$V3A'D'Y*-=!8=V>HKSBKA'E&**)UVN)QTX_Q0E M:4;,N$Y(^."\8*<#VE+HT<]B_PD7SVFH/_WO4@/G3.+$+#7OL-/5M+8D+UR9 MT[U93Q':J31!E2KE09Z>0*X/X@I-=_%A'%EYX/)'[M)FL2.^,S'_9ZAC\XA; M\G?*>H=#A;MN@1M8Z&H44T6,)HB'I9T3]H$*ZKBNBWLR4YM)?;>XE`;-(8;$ M]L+%.\'J8D<@2*&Z>(W4^C!J*OGP37*,*3[L3JD# M2`@!F:G3')!K-J-D='S01*&/3Z_#,;^0DM7S76G&Z:26TW1X$4(=V< MUY%9"#JVX/PVB&2Y%_JE($80WK1)*-!RP&.$4MGS(']&6_)W%/(T$/1$6YD\ M.//LD\9!9`C'B9:Y4P\-HJF^N`S@D&`V+:8L->.$WF0D\$)1XP%@"FU=\_[! MND)N%"C?=T^#ZOBL5QJ"_[LJZ!D-_++;6GAYW+A*)>#`#B4!$.!`(S M/8IRHV_&\EKP46_V$59TU<&/K\D##:*`V&;I2Y33"QWO'LM[,W]![SZG!4:_ M?.*!%D,.LP8(_%\B&FN#)GIO)'3"5B:"1;I>20=>#EM(@<&*GHAY& M`_*T`,-L$@]4=C8[X(=95&:QD\QL'U,(2XU-=$Y`PS`LY*(* MAV1!%(MOT=M%T<`VX*ENF.+6!*C8UUH4J&Q+GLK#*VZ\.)A_0ZCF,,2'>$GSVBXB5-1Z)/6&Q:&YX^ M^RI9$R,3`)^+>)QYK-@)2C!HVE++F#,`G=!\W^!4_RIY,KIT8"+"$V#U]1J( MKI88?KS,/XP96LKM:26IQ#F*<9[3$9).OE\PS_"]RG`8`2?*&1"RII`4>LLC M7+(KJ(LDO"$MQZV#(W:!(94"CTZ9:M8`98)8)@DFJI-RPBN46EK,[3J+^?][&\L'[^'8-7%L0%>E7[S"+(/[=LBD2U4#VK#0[2ODC4T'SJW@"1O MO(+AT="\SP1MJV?R&_:P\XX`(2OH\YOL/$J:@[^#9AF-!H`3.L8OH)7?]^PQ M5E?T`EZ5-H.0554&>L!VL%4/0?0MX/CI'3;Q$T;]6#-#4,<)0.#)<)#C"\S_ M>YV4K]7DM\%>?7564\\M=-3*R)'#RJ.J(ID65B\WT;LAK"[8:#3(I%K[K5Q[ MAV`QBZT>5@P,]PLJ!-8X>AF$EE95+P#3Z#,(,TUUN/%FJ&6U$9G2"'CT'(:; M&8!Z'O`&0]D.AZT5VX"!1R(!&E%BM2R!185T,V3Z-S#9&II6MQ:]':;4,:G% MF\(A?L#N`J]QEN'P_#G(GE2[$)IZH!#K*6,#K*HJ*NMZ,UR9V52KOTIS\.UW ML]!28T9DME](N<,O.-F9#TO]>EX@I51F$%+*NKX,.V8FU=IGCCIV1-]&*'1Q;8_`S M\'81J`:6R@F^`(Q`GK2F_&ZDJ`,,I%H1._#4U3R"B]X4I=:0"#D((1TJNK;Z M@80R77WR=!YLHR*(]??U306`8D2FE0U@:AFH%.+#C?YQ=IZS+ZOT]!%*:^L" M/I328TAQ%#Q&<520&*T//@2K?^RB/&)?7J%?^[$,7C4@E;[S!)WT\%2MYTW3 M.^8!(I4`BT^96E8`98?K&IBVQ'B#3TL[N4DK/F%BD$S2Y+3Z.58;"`A$79QJ MD*CTDA]0O,TPS1]7+1K+4_V+).1GCAF'&H>%D3!0@)IH:(/54EZS"U+=*J)' M"X,_(HO/ZJF+&2F`&'+'&`J3$DL!\,+2PM M37S.TA"QO#R]QS'9[\Z(VN%ML&=/.649[1C-G;&Q@ETC;I2V*DQRP8A+YCFM M#A^99;]&3#PJY:-V`X!SWCD<<\D.V=,5:!C%.WI5!N68#)]L8HA.$=YLXW2/ MZ7OWZ>KWTT?FE^!;D(7PP^HD>#F@A_%>AB&0$*^C)"HP>RB[W/->/&580P^: M:D[!K]9%"NVJ6OGF>[7?W]2$PNP@>RKU@[J@!U=(S8*KBR4#ZV&0PM\%+:?+ MTL[KEG**@T[3TK`OWQN^E"?4':[FG[F:Y6Q2'>56VBK2_SJ9_YHHNXA9^!$J MB0S4=@="8=QV,7=H'B3$E`\OM(H`@$OYY$+9Z9#/+6BUU+VUP`7X$+#R1Q9Z M1DZ4@91_`-RWGOAA$S=)?D+#2NZSD&HTTGS)W;??F'J8[0"N"&HSZ0^8?'$2 MBX`^)]B!HI5UU,1:F,&EU.R*S"[S9QS^FJ:A?'TC+.QTP!%IH(W^JC1BQ:%& M(0O5:X6?9`J[&W=4`=(=@:0&@D;V9RP_&=(J`A'%I%UM['X6KU8=!JQ>R^KL M!=3K*>;NK(^($$UP]@+]4?HP1(6(J@P#Q9%I9FI)<0A\F:9UKK#F46+J01:` M'[)0AXHPMOW)2UTJ=!=\^Q20'HJ"6#L1ZI2%B/"V`MKP)H5171HXL`T4UZKK M/*Y%H2$,Z@/K0"/Z;T&\8VOC.S[H?<*;1]Q_/L2T%D24BU71QGM=#97UT%=> M$YK5!]I3SEF\@((ZIH2@4%CM%3RTK']8P0=0Z/G_``]P)]<&VZ#2'!P$ZD%! M;"QHZ/^69K_3HV_I"N?:L.\6A@CYC@;:4*&E^3E.5AZ8\TUTIV5.H^1T*]?8 M>8P+0T08WX<63OL-XK@X(4VM(Y`DUD0S]@A=612?Y>./\W M34Q(_K8*LFS/KM)L:((8*BUJ-DF><$(SA\9[%+1/=%%5'DES.%]A$D%4[B;( M?J?Y#],DY/=MO@?Z-&+EVA9)T&J(UF/'NIN:D!]%K&RYK9\\I=\J>?\0D^CY M[3Q.OYUNR)])/U>]Z\67$S64#[^;*!P"-7[R=.T\T4OU\54Q!@B+.QY#13HH M`,*+5_F'KA4?P=T,HQ;J"PZ=\#S)<"^;6+I?J[7+B8`JUOM3`:F5DTT&RH<2 MSN,@SZ-UA,.S/EDNPZ+V"4:(@)@\#]-0".T>- M./2X1RV!J)*(J$CTE0KEKQK,LW.B'-UGM_T,U';]E,#OSGT]4`D]54-:/)4[*4PZ[VD)P>^LDD1WD0 M=O5CK*O)J8'!(D%64?9Z3HATZ".<,[ICL4FS(OHGO=E+-[GH+L9E7D0;MIB[ M"J*,?<7`=+_J$]MZ8JZXKV_9G-_.=ZL\W2 M%WX[]=KVJ4D9VNYA.3]C#@O0?[5J(57.[^CP6`]1KR:%6T/^+ M6A7`EH,F(*C7?5IK(4:X&_JAF'UIH\D;U%>[Q64=CF-"!62!PKZ`\^^\+'O) M+->]3<$SG>/7]4_KR/L01#V?RCWX4DU^1MI]( MDTE!5D""A8:HA(.(%30KC=,G&IRL&,BZ8G)5YXY.1:?3F)39`\*N3:Y(@HY[ MF@GH.8U#TA67_]@1Y61LH:OFDG,UNDB3L=35&`FW*R)>$^8&V4!['JC<=H93 M?NBF5?W?$)::Y8RP#>.MP]TF#O$1/)IA[ M<2&+[[9]P*&L?IY(4!`FD'5O\301,S,AV5^EV1=B;E8$4?(0 MO-ZFY8LOGXD3C.C=1`(`/@S4T@!FCX@(5,N@;P>C6@IJQ,!":+B=7Y(,K]*G MA)T3*8AQCSC!ZX@E=VW>'O$!919!*H*=J8NF^7J7)D\/.-NT3I<(OV=K"CO_ M;B?31`824A[1"JA]]&K6S];R3W;^ZZ[Y6F=I@)I[W'R?TX5Y\W%.:1S$V/8`Z-@5DS5#21<7@Y=-ZOY/I5Q0@C6N](OON<%AA]_`YVF:&-I.YZ0VVZ+V#0?CK4 M5`*&A/;#F1@5T!\$QYIR!-A0?^XS<(`O".'I^BTZLJP`C`RNA14J>!5_$&%O M@F\@Z,:.#@`M>WT)?ET:$W4=8`CH,F^(40"?9&0R6WR#@S+%A]YJ&%"\1IO= M1O/]K5W&:="W&I8&!BL#_DW-6%/8H!7T=C=(^W:`!&64Z(.R4\9E4+8;EG4U M+P,=E.::@@:EJ+<[07E@!TA0IEGQ%#SALV#U.PX;#E='J;J2R[!5:B*+CK(2 MXK4ZTPC8T!YCS>DCMR;W8R)A%%<=/.B-AP#(YV"#E^O.AVB>8T?2A_+R#F$A M54)VW)&41TN:JJY]3D"936A^-`PR(K4RPA4:M$'4!H+:[DF^8WT.7J*G-%G\ M*O^&U2_B^OM5KWUIG[-2:/$KT')U=1$B2K*'E:K(KHA0UA,H(S%^!R[##62A8_N$!4 M`JI$T"2Q5`A]Y*H6@QHY,)=!)[%S1>WP!#[2N;0N4MCD;=:P#M#,,V?G' M;P1J+IX.$.0E(C5W/*V1"7Z-=3+3KP38!+W?.CQVAX$4_#ZL1%5^:6G$<"D2 M``].@59#0%F+\76XM+.S,UQ&M6U>#Y>*`#5`HLP_?B-PV'"I$N0E(L<,ER)D M^CIP.`ZFOP^5RB[-@S'`I$@`/3H%60T!9B_%UN+2SDPV7 MV\K.QSU*:_N\'C(506J`1IF/_$;AL"%3):*);QBW$FH85Z"F?,;X!2R!AJNB,#Q6;C*[0.AH\IFRD MY6Y#@91F[%7TQR"/5BP501C%._J46%);@0CB4/X<9!B=MGX-S#"'@.N11\\# MTWR^3)/+S39.]QA?1!E>D7KY+7&KXFNFNH;SCYM*=>0YB5!5"]753A"M"/7U M3B/J%%WEYEZ.\3`EY_#1K MNG+HG_6Q%^W(.H$![\HJWYT@ED@7=(C215%GN%(:[Q4(=,M-;3T?0*%;3,K! M`;]L'&C3LG@FT[AR1O>N?"?I.]AUHFF,&4%EQ"I0.MLKS*OX M\V,2$)C68`Q1S<)!.@B1Y-"4Q2U M)H9&SH`8%^OMIY)U9-L]A^4\/JIN3E82$!$!C(Q!]OG#\F;Q)H2- M@>4>0TF=!\M2B'_`4B>:LL$7;!*M2!3JWI)(A^.@IX'D;K('SV'.(W0+^ET\"SDN,E.$OEIH+FM_0X@*DV MFX3.Q^.`92]&AX&R[0R/(?GPC#, MP?(P3@?`LN<26%BF>7X>9-E^G6;?@BS4#XD'%4"`UM="CRA2`W6J0,/&T`1Z MJK\Y%!93,]Y]7MY\AU8Z8]QC1Q9,8I`('3#)`2IY&Y>OVRACYY7HN"@Z$&-< MU_5A*E/%!D#A!#4BV"3/[;FJ&2US8ICZA-5(Z\SP?X)P8V@8%'!/[]ABKSY\ M9>4GD$&3GF1=K%;9#H?5._#:=WHTE5P.GDI-E*=WRUJH50WX8^-P6X+2%JPX M>>9LY#2*J,[HJ3<<#!KGZ6:;X6?BU>@%\Z,Z5VF&HZ>$J[?:/V1!DM.+_&FR M2$+V4\QPO0C_:\K`)B58 M.NU7I]Q*#5"E`FKIP%[(;FF!&C40'$Z!5'_\3A7],X)/.@7X,HH7.A9=+D!E]D44[^=,'> MN.6&569:!O?HYCS@PK$VV'-?TR(JFT2T3;[R6";MS/IENX@W7%%>0X)^<=U, MKFS1?X8)0(G?BA3M&B\^D6;(BH:N:W#^':(4^!)$,7U?YY3,_T_SH/..W`E+ M!)"NJPME!1E,\'J-5T5.?_ONOWW\Y<_?T5Q[%'PGZ+]]_.E/Y4\_L"P#_^V7 M/_["?_'#GWUDV*E(P(11)^GRM\"@[LCSR'D3AC+?#%>ZI,F&']\2S3EB.'!R MN\"/A>'31/+RKHE&I(22+F@%?]XB&F0#.+A4D7(`$:EU8(%^G13$IQ&AL05A MMB(G$30'(2^S%BSB M6[NVVD?-%15<1[U0"V7[FMTWQ@IVVP![O^ M;S*8Y&'$-N+DV>B4Y9U_2%WB(,@T!D'S M=5MG*]B`9)MV3E/)]-3501F[V[(HY.!CH>ZM$W4-1AHCG3^E>5%[&'9H$4=O=T01V#0- M?'9%F*:9`CB=`LXATVY=%GV\#!1*?-%0`PQS->'`((K%!@8'%DP%@#P*\9P$V(A M4]VNN4JS.[PEO?H\3_$0_6DYN5F5'ND8%/;6UR_8DCIE!N7)4;34`',ITT8'R M(45E1=341*PJ+$8M#:I*H8#6RB.V+7V"@J>GC($,!9MTE]#WB]@#ASX`11=U M(M0HO>(9A-@91?J,6_D7'<\9B?`#6@=Z#8-9>1"9O5U82?(.=::V-F^'P@^9 M(\Q8=/BC/.G,[`H4/>0!=TCA9L@C8@=YP2G]`R2FO7]0#Y(]^LI84,;!\25? MX&5J4VL-Z=51)N-(4V)(Z`4O@/,IR'['!3VAW!PY-.U;85U(`(D4L@!14[UU MWM47(-G8U@+3IK$I5]H$!BA5!"I!)?6(%\"ZS>C'\V)/GRPL%DEX27Z[W"JA MI_8."/[HC1)VRYA_<4_S(L,%495J=883O(Z*_"+*5W&:[S+\@%^+LUCQQ6&H M.)?8'*BC+(*Y.`;'\DQ(1R*J1*)&)OI*I2(F%NA"R,1>J%_-+:LRCH(=,$=& M=@?(8YP%"&OU6<=>(?<05)__JX`%>G+12-,+TO\)#A&)RB*+'G?LZ/&6%#GQ M(A&/.!@$\3WY.<5;3/J#K.&>\'+-'ANZPR\XV>'\;'^^RXMT(SYQ8E+-]=D3 M`YVD<5S59%]Z:5V4E95/T.,>KY.TEO'N:Y_G!Q>L8!1?8S%U!-3X7R=9IN`F+%@2>WDI\ED10'P+-)#'AU5 M:<2+`QTC\UMM+3A'Z0Z)/U5XMS$G-1!D%IAF+&E4<15$V=^">(?K?S235>7] M>QL)+N>/YFK)HHM+0(L"T:J(U6W_L[U8`[VY/][6QBK06:A],':FJ)9N`,%; MANDGVG(:7:T6^:<+=2)5DYHN\:571X8K7K-:M+5V1(6C%QRBD&>\(E&%]CC($(W:=HZ[3&Z= M.^CHXZR+&8U/P,&2YSLZ$5VN[Y\#$A9?DI#F"Z%K0M(G!.3LUV=!CD.:6XH@ MGRV5V+:M21R,$0\%PA$ZFP&V;(!NB_`F$&L#U8VP\9#]";%V4+LA^9ZY8XQ/ M[Z?:,[*[#NW,'#7(JG].T:*[#;L5SENZ>GLN?ZAML]!O1 M6R`X)8;G8#UY%T%3X7T04]T_!04]6K5?KFU."EK+`:(L(^6,:(A*8D13R:)\ M-,.!PBDX98S5=SC$&Q:F?IXN'!K!,G";^\H'P"[7UL<.+20`@E2AECD\"2+G M.WHX%3!'6,J&;I9CVL\SB/;!JD*ESE'3?!#FF7L^*+X#=TLX__S;:5X>(;00 M^@#UL=*+8J]%7=+GRT^FC"OJZ+6I71 M5UH=L?I0!X"@3'.XP#$.P][*QLPQGF'K@5*3?6?S:GY@BNDR+.A85?^@-(M% M'B"H$VR&Z&E\`8B<97;/1_3%:Z09A;I%W2.DT[XFAI89*@NCK[0X+!(L-.=' MWNZK699<><=!+XP30:`?F@H8W#G]O%6Z\B+=!%%_::$O[S[,#Y7011SD>;2.<*@[*&U6 MVSTZ="IIQH6J.BKKHT;`K&>FM^Q-R,LD-`#/0!.)<'I"Y"R(Z>?^&:VX+X*L MF,^.,_P4)%NE.?2I=2M"$+";D2O\X;HJ+8A5_]:5 MP)FMTL26T*IZ4*EJAAC#[D2$4;'+P,]G&`22'AH=43# MZ#."THT/9Q'%JGW&BN_L\BH^0(CH,00\I)IGF)$;/ MV4-YOJ*G'WBF*.IXPBLTW:9QM-H;;+&;5?,5KK[D>+V+:8:2!;U"_J0X?F@J MP`>4'6@U!&Q<"$O?@DHQGD'.U,S+O(@V+-OLCMM$MRK\W*.0!J01U,0.\11Q MGX+7:+/KG^\8(,`OQ)5:C45<*<9;Q*G-%"/N!&WD5GD$O5YD6D*O[1E?H1ERKT=#C8OR%GM),*?3D5OD$O6YDVD*OY9FISB.^1.53L'=XE9)1 M=7^59A?I[K$@;2Y6JW1W>+/+JBK`N443O63'Q#?TKRRM_S.NG\+A)^ZJQW)0 MFM&W0)ADM'H.LB?Z7>B)+`#R@OZM2!'M2:8A"4PJ*%VOF;1;ER6%I]=]OS@=N@SUPLR M$>8X[SD9D$315X\Z!_I/%_"*S,F=OX,$O#K-+^^R'P$"WD@O\(`?[#UW`2_+ M@'R@_W0!_U$3\!\A`_ZC09=]!`AX([W``WZP]]P%_$=5P'^<)>`5Z;X[?P<) M>'5N:MYE/P$$O)%>X`$_V'ON`EZ6MOM`_^D"_F=-P/\,&?`_&W39SP`!;Z07 M>,`/]IZ[@/]9%?`_SQ+POV@"_A?(@/_%H,M^`0AX([W``WZP]]P%_"^J@/]E MEH#_HR;@_P@9\'\TZ+(_`@2\D5[@`3_8>^X"_H^J@/_CX("?Y@,`4T*15Z+Y MN\-M_+I19;=")H$8JZ&K[?2#[FWOF'>-`(L^(3F+2KB.0`-J@:$_:RT].,HL MZ.J#6(3FPN8X@MEE-$4%E[$JU4+Z(')=P9_[9=96/&1!B.N3#JBI#QKEVA#J M!+W:YFDFP)B^ZA[O>4[%TEU1\G2;I0GYYPJSI,3J>!\AR/F4>HB6"IQ0664F M4=1(0UUQZ&L)H[E1))^Q@Y@-3AYPML,M*<;@N5E[#/;95*14/A2P8DA>KN]P M$64XO'\.2(`\I`_TB.`NV_.?);UN)0*`B&STD\=C1PH]3%G*0;PB/6#HP\2&6C]G,'._9J6Y>=VO165N+C77%><,@6N;;:Q]-A7/$-.B M."J;O5RO\:J(7O!ULDHW^"%XO2/]?"/);#9(!`#/V.@GC\>6%!J-M1S$!2$B M"5%1\R=!4U'-]+8N06W53FT\ZUQ7?#,$MFV^L7:;0[X1/4)K7=U/GE$]Y6H5 MAC,^53N27BQ,5%,+Q&N\?G6E1V1R\%;O($]-1"(AD9T7Y61)LRDC*>N>'L2* M2`.H4WS^+00%Z/U67`?E,=H#8E(=XBT`*NR;"&U/1/`=WJ89?^VIOC-RMN=_ M$WP=M:GI'HDF:DD"I/72"R'U;9:N(W9/E/R.7@^E^4K+M*+L@AX.5L]DW4J; M8GCFC=^\>N-7+M/Q%*O_EK?JY<14OM7MG%_, M'=E`K8(62-:U>?5V1`H*M+4X0&8CS*&$'!/[GA=)>(%?<)RR/!N7/+V#]%NZ MJH[3HPD*1:1AP^NP]`:M6JBL!G4\880E=(X3MBR1OOL]VHX7G#VF#BW!\CYQ M=^3"`"#=4Q/;CHS?<1*Y^)/W@^L8$=VQ+@$7X:K48@"352 M_`25C94,7N\^IV0U_1-HWA_[B+0!6L\E$VW=M-N\"J+L;S3C7+.#*EX_ZRJY MW]+1:&0&E1-$JR)6M_5>N.M=E4EL<6B*;K=EM#T4X(#[+880:>V]F%@,.V3> M%^GJ]R])5.1W]U_4EY>4=4`&1H$B^B!BE1"KA>[0/?H"?>]I.G/>D7JY)R.? M(K#$@YW,>C!\[%;%+HN2IW.ZP:7JO&Y!UTCHM*Z*EZH@.I]MQ\XLV.TUENXQ M.HUK84`!+_`ZV@5R1=#VHI.(URG MC31^>$54U42MJJBL"X6!L3;ALB8L(DP#K(L0(]N]0`Q-RKW-(L'=":,JD"AI MZ6&.CU8E3X!A848%"10E(0DD,HW`\1YES3R)1B\*(_KSXXY]6R]2E-,YQW,: MAT0UK\`DB#TEC/J>\@%`FM6$L#`@:#03[CYL9.]+&DW\HM>Z>(W@2N?R7>`C>IZ/ZCB8%6YA%_ M@GAU?KN__K7KCR>3VE29M)S?)-U'E.%VU2->QH6T*@OY4UN`7U7=8ZJN,S1U0>J@2B6B([ M`T1E(B84<:F`B2'F]L-:XH>@],.IE1\4TY)0]S@LU:1[][A"]:J*9DC(2J*VC421 MC2``6SWCKW89F0[@_/*5OEV+0\H8Y^EFNRNJA!'E M1BR98[/<5J+4+S,UXA+>DVHN8X>R$;JB;#>#FG90U1`?S%M-L50LU7<(TAI/ M(`>3@P7&:ZF!U]9]KZ6V7G/&';,`LD,]T_<.,'.]!%%,=;E*,\JKC2FZ58&= M#!C>T2MF0BN5%/::-I73A@G\E']2>].6O:?K-#O-+>T%P+IY"$N@;.@V7Y%J M.'W0U/<,H<:#OAJ=G@SEX\S4@]*KL=;;+"2OD^6+UCUV4LWV_ M_&S?^LD,CH9B0%!IIIL!."M!J"V))CMJ_>P+1J5O]#"=X'15,5=W7I3$206!MK:8!PAN9]*=6EL\J M.T,I&#')'GRQFM$=:<<=J=`=[TK)H)>+)L""F`.&N722LR2-$M7G^5H!OB%/ MM^BCX#&*E:O;<;)''%I!7'[=8=]\&JF`J=_GLG^IM'_AVG[U M49;C"`(GAU_&DD!]'F:43R'X3)H]?I`7G,-N2NL#2S7O= MY3Z2E3@7_6`WPJ[!*F55:IJOO^RD@:R]K%2TP;@"W/XMN2;U0BKV0@_F?JRS M!L6[>(UE[\.)YR/]3YEG01ZM:.X_^C44AV=[L@K]XQB$L$4:+BW`2G28.5F+^XXJ-%T4C\TVF'7=)-[8C`;>K#(.XZP\)C_ M=,N_80Z&705J=+9#%H[TE@Q`N?2NP^J&@+>WN1,-BWUM.$`*0/;/8>X_20!";WA_+!T:Y@ M3XA@,!HD;##,I3Y0PG)]18*M>/Z/79"1(+I\H8<(S$[2:04`PEVNE3&XZ;^X M$%1*05R,+P?GQEI:PY;^R]I2*-3J`U:%48VW8!%YM2MV&?X4)=%FM[FCR_[X M-MBS!_&NTFRYQ5E`'T*[P4%N_:EFC&P0'(]0V`#B7#HJQ2,N'U4-L"/M=1.( MM^'A4#ZCCU*MC]8"'_E!%!/@2,PA8_T-2R^_IFGX+8ICL]&]6QJ$`CHJ&("Z M*N_+`&VE?VJFOWLT"<-&C(]#@SV)>.-A\K`&;.1;#&FMZ/%GA#(UY/R9_(3I MV\#G09;MZ8BRV-"'A]NX\`P/9F.&V`,3?_>Z3NA$-LWVAM_]!>7AOEP=*F/` ME74E+S["VYNP=&J"Z=>BF;O"\6<>.2H$WW$DIL\%5(.OS[VR'@#4="+3B@C8 M3\%VFB]=:6X-QTD=#X5"W9=4@;43HZ^W0C,<+*6UX!`I4\D@1`ZV-7P8/X?: MLX2PQQ2]+CO),:9U0!*@6^F->7%N,-8*:WB#;U/Z/PP;V.%WB!E"2'LP%COH M$E@0ZX9GJ0-@]WANLS3_AQ8Y35?#^)/J:%%D]/&7ZB1Q%JL^]PCK,73TXEV06P>)/)PE?@:"4T M4NQO26\5BR2DKX)OZ:!H]E%"4QT*G0J=S%#)!"`F@1TAK&7X\BECG)%I8^1) M:65@:B4((`UB5`I$G9]@`5@>?(CW5U$2)*LHB*^3=9IMAIP`M)$%`DT+!0UP M6DM#M3C4DN?A$#K>_L;F5DT_8#H@DL68M?42+(`MT^&?[7_%]!FL[7.T"D@O MD;F[)/Q&\=_&NGCMU MYA/?G;"?:=6RX&/;J_*Q/KGI2_904>,6FN M??L1\QL27!^V>"N5\.22Q""4C"`'C]8,U8UM'-++[*0KF:H+^NWD"5-EB=9U MD?*"Q^);D(7L?QZ(HF1>0W=X/P<;O'B-]"_U3-\B#-%,;88)&579%!YQ/37&:`X5;52/E^3CK52D]$/[F&?SS9\)K7 M5X8LE&MHR*O]L6D@-W`^:-`='C#28]^".YP76;0J<'A?D"4]F;3V?O,EB8I\ M05,BV9_$G:%).-Z:U`Y3*A.@LVD$L5;82OC@EZQM5#7NX9D#=SZEU80T5THY MD7C/(U:;!;8*HIN^7SS@O@/V9K_-%[OB.5[2P:.MHZ9YQ-HO@4#Z/VE]&V3_D9B?O%G4\\.2/$;::%$W67EYS96#%J M5CA$L$^(1R.DC4F[S2;(]A0I M#\^83;O3A'WY(;]I[:KP-:V'L#$<@Z0N@85/,_(EX7_L@CA:TXRIB]6*9DS- M+Z)\%:?Y+K.8#]M+!(&=M9H&D&S-8,G"L)&**K&HD>L58"=SQOE?+R^^W%RB MZVMTBOZVN/FR>+A>?D:+SQ?H/[XL;JZO_O/Z\Z]H<7Z^_/+YX=X/-`^&@!CI MPWP)P@+\//5%N@FB_K$V<1F72&TW+`NWZO(`+P4%HXDT=1;YHF[OQ/*!08#1 MV;XW;!*I@O+NH_90"4U<=*[I>Q'.MB:HG9@`"H[\)83,8, M:KH'A4H=#3R:ZV-^3:!&&^9+*ASS4!-@1FN_#^AI>?I&DJS9JBH@?D3Z&`.H M??\2+K\QN&E0R%*%H0I:4L?`8"LF,I]^Q0G.@IBL:E5 MVN5&E9WBRT0C:1BRRJBLS5;^W?K5)5\HA(TW[@0]E=;1#]Y!USK,)GH.D_$1;'5;+KY-;G$5I^)`6 M-+UBD45)'JW8Y_!>UWJADO.KJ+#V6F+=XI8X5P^U]$-,040UK$Y!G-0G;%G" M;J[F"6**HEI3?GC"\178X^V7^KK:J?`4CU''M/KENNH7A]VBN7GK9]^T3B.V MAYH3='?_):%)O2;DN8%YX*;VPE7H!=K(]"E+Z M&?IP5Q\5Z]#]8_J5G"8`_11DO^."74U9KM?$H.3I@HQQ4T>H29/'P$L&=LQ& M5%7;/,4O;[V\X%:UCZ@"1T9>(UPJ9;.PX]YP;[U4I[G)[`+E;'>! ME*`_X(28&3-OAW2.%Q3HVW.T>D9;YN"<7S],J5*DM2)%>+.-TSW&:,?N(5[> MW]X>)5]:D,$D!&K:W6^!46\)RIY)68>,VFGRB!FU;0<$HU;MOR%&-7'IA(S* M:)3\85MY\E^=4D5L,">E'O3W45&J=D?@*LW6."IP6.T(3`VC`1H<`^':FS4; M_YIM:=;Z-%N:XPB9>7I7AV[+U^\3ML/G02C)7LD,"&W%,3[.M?EP3$_"DP-[ MX8W39G49MKP+^RM]CY0.&?3ZJ^ASGYFV][D/@D]P[QS\(B?G-S0`CZ)VW/'CXM[BPU>\-#C^^ M+ROZX]._Z)IBFDY3C'-OC0<1D(E MW@2KBRP#INY:)?25*H5*K:"N/?K@^L^[S2-Q4_42!^P%+A"HNZ%;:9,9^?K=N8[!###@#.9 M=]2#A@/GS$7V1A[29"C`C?U$SPR?IDR-F8V?6E/2E@JHT@%52J"[XTNP.]*YM>G[ M",?'^67(%J.3?/&Q?[-D-G?TIB(B:-B[WH&UVOYV`FN:PX8U35JO+5YG)&# M:S^\U*7?'..)(3L[]PG\?_0L>!?EOU]E&%\G)*9Q7KCB0&&[Q\J`(F-<\Q_5 M`5$E4*7%6Z$_"^_2HJ=KZH2H;AR MTFUA61M'\UU$8L!\'TA:[$367KQ-)#]O[.''DAE<9LKG2Q<>F^D+BJ7;I)]2 M"O8R.'O/JW[(*^!.>0$[MCXK4XW_O*+R_5'-4&^B!%\7>)-//:]H!!_#'+/6 M=C;2^4J;0*R-8TN$:>2<4\/S::>"\VE:YW@_=3R`T21SPZ[CCXI7>"*4Y9K] M-5_LBNF4&%^E&3N?.',4'S1W MA"36M\$AEU5-TX3C_&CO<9.:J2NEW%916.V8-7',>E?LB$NC/-]!W25R!=,Y MR$W8*6`<]Z@WZ+%OT++ZQH*S59136[K98S^HPGJ>!EWSW"Q6J)A.LSBJB$ZT M-EK6GUOKAOL9JM$'0*)SZDLYU?%7YTM?!4F([A=W.<(MI_F5G]H=C`]8<+X> M.ZJYWJ%)PD34\[5S#+,[F?*S3>M$=#=C(N/Y)G.6GFO;&Q3H`J\PF]]^_'"" M:.2#<]0<$)MD@J9T])$S4N^27/D7?)M%J\D/C5BV?ISLI3+)*:<=W.2M5$%, MEZ,GNP&._A>A0!-,ST2,VDYY6W3I*C7Y<$7>!(DZ3S-NQ*=O)I'XY/X?LXC^ M%TH=/II>W)#XVTD#WC45UZ_F/M`#2LIG$9TV?7R3`_8A_9\ M\/%`)J;TZ^]FIB/HS\"N^CY\$WP*MZE@J,,Q,ZP/&PP=JGW+&PVCW%Z5.N48 MF96=ZYQ[GM=KY(AXL:OY[+3'FYMJ8@?%:$9.8X5FNHI#`/J8>F"C?,^SVNU\ MDGOA6,A:S"!3M??I^FQ/6T0Y74/]QDI[KR:EE M#[PYLIS_==>!6KP5VG3XO)PY=[Z%MU@G=?YO_?-);#:)0NJA;HJ;-SO==/L" MZXC>.T8.7NZ*O`C82X5.3B3)VSLB7I4:,3N#MEI^&Z>-K%UI>\0H;7GL;1XR MTD)X2EY4]]>1,^"L]R4/VSE.QG-T7[+-=#/>EU0^+.S:>VV;,?_/(]SKP9#6 M/]9/!"L<<(0$/=]U4;&7CYR0[](XODHS^L?Y@[/=V'%2<\L"I_S\E3:,RI:/ M+1OD$#=^KI.K,9EO9?HH@-M,%-5W\9'S%,"''M/6CY/)0#_QM*D-XNN.ZSGI M`&>_^9GJ2)^\U?FKZZ]@-CURC$GKY/;)KL'.EN=IJ-FS^B MM8&I3;,O#K@BB&C2>ALW9;]VM6<]^U[(2&?7?BE2]N(."M9$Y;>5_\H6XE-. MBJVZYVWR)\"&RTBEWA37@F[/F#+PFSR8.TO?_+^$#;&W,4%7PKZ?6=JATG+Q MF+,I?0\-[MH]FG%QJ'\*&4RNO+ M=3YPN@M*ZTX_9^H!+V>1)W:B9A#--:-HRXN!L1>]F<2. MP*[51'9HG[G9II5J)V2K:61ZM[VJ47@V",U+-\/W0T?X8QPOP]#O$0>)'UN9 MAB1BODUIXFLW_"BA[C",:,$@YE/6Q:YX3K/HGP<9D6=JQ#L&M;7`DD)..DM3 M*7^08G6+U=JT:=,SDIW9968><^^PD2P\E=>DJ_>@<0CYPX8XLES&!TJ_^$'$ M0]G*G)D'^=^?M7M?O2])B#,6#/P+&)V'D\&G\^'KCMJ^>(URJU7;N);`5^ZC MU+>EJ@/F0:PYQ-HKOX"SY26;/O8^?+-6T5?:KE?+]MD\*)A-G@ASPS4!LN:K?U,%W@`3 MFKFTZXZ3TA-L6?9FJ$R"R]DX3>3YHR[G01S(K6CY7RY":Y M9K\R@=1RC5JZ5`?$WP`36GNZ.AO?JO!FR%"/X]EX4=,/;X8B6Y>F`"A2T/JQ M4^2A27`4V;[4^?8HTMC3@L0Q;XXBY3B>G2(E_>!/5JF!]AW:-4NF*??:@6>? MV5VKFTOY>*??$V]HKE>!RM@FOR//3G<"\P]4EJ=LL M?HDH.X(#*# M2M!7+@OB3/E,=KHWT^"0HLL^A3UP:`O.[F%"*S_-R"C+59&29GBK_QMGZ>5HDX5^#)(S9CE1>W*9Q MM"*SK-?BC#3^NW21;E39Z4Z,B4;2B.25V>7^JCJB]1$7@+Y2$8C)`#M-.X6! M0=]`X%?%;&*PNU=A[`T8<*5907=UKQ.:ZI9=416N'0PJ.`613`MI7)$*_#M, MJPK0_'>P%>>[+".%8)&@"YAN]"LMG&9B&CTET3I:!4FQ6*W275(0C#%\13B_ M(3/AZP)O^@=@;&HZGXH:J24+]*8R:FJCJCKZ2@4@)L'U*O>HS=+,-B%MZ1T(F:&\ M\07(!%>IFF[U:%;9Y<372*/!D0>^=AQEWFZSH9^7:/93M:6@$VBK@.Q,ILV= M`XRT\V?Z/?TZ^9)D>)627_\3AP_!ZQE.\#HJ\NO\#@=YFA!BV-^F>1X1@EAL MJ$'+-:^2A3@L2^LC9=+68+`\I0D&X.?-D94P:C>(2(NH:A)=YZAI%%6M(MXL M/8?>-%Q5`N<,!V[L.*P@#GLLA9^@@+LF:[RVK;Q6/`<%B@KT+8IC%.(5+8/) M3\5SE*"$LNZ'']$F38IG7[AI#@A+R&SR7@-A/WJ6,LC"VRP-=ZOBMX!F%BKV M%SA?9=%6,,NWJ.B2D[3:2/-.\8JHK(FJJJA5%X@@1MOTK:QR@DAC&U"$&H=9 M!VQF'O`(-WQ_W*Y#RSKP:.&*6`.%5_,*(TI+^@9XB(MN&!E`HF7P-/M1XF8> MHDWY=56XM:"MY'PW2J>1=;#3JN4Q`<=;44=GBF8?:JP]U>`&_,"['5R:K2] M`#JIL\`(@#T3M5=5Q#5Z:(*O[X:VME)535@DUH/,:6 M$RMCG`)-%UL'*%+Z`!0BYW&0Y\LUN[AI`H^#\A#0Z"NAA06KP!X:9)>>O<"$ MH1%<]52ONG,$R$)'&/U":T$C__(?NZC8TRO-:6(Z.`CK0"!`I(@6!;P2:FKY M`80AMIQ8&>,<&JK8$L)#Z@-0B/R*Z165[7-$)H`F\#@H#P&-OA):6+0K^($( M6Q-.3&UP#@19!`E!(#0;%``WDO/LBH(0(7^C._)T9E78>U0=A(0SG MFQ'GK2>.X^7Z/,B?K^+TF]$NEZP*1&P+]-`&#)GHTTJ(U?)CTVFH*:F%*+5K5\M7C_`UPKBT M:]R_F5D'`#%]-$HPIG$.*,A$]^PDA2!@H[R/P2O=[+<0_TR``?H.@HHNI058Y^P[]SG!_)*3>W!-SM=(WXX@%[: MR$"3]D@"MGVF[=`R&$;O#S)2OCHHZ)39^ZVK'L?N3GAF"=QME3A)S?&&6E_R MG/-G`?GM:AZD<85)W&7%)"J?X:

;6VN`HGJ&^['P:/BX75JC:-YK1%:6M-\* MR&($)/'/<>@_!*Q3&P&(44E6'XW9?LPPE\6S/%FEI#3HW)*I8!$WK+PO;+9E]T;WW#(?I!N=%M.(YDLG_WP89>@GB':9_7Z6;#?E=SEYL\6O*V0DG M]7RS\85'2."OX-CU9UD''A5<$5MLE`]*>041I25*H'!0'`-*NJ%F@)664Z:; MUUT3]9,B>L'T?2=BV0^*IT]4Y4%F=A)E5`A`=1WV1AJBM:#>+3D:$PSF=Q/9 M`3NSTX"A.[5363P?/G^VQ.?//N'S9V50T`)(&!D>X5-M@BRN?_8.GP.[PB]\ M_FR#SY\'XW/"&>=UGN]P>+'+:.Y)_M6(C>KB-QE5DR9+2:YGIW;JJ>'$1"$N MJWH;IWP%5?9**N!L=A++'VB*PUVVK^:S$??!.LWX9S;$7^A>:4QV.L4=%ML' M$]\!_O,/SLV[J?6;J?U<52,$>0-FD7;#L=QZP+AYNWAD4BAF[J[NS9;![Q/\ M%!03=HOFU6&A(7X`5!6MYOB4^L0C>/Z-[J%=;K9QNL>8E;FM7NLBG687"AI9 M\"!5*VB/4R8/50)+O%8BI=-#L&%WD/E4##UQT]Y!8G86SUFZ>WHN?VK>M`.: M%$\2YP;8-G"B;_">8/!5R/$$UA,-O1S2LXR\:Z\P0;S:`M@MY950=_=5Y8:"C:$-D].AXLDO,-%E(D6Z"JJ M-A7A>N`TU$L9:"T9+-=I*46X"04X6HXT5?K8>KF#G+6\0-,A9[P!\-'2,G@/ M!DH;M_F+4#:XCXH.+L$[?#*U)H`GD^,S.I6&#@0G/_('N0$^RNQZ:[`QJ4HO MT%F0O]L221F=R/_?NP2C'_]X0B8$'WY`4<+^"_*>P@CXVE-4XT0?&&KPS,&O M^<*(68*_,X-9Y@,^X6O8R._Q>#]TE/=J;!\^HGL[BL\R=DO':Q_@9#Q(>3LT MW7+7+W;%[FNWP7A+X$\X<3HI7?3ZB[!9JB3YCGTY;K]+$Y' MA`\OOD]C9"HW$A1NEE'9`9R-9Z;Y>++;;F.VP@UBFA=UL?K'CJ[TKA/V+Y[+ M4;A_;E31^4<5$ZUDQU>?<>NZ(LUW&Y2UZ:(^(3U/?QDM7_FF>] M)#\$JR)Z(=)Q_KWC+S$C+&[7Y1E^J]KTG?A6?<>[.:,-N\%Y_I=N'\)]J;%! M6//5QMAZF)&WJQW-IGR=K--L$YBD+C:L[73<-5+)&$>T/FH)@$\5-)V!892O MXC3?55=6J;UK:F_4R(,=@*V"LSO^FGMIHN$W*\@@3X`=%8I#"X>EW`^L?16D MH4(+(EX2Z'#"(%U!#R,,TAAP2)-%;6O\$EH$,5B16?0B_*]=7K`7[^YQ47"( MYXLD_)+L\ET0DY7M"QE3Y2\QV\EP.'!9*2:;^)*(:@E!+2GLXV8I!S6"8,:P M*6R]PS$.^`G:'0ER$J1D;D\AM:U2\A/5N[ M>\A1;E!4M\V\"@9>3R'F097LR$M/CDLH=5%4-M\"4J:&`83D4M>N`[H\. MLV+%K5C1.NF+.).10YSH`JB'"J7!_F!`_A2>O#QX_,O?D9-%/^1;>//;`(L" MR5MX:K.]0<#G8(,OT@T9P&VZKU4+&@V-*I;Q1"NBK[RJ3]`8:M")WB)0H!Q& MFA8N/5=,LEGPD&X?<').IFSIAO2/?+]`7-#UEH%0"VDR]BTBA5%=&NA>@\K[Y_2E_8Q[3O^\.\.1I2#1J7)6%@9Q`NYCY%:&^`HXE"*9)4?@&'EO("A*@D M%'"4MP%Z.(&\T3!$Z?G4?<'98SJYPOQD^(D'N:<5L2S%X]1YI@7"*W(3GE92 MEG>^\E8H8P2VDS)\3^I,6?.DY)"OP\=:4.7GFU=_S9I\A!'E/8WZ>L/[#*_B M(,^C=01XELT$%75.`'O:VTY[#,2 M*4]N*TP%#W/5#3Y!0:CP5EUHZX4VX)4\>Y6KB55]MEP^PW*]NC/3WZL%F_1" MH,0P/]!7'=]NUHO&W2.H"HK00WTL,-M<,&AM=WB#!&/3ZGT.?S,_MZSH)DFVYU`J?^BCJ/SUWQ]^ZW5+ZM\5G MLFB[6_[M^O/Y)5I>H?._7G]>0$3E83?2F.O9`,+.I('E^@*O<99U\_*K3Y/H MJKED98TNLO@@U>C=T*IBY_4)Z`,E(TQ*AYCDC)4-PZW#R";.@,#.ER3#J_0I MH;>_'X+7,YS@=53(MIIEI1TB1:*"))K:I=FMXJK\+)C8LF05ETFHPH6=`6=! MS#+/!@7"24B!L%36>L0W%WA%YZPXO\/Y+J:WL:^(Q><[PI9)P7/`D-*WY94.2WJR M%0[/9I8:VY(?JN6CN@%$6T!E$U6F)%JI;@5H53>KB^YPN%OQ!P?X6U9I]_)0 MY]+0JG0.)TH/"6`@B@SX8HBWO:>76YKP<1YRD8GVE5HD^DY'+*R!HZ45._=8 MD0K/.DJG0SY.*08!9S"?J-SL/9NT+ES^%A7/I#SY0YE:BZ:1F2(.M6WXRB\Z MQ:T4B)C7O`$194S_KQ\@@)>L<:Z MES,=?4P;36PT?O,(QLT&6V<6=A-L<[Q<+[;;.%H%CS&^)W.)74%^=1-M(CZO ML%PBC6H)G@;&J&]-$ZUMS]X*BK5'C\@U+:*R2?K;5J->4:0H0[S%ZQ?MU&65"5RTM7D7_&4[EJZ@WT&7QU.=`)P'P\!3D9\/5HAWO$ MYP_/0?%;NHO#Z\TV6!67ZS6F#S_0,>B.A*)=).J$P;.R1D-KXJ7R$!.(N$14 MBV0%J5"OB'4"!W2G:=$:-7\[005UR#?FD(S"!+/4PKAV"JV<29P"S!Z&4#`@ M"!,GN[UZ0CJQ&R:M/SB\>O+E7A9@2)A[>CZ8Z#7Z?/UP>8'N'Q8/ER!YL0^[ MKGW=I-0;9"2AH]QE7D0;$LO227VWD$OF[[0LZUT^*:Z+`7&TJ:JI1E5GS"GL M^@XC'IH$$J/W=/*%:>KWVS2."C(AB^]WCV%4IG]7IIPSK.PRIHTTDG,KXM79 MXP>U`-26`)RO;I2!R\N+3ZVJY0FRE&;NVM:UY2Q@H@JP"LX,L ML^5O"L5Q^HW>>:EN>Y%9SR+/<7'^3#H-7R?*M'C68ARBT%8W2;C68E`MI[GM M1Q<-3!3BLMB[=8#O)4QD4QYK5N`%_R&\RWTI.@$UFCO<,\ MD3UG[1O-%=#FN%5YRV,<+XMGG"U6;*-7 MMKLZ2)1_*.[H-P6(F4!42?0:PB:VMQ"LM\PS]`K#>`!X#_WD'W8OZ@,!@V*B M5=T;C#8Z#<9E(P+HO,Q("]7Z^P&WP\@SAUC/`1["2I6]SJBJ/W!2I7S30PDV MD]W4I@6FIGF",6E6.V/'^(*N865O\%5I-!AA+.TBY-.\T]L76-CG M!]+Z06F.M8Y_8-&6A/^Q"^)HO:>9$\IYZT64K^(TWV7X)DKP=8$W>N"9R@'! MH*%R^G`E,=I(JM M&2]+%YP%3_CS MCFJS7%]$\8[\EC^;M]P5>4%&5#*T2/K%5HK#\+9431)3E114BD%<#CMRQB55 M+SZV9,V#D;0(8A5&IC'X`B?I)DIHV*$U^;^PM#+!174==TOL9V^)H5/TK6ST M-"C]0TILR#P,_C77@0'>ANH0CWJ$Y0,%SX(\6ME%CT0&/([%BMFC^!"]B$F" M&>>F,+:/X$=:]LW@5QW4!NA5^-)G[):DTRSMV`;,XC$OLF`ENZ8QD7`/T:[6 M>!(:J,;WUM8!:P1]K9H!F@S/ZJ,6>_SE&.!OAHLAO&#@/@Z,TDTWI"'R,_F) M_(-FAR0__/\!4$L#!!0````(`.F!74"6?5Q![V```.V""``5`!P`9W)M;BTR M,#$Q,3(S,5]P&UL550)``-EE4Y/995.3W5X"P`!!"4.```$.0$``.U] M6W/<.);F^T;L?_#6O.Q&C,MENZHO%=T[D;JYM2M9:DFNFMF7"HI$IM#%)+-! M4G;VKU^`=S(!$"#!!!+$/$R[E+@P,B/PY@M/GK=U\>WZX>SZ^OO_N/__W?_]M?_L?;MV\N+SZM'M[<12&,P)OK MM[<@1?#;F__T00B0EX(W3]ZW.(JW^S?W""0@2KT4C_OF!D:_/WL)^/;-A^_?OWGSDJ:[G]^]^_KUZ_<@V'CH;9R/_KT?;]^]>?NVFOF7 M@L:?W_SA^_'.(N"G]]\_.%/SQ]__,E_^R,`'][^^.&G/[U]_NF/ M[]_^],>/`7C^&/SICT&[USD"!7$!IOOG-Q]^>/_A[0\?WG[X\]/[/__\PT\_ M__C^_[5;Q[L]@IN7],W_]/\7;OS#3V]QC_<=//[]S77D?_]F%89O'DC3Y,T# MQ@"]@N#[//HO8.N]A5&2>I'?Z4@&HW5]_^<___E=_FO1.H$_)_DH M-[&?0R-`X!MF"_)?;ZMF;\F?WF*$/[[__EL2?/>_R81_07$('L#Z34[#S^E^ M!_[Z70*WNQ!\5_[M!8'U7[_;H&V4P_W^0]'_WRYB/]OBXU7]KQ<%EU$*T_UU MM([1-J?^NS=D_"\/UYUEX`.VA5%^N-+RK+XC[=X)#?EN*N$/N.=OC_BS`&2. MN_45C/!V02^\CQ-(IC@/O22!:P@"2?H%!SWF"NX]!&2W06+D]`6DT/="]6O" MWW&\!>,I+_NKH8[>^=>\G(5QE^3ZRB`"/CI^&4=#C69V@N8^&&<9`@\ M9MNMA_88/+B)\$?I>U&Z\GW\%J>8=[B/0^A#D*R"(/]TO7#"S:QD3H5+OXY> M,;XQPG.-7DI[#(6DW:-X!U!^?LE!WI&#<)FD$(,`@B\)6&?A#3[)X^D6GD#A MHLY?O&B#$3OW$-KCC5YMR8[?K3_%O5@2'Z^BM&CUVXU&JT)4\Z\<+6OL/@,*N^-;8Q292DY?C""VVQ[@^\=S(OO`]`^:#>AUZD>%O$9U#* M!Q-Y"#,*F"E\A40[5TX_@2MFC:A2:W]^/EI9-; MZ1RG4_45.#BPRK/:<$UD-^*(7$UX"P'>090SZ32>;/R!&3>=RH>L(XJ1B>JG M-6FI!*^C)$79M+M_Q%0*%_H9I(0)3.YVQ')"/I'\6&$J#KXBS"\^@!WF/`JF M8D-H&;WJJ?/.``&>FZ96P#^?[3^!>(.\W0OT5PAXDU>>^6G\!6SN/FO=SOR)P+]X^IAPMTD/=/LRWP`(6'^ M6]#.OV"Q.8^VPP\`WX[0QQ3E[;Y$4S15(Z92N-!?`;':8DG]%=^,&Z(PRK8% MJE\P1?@R;`EY)=PMS2=1=H2>__NC_Q+GUVO^#6)Z\0^W<0#&:RGGIDNM&(HY MQDK/Z"7X*HV""Q@2+A+?L:4!!:#X5*C;NMBYQ+&Q@J6I?N@0I9O[$1E=NDL/R M_6JS06"#GYH>"1-M::>[T<"W;S-*G?9,EIS4)!\3$8-?G[4TT^:<6RLZGR'K5KSAYU/*/?=+WPGU&\@8_BY M5]6SSJE?%W,"72M3?"P'IIE=#D-QD/EI9?695>(:GDK_:A7OKO"$IN4#EK MGI,D`?[WF_CU70#@.[)GY!_YYKW]X7V9D>3?\)]^6^&I`S+]5>AMJN%"[QF$ M?_WN\/=WL]-SGB%B^+S"V^&%_P4\=!D%%W@S*:0QF\I1>7BLR5]^$]F>U7.2 M![CUB)/O/S^N%1D%6IC[AG%PA?^64(!EMSTVG617Q:AL6AZ/QM9.XGL!7.,K MAT9@`O#M_X(]BZZ#=D>C+]YN2Z?\PJ?P+DM)4BX2!LC)C4E3\?BYHK&`)TCF^)38S89[+;ZEBTW6?/(?2OPMCK MO\[T-L>BZP%L('GTH_2SMV5>,/UFQZ+NESC$S+"'BDUC?P;]=L>B[U<0AO\W MBK]&C\!+X@@$UTF2`<2DD]5^?GIOP,8+"R)6WR`-R7Z+^6EZ0AZY6Q_WV^8I/_'_?O<$K*8)Z;XI%,RG-R4SQR09Y2](3QB1_Q5^_^_#= MFRS!JXQWA:NM%IQ$N=`*EBZ/U:#R?M&H]&3?!I8/BX:%(3`T\'QT\-`DU`:@ M'QU`=%5#`]%/BX:H]Q(WL/QAT;#06>0&G3\Z=`Y5`0T\?UHT/&S-<8/0GQ>- MT(`,5;CQO5VB609@FU5_Z*N;RS[\U(>Q[JI732M`64@6`6O`'.M)!'6X`(8[352WTHV*D0] MI;T9U'^.(U]R`:TN&M=0Q"R3TT`B+X0V@=Y%XQH>XKT7YOGH1<@_:*V)\FR; MY2$O%P"_&WY1A`#_.P2EYV*9C;U(5U-F]219+]-V:D_V4M4,KQD;5I6BFSA) M\/U[M\9?TC`$0J-H66F=QN?>@P&IU+*#J=^=03V_CXY5 MD/)F)'T$_A]R';]Z(:%GE59YO?.4J(S5B/75LJI&$\1=0+^9#EJKO/`YF\,@ MM-M&.Y7\"X7:5"?-#^`51-F`W,AH;`#=@TP_N[U.ZNLZ!X-"+Z^'*2L0W@1& M)\WK:!6:$-X+2A]S5B&S'_1N6M8"7V$`HD!,E<5JK8/RJC92F4!!^#P-]U,2 M7'49;6`$`*F6=PNVSP<>O(Q&MKC9C]_7JPQ%D)3O(I5;X#?R+RX'RVZO@WKB MM+*&F"!`ZJ7BT^5CP1NL-@@4?#5C$8/=]*RE*&:[QP\'D^Y6$R7?S8T7!:0. MD3=NMB,W1WL9N):!L1UX>Z:U\9_Q`SAA`[) M$$??!(W)K>>_X`<8=:I&\1X;3@3U, M6<$@)S_02<@1OD4&.FE;QS6)B-I`C&\MN/)60&NNC789B9#300?] M]PCL/!A9L%9$8R_24\^*.EF1\J/NA8WOR-"JQ'IK6AG=*FLJ)=+O7 MX/LC,8">]:486A!4"34[SAUKZ$/VN@8[ZEA/[<]XPTBEPVFHE5Z*_^7`+2#4 M5>N::-EO&(WTT"FHHS%$*R.MAS%,\]+):LNST%,:*I'\?P$OT`_IJFY*`QV> MZ14$=%\CXIS>;7&@$JH]U3_:%:4H#HP88U7C]*-=H0WB.,FP-@U:=H4KBJ,U MI,1J$+(K8E$12YL%BYCF&ASV2.#TSCH.2"R?GOM,\/S,[,UIZD*W(8C%6Q->:H"/7ZV M`UMSH:H\=Y1X,5OSHZJ`C>=`9FL"516X\5K;FEI5\;/*"`N8EGG57.Y,A+%@ MZQKZL7*V)LP5!:RJM]`6K\&-CMYT[&P-IWD5@0\BP#F)^Y'$#VQA^ M]X2YN0'4>#E@&LSLU%-+Q$37[P0U18VM]>>F`$7)`&AK_;GA".=##S"*B?:# MG68-,53$#;D-7G::-F3BSKMN`-W8;MME<'HL^^(JB0W#(:7PJ2N++1[V%*;PJ[<_BZK MX(EG%71!J0;H0O@*:SGFP_:(5#'0A'@9V\-/I:$Z9)(FQ9F^`O0<6PI2Q8=- MBBBU&:`.NSA[FN"B,J\.2ZESV%"/K)U@ MO#[%<9`\QB%;.]!MI872@DVM(T=*U,Y`!-;,C/H#G716895;R%`O+95,2\-& MQ1:?>0GT&?33VYI`]04,LY2I%V.UMD6G-*'>:8P`W$3%%^;OGY`7)9A3P7?Z M)TP2L=.<@35NDQMJJ-C*C*!CA;DSY3V*V5]ENX6>2J>53>P*\P;G,3X348:/ MZ]T.H/QY+1%LA=O=PBA_M:\C_):#A+B3=$W`$MR`5VL%33FNIKA[PD$]2TE^`5Q#&N2!\R/8V=G?[;%5"TH. M2];D"S+X'2/1@/;/=MOU",@&%8VV&[%'8":`U1CO?W.CD)UG3>_0"`L5_2HE M=.EY4O:ODS!?CP2LIQ@9E_SKSP5.9=R(A3A)*=EMSPPV"L$AL6]:LC!+01/" M:PS38.Y#*.>S=""^VEX>0-25J^=-8'OV?S%8.H;$:8G];?F`:'XRTY+VVW)8 M1/5-MJ>N$4-K0!LZ*7'-2;#?8C!1C`O3BC_8<@]1[1C3RCS8`HT`YVA[80`7J% M/HF[AG'P`/QX$^6CE`G'1H,R:5I3L23<\'H-_)3(#Q5GTUWA!,A$1M><+(;[ M]1^VTT1M_Q9MLIFQZ&;VT!*^5M4E.O>2%P;-W38N5*I@$,A.QA'^R*B$\MLZ MMWJJ0$M%4+];/8MA8EOS,?.8_U=8\/?U?5Q]ZL53A$T?(SI M3<+V2X1I"DGJD;_%>=FARD'B+GH$?H:*!.4HMSA=Y#4`BD4-7+^S32>''4G, MGR/R_D.)1YZJ'_,F9:I#/]^YN_4#2"$6M8I$&D]QG:8U_^_>&D<-HH)Y885Z^,9B$ED'K0<,3 MH_>W#X90S-,1L%IKH[Q(?]5^$W.Q^G*["^,]`$7BM0SY+YC#(`4/>.N2'LNT M5>>_W>5*S>3R&T`^3)BI*.3',6VUG:3Q#P#R$M+*CZ-MM0]@5YXQ4B6T9)\. MB.:M4W`$'2OL8,UEO&@MM5-<8DD<$PMC^FI+TE^*+('55?N:\L.P\O%EWB%/ M9$VLKCK-3%SM""-1X$%A,DMKA@MC,V`0L3TT0!@GZG5F>PR`,#HL0=OV2G?B MGYFX5=76:GB1A(O8C`GNWN4,-)X+%V_-#$(NJRTDZU=J#8F%U MBOR$7"S>2-6M"\L;J05V->:/XS0Y+>[/%IRE%/=B\8#6/RYB2FBQF$#KP1II MZYP6WG?J7^R*ZU%M4#A>0(>N.#SGE7_R7OG.:<.`Q_6H=LZ>_"X&S_)2'5,^H4D2L_A:_%U<[G5V:92DNZ"DPC%JS(_Y#K^]4+ M<_$[/?<0VF,R>8$M8GVM7)6FP$`Z;5*I`Z2&T+5&1&I-\,%%P M!2,/?VCMC^<")GX8)QD:*@DX>5@EX?SG+UZTP2SFK8=^!REY!1MNLD?X<'LC M:IOC^RLB7.\Y_B-D%A$>[*9G+?A9]R'O@>LTT9)8)O?CNEM??O/SH_"`&8:[ MB/X1,]8@-81+Y8-A`OCU]KZ5&6?9/G24>X.U!9/&U%+[W8,H?^GNUJLD`?@! M+!U!&"MDM]="_6!1G4:^9RU(9@@=:VPI)/"W>[<>KN3.ZV'""C"OC+GC=$_\ M9'*+4)[I7W`QC,Y:JYN#A)C3&0OHM])$:8?ANXY6OD^\2#!)>XZ^<[B?6:O! M$AK`3]R8!;6Z&K,FE'4XJ1%[Q1C!C!56S")F?M&&^:8.]S-K-64M*>G55/W, M6,UUE&(>$N+#4CSS9=56X56Q^INR.HPUGHW-R?'[F+&*6L=4NG$-2,82`QBR M/F*SJ6F\@=XS#'GGD:@<2_:Y@N\J1DTLY-VZE6B- M0;I`1YWKN5O7Z0$&%M!NJ9/BI[A4B9]E"8P`9KN3/.-#;HCA*]>EAC!BC7TQ M7W1A!_V,6(V`M5:NKQ&KZFC,L10PI'&7&$#+^E#L`Q#DM35KU>8#6&><*X+7 M1?L:L#"!&5)0AD(D7Z(`($PEQA>^$O&=;D`DFR&TWBG#GS(VN%F8$8_>=GJ/ MF0&CSZD;16(XPW3?>BFYE_9W:YE[3GH<$U;;,Q.*7'H2(RC1Z>1L;U+D+ROU M,GO,@UW$V7.ZSL+*+$73[8AVU1)&(5.MS*#B8R<MH':-MX?@_<#0$>^L,*IC3 MZ[N3CJ[C+5B':GRT,\?2L5#E1!PT$-L9174LB$7=K!J\+4WK-#?@= M>:".@O:@!;1!VZ1.0\:AO4+4U!=3RF8RC*^&\R<'YQ"<-5?! MCC)JX+13P)X#3JK36@.DI:F-E7_G@FK`!EA+Y>4YCJB<-T0#L9TRLKSO/O^Q MI\4[69^M6S6(G2`0L6S=#CW)T`7K$WJK/Y2,N"OKLWW/=4?649.VYP-7#2`G M_,KV3.&JH3R(#9V43GS!`-:APF+EHMUU*!).;FM):9FQH=6T42[CFN^ M6.'M$_X>%6$WKW.K[=6]S=H$>RN#J\5[8J:M!F0[3?MJ;V5>`%B#I*4RI!HH M92*L&TC'")7FE_`='[W+U09SW//%ZD;;=TAE(94)>9A6:/IDK]"II_0PNM'Z MXM0S(3E@2N>6IG9HRL=RV5Z[>J9C*F:DY):U7OQI'<[V)%:W>O%`RB2&$:MK M;1T;*NDUUTOET?#N=EHQU(`VCTMC@_VB'BCY`RN<2ZCQK1VCO#;_"A"K\S4& M]\9!UB[[AQ+DN(]6@YR=H7N3D.-JG1KD[-34BR$G5_6BPAWG,LJN:<)'+C=-39G9+_%A?\GD\ M5OS$C`UPE@H\4PY9NZ9``]3<4LZ1BR`W+_ACMMUZ:'^W?H2;"*ZA3PS6A;L^ M*;`>A]`GPG(0P(+>%HYRU9(9^;\.PZ4D91D_!.8 M^!9LGP&B?_FBG?540W\%*(4)OH'*(#P6^(<-U6#[6B3+XP#8;:%DUC/\8)YE M>_:DW08Z=J;R)FA%D]^7CIGW"/I@%>:3D]Q*<1Q\A6&XVI(GAK%_HX=36M&Z M>:X*^!5?)@RDL95W`-4>5Q# M7]V2NL,:L+X+&&;I07T%A0,?=XWT6I+CQM!Q`[:\S^M8H0K1W&3&KJ(FU-6T M-5T`/_38]3V$NNI84QU>&2=UR/DJ"HAFEEOW<[B?DN^E,\V7!*RS\`:NJ9\% MJZE.5/D58:?5?QU`K!PT%Q\ZT!!''BQ[$V[AOX"'[B(NFC+#:*'_"8^F9`7% M0'K6\#56L@(\C,[3CJ745JZ`+U$`B??G,WD]2TGWTD,1?J]80N*(@=3LEPK] M%"/1^@P3:-GC\M4J0\/O;.$J)S9B<0M;>B@^@:$_K^8@: MY7V2L@5&9MLY*/D0!<*4-&WGH.0C$J>D:3L')3^F+\*4-&UU?@=5#H5"T*Y8 MN8&SS^BD%-%ZCD-='+N="4B2&Z%BA>6N%)$13%GAW9H\VFC""EDCS'**JOP8 MP^>H;#E_=>ENXHX.80<_Z]AUCJZX91;H%L*@;OZ(@4Q;;XLVOH9::SMZ5__V-',6REC8[@UOL&M]E6?IF'0YB[1MQHZAK+(;2L M<;`ZQ1G`DA)@VV1E1M"RPBPE+HZ'MQUYW:_PSK#6-=C/O-7$&8OC&>YGW&H. M-6C"W8Q;"TV;)M'1O/4<:-:$N\W/R3(RU+68V7X+'?A6FCA2X^I+Y`.4XNL2 M7Y+W<6&)3@9M!3(CZ%AAP:QD21IO`>(YL5`:*I&Z;CT$(\#6@'1^UX-0SMU0 M*:2WT4)EP9_PJ>RTT4$E88A)\H[64>)RV>SV2LY>[I]VC^(@\WF>4+1F.FO< M=U)04G&CM513OQD@DB30V^!M>2)Q`7HE[EKL%X;:5"/-I!9=24K"O:78[57N M\Z\>PF);NG\"J"_),IOI0.^!>.APMKGY71MUW%>RW4(+A2#!7+A/=-L7^)8, MXSR;'5^%R.^C9Q6$T05!9:Q>[78HWB'H'?JI"751\B65KT[+=:`(("_,"N6? M:-^66$\TW]E^Y1T:9 MPC>Y3AZ`E\01)G6/);@$U@;-NW71!9%4&$5KQC&?:S8E^_H4[YY`5(MY;-:" MWE#'[C'`8Z#/:JT$/=8^EI%NY7U1:TH2_KMKF9,@_:D(KI#9UFB06Z_ MN",9M.('0'@RHN?!3W06DON.!(K>>#N2IAJ_O/37.`N#Z^W.\]/"FQN^YE&UF!.0`V5H,*U%<\?'EW6*C,J: M,VW-!S"?-V-3.E.`Z[$<7K:C58T2RX]F4BT/%@;=.Q*SS$!G997;8..G3DX1CHTU7`P^']K/=<3"P_:&F>%.TL>@Y)=J>#',(C:XCZ?$R7FI0VLAY M,70*[\R1J+"YD>PZ>1.QYCOI-*"Y`RIF<"MC(1O@[!)")@(W/C%@`ZA=LLMQ MKDJY++@-UG9)0Q.Q'I/GIX'2+LEI(I1,AZT&+[ODJ7GPXCM3-94&[9(\)F(I M%=#78&B7BE[155@G^&MPLDMCKP@G3GK)!CDGE[19;)F$!PV&/#$E7\%IU54> M":(B3^0&5B?$##_&T_Q\&ZR=?-.IP7R8X[^!:H1X@H=[CBT%:R!LS-:JWU,N M28&".+86[)[G%ASTW9]6K=M:.&<+0&OP=A*,F`J7DC2L`=&)-](@5MGE&A"= MI",&(C-A9@.EL\L(0DG+Q=G`Z`2<-HR#Z=X:X)RT(@IM4?S)21C2*'8J;C=(.J%# M&LE>Y>\&2R>#3,.R5W^\`=8))FJ`K0N?-]`ZL:7.B,.J']V`Y024/EA2I:,; M()V4,A;(KF7D)R?"C`:R9RGYR0DUO8P/W0SZ#5!+$V$Z^;FK_%8'Z:]LC5T? M@<^DE*T5CC\X('E)1"N8W'D;2A55(?7!(45+R5'!\]'!PTWG5^'TH\-)CKFH M+_0CW.A_>=<&#A/Q>_'G_E\[>()O*;Y>FY3Z!XAN/+2%T?=8FGZ7>M_B*-[N M"]J:]-G7$>8Z4TP<2+Y34UR=,G(_T798X"?0P95:KU#9$V8D>0$!29K`JAG` M:*R5;BS0#%%+FFBE\<'[>NOA#Q9ZX2"TG;9:J?[%"[/\9B`Q0>@5#))^V$$K M_;_&Z/?K"#,_/F"6EF@3+UN9'H: MM:+&1VWU"I"W815[E1C`T/75:3'&KJ\:P-3U5;E31J^O'$!+.?B:]65_011% MIW1W'6O[!;Q`/QQX^7N-#-#1CN4>.TF6A+?55@G0Z70/"]R(XZKZEV*_XZ'IQ"Q/PJ,XBU.]CW0M4_VSP;3]]D$K=56\V46&2"A" MGHAE@&)J%YUK&#*['+;326V[CF@45.4)FW"0IF+>T'ID1G+VU/ZS6J,HI&CO MMC9`7RW[UM#UU#T0;&=+F3=&&YWFXIZD7-CE%^-CZJ'4(E#H[X7M*@4IB*0N M>-L5"U+(85YHF@JA^.8NH\!,4)QUC"GD4E]CISYAX\+YP!8AVI/4-)$/0YA/ M<;<^`QL8187!X#(OK=4M6G18#%BM[#^9'C'E@+IIG/:@KDEY'N3,-N[V3$`B%F]7`JGJS6)TNY)HT4@YH+X".`^>=NU=.RUG$A?[2+ M:\LM579PXW&Y)^_U/*BPAC8>DT>0IF'A-?`K3%]P>_)*9ND+X6P@,W6!VCD, M0@D_`/-]4;*#&X^+DB]*;FB#,)E6=%H&HDDS&:"/5<[_=X-JF3R>[:*P$),N M4#AX*=I<57A)WH:V:X!5P2K)MHFIAT\PM\!QCBN'J;'=56W>`RL$+,^GWAW9 MT=**F,N]`W@B\RKFE^]@3KI6NQ&9S@VWV@DK6A=KKA)"1O#8'=-XY:R_NJUX M149[+"+?0.\9"\_DA;O%CR+^*5@U\;=7'D0D\Q:XB["+)S$EE+4AF"*UK MO(K18Y]`T5V3&D-Q*J.IGX68+5G9+,Z47&/$P[2%'V[P.2;L5`O.(=.SVCF4 MG%A9DG(:F"E\)XRF=<_/]O4__P8!PIS`R_X&O(*0D]M(L+/F=96@$VGT"H%_ M9H17$UL4LZ?6%5U'NRQ-#FV1*I*0$$]MM M%,?#6TC8M3T;T/QPLS4CT_($&9X(?+H8M#C5L4+H=890/)#;%X/=L/)B\`0>R,ZVAP"/TI-0 M8:2I[VQ/`#@+>A]MSP7H;.W#$;-\%1-3L_0EP?]J%3+^$L7/I!06X7C:1VSF M^-J9J1\7C7LLHIS!M<='L_CP`R2[.R9IYIW,GB/^'OX29.B#MZF.'[^CJZ2U\`.H^W^'I_`5$"7T'A`"=A,YF?EA-' MG:C2!S]A5=.<.%9Y=B+,VR3LXNASS7;BR/%6:. MWG,:%[(8=9-:YG9(-37M6U]&>.UI;8T,.VJK*N@T=ZYD::V/_SVM7>DRSPMS MSS%\;RI><)H;SXG$(LZ@U%F<"\K,6,[V%=EK\W=6FT.KS:V'?@=I'J9>.R^> MAUZ28&$,2VT)VZ542VQDX5#Y@'F.AA"NDSBOAUFQ@ZMMC%(2^WX>)RS5F6AO MLU9F1E3DW/&MGQ"6A$@.`R\D^_")'94A-X99>]FCD$A_('DOO9V,891$#;)G MS:73IQ@+;78P\M+_>[O#!HE5#F324CCT[CQ$A)`47X#D5O!WY?11''8]_ M:L2LY0K&=X;OZ^@5%-4C^O6C>T>'TE`_O>?X*&\PI_6OG&'B'GV!CD:K_8^( M\2UF+3;>!IQY_N\@$+Q:!CKI6$=^9TODM+L2^R(8<3N3%,7:582:VA M_EK2X#Z29&"`V,CN8V(@\[WP,7L.X"M,2%HP[G$4[&R`85#=2T\O*S9X-&S7 M*;%?Z6XJK.&W<5E(\?B#3K'N@1?/=J_P<:B)WFZVFP+'H3<@O]D>QC$.-`Y+ M9[OY;!Q@7`VJK1'J!BO^=1>`DY`EQ#)-]-38TP+SEX2DF$)9+&VPPU-"=2V6 M7/B$G6!&8SI-G5[C^IYWB2X1UY$FLP;0]U8E.1FM^UFL3\DHI'C*`VOSEBA! M3/)#7T2!7)J.;Q4$L*#N.L+LS#:?78N?"'.;B*QXZZ7E?Q%?P#A+'V&T"4'Y MY_T%?G3J^U?:LBT]@1(KZYD7>I$/'E\`2*N32+$H\=O.1@G5W#G4^@C69^IY M'6]LY@]WRK9E!KK-2])2[Y_M2>4%LN3,"]M'GF6;T;A%J^XUW8MO+1@B]5AP?D M'`I;#1H2,`U]\[::+U1Q&36&H]XBJ[_3B5R&F,)%7BZPU08\E2-:G%)&!6`# M3[:UZAEEV(V^)%RXTY+"G3K625(Z_;#2P9KVAE-/DLF:K=4:;\@5?`5/+RC. M-B]/(/HOX*&)449CYC`K?D5L!:K4?\/C&X_.75013]8QSQD:G.,445)ZAKCC M&X_.;)?/B=XXLUPS)W:WJ#P*I[/['?:#;FA0,Z;)*#0I"]0@<#B>R:LGN@48 MX0N=?*TJ/P/.P">#ATJ[*V50TW&@ZIQ4GQ&!24X2)V-M]LO(KS!<=5JE["U8 M@GJ6*9TEWUGR3\R2K\'C3@E//-9XPV*P;#7::`==4%=DJZ7<#/R'];VVFN'- MP'\0=#LC$;7>]"(BDZUQC=HW0&FPG_D!*I,57)/9&:K_B9V1@%K`%C#FB(4+ M.MQ5&V+%P@D=[DK,4=-"#1W8T[T*WX\04%\!>HY-A?Z8VD#G36N2-RV#[6R. MNEVZ`%TP4^ZJ!F*[Q/WC03P0B#]&H#=7SG&NW\Y]V1ALG?ORH?OR>;S=PN*8 M8):)G`[,2X+(5Q-[S["I<29M*..:!"5'4&()%)J3:0"4Z*W82BZ[Q6*&\-&C MGK*M6XW?Q0WP$H!!>R!?=GCY;0>BA.5?06]KM&7XB$@^X"<.01_+>.=>\D+. M(?Z?RW]F\!6S7(<5&(2[:7OYQ]V,;<:3<;AL-5,K0FWX(-EJ9Q[YM"V3,1^' MTZ@S:B\;KI@]D4/82(RE M%NAO"_-L%QMZMP/(([=-OFE)9Q^K+;Q@>I&+]C9X9><9(C?2M`56@QB\SNNH MMM]/6VM[(+/7&V=(S7KK@8Q>[Q.>5\5?8S7KK<8Q>+5/+P`!CW@H M3%MM:QPERKHF'6R/`*X25*#7O-0QE9T#/0R0.L1YM5J^&(+!R11+R/$G_JEV MJLI(\E%6J^MFA;#]H%FMLYL;Q18C9&N,QS%P;#'0MD9M'`7&1NZR-?9B?AC; M[*^M993F1W%JH(3AWEIBW/XR[3_BV`@?PT64]KC<[L)X#\`9B,`:IO>A%YE3 MVN.BQ/L\WA)C>7F8D!=M`/GDB8_]=41*C@:9%]['6#H$*43Y;^5ZDK,]*7QS MMZ8.Q:YX?XR9U3@3X;DBD-O4$'S.R.!D#ZMM;?\]N0?()X=I@ZFZ#.$&XB^C M3175!J)R_+E6_%"#3VACEQX0[:K8S4OX&Q,S1LD/IV0]O6E%_0%%NLU,'U,9 M-M1%*5V,+XE3*4.PI[,\FFAYO,>W'MXHO@]AKY$..MF/%'6_A;OIC/@[(M_0 MEE*&H;2:!5?PX-7\^>!E;C62$D]MC9A:1M!JO:(DO*P;W6JEH2`WM4QE@P0X M1WV2["X=(H&Z^&=NKS.O,P[WN$)13I?WI-(U#;;:A$AWA M7_$-]>T>Q:^0,!#E?:1#H5IZ,5P!#+L78J)*9J8BB2[K#?72(;96-,4(P$TD MNQ)6+XTK>4Q)+KLHN,$SR>[,0%\=JZHNB_+0U%^!T+($.VM=5W&$1JZ+WUGG MNCI':=SJA(90K&)GWK)B*O7A[K8H6<>?$/['6`1U93#:E`;5.&+9UD8,=!KK M'2AQ,F%`+>OG7E(R^RT_T&FL=VB_QP^H*#]^.?&`LSJUG6H*..GW>VUT[+W< M0Z?^W;;+]"7"`$C<'Z.'.Z6U#]PEDX5`=(VY.\U(P]QH8%-^FW9^TG,%VI7Z7`G`ZRSXID;LM,$ZY#BQ/#RX&X/!# M,BJS]^E<<\ZSB(L&YS`Y+Y;%>+&H4C!1!(0A$[2M#H]S0BMG5[4U@'I.A,=K MFX]7PDZ;]]%CG"$?D*R;!)/U&OAI^@/A?>*_P+W?K0[7L%=ZSU3;.HI2X M>F4IJ4ZPVNW"/<:/H)VE,=KWQ8X'4N\@+O[S#*QC5#Q2^`]A%N".U]L=WL"[ M]65"BOS`Y`7_#;=HDH'N5[[_VWO%B1]/;OUB_@JGNRSG1Z';UJB`\@?@QY$/ M0YA?7'W!CQR9ZBBF$-^!`RN3',V@E3,V9U597.JOJK,:.3Q&SF$02G?I"T"K MX!]96?1&;OT'O4U;6?TG?!E27"Q'0&NGL%9!<)G,4@U;:>;:@[`H/>INU MLK_%(0R\O?RBZHZG[]W"X!9['^2ZX*?@*^CJNS9G)CO$$>EF.E[)=#?` M>^1T6=Z^"D]JWVQ59SF]7ON8C[R"J-8#-2RJK2X!,\/-YI9L]0:8&=!AX7*2 M$X#Y5;3G@[;#%8KI]O,59#4;6F"8,Q7O(GR9IT19N3@0>T*#K3K\F8%DR-)6 M)T.=&L'56E+\QW$"UXE"4B3:PQNE*?>*OZ;:O$; M[*0S5KRFJLFA'"?)N8?0'N_B5P\%0^EU14:8*U)\4HUMX5%T[`_]?NG>0N-L M5"I&ML4"/.:6N7QDW#+X!S41MX5N,AHI35^O*^WH*HH)"UGO(?U<'&?.8R## MU)/13_$<0"DG09\%BMSB1/=.\[LJ5.JM"_061CF+@M\V?":2=!4%W5%(M>]T M?PO2EQC_\@I$[,C'H4"KC6^587(0W5@VT-@,NKD)AIG-76X$3?M6*@OK_Z[R M*M[CJ^<%2T]#&SG87RVNY71/@$@B^8=/JA1Q869T,ALM5!9EH_A4=MKH+9LK*%+/+4&SQ\,Q0ZGT[1R"`*?O3I;324M*EHJ%]U19N<(Q]X_4P9P7L<\=N;PSUG[TM MX%?4&>AU7$WETZ\,327^X;B4?&'I3+_(ZDS5[.XO7I@5BNXPC+]ZD0_ZUHSS M%_+H7$?<3TYZ&`-\<&5M)PM.Y,;7TE$=#P[T8LO#Z+"<0-L^:ZLOT!@\R*UH MJTO/&#PN'^W/NR>"AX`$/"UYGKDP"27;8<@1+A'6C"$$8[)BF>^8/1%5" MM&&'@`8ONR04B?MTR!VA@<@NH44<(@'/Z!JD#PL46834^@U""Q9@Y%6S#6P6 MACF+PB;ES]\@MD"I1,0[HP%HJ3*$N*M(@Y7=LH`+H..B(>!N8'=IIW"'SV>C9_O- M.^C9.LC8MAU)%XG6H2=MX]A!<=,^7CXN?54>X":":_P9%7E.XXA8J^[6!WH] MDI@0>L\PA"E)569"ZI#J#P5SSO"5'>IE1!(48BB,B)56=!%-!V/H+PR=U]%C M]HQ?=N@A=AIL\?Y&K*YU[C\#ED_V4"\C5B)!ODDT#Q0XYW8Q8@VY4Z4H]45C M(^BFOJ'"7S6CMRDKJ_Y6>H"1UP__;\&B1$'ED)![(YQY"0C:#<[C1/@TJIC* M4,RDSC6KNZ%K>\",%WK-L\:O?!]E7ICD_PLZ?-#HM8L-?T+85&;SJQA=Q-ES MNLY"_!L18Q6CQ)OH=/":^.DP1SP=!*H_*06A'O24<$@S%.5_J8ZV:DPH$YP. M/K]B[@%+I_M9SLO!X$;@\B5"P`OAOS`GD)=7]??$'4)\Z"+CF;-Z02[IH(=A*R#R'`(O^&C581ORBZ(-8LXZ[U&\`RC=WX?X.<4/ M+(F#V)%C)K50]BCFK+1Y7#]Y,$KNHB?DD=I>C\#/D/Q+(#"GHL72LA)DN==0X.LV;(GIR MKJ/^2-G+]D0)Q\&5KRVS-3:@*3+:=VO;P M0U4(BMB%CQ=0=MI8]CD\2[.VJX)K:CYW<_F565P7FIC/4=9C6R-G7=*/]J&; MZB,Q)&,TA]+J3&8SP4C]NAL@[7I=YS^/_1#7!DF['M[)/D/+3,`W%;&)!_B8 M>;:T)6+(334D^7V>7I:`<>5!1%1XF!U>7\'(BWR2)3_"MUU6Y!37X!*[>O5@ M2+;W*D:/7@@:X::FMED2PP]6;@P=CK_57CR`78Q24&9*IE#'K1\J.XJ>E28O M^*B1_R&JNU>\'?ADB>^E>'_%3LSRGXN8`_.$<6UQ7AY_FFJHSKR0F!L>7P!( M/Z$XVV%$:^SJ?$_G7G[W,OV+E0VK%XL]C>Q6941,8G7:V&5*1P]GX-II7MA2 M7;6NB0HUMSRK4-?3#S90@_,]?BMA7L&F0DWVW9490$6_;MM-9',<64E):=ND)J44OUB=10P2Q?\1V2 MF[#,Z"YGS6!(XJLLC;#FS=ULHUHU/W`DQ M1;FJ24Y9:\[8B2N81B!)V-O?;:!#RW;4TL=4+=TQ*="#<$$D/QU9OY4>2AL_ M:H)F11.39$;ST]=@,[[G6P]A%OMQGQ`FF_U5TYHIF?\N2X,X1NR9NPUTG*'\ M*7@`KR#*`#O+?+^5%DIK-Y3R)2J>IOP!P_?--K][SO;ECSQ3U9B1M*RX((!K MHNJVT4@E#<,A^[!05RUKJD3ULRR!Y,4O*>49>OE]#+`)*>8N.\6=QGR;MBKH M#)8Q-=4)&W]S+U:[.Q$SP8O,>HVN*AB%WCC[E;A4CJ0VN/;5)[8'S?'1Z#'_ MMH?$\<'H:5:F1;V=.AA4L=3V_)P#5P=#_VM[1DT9X:GS(/7%]DE6KY-PLQ@+ M%5M+9JN1:SIB/0VHF.O9">>>&8_4$;7QMCNK"2E=*%SY`DVU^-!4"7S:N7OP MSV?[IL+V"@%/C75V"Q#T/8X*O=="C34V@=Z]YY.T`9R)#QKIT!<.56D=6YI5 MV&(L?B#DC,0CQK70+GR9$0QN81"$X-++[^S5FIQW]KD_APB_J>=9 M@F4__/R2,/(XVMQ@(3"HLAOP[4>CAW.65C%+JR3`8D;748,:9#\;_];236;C M0+;5`.*L9^W3)_<2M4*?J$^#Y5!QGL-&T=@396P5JF4@.92S;+7<2*`RR//; M;M"9RJLM7%VM$CZ^D&2[&ELEDK1,X9;&4ZOAXIT#SF3XI!BY!7GD3,5U^OVP MB/QTCVGL_]ZNQ41>D605!+"@KW44E1@+SO&T)'LVF?8>,TS4)"J'C;0D48NW MVS@J`/)V,/7"O'I54I:C"ZYB=)6E),`R2;*B#`=5MR$_CB(S``(^;IP4)L-K M/'!$7"C(!C]]Q?_>7X;DVV!KJ25'4%W/6OQD"A:Q'C&@CG-WN=V%\1Z`1WPZ M(`D7IY5,^QSGQE]\;>5%P)Y(KN]^2;7/2N$",ZYS]&^:7+O[?.`)W*(\__W MA`DE5A_\;7WVMKQS->>,2KYG%00R;-^JAC;\I"0LX@5#3B>.K^84"&[0VP,B M*D&ASAN95_QY>O&BNR*IT>4W@'R8D"I?^$&`<9`SDM<1OAJB!/IYOAGJZ=%, MDI93-^F.^`7?MUB&+I;$.G<*9S@IA(A0F">*0O'VUD._@S17,]RMUW@QT>;" M2YF?ZIQ3VH!A)6X=$%X>#E]`D/D=8WDVH\9:<_ZNLB3^U=EB:I%P6Y M!EW5BZ*2#+O.9FN=OP*X>2'*H5>`O`UX`$2Q@?].8AZ('BWSPB>`MD<_OR-( MU'S&O^U@$1M"P4OIT'K762<7O%L7VH!?^XOIBH=D M'=W7_#T/O7DF/*FS=[@<35S">$).&&\9#5PE3(6F;@)"J`S3_? M*;XT\L+*7$_0&$I.ZKP6#$JE-R(>./F?51]3UC3J9*\QFUS*1&(8S#J5D6>& M:6&AF=[XV3?GF.HX0QC[,R!N"U%]B`8#G3)&K63@SK'2^]#S_\ M\`/;)8/;?CZ*?I*DZ"?E%!7/G"!`U,8&!)Q.\(]D)&>=:MNVU>G?!9WV8V[Z M_E,=A_NV^](BD.A>(&TL>BZ-MAV3:$?S+.A?Y+(RMK1_P'.YN M=3C7=/;:5MAG\ZASD8@JD53[=2PH:E'A'ASE&:FVQGT>8[:FQ0=70'YP0(XY MXPK<(Q:07U^9$TFGA*I\F*OUR1%F`7H&GQ=;\Q/-LQ%J7?-LS8)DZ$=`"VJP M/MK$(I_L;Y"R4GL23>NJ]F3]VY/ MYM\3II])LP]V6D/F>C7F\/EI]L)26XQ9W\2@7WZS'T["/L)^2,=A-OLS0O!> M(,^KU4>VV2PGJ1]/3!P3^-'LE!/HY]9G,4,PFTVPM/RFD9\+)W:BV1`GV!_O MJ>$%_M4[\L&)]4=_409"VYJ]<>*]X!M"251O;6:,J6D:C1_6B7:#P/NOP`V09+NT39 M(V+YPR&6=@FT,V))#Y-N@+1+$)T'R,'J)0V<<\N$>FM,'6IB??R98GI;1RW! MC_OCZB%14FEJPOP2]81&#>OJS_0),J'^C*U9_ET&4Z/P.#0O%=Y`JN%ASG/B M:/6TK95VB%9,\-BSGS"RC79-'[Z"-)PBREAY;$/+]].'6\'N(PQ!?['!E?^9.= M.&X:KCS1V1VR,\U^HE][X8_.E8EZ;P]'9BJ^$X3R1*;S6D M<@T\"GDJZ:/,J^6DYA:]),E`<)&A.O%#OIBDK6"O2&:^Y_(#F9+A=XK=PN7Y M=7E^CZ/75ZLQ]'RSW25'6S.F/(>NT(CD7HH=5LT=Z)* MNSR7->S,",6<6-+H?.U9K1DLL,^U>>\BL/'R!"4._CF\D<1R2;O]T?&V_/9A M8K[IXG6YC`(S;["CFT]FVBU!F7-,DD7C^8.3WD,9WRY;]`9*NC%/RM_H M]G">/91V^;4UL>-)[Z*X8]&T=(_2+(UA\8\/("3LF M>N=W=3/^86#&/RB?\8\#,_YQU(PN=MA@C],#JXO-L<.%]K2IZ/,%\QVHEX@# M;VZ'B\H//N75F'.F$T/LL9OX*T#%O^`6]GG`HTQY\AA6-3]: M5O>2`3X&G)S9K4&V)7EJ0)8RNS9D#R2PD6L[7)-XU0TV\@90=_)G_LMN=^P; MN3^EL1$2H_09+E;"Q4H8Y^'O8B6.$RLQ4?2J@R?O.H<\-75^M(@]#K_?&.^+IJ>;9EECI48%F;;K\4( MB/.9,.J`Y*Y-?U(\BD.4XK.PS`B2&1#]>(BH7.$0I/D/+3&DQ`Z)_/$1T[BP4AKG15NFP:'7KCEI'A$:`BD(BW'&=KVR? M(!,JB0S44*2::OE]#/=IE*G:Q_-6FW%&PQ%T7J'B>SQ8,;8,)"(N`/,DM1]! M@>4(]U2D>3SEA9>"*P^BLD*O[BT8)M&N/9JWKH/L]#9C:][AEZ7/KMWY'$>O M>4JE&3/]CR-";Y[I09J'\J,??7J'E]3TIY:M?W"%168T;6]8;WJ;L37O#9.E MS_"[0A9@[>0X/)62(WTWFX?H+$4H%))U4O?S@4>,S;&M(IHHFNIN1*CFQ*F, MC6J1L3.X8!87S'(D?_^QJG^I"(!1=X;;)!=Q9$)XRYS?DHL\H,]>I5KT?88P$%^Z1@8N/9)=WXSI*E6;UKBZTAR\O;@TKTGQ.5;7K"_@*`WS3/>`O2+4SG/"\UJ!),I$=$\5\/FO0^R4. M\3`A\;,[\FGLS7SRB#[`Y/%YE(]@Z?4:)T_7F5J M9*4^?^(C<]7.^=@Y'QOG\N?\6IWSI)&:KN/J(R?;>)W:^!C;)".A+%Y7;,[6 M=!49RTQM:N3&%#H1YPJL?4/H2H'C)5C59H`G^,<2L56%:FYQ6PDXX;4H76X]!`IU9!4Q.3$,G0#]+8F4%U"*TAW MU=H6"]-X'(N#N-K&&>9W5VF*X#,^MEBB>8H?P"Y&*8:M)+(^VZRLK6K&U(0" MRJ]J+\0?[K;.1-RA_?`2;TF';"BF#NSLC@64]:UY$RDK`TU$J&U+@NFN%V\G`Z3E-/I*]JXI1$%E]I*X:#<=YD1S%H MI0?$\=Y]N3%,7F6Y-F(N@,/1V_>C6,1_LD33R:MI9YF0MN56^2K<5@YL*=H=$X7@48 M.V&L52RV5BU6)1(BHTV^RW((BE[PFSW/!AU$B5?>=L#KA6=0>H;9*LW\IS8'20KL1SKM6:TE"'K:.EUN=Z9!RVTTSMO8?NT&-*^-99R!$5 M0OS>G?D2HXC?`EQ/T-Z6R4GX:K:FD*9R?:6H#=T'G>5JA-_ MJ>3A;-^8/$\J9GNMU/<.6B*R`FH?;1;QESC$;$52$,6S?G<;JO'L.1CWY&?N:EP85WMRBM4&4#SO/,/OH6,43`AY^X/YXZH":Z':W MJ]P?;<>IP_#;ZFXW%BXA3:FMWG6BHOGB',)D@!%D)*QUY9J$U2%7:JU+EPQ. M8K?9,K)G9-NMA_9WZZ<7T'Q3=^LF"*1\VE2H*9M!S[T=3+V0;8Q@-=5B[CLU M8VJ+#)9NFM_6F8`EJ"U3N=8'=ICN@QY&K.`Z23)QZLO61E`^7+V'VT51VIFH M4JT.7F[,MJH3R`A>[H+98V1'*[;MCO"AV<0))K6(S@7(F7F>H%!]*S2GF.Y6;JA35MS:JS0]C;KD MMS`:IK+31@>5]R@.,C^]@=XS#',;,=[;:`,B?S]DU1/J:MB:>)KUP6XZUN*J MVT\V3T2!AX)R#7]6JW M.:SA[]A6$Q$KR7;5>:B;,1B%3`R`%'X&>O= MH\?@(_:QVJ^*:%N4Z7IU"7)WSQ3Y*!BI(2CZF'TB7!R+V;;??`5@OE MX<7O-,Q21[%F=\0TS#G56?U*%ZCEK^R[*'^F@H4`1^-BK:ZOXS3UB])$:].Q M_3W#W`!`X7X^%S?:%&*:-&Y/+?G(/13A@Y)4,4EG7@)]AO1#;ZN%ZO4:^.G= M^BK.4/I2@GKY2AZB(8664%=;U)CC$?Z$XB3!M\H:LI0S[19.T5I@\AFDF"&/ MM^`&8\/`K=M&BYN5%X+D`>`SGP%,#9)Z_QAL-\J.!:KS(MBN9!@+4N\!L%V7,!8F!M=IJY.:TRHS M8]Q$W_7%:@/&027W@2Y6+S`AD2`KG5IN=[N.5KX?9[D.YC))(9X-7,'(BWR( M3V^^)VP!:_PX:A+"B<[,$W:FC*1Q%3PMB+)AC[N^DK6=M)AJ#,6)_FQ2HSF% MU`+5/5K4$\=,[>9]6P7_R)(T-_$]@C0-\XC[9!4%7Z(LR4W1\2M,\.?'3%,G M-893PIPTLSI6'I0\:$Y%0PD"D^<(G!)G"HP,?9A3],A#R=2:V:4&T@`F4\%F M5P%&IV!S"C:G8-.L8%OY_\Q@DF>-4)%H2HT(!N2I$5<_D\$`+=PQW`_ M'0(9C2IVNAE6:T,H'U*,<+LH44519JBJ%=\CZ(-5F(^&_WR-/YQH`_$EL$H2 MD,LEG^(X^`K#D*:I4C.PE@HE7O)2'O3@"M^3K14PMHG70['"B@_C MU&YJU6Z,'?[LO<(-AOT3NS))OXF6T+'2U_TI+L][]9F#)!<&&1_(8#*@J62][9=\2I[`&GONJWZ MU*G2`=V*)\I?V/I8.%TJ4T$HQWHZC>H(P`89.^L3$D[E.Q M@5'P]\P+X7J/W\;2CI;H4$H3WN:K%_G@*D87;H%N@H^IBO((P M"A;CE1W-%@7<^+-R'1%C4HSV-6)E`A_N01GJ=?JJ1#7H-L>P^K+NUA?E94B< MDG*!@XNTS`AFK##)BRL6:=[/O)#\27AMM+Y6KDI33CD^;>,'.>M=%8\0:UFW(6B\_CLFKY=F0Y,8P0#$VEH=O2Y22P-FJXG#* ML9ZV0N:J;Y\G$1'8]DK-8[$;%`DG%6^V&#@I::\!\<\+!+'/T/!AI,&_G)M/ MDG$2A[*68Y>1)/<(B#(E:-MM\\?$MB>GVVZB/P*T;76`]7EVCW>Q+B7E[BBI M=['FZ]%HR7)6UINR%2(I?!4XXW8+(?7YC9QEV-+0#$5N^F!#/(8_@7B#O-T+ M.79<=3^[O:;ZXRGHT\-1Z[/;JZDVGB%\`9SCJPNF[,@82BM-N6(*&LX]A/;K M&'WU4,#!CMW>&.H_>UM^D.A0K^FW0G[IH7VQD/(_^FLH__S;TZ\],EL_F&$Q MZ^O:ZIP&6T*IL.UL8!B3[4K.BN:L:,Z*YJQH?9_?(;:)P-*^YVV/NQKDQ#JQ M&VST;#\X@UQ7+\L:G\E9)%J'7%X=HT9CP)TV>Y3V=8CU<_87IX)5J#CDW(LE M=A\<=@SL.&]OB=U'AYU36`LHK#_'*4B>XCI!87VRDBI`[0(D/H*[$C&2I3"Y M6]^WJ'G"LY]A4?9WG81Y=DM!'IIU5\/J9DH M#;72RTW9TVWD]!4:WTG)3X;*55BNVQK^%FF!VC(OS&)T/TX6XL/!.VJ+Y"H? MX2:":RRN1&F3)OL^#J$/<8_IG*3CK!;+68F=+`8'(];9<8R.8[3N%7,2ZS^H"4_5/`*4`J3*H5C3LM^B,T8ZJ4F9?ZA:(H%UGL$ M,#J1?"?X'@,5ZG7_'G)D"Y0"]M*?RC M@/S/Y3\S^.J%Y-2+G2&QOEI6%6])J%X9[AR2"":);T.TMYK3%$<^A@WELY'S MFULB'V#RN\BA$NZL9Q1GY$WHB"(B?AA2T6YZ5YA@!^%"^"'7CTV%].A M+EHJQGHHPC=U7:%+[!P/];+%:C0>URN8^%YXGP?F,4#L--%"8XP`9D+.R;<1 MX>U#'KZ:BOA.?/GF_QD6W[_8J1@_GH[55\F[,6G]U-[]_^;>,/+C:,G?N-UY M$!'&\PY=P&07)UYXM[Z)H\T-?`5!F[ZA;1XUE)Z]#(LU& M`6':=X0LL=,KW%U/B2(?8`D$'P3!^Y'30-':;B_3I(,7[>-[@#%$?ZG M7YP'`7YTW$":RD0!#_E$)KP`KR",\]-19DWA?L8B/?6L**]^C;<@WD1Y9O3* M-;FNB\U8SU`_,U9SG8N/F!]@%_3B=#%C#:*?^U`_+1:J%[C;$9_/*/B;%P5A MJ8T36Y)@9TV6MRCP4(#O*)*+YE3U8,+)YFPO:DU6((L;6HMN>F%L-'7&]G>QIJP?,TRHI28_=^ ML9SIH+6\P>C]`C&:8)-L@%LRS\XS[S0(+9F#9QM#&WR6S*#W54<-*DODQV4= MR!JTELV0#YH0&J"6S)<+6+\:H);,H(N:<1JTELR>#QB':I`^+)$/%[/5-A@M MF0\?C'QH8%HRURWDEM%`M63VF^JQWD"S1,Y;..2E@6F)K+ATY$D#UQ)Y\2DN M<@UREC/G+EB5#P?OJ+E@56:P:H[CA%!5_<$_#)?;VH[4R[W(=:\=[G3ZSOF+ M=FX?[=:NV86RK"!PMZ[,#8/^H)P>SGW2'O?)QVR[]=#^;ET;"\[C_*8'D5"" M(='NSN72N5R:#)&$I"'`&3BO2M%7U/E:#K[/SIM2[J%:C%NE$^F=2"\ETM-< M9EQRTI,+8A]BROE]G+2_:-G2R5]._C(0HNF^GTL4OQP'Z#A`=1S@5%O.A+2C MKQX,R>Q7,7KT9'@=D9XN-=V5!Q$I$%8&$MP"CVBM@KOH@<"%L!2=QQ$/9GN3 M'<;@M7Z)XN<$H#R6[CK:92GQCL-?2PB%ZFJIGD57PK$DS>^%\]!+$KB&(#C; M$[T*84 MJ_8.OLJPM`]N802WV?:!'/;PWMOG%%[%Z&X'2.*>:',#O`0O1,1@HV9LQWDZ MSM.Z%]%QGK-%.4RZQQQ#ZAA2QY#2KJ1[$"4P+P!PE[X`=!_C&PJD$.6_GH$( MK&&J5L'IF-*E,J6CSQJ=\1D]G&,]'>MIW=OG6$_5H\JYG"'_GG;KG1]*[\6/&-+)#TY^L([3B MO9T`?Q("O!-@G`#C!!BSWGHNYRA\>R]&6'&+8_\T*, M''A\`2#]A.*,%+X63KTXU-UQC(YC=!RCXQ@=QSA37KS!^]NQC(YE="PCM;HN MV)#_?0"[&)%05XL5BXZ9.B)S(G"L&!R+0$_''CKVT+K'R[&'JDW1(G>0XPP= M9^@XPY&[@7Z7KA"P)-U0%8^H5[\^I_I=;2.T3:_)L[VY8_BX,B- MYOAPQX=;QRHX/GPVEU#)NVHQO+D@?.J?RL7X+#OIQTD_4M)/(^T4`14@2O+) M'T"(FP3G<8(EI!>,^)F7@*!*&JFU5,=4DNFLR=1173$/)QTZ'M_Q^$8]B([' M5\RD3GY[%L/K.T[4<:+'Y$2=CMYQ89-US.1X/9/CU3V`F#CHXS/XF.*#MHJ" MWE^^1!`O@<118Y`EM?0S3&D`AF?]!>5_3599^H)OHW^!X`N^/5"^DKO\.KH/ MO2@YVU]^`\B'";C'2P4/7K2117*.B8W$LUG!I),W9F!3\"B?@-57#P5MLHFK M;/'&)TFV+?XV&IL)DSB)TDF4UC&V3J*3(4?Z-$_A>!I4?[(;5:=X_P:D$]-JW&330R=-V:W M=P9)IPISXJ,3'XUZGISXJ)A-Y+P7BY$*'$OD\!G7,PT&AB=G6<9Q.@6?=2^,X-T6 MQP@Z1M`Q@K3+YA[%0>:GOWH(>1&^>ET5&,<,3F=)!$X5G4T1Z.A80L<26O=R M.990,4LH<@,YKM!QA8XK',<5.D6AXPVG*@I[I^P&>L\PE,_;)3B,XQL=WVC= MV^;XQME4B:*WD^,B'1?IN$C:[?/WS$.8\G!?_]:J^^/TBXZ'',VG")XL.O\B MV-GQBXY?M.X5<_RB8GY1]"9R7*+C$AV7.)Y+=/I&QRM.U3?R3YJ,?.T'* MZ(^@8&>7[=JQRHYI=$RC4:^88QH5,XVB+XGC$AV7Z+A$VIW3B%U-T:`HP")8 M"-=[&&U6OA]GG6J\SG+M6"P%VDCYXS:DDY0?T3&9CLFT[A%T3.9LFLD1=Y;C M/!WG:3[G^9=WA$Y2MQ/_Q_\'4$L#!!0````(`.F!74`FXB`4T!H``)E#`0`1 M`!P`9W)M;BTR,#$Q,3(S,2YXL3CFQQY9G9O=E"B(A"6#UU>?![>H1OF44;0J/>%A)P^ MHU\=XA&.0X+&^-EG_F*%[ITY6>!7:((#XB*?H5_/[J[1\>$`H7D8+C_T^T]/ M3X?$G6'>\R6Z0\=?]%&OES;U34Y>GSJ] MUX0<]UX?G[[K34[?#GJG;T]<,CEQW[UU\U#GG.!0($2N(/0#.CX:'/>.CGO' M[\>#]Q^.3C^\'OPG7]M?KCB=S4/T@_.CJ'QTVA,0@X(`7J$130Y[.^P#OH__KE.I;6P=__AN*Z'YXG MW*,%"/B2PIST*0M"S!R2`Q$4_:Z!@&)01KX1!20A:_#^_?N^+,W5CH+>#.-E M5G^*@XFLG13T03Z]HT'O9%"$"E=+$E2"R9)JN!E?L`)IPE`6E$DC`8#!<:$Z M\QF+%M7LNR'O0TM]4:DG:A%.G3SH9C@%!NJX80:6E_1I/R[,U7:$O89\5:P> M$.=PYC_VD\)J*;B$5D.)@FH(RAY)$%8#Q65EN!#S&0F_X@4)EM@A1D(7W7U! M6'CE\\4%F>+($RW^$6&/3BEQ#Q`.Q;`PB4)2J!"Q=95_`):/F#$_E)U2_@U? MEDO*IG[RI_@`1OB!^QX9"TT@^/%P-ZJC,4Q&GS[4ZU_X3@14IO]CYEZRD(:K MD6B!+V2[!XBZGPZ,:F8TI52Y9$H9E=0/C@:HAU+P_$^!"L6X4`[9QWX90QEY M)(;-&_8/^=O!GA-Y$O!:_)T`)S5T@$LNQB,6MH!<4U8/EWQ-E;,3G=T+8J5I MW4RO*!,C',7>K1](2LX]'`2)A8'6[@3`;X8`>N6="(UEB!`,_BSP/0H3A8O. ML`:VTMPMYJ+*G(14B*:Q&B7T!EV^-M?K"!`_A3%^#JM;-;*_5P8\MSW7.$S7_X1B=EFR-P;8=C\ MW%\(SN:$!?21*,IS:*\U%KV:WYBK^3[TG=^39O\;Q0UW2M^QTNL&WBTLP&0T M?KN=&70C='.S.,?!_,KSGX(1IMC=$R>PS-/])F*5F\/ M[V&50P/'\X.($_ACC1F,0/19E#;:F4%C,[BG,R9\7@>S<.C(&`%ELUO1X1PJ M(!JIWA"55MV#H[*Z[Z/%`O.5'+G7#:!U"RAMHM-^8^U_P?QW$N*)1^Z)$W%! M6U.EZS'H=3THZWJ-#*VQ=6IMK%;A1"UH*'^*P5?,H-!/"(-.LI9W,STW1*E7 M_'%9\3GL,I)5P-\90&,#N`7_66R](SP@3!86M3:(U<;Q0G M9:.X7"P]?T7$]![C1+<>9ITU-+>&>!DUQL]M-:Y%H-?JZ[)68URP@=?U[!:Z MS#Z-F.AV,O;?NB.;XM)K^+2LX2M,.?H9>Q$!IRUK!.5:Z13?W%$G,_C_CBQ] M#G-C6Z6;X-$K_(WBHL<8"'/E>P>S119`ZK7HA)"DXI#8@J(N#,7/1W=:S$R$IX.C4V7S!SWXV<\!?,.6;AJO72 M>#,:O6J5D%B**CWRU\V=S97[4X1Y2+BWRBUX,D^UF8(-4>F5K(2_[HE''-C? MRM#G?6GTPP/#D4M%A6YCLOU&EW!#)Z(42&O;O0U1Z;6OQ+F&SA\1C8\@=;V[ MQ<+8F1,W\L2*!F(..-EQ_$D>`5T)7S79*6H=)=D&O]X2E-C8_?F_+B\>KB_1 M:"3^^GEX_3`F'W:X M[9FAU)N$$DPSW_Y$/Z2_NEGBI0QC#'N3NS2+!*'>*-2`6P.CB%OH3&+'F^,- M+,$$C]X`E,!:Y49YI^MOM6/>0/FM$.NM00G*:7?/.ZMXF8W3!C9@@$:O<26` ME]]$[13\XKNI#73=#*-6[2=*G,]@9[6SAA?=8FWB`!ICTUN!$A*LV&[MM/[= M]ET;6,1N6M);BQI;K-F#[4SF!39C&QC#)AQZ-:N'Y92-V4[!N]_5:Z#?#2CT MZE4B@R5LG6Y?GUK83]E&V_3N,OO?_70.N-$.HU7W&8SG0OL#.) MC9DY,L$F$=.;J38L.W1=265!GTGJCIV@TMN">G[./,[;0^L6BP9S04),NRNM M!D8R8H^"=)]G.S_517HE*M&Y'&BG#'-EB)EU2;B\&`YWM)5U;PQOI:Q;Y6@FHQ/D092C&B&"4,NRG23J'F"KTCCB^< M(H]*ZF^F9V1&&2Q.H4LR-Z>R!\9%73&Q_4G<,7Y.[XZ5-;X]0KU)*!&V8H-@ M!UF32:(MMV@F^78A*I]>6>L&@@9V,PP"(G?)KBF>".'#GN87>=R9N,/U&`Y! MIM4PH+J M2&9@I7K;E*06UB-Y8E%,+?I!THM.?NQLV=R6JTZ*K+/2#8/AHQ`D%%_Y_![G M:Y7-<@M,>@M3(I/51U'6;2$I7`I75 MZN^B$3MPAQ:P;_QGO"\(GJ[JL$RKU'JV@O,_'#MAA+TO.(3/*\4WVBERON?+2 MY#A)H$$>Z3#JM^:`>M4J`=+J=#U=3]V!LK,#I+?W(N$7G:V&RZ4'T6G8AHY"GZ^NB$LX=-D$^D[X3V,__O.,B(Y& MY/E@\<&+(%XY6BR%OW0S%;Z6<*AH,!??1(WUQ+H:.LYO`V6_<^\8T-NZ>IXR M9E!Z&6#P"8_@?N:X7"<*+_6*J6`U#06GS(*#FK*+,GY1PG`>#_",0C_]%+,= M'^R6S[[$G*.8=:`AS[S$D&,?=H:Y<(B[F;3-X&KH^&ZLKS<_)6Q<.,O?S98[ M&''7H4GHCSX#WU*,6$1T92[WA:J"M,JPUPZ+7OE*?#8?1ETW(X>>I"'9QVN" MMIU1F"]W"[O%H+4LTA'DW@+)W:10%KS-,>B-00FEEO:?8WVOXR&!YM)'9PBF MAO"5A!"`#FZ6\)(<>!5R_!7J5!R/*Y_'MS?B&)B\=5&VBFW1Z4U$";>*YI!L M[Q7*6DQFD%?27"K\""1^HG7+V?V1SF@:&XU0:]7Y(E%\MOI,((?6X MSDX:8-";AA)5S4Q#VD'U<:57LI9P3M=-(6BKLX4&[@5J/PE&?P7'$:!'WJP=!AE@-Y/;:DPZ7.Z@.)\,\[/Q^[\Q]N;Z0_H+0B"CX MXKM$.1?]TLWI34Q-7)F0TTOH03F"X*R\*Y1:'K@&]G(.2!N3J)5GAYNXY=ZHWWC4N73HWVS$V`M*KVN2^>K=2V8'S`9)< M)_9.\GJ;+4X;@.J5K>:UK,DWWJE\!RHOI08PTK41C%[)2FBRG**@T^T.KRV/ MYR2_"S6,PKG/X0BE[%KJ"L(43J]C7>))@;FT8[5&'G?X;K'P`IJN>%]Y6R1Z M&]!=2C>R@>++RIU--%A`)DE`TAP@1D.[&9!>YTIX44U'THWNN[KY'(S8<#;C M9"86O"7E55]]U@'H]:K$!A.$H;12EG5LW`^A5J`3(:E3839>M+TSEWM$PFBHW`^A5JMX`SR'L9LA=>,7) MVQNCD?[M#<41-H73*U@]KI?@31[H2''+&.4:>YJ@J5L`O8"J]0N@5DCT1J!& MLYH:P?_?(1W^@5W&.S)%S_)+*"I].@CH8ND)]S;^AKD#\`6+>3HY]/FL/WC_ M_GU?UNHOXQ--E`3]%&V*0(%^GG!/PA\?'9W$EE:27T)5BF'.R?33P8PO6._X M:#`8')\,?A,0A\\++ZT2TA!:.5_C08`H>(6PYQWT[>6\J$8#Q@5`!>,7&9H] MX=O#$^(9LBSJ5K!\#1CVA-MR-S=@6H!4,'V;0U3%^\<^7B[AS(C\6_S%F!_7 MCC\(UGT>(H87)%AB1T?>H/CWLG@ M\#EP$Q*;4+"6=#,*4KBF%.11G6&;0!^7W MC@:"WMIF99-YR!G&2PG8)UX89+AZ:US-I>^&O`]8^BQ:$$X=,R&4H4`2[T'\ M@S?;D."S7DLR?/:U'265\MU>,?"EJ5XDVH`XAS/_L2]]%KXR)J<*+OUC*T)< M0AL3D<+`CZT:I^R1!&'C]G-@R>\:*H@G$PE+,CX=I)[B'7$(E5F4+O`JN(E" M&.7@^E_LYL+@_9M!W7@*`L+H!S?BDMY12!;@GQT@/`EDWHQ/!U/LR2E&5A13 M#_7=L02-AU:OI#%A/`"C\8P,:^B&XK^^\'U%Y@V8S65SVYXE2,! MKF"H5&`7U0'%M]B!6V@JX6J97;1GVTWG>$E#[*D7'1!'O@8'XZ<,0X1'NZSP/>H&V]9B%_.JO0"T[!`)51439L>\[@;?BXVN+IGL:'!-9G=YQL6? MAD^8DWI3-ZELFSFG:<_7CS^DI^2S*^%QXA*!+X!W:;+T0#'+K<"W5OQ:!"\W MKQJSEIU/OQ8LMI%-"<%?6#KI66]Y!']K496P)5U+]*ME4K`'W:J2H>1>PLX$ ME.';2Q'=D4?"(M)&&AGH7O6IJ@RI%=Q75WLY3GG<[=>P+2FL(^(V7.%OS+-\,:\IO`O3MEW-S`AWLB7.M)*YN^EFV?B$&GQ+[C:$+$5;QY3M:N>CPD`=9'CD2*S0YQMW1X'>- M\VL.8YT/[+/T1%5=O*^^BE4+O1R9\3EY'2/%&E;QD68IDV\7/R2O:TWS':RV MQM;;%"_"2.*(".]LG>M-DGX7/_`#*/]-,+]A54PV@MZ'F&53QL9S3K813`+_ MEQ3-D[^-8`!ZG\22)4@L1Y8JA*"INP>A)WDPBDC7B=.)A(342VD^[/QW6.C! MY(MGY&9ZZ5'):CX!1U$X.T1;<,VA[G<=:LN,W9&0[9XX9^UQR)E;*HRKBBY5L/8"6/L,LCEH8>399%^A!4;>1)IDG.O27U MP/P)++R!SA$3JZ[@FCP2[T0KON]&RUYHYHS,*(,5&_0J>=,N#?$\,![OU?TI M=[(2ET[?17>(W5+I;4XPND%`31!8*0/39"1:.31'8J.%NBM%-.^_;\K%Y%^\N-G=;1^*D4O7JV0+>'\JEX76@+\6BQ[9%TC%YA M:B&GAGCME9C9"W:;)=04CYT227-NYV;?]747>:2Z56QQ)WCMEMB&+.5FXC%& M8J4LC+)U:P71$(.=4GC9IZOT\OM6;5LE^4?J$N9>$,<3G<2MORRRL6;A[*$% M5T12@I,]U$$05AROK*MBV4'*`IG'S-W$2:Z*S9R<\(V:W[W,&=VY3JFONJ*BW&4T!K.J3*='Q%?P2;VU^HZWKD$LO[#L,I)%=4.=E4TRJ^ MLE6&;M>UO-5:'DRV06+E.'-%0TA?I>BV]-TN36;1O>J+W37E5O&0;`ZP]6Y" M8;]:L"!6S:RPUY#N881PYV.:;D\,F0^)&[-=BJ1R3APOWU3>LFU-M+)!"MGG MRV>(F*;>PC#,N"T(:(?RWWW+>Z&.]>GD*G>TNM@B_S-'8'F.4(NL'/DS,O\E M,TZNQ@1>D)$MP77X*H;J:N;YF\&G[SBN)@>D5R4WORKT9E#7MN!;1O(O7%2Z M\)_@K`J,)X^$%U-C;:RY'Z,$I'B75S76QYHK;]5"VJ#J@:0E!JO&FB8\J,-1 M"V@K1ZQK+!88PN,6_XDYE0M+EES)?)HYAO75MC;[ET]W<>VS&8RQ.5:N++4,OH%:6JV^.)G"RF^7P4PCM407BJUBOZO^)'.?#;\ MK-"NE-A%MY]ECLG2BU2&LC95M(RK4+BQ?I9L`%8;I.[*I4EEB^;5[((+)(B5 M:06F/G_"W`W$4HSR*E?8',0BGUB^[/`%_Z_/_T<,M(%+'0!6[%)?S2JKE*3> M_&X;S0%U"9S)A..9HF=72+Z^CE6\Y+-YC?T0 M>TF2.,C8$P6A6.WFN3*JG?!G0_HO0:_:FO8I:6X"P]4\DL% M-E)]7$?UL+,W/R]\_*6IV`V$=G%E=^?S"CR;A M-/**KV^G3)E![$-\YPZR&JG]N_C9*HN3I*E]N_C9/HI/JBD^L9=B=20J?K:/ MXM-JBD_MI?A--<5O[*7X;37%;^VDF(`?Z*U&01`1-W>U@/M,_'3BI7']T>"6 M\+;M6=S!R689=W:2N]AQ:MGD_L#8'W-Y<&(5_UT40#/(O9CS2A?3XSN*])$4 MMGFK]C(:0UH4:S&CO;QWT0C*RCV+TBW[ZFY>5\6^GCRC<,L.,K[(O##9"=BS M55Q6.N1L"O#M56=P[#DC.Z94.?5<4V[9%)1>J#W'P3P[O;;>\"[PL['N'FR> M);&97'+_6]D^S!W9IP+71O6W7C;N\E&:-&7%.O-`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`W0/>0V\(5_"9X-[Y=_/Z==DY*\.AA@`VS;`ZDI6PJ$%E.T.CL-`7(VOY7"Y= M),:79W)S7U1 M[4,?_)G,J>,1)<5'Z;M]QQ(_]@-G3A98_/P_4$L!`AX#%`````@`Z8%=0`0Q M.[.BB@$`!&\1`!$`&````````0```*2!`````&=R;6XM,C`Q,3$R,S$N>&UL M550%``-EE4Y/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`Z8%=0-RLOWQ6 M'0``X[8!`!4`&````````0```*2![8H!`&=R;6XM,C`Q,3$R,S%?8V%L+GAM M;%54!0`#995.3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`.F!74`&5_^: M^%L``#,]!P`5`!@```````$```"D@9*H`0!G`L``00E#@``!#D!``!02P$"'@,4````"`#I@5U``X^+ MO-NC``"/40H`%0`8```````!````I('9!`(`9W)M;BTR,#$Q,3(S,5]L86(N M>&UL550%``-EE4Y/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`Z8%=0)9] M7$'O8```[8((`!4`&````````0```*2!`ZD"`&=R;6XM,C`Q,3$R,S%?<')E M+GAM;%54!0`#995.3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`.F!74`F MXB`4T!H``)E#`0`1`!@```````$```"D@4$*`P!G XML 52 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Adjustment related to unrealized gains (losses) on available-for-sale securities, income tax $ (369) $ 348 $ 676
XML 53 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-based Compensation Activity, Restricted Stock Units (Detail) (Restricted Stock Units (RSUs), USD $)
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Restricted Stock Units (RSUs)
     
Weighted-Average Grant Date Fair Value      
Beginning Balance $ 25.90 $ 23.47 $ 19.59
Granted $ 37.28 $ 30.29 $ 29.79
Released/Vested $ 37.73 $ 23.02 $ 19.59
Cancelled $ 25.89 $ 23.32 $ 19.63
Ending Balance $ 29.40 $ 25.90 $ 23.47
Number of Shares      
Beginning Balance 1,503,000 1,316,000 1,043,000
Granted 422,000 515,000 501,000
Released/Vested (366,000) (291,000) (204,000)
Cancelled (81,000) (37,000) (24,000)
Ending Balance 1,478,000 1,503,000 1,316,000
XML 54 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Selected Quarterly Information (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2011
Quarterly Information
    Fiscal Year Ended December 31, 2011  
    Quarter Ending  
    March 26     June 25     September 24 (2)     December 31 (2)  
                         
Net sales   $ 507,834     $ 674,099     $ 666,993     $ 909,643  
Gross profit     238,374       322,100       344,331       433,787  
Net income     95,482       109,477       150,381       165,556  
Basic net income per share   $ 0.49     $ 0.56     $ 0.77     $ 0.86  

 

    Fiscal Year Ended December 25, 2010  
    Quarter Ending  
    March 27     June 26     September 25 (1)     December 25  
                         
Net sales   $ 431,067     $ 728,765     $ 692,364     $ 837,715  
Gross profit     230,909       391,652       344,020       379,793  
Net income     37,329       134,816       279,552       132,906  
Basic net income per share   $ 0.19     $ 0.68     $ 1.43     $ 0.67  

 

(1) Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.

 

(2) Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.

XML 55 R65.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of The Components of Authorized Shares (Detail)
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 31, 2011
Common Stock
Dec. 31, 2011
Treasury Stock
Dec. 31, 2011
Conditional Capital
Dec. 25, 2010
Conditional Capital
Dec. 31, 2011
Authorized Capital
Dec. 25, 2010
Authorized Capital
Class of Stock [Line Items]                
Treasury shares purchased/reclassified     (1,149,645) 1,149,645 [1]        
Treasury shares issued for stock based compensation     1,454,224 (1,454,224)        
Outstanding Shares 194,662,617 194,358,038            
Treasury Shares 13,414,801 13,719,380 [2]            
Issued Shares 208,077,418 [3] 208,077,418 [2],[3],[4]            
Capital 208,077,418 208,077,418     104,038,709 104,038,709 [5] 104,038,709 104,038,709 [5]
[1] The increase in treasury shares in 2011 includes 522,856 shares repurchased in the prior year that were originally treated as retired when such shares were still in treasury. These shares are reflected as additional treasury shares in 2011 with a corresponding increase to retained earnings. See Note 11.
[2] Includes 10,000,000 formation shares at USD 0 historical cost
[3] Shares at CHF 10 par value (USD 9.0744)
[4] The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares.
[5] Up to 104,038,709 conditional shares may be issued through the exercise of option rights which are granted to Garmin employees and/or members of its Board of Directors. In addition, the Board of Directors is authorized to issue up to 104,038,709 additional shares no later than June 27, 2012.
XML 56 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions
12 Months Ended
Dec. 31, 2011
Acquisitions

15. Acquisitions

 

During 2011, subsidiaries of Garmin Ltd. completed the following acquisitions:

 

· Navigon AG (“Navigon”), a privately-held navigation provider based in Germany

 

· Tri-Tronics Inc., the leading designer and manufacturer of electronic dog training equipment

 

· Garmin Distribution Africa (Pty) Ltd., the distributor of Garmin’s consumer products in Southern Africa

 

· Garmap (Pty) Ltd., a South African mapping and mobile applications provider

 

· Centro GPS, the Chilean distributor of Garmin’s consumer products

 

These companies were acquired for an aggregate amount of $69,558 in cash less $15,368 cash acquired. The purchase price allocation for these acquisitions included goodwill and intangible assets of $84,204. Garmin also recognized $3,923 of restructuring costs in the third quarter of 2011 related specifically to the Navigon acquisition. Individually and in the aggregate, these acquisitions are not considered material; therefore, supplemental pro forma information is not presented. The allocation of purchase price to assets acquired and liabilities assumed in these acquisitions is based upon certain valuations and other analyses.

 

Purchase price allocations for 2010 acquisitions were finalized with no significant adjustments.

XML 57 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)
1 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Jun. 25, 2011
Mar. 26, 2010
Jul. 31, 2009
Dec. 31, 2011
Sep. 24, 2011
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Dec. 27, 2008
Dec. 26, 2009
Best Buy
Dec. 31, 2011
Minimum
Dec. 31, 2011
Minimum
Top Ten Customers
Dec. 31, 2011
Maximum
Dec. 31, 2011
Maximum
Top Ten Customers
Dec. 31, 2011
Maximum
Best Buy
Dec. 25, 2010
Maximum
Best Buy
Dec. 31, 2011
nuMaps Lifetime products
Dec. 31, 2011
PNDs premium traffic service deliverable
Dec. 31, 2011
Premium PNDs nuLink services deliverable
Minimum
Dec. 31, 2011
Premium PNDs nuLink services deliverable
Maximum
Dec. 31, 2011
Most products
Minimum
Dec. 31, 2011
Most products
Maximum
Dec. 31, 2011
Aviation
Dec. 31, 2011
Marine
Dec. 31, 2011
Dividend Payment 1st
Dec. 25, 2010
Dividend Payment 1st
Jun. 03, 2011
Dividend Payment 1st
Dec. 31, 2011
Dividend Payment 2nd
Dec. 25, 2010
Dividend Payment 2nd
Jun. 03, 2011
Dividend Payment 2nd
Dec. 31, 2011
Dividend Payment 3rd
Jun. 03, 2011
Dividend Payment 3rd
Dec. 31, 2011
Dividend Payment 4th
Jun. 03, 2011
Dividend Payment 4th
Dec. 31, 2011
Acquired Finite Lived Intangible Assets
Year
Significant Accounting Policies [Line Items]                                                                      
Cumulative translation adjustments       $ 76,456,000   $ 76,456,000 $ 61,740,000                                                        
Retained earnings indefinitely restricted from distribution to stockholders       239,470,000   239,470,000 213,486,000                                                        
Intangible assets at cost       206,872,000   206,872,000 152,138,000                                                        
Excess purchase cost over fair value of net assets acquired (goodwill)       179,475,000   179,475,000 136,548,000                                                        
Available-for-sale securities cumulative unrealized gains/(losses)       10,737,000   10,737,000 (5,736,000)                                                        
Income taxes that have not been accrued on unremitted earnings of subsidiaries because such earnings are intended to be reinvested indefinitely       252,793,000   252,793,000 233,028,000 171,097,000                                                      
Unrecognized tax benefits       161,904,000   161,904,000 153,621,000 255,748,000 214,366,000                                                    
Unrecognized tax benefits, accrued interest       10,850,000   10,850,000 9,580,000 20,160,000                                                      
Unrecognized tax benefits, non-current       161,904,000   161,904,000 153,621,000 255,748,000                                                      
Deferred Revenues       377,119,000   377,119,000 197,787,000                                                        
Total deferred Costs       80,856,000   80,856,000 44,738,000                                                        
Exchange gains/(losses)           12,100,000 88,377,000 6,040,000                                                      
Income Tax expense, interest expense (income)           5,568,000 (10,580,000) 9,000,000                                                      
Reduction of income tax expense due to expiration of statute of limitations           19,610,000 24,066,000 19,771,000                                                      
Advertising expenses           145,024,000 144,613,000 155,521,000                                                      
Research and development costs           298,584,000 277,261,000 238,378,000                                                      
Accounts receivable typical collection days       80 days   80 days                                                          
Unrecognized tax benefits, if recognized, that would reduce the effective tax rate       161,904,000   161,904,000                                                          
Unrecognized tax benefits, amount reasonably possible that it will decrease within next 12 months       20,482,000   20,482,000                                                          
Intangible assets, minimum amortization period (in years)                                                                     3
Intangible assets, maximum amortization period (in years)                                                                     10
Intangible assets, accumulated amortization       134,184,000   134,184,000 103,534,000                                                        
Intangible assets, amortization expense           33,225,000 36,675,000 37,444,000                                                      
Intangible assets, estimated amortisation expense in year one           28,464,000                                                          
Intangible assets, estimated amortisation expense in year two           14,413,000                                                          
Intangible assets, estimated amortisation expense in year three           9,518,000                                                          
Intangible assets, estimated amortisation expense in year four           6,978,000                                                          
Intangible assets, estimated amortisation expense in year five           5,301,000                                                          
Dividends payable, per share                                                     $ 0.80     $ 0.40   $ 0.40   $ 0.40  
Dividend declared, per share $ 2.00 $ 1.50 $ 0.75                                                                
Dividend declared, date declared           Jun. 03, 2011                                       Mar. 16, 2010     Jul. 30, 2009            
Dividend Paid, per share   $ 1.50       $ 1.60                                                          
Dividends payable, date to be paid                                                 Jun. 30, 2011 Apr. 30, 2010   Sep. 30, 2011 Dec. 15, 2009   Dec. 30, 2011   Mar. 30, 2012    
Dividends payable, date of record                                                 Jun. 15, 2011 Apr. 15, 2010   Sep. 15, 2011 Dec. 01, 2009   Dec. 15, 2011   Mar. 15, 2012    
Dividend Paid           310,763,000 298,853,000 149,846,000                                                      
Percentage of net sales by customer                   13.40%   29.00%   36.00% 10.00% 10.00%                                      
Deferred revenue, recognition period                     2 years   3 years       36 months 36 months 12 months 24 months                              
Impact of the change in estimate, revenue       56,400,000 21,400,000 77,800,000                                                          
Impact of the change in estimate, gross profit       48,700,000 17,800,000 66,500,000                                                          
Impact of the change in estimate, net income       44,000,000 15,300,000 59,300,000                                                          
Impact of the change in estimate, basic net income per share       $ 0.24 $ 0.07 $ 0.31                                                          
Impact of the change in estimate, diluted net income per share           $ 0.30                                                          
Deferred costs, recognition period                     2 years   3 years                                            
Deferred Revenues net of deferred costs, estimated amount recognized in year one       148,954,000   148,954,000                                                          
Deferred Revenues net of deferred costs, estimated amount recognized in year two       108,156,000   108,156,000                                                          
Deferred Revenues net of deferred costs, estimated amount recognized in year three       $ 39,153,000   $ 39,153,000                                                          
Product warranty period                                         1 year 2 years 2 years 3 years                      
XML 58 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2011
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated.

Fiscal Year

Fiscal Year

 

The Company has adopted a 52–53-week period ending on the last Saturday of the calendar year. Due to the fact that there are not exactly 52 weeks in a calendar year and there is slightly more than one additional day per year (not including the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.

 

In those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial activity. Therefore, the financial results of those fiscal years, and the associated 14-week fourth quarter, will not be entirely comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. Fiscal 2010 and 2009 included 52 weeks while fiscal 2011 included 53 weeks.

Foreign Currency

Foreign Currency

 

Many Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded in a separate component of stockholders’ equity. Cumulative translation adjustments of $76,456 and $61,740 as of December 31, 2011 and December 25, 2010, respectively, have been included in accumulated other comprehensive gain/(loss) in the accompanying consolidated balance sheets.

 

 

Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. All differences are recorded in results of operations and amounted to exchange losses of $12,100, $88,377, and $6,040 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The loss in fiscal 2011 was primarily the result of the slight strengthening of the USD against the Euro and the slight weakening of the USD against the Taiwan Dollar. The loss in fiscal 2010 was primarily the result of the strengthening of the USD against the Euro and the British Pound Sterling and the weakening of the USD against the Taiwan Dollar. The loss in fiscal 2009 was primarily the result of the weakening of the USD against the Taiwan Dollar offset by the weakening of the USD against the Euro and the British Pound Sterling.

Earnings Per Share

Earnings Per Share

 

Basic earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company’s stock during the period the options were outstanding. See Note 10.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates fair value, given the short maturity of those instruments.

Trade Accounts Receivable

Trade Accounts Receivable

 

The Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s financial condition.  Potential losses on receivables are dependent on each individual customer’s financial condition. The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within 80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing its high-risk customers. Past due receivable balances are written off when its internal collection efforts have been unsuccessful in collecting the amount due. In 2011, Garmin purchased credit insurance to provide security against large losses.

Inventories

Inventories

 

Inventories are stated at the lower of cost or market. Cost is determined using the weighted-average method (which approximates the first-in, first-out (FIFO) method) by GC and the FIFO method by GII and GEL. Inventories consisted of the following:

 

    December 31, 2011     December 25, 2010  
             
Raw Materials   $ 129,211     $ 103,277  
Work-in-process     52,176       43,507  
Finished goods     245,724       278,513  
Inventory Reserves     (29,370 )     (37,720 )
Inventory, net of reserves   $ 397,741     $ 387,577
Property and Equipment

Property and Equipment

 

Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:

 

Buildings and improvements 39
Office furniture and equipment 3-5
Manufacturing and engineering equipment 5
Vehicles 5
Long-Lived Assets

Long-Lived Assets

 

As required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

 

The Intangibles – Goodwill and Other topic of the FASB ASC requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired. The Company did not recognize any goodwill or intangible asset impairment charges in 2011, 2010, or 2009. The Company established reporting units based on its current reporting structure. For purposes of testing goodwill for impairment, goodwill has been allocated to these reporting units to the extent it relates to each reporting unit.  The accounting guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from 3 to 10 years.

Dividends

Dividends

  

On June 27, 2010, the Company completed the redomestication of the place of our incorporation from the Cayman Islands to Switzerland. Under Swiss corporate law, dividends must be approved by shareholders at the general meeting of our shareholders.

 

On June 3, 2011, the shareholders approved a dividend of $2.00 per share (of which, $1.60 was paid in the Company's 2011 fiscal year) payable in four installments as follows: $0.80 on June 30, 2011 to shareholders of record on June 15, 2011, $0.40 on September 30, 2011 to shareholders of record on September 15, 2011, $0.40 on December 30, 2011 to shareholders of record on December 15, 2011 and $0.40 on March 30, 2012 to shareholders of record on March 15, 2012. The Company paid dividends in 2011 in the amount of $310,763. Both the dividend paid and the remaining dividend payable have been reported as a reduction of retained earnings.

 

On March 16, 2010 the Board of Directors declared a dividend of $1.50 per share to be paid on April 30, 2010 to shareholders of record on April 15, 2010. The Company paid out a dividend in the amount of $298,853. The dividend was reported as a reduction of retained earnings.

 

On July 30, 2009 the Board of Directors declared a dividend of $0.75 per share to be paid on December 15, 2009 to shareholders of record on December 1, 2009. The Company paid out a dividend in the amount of $149,846. The dividend was reported as a reduction of retained earnings.

 

Approximately $239,470 and $213,486 of retained earnings are indefinitely restricted from distribution to stockholders pursuant to the laws of Taiwan at December 31, 2011 and December 25, 2010, respectively.

Intangible Assets

Intangible Assets

 

At December 31, 2011 and December 25, 2010, the Company had patents, license agreements, customer related intangibles and other identifiable finite-lived intangible assets recorded at a cost of $206,872 and $152,138, respectively. The Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $179,475 at December 31, 2011 and $136,548 at December 25, 2010. The increase in identifiable intangible assets and goodwill in 2011 is principally related to the acquisitions completed by the Company, as further described in Note 15.

  

    December 31,
2011
    December 25,
2010
 
Goodwill balance at beginning of year   $ 136,548     $ 129,066  
Acquisitions     46,481       11,649  
Finalization of purchase price allocations and effect of foreign currency translation     (3,554 )     (4,167 )
Goodwill balance at end of year   $ 179,475     $ 136,548  

 

Identifiable, finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $134,184 and $103,534 at December 31, 2011 and December 25, 2010 respectively. Amortization expense was $33,225, $36,675, and $37,444 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. In the next five years, the amortization expense is estimated to be $28,464, $14,413, $9,518, $6,978, and $5,301, respectively.

Marketable Securities

Marketable Securities

 

Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date.

 

All of the Company’s marketable securities were considered available-for-sale at December 31, 2011. See Note 3. Available-for-sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive gain/(loss). At December 31, 2011 and December 25, 2010, cumulative unrealized gains/(losses) of $10,737 and ($5,736), respectively, were reported in accumulated other comprehensive gain/(loss), net of related taxes.

 

The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included in interest income from investments. Realized gains and losses, and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific identification method.

Income Taxes

Income Taxes

 

The Company accounts for income taxes using the liability method in accordance with the FASB ASC topic Income Taxes. The liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income taxes of $252,793, $233,028, and $171,097 at December 31, 2011, December 25, 2010, and December 26, 2009, respectively, have not been accrued by the Company for the unremitted earnings of several of its foreign subsidiaries because such earnings are intended to be reinvested in the subsidiaries indefinitely.

 

The Company adopted the applicable guidance included in the FASB ASC topic Income Taxes related to accounting for uncertainty in income taxes on December 31, 2006, the beginning of fiscal year 2007.   The total amount of unrecognized tax benefits as of December 31, 2011 was $161,904 including interest of $10,850.  A reconciliation of the beginning and ending amount of unrecognized tax benefits for years ending December 31, 2011, December 25, 2010, and December 26, 2009 is as follows:

  

 

    December 31,     December 25,     December 26,  
    2011     2010     2009  
Balance at beginning of year   $ 153,621     $ 255,748     $ 214,366  
Additions based on tax positions related to prior years     5,568       11,443       14,241  
Reductions based on tax positions related to prior years     (6,885 )     (10,392 )     (16,141 )
Additions based on tax positions related to current period     29,210       43,202       63,053  
Reductions based on tax positions related to current period     -       -       -  
Reductions related to settlements with tax authorities     -       (122,314 )     -  
Expiration of statute of limitations     (19,610 )     (24,066 )     (19,771 )
Balance at end of year   $ 161,904     $ 153,621     $ 255,748  

 

The December 31, 2011 balance of $161,904 of unrecognized tax benefits, if recognized, would reduce the effective tax rate.  None of the unrecognized tax benefits are due to uncertainty in the timing of deductibility. 

 

Accounting guidance requires unrecognized tax benefits to be classified as non-current liabilities, except for the portion that is expected to be paid within one year of the balance sheet date.  The entire $161,904, $153,621, and $255,748 are required to be classified as non-current at December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

 

Interest expense and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense.  At December 31, 2011, December 25, 2010, and December 26, 2009, the Company had accrued approximately $10,850, $9,580, and $20,160, respectively, for interest.  Interest expense (income) included in income tax expense for the years ending December 31, 2011, December 25, 2010, and December 26, 2009 is $5,568, ($10,580), and $9,000, respectively. The Company had no amounts accrued for penalties as the nature of the unrecognized tax benefits, if recognized, would not warrant the imposition of penalties.

 

The Company files income tax returns in Switzerland and U.S. federal jurisdictions, as well as various state, local and foreign jurisdictions.  The Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for years prior to 2008.  The Company is no longer subject to Taiwan income tax examinations by tax authorities for years prior to 2006.  The Company is no longer subject to United Kingdom tax examinations by tax authorities for years prior to 2009.

  

The Company also considers 2008 U.S. federal returns to have been effectively settled due to completion of an audit examination by the Internal Revenue Service.  A reduction of income tax expense was recognized to reflect this settlement. In addition, the Company recognized a reduction of income tax expense of $19,610, $24,066, and $19,771 in fiscal years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively, to reflect the expiration of statutes of limitations in various jurisdictions.

 

The Company believes that it is reasonably possible that approximately $20,482 of its reserves for certain unrecognized tax benefits will decrease within the next 12 months as the result of the expiration of statutes of limitations. This potential decrease in unrecognized tax benefits would impact the Company’s effective tax rate within the next 12 months.

Use of Estimates

Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Concentration of Credit Risk

Concentration of Credit Risk

 

The Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales variations or to the timing of new product releases by the Company.

 

 

The Company’s top ten customers have contributed between 29% and 36% of net sales since 2009. In 2011, the Company purchased trade credit insurance to provide security against large losses. Best Buy, a customer in the outdoor, fitness, marine and auto/mobile segments accounted for less than 10% of the Company’s consolidated net sales in the years ended December 31, 2011, and December 25, 2010, respectively, while accounting for 13.4% of the Company’s consolidated net sales in the year ended December 26, 2009.

Revenue Recognition

Revenue Recognition

 

Garmin recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable.  For the large majority of Garmin’s sales, these criteria are met once product has shipped and title and risk of loss have transferred to the customer.  The Company recognizes revenue from the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware.  The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.

 

Garmin introduced nüMaps Lifetime™ in January 2009, which is a single fee program that, subject to the program’s terms and conditions, enables customers to download the latest map and point of interest information every quarter for the useful life of their PND.  The revenue and associated cost of royalties for sales of nüMaps Lifetime™ products are deferred at the time of sale and recognized ratably on a straight-line basis over the estimated 36-month life of the products. With the acquisition of Navigon AG in 2011, products marketed under the Navigon brand have a FreshMaps program that enables customers to download the latest map and point of interest information for two years. The revenue and associated cost of royalties for sales of FreshMaps products are deferred at the time of sale and recognized ratably on a straight-line basis over the two year period.

 

For multiple element arrangements that include tangible products that contain software that is essential to the tangible product’s functionality and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of selling price (“TPE”), and (iii) best estimate of the selling price (“ESP”).  VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis, at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other products that involve multiple-element arrangements that are immaterial.

 

In 2010, Garmin began offering PNDs with lifetime map updates (LMUs) bundled in the original purchase price. Similar to nüMaps Lifetime™, LMUs enable customers to download the latest map and point of interest information every quarter for the useful life of their PND. In addition, Garmin offers PNDs with premium traffic service bundled in the original purchase price in the European market. The Company has identified two deliverables contained in arrangements involving the sale of PNDs which include either the LMU or premium traffic service. The first deliverable is the hardware along with the software essential to the functionality of the hardware device delivered at the time of sale. The second deliverable is either the LMU or premium traffic service. The Company has allocated revenue between these two deliverables using the relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met.  The revenue and associated cost of royalties allocated to the LMU or the subscription for premium traffic service are deferred and recognized on a straight-line basis over the estimated 36-month life of the products.

 

 

Prior to the third quarter of fiscal 2011, the Company determined its estimate of selling price using the dealer/distributor price for nüMaps Lifetime or premium traffic subscriptions sold separately, and the prices for products bundled with and without the LMU and premium traffic service when comparable models were available, as inputs to the relative selling price method in a manner similar to VSOE. The estimated selling price determined in this manner was used to defer revenues for all products bundled with the LMU and premium traffic service, as the number of bundled units sold as a percentage of total units sold was less significant and other indicators of selling price were not readily available.

 

During 2011, sales of products bundled with LMUs and premium traffic service increased significantly as a percentage of total product sales. Concurrently, market conditions have caused decreases in the ASP and margins of comparable models year over year, new bundled products were introduced at lower ASPs, and the difference in pricing of bundled units and comparable unbundled models has decreased considerably. Due to these changes, the Company determined it was appropriate to change its estimate of the per unit revenue and cost deferrals during the third quarter of 2011.

 

As the sales of nüMaps Lifetime and premium traffic subscriptions as a percentage of total unit sales or in the aggregate decreased significantly in mid-2011, the Company determined that the previous estimate of selling price based on more limited stand-alone sales of nüMaps Lifetime or premium traffic was no longer a sole determinant of its value as determined under VSOE, and that third party evidence of selling price was not available. Management determined that the price differential between bundled and unbundled products and the royalty cost of the LMU or premium traffic subscription plus an approximate margin were both additional indicators of estimated selling price. These estimates are also reflective of how the Company establishes product pricing based in part on customer perception of value of the added LMU or premium traffic service capability. As such, beginning in the third quarter of 2011, the Company changed its estimate of selling price of the undelivered element to be based on the relative selling price method using a weighted average of the stand-alone sales price, the price differential between bundled and unbundled units, and the royalty or subscription cost plus a normal margin.

 

The impact of the 2011 change in estimate for lifetime map updates and premium traffic service, as described above, was an increase in revenue, gross profit, net income, basic net income per share, and diluted net income per share of $77.8 million, $66.5 million, $59.3 million, $0.31, and $0.30, respectively.

 

In 2009 and 2010 respectively, Garmin introduced the nüvi 1690 and 1695, premium PNDs with a built-in wireless module that lets customers access Garmin’s nüLink!™ service, which provides direct links to certain online information.  Additional models were introduced in 2011. The Company has identified two deliverables contained in arrangements involving the sale of the nüvi products with the nüLink feature. The first deliverable is the hardware and software essential to the functionality of the hardware device delivered at the time of sale, and the second deliverable is the nüLink service. The Company has allocated revenue between these two deliverables using the relative selling price method determined using VSOE. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met.  The revenue and associated cost allocated to the nüLink services are deferred and recognized on a straight-line basis over the life of the service, which is either 12 or 24 months.

 

Garmin records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectation of future conditions. Changes in these estimates could negatively affect Garmin’s operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, are accrued for on a percentage of sales basis. If market conditions were to decline, Garmin may take actions to increase customer incentive offerings possibly resulting in an incremental reduction of revenue at the time the incentive is offered.

 

 

The Company records revenue net of sales tax, trade discounts and customer returns. The reductions to revenue for expected future product returns are based on the Company’s historical experience.

Deferred Revenues and Costs

Deferred Revenues and Costs

  

At December 31, 2011 and December 25, 2010, the Company had deferred revenues totaling $377,119 and $197,787, respectively, and related deferred costs totaling $80,856 and $44,738, respectively.

 

The deferred revenues and costs are recognized over their estimated economic lives of two to three years on a straight-line basis. In the next three years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated to be $148,954, $108,156, and $39,153, respectively.

Shipping and Handling Costs

Shipping and Handling Costs

 

Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.

Product Warranty

Product Warranty

  

The Company provides for estimated warranty costs at the time of sale. The warranty period for most products is one year to two years from date of shipment while certain aviation products have a warranty period of two years from the date of installation and certain marine products have a warranty period of three years from the date of shipment.

Sales Programs

Sales Programs

 

The Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products. Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product and can be applied to all customers who have purchased the product or a special discount may be agreed to on an individual customer basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements of income in the period the Company has sold the product.

Advertising Costs

Advertising Costs

 

The Company expenses advertising costs as incurred. Advertising expense amounted to approximately $145,024, $144,613, and $155,521 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

Research and Development

Research and Development

 

A majority of the Company’s research and development is performed in the United States. Research and development costs, which are expensed as incurred, amounted to approximately $298,584, $277,261, and $238,378 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively.

Customer Service and Technical Support

Customer Service and Technical Support

 

Customer service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated statements of income. Customer service and technical support costs include costs associated with performing order processing, answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical support assistance to customers. The technical support is provided within one year after the associated revenue is recognized. The related cost of providing this free support is not material.

Software Development Costs

Software Development Costs

 

The FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing products or after the general release of the service using the product are expensed in the period they are incurred and included in research and development costs in the accompanying consolidated statements of income.

Accounting for Stock-Based Compensation

Accounting for Stock-Based Compensation

 

The Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled Compensation – Stock Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including employee stock options and restricted stock based on estimated fair values. See Note 9.

 

Accounting guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense on a straight-line basis over the requisite service period in the Company’s consolidated financial statements.

 

As stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience and management’s estimates.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

In May 2011, the FASB issued an amendment to the accounting standards related to fair value measurements and disclosure requirements that result in a consistent definition of fair value and common requirements for the measurement and disclosure of fair value between U.S. GAAP and International Financial Reporting Standards. This standard provides certain amendments to the existing guidance on the use and application of fair value measurements and maintains a definition of fair value that is based on the notion of exit price. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.

 

In June 2011, the FASB issued guidance on the presentation of comprehensive income. This guidance eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. The guidance allows two presentation alternatives; present items in net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements of net income and other comprehensive income. This guidance is effective as of the beginning of a fiscal year that begins after December 15, 2011. Early adoption is permitted, but full retrospective application is required under both sets of accounting standards. The Company is currently evaluating which presentation alternative it will utilize.

 

 

 

In September 2011, the FASB issued an amendment to ASC 350, Intangibles—Goodwill and Other, which simplifies how entities test goodwill for impairment. Under the amendment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the entity to determine that it is more likely than not that its fair value is less than its carrying amount. If after assessing the totality of events or circumstances, an entity determines that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the two-step impairment test for goodwill is unnecessary. If the entity concludes otherwise, then it is required to test goodwill for impairment under the two-step process as described under paragraphs 350-20-35-4 of the ASC. If the carrying amount of a reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any, as described in paragraph 350-20-35-9 of the ASC. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 and early adoption is permitted. The Company is currently evaluating the impact of adopting this amendment, but it is not expected to have a material impact on the financial statements.

XML 59 R68.htm IDEA: XBRL DOCUMENT v2.4.0.6
Changes in Aggregate Warranty Reserve (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Product Liability Contingency [Line Items]      
Beginning Balance $ 49,885 $ 87,424 $ 87,408
Change in accrual for products sold in prior periods   (42,776)  
Accrual for products sold during the period 52,305 93,172 164,909
Expenditures (55,417) (87,935) (164,893)
Ending Balance $ 46,773 $ 49,885 $ 87,424
XML 60 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 61 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Operating Activities:      
Net income $ 520,896 $ 584,603 $ 703,950
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 54,610 53,487 56,695
Amortization 39,925 41,164 39,791
Gain on sale of property and equipment (2,192) (306) (14)
Provision for doubtful accounts 2,317 (4,476) (1,332)
Provision for obsolete and slow-moving inventories 16,047 5,753 61,323
Unrealized foreign currency losses 18,583 62,770 7,480
Deferred income taxes (42,475) (471) (25,096)
Stock compensation 40,212 40,332 43,616
Realized loss/(gains) on marketable securities (4,322) 2,382 (2,741)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 169,543 129,698 (131,978)
Inventories (6,385) (77,122) 61,189
Prepaid expenses and other current assets (51,423) 9,886 8,054
License fees (9,573) (3,329) (13,735)
Accounts payable (26,329) (81,354) 38,875
Other current and non-current liabilities (61,103) (144,476) 172,215
Deferred revenue 179,439 131,303 65,706
Deferred costs (36,120) (31,445) (5,314)
Income taxes payable 20,684 52,238 15,772
Net cash provided by operating activities 822,334 770,637 1,094,456
Investing activities:      
Purchases of property and equipment (38,366) (32,232) (49,199)
Proceeds from sale of property and equipment 4,127 139 5
Purchase of intangible assets (6,933) (3,883) (7,573)
Purchase of marketable securities (1,172,555) (694,038) (776,966)
Redemption of marketable securities 779,213 668,495 285,970
Acquisitions, net of cash acquired (54,190) (12,120)  
Change in restricted cash 506 770 (106)
Net cash used in investing activities (488,198) (72,869) (547,869)
Financing activities:      
Dividends (310,763) (298,853) (149,846)
Proceeds from issuance of common stock through stock purchase plan     3,712
Issuance of treasury/common stock related to equity awards 22,337 9,465 3,783
Tax benefit from issuance of equity awards 3,313 4,495 1,366
Purchase of treasury/common stock (22,300) (225,928) (20,258)
Net cash used in financing activities (307,413) (510,821) (161,243)
Effect of exchange rate changes on cash and cash equivalents (499) (17,592) 9,902
Net increase in cash and cash equivalents 26,224 169,355 395,246
Cash and cash equivalents at beginning of year 1,260,936 1,091,581 696,335
Cash and cash equivalents at end of year 1,287,160 1,260,936 1,091,581
Supplemental disclosures of cash flow information      
Cash paid during the year for income taxes 85,231 43,940 69,186
Cash received during the year from income tax refunds 350 4,526 2,934
Cash paid during the year for interest   1,246  
Supplemental disclosure of non-cash investing and financing activities      
Change in marketable securities related to unrealized appreciation (depreciation) 16,104 17,225 408
Fair value of assets acquired 162,572 21,918  
Liabilities assumed (93,014) (5,547)  
Less: cash acquired (15,368) (4,251)  
Net cash paid $ 54,190 $ 12,120  
XML 62 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical)(USD ($))
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2011
Dec. 25, 2010
Accounts receivable, allowance for doubtful accounts $ 30,224 $ 31,822
Shares, par value $ 9.0744 $ 9.0744
Shares authorized 208,077,418 208,077,418
Shares issued 208,077,418 [1] 208,077,418 [1],[2],[3]
Shares outstanding 194,662,617 194,358,038
[1] Shares at CHF 10 par value (USD 9.0744)
[2] The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares.
[3] Includes 10,000,000 formation shares at USD 0 historical cost
XML 63 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share
12 Months Ended
Dec. 31, 2011
Earnings Per Share

10. Earnings Per Share

 

The following table sets forth the computation of basic and diluted net income per share:

 

    Fiscal Year Ended  
    December 31,     December 25,     December 26,  
    2011     2010     2009  
Numerator (in thousands):                  
Numerator for basic and diluted net income per share - net income   $ 520,896     $ 584,603     $ 703,950  
                         
Denominator (in thousands):                        
Denominator for basic net income per share - weighted-average common shares     194,105       196,979       200,395  
Effect of dilutive securities - employee stock-based awards     789       1,030       766  
Denominator for diluted net income per share - weighted-average common shares     194,894       198,009       201,161  
                         
Basic net income per share   $ 2.68     $ 2.97     $ 3.51  
                         
Diluted net income per share   $ 2.67     $ 2.95     $ 3.50  

 

Options to purchase 5,920,076, 6,192,043, and 7,814,095 common shares were outstanding during 2011, 2010, and 2009, respectively, but were not included in the computation of diluted earnings per share because the effect was antidilutive.

XML 64 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2011
Feb. 23, 2012
Jun. 25, 2011
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2011    
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
Trading Symbol GRMN    
Entity Registrant Name GARMIN LTD    
Entity Central Index Key 0001121788    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Large Accelerated Filer    
Entity Common Stock, Shares Outstanding   208,077,418  
Entity Public Float     $ 3,996,788,770
XML 65 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share Repurchase Program
12 Months Ended
Dec. 31, 2011
Share Repurchase Program

11. Share Repurchase Program

 

The Board of Directors approved a share repurchase program on February 12, 2010, authorizing the Company to purchase up to $300,000 of its common shares as market and business conditions warrant on the open market or in negotiated transactions in compliance with the SEC’s Rule 10b-18. The share repurchase authorization expired on December 31, 2011. Under the plan, the Company had repurchased 7,366,646 shares using cash of $223,149 in fiscal 2010.

 

In addition, 522,856 shares repurchased for $16,701 prior to the Company’s redomestication to Switzerland on June 27, 2010, but for which transactions settled after that date, were treated as retired when such shares were still in treasury. These shares were reflected as additional treasury shares during the 13-weeks ended March 26, 2011 with a corresponding increase to retained earnings.

 

The Board of Directors approved a share repurchase program on October 22, 2008, authorizing the Company to purchase up to $300,000 of its common shares as market and business conditions warrant. The share repurchase authorization expired on December 31, 2009. From inception to expiration, $60,000 of common shares were repurchased and retired under this plan.

XML 66 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Net sales $ 2,758,569 $ 2,689,911 $ 2,946,440
Cost of goods sold 1,419,977 1,343,537 1,502,329
Gross profit 1,338,592 1,346,374 1,444,111
Advertising expense 145,024 144,613 155,521
Selling, general and administrative expenses 341,217 287,824 264,202
Research and development expense 298,584 277,261 238,378
Operating Expenses, Total 784,825 709,698 658,101
Operating income 553,767 636,676 786,010
Other income (expense):      
Interest income 32,812 24,979 23,519
Interest expense   (1,246)  
Foreign currency (12,100) (88,377) (6,040)
Other 9,682 5,240 5,162
Nonoperating Income (Expense), Total 30,394 (59,404) 22,641
Income before income taxes 584,161 577,272 808,651
Income tax provision (benefit): (Note 6)      
Current 110,755 (11,636) 128,036
Deferred (47,490) 4,305 (23,335)
Income tax expense 63,265 (7,331) 104,701
Net income $ 520,896 $ 584,603 $ 703,950
Basic net income per share (Note 10) $ 2.68 $ 2.97 $ 3.51
Diluted net income per share (Note 10) $ 2.67 $ 2.95 $ 3.50
XML 67 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefit Plans
12 Months Ended
Dec. 31, 2011
Employee Benefit Plans

5. Employee Benefit Plans

 

GII sponsors a defined contribution employee retirement plan under which its employees may contribute up to 50% of their annual compensation subject to Internal Revenue Code maximum limitations and to which GII contributes a specified percentage of each participant’s annual compensation up to certain limits as defined in the Plan. Additionally, GEL has a defined contribution plan under which its employees may contribute up to 7.5% of their annual compensation. Both GII and GEL contribute an amount determined annually at the discretion of the Board of Directors. During the years ended December 31, 2011, December 25, 2010, and December 26, 2009, expense related to these plans of $20,647, $17,952, and $16,399 was charged to operations.

 

Certain of the Company’s foreign subsidiaries participate in local defined benefit pension plans. Contributions are calculated by formulas that consider final pensionable salaries. Neither obligations nor contributions for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, were significant.

XML 68 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
12 Months Ended
Dec. 31, 2011
Commitments and Contingencies

4. Commitments and Contingencies

 

Rental expense related to office, equipment, warehouse space and real estate amounted to $14,277, $11,768, and $10,293 for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Company recognizes rental expense on a straight-line basis over the lease term.

 

 

Future minimum lease payments are as follows:

 

Year   Amount  
       
2012   $ 13,549  
2013     12,251  
2014     10,902  
2015     8,211  
2016     5,833  
Thereafter     6,423  
Total   $ 57,169  

 

Certain cash balances of GEL are held as collateral by a bank, securing payment of the United Kingdom value-added tax requirements. The total amount of restricted cash balances were $771 and $1,277 at December 31, 2011 and December 25, 2010, respectively.

 

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, actions, and complaints, including matters involving patent infringement and other intellectual property claims and various other risks. It is not possible to predict with certainty whether or not the Company and its subsidiaries will ultimately be successful in any of these legal matters, or if not, what the impact might be. However, the Company’s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the Company’s results of operations, financial position or cash flows.

XML 69 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
12 Months Ended
Dec. 31, 2011
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

Garmin Ltd. and Subsidiaries

(In thousands)

 

          Additions              
    Balance at     Charged to     Charged to           Balance at  
    Beginning of     Costs and     Other           End of  
Description   Period     Expenses     Accounts     Deductions     Period  
Year Ended December 31, 2011:                                        
Deducted from asset accounts                                        
Allowance for doubtful accounts   $ 31,822     $ 2,317       -     $ (3,915 )   $ 30,224  
Inventory reserve     37,720       16,047       -       (24,397 )     29,370  
Deferred tax asset valuation allowance (1)     51,352       7,902       -       (22,081 )     37,173  
Total   $ 120,894     $ 26,266       -     $ (50,393 )   $ 96,767  
                                         
Year Ended December 25, 2010:                                        
Deducted from asset accounts                                        
Allowance for doubtful accounts   $ 36,673     $ (4,476 )     -     $ (375 )   $ 31,822  
Inventory reserve     38,898       5,753       -       (6,931 )     37,720  
Deferred tax asset valuation allowance     35,617       15,735       -       -       51,352  
Total   $ 111,188     $ 17,012       -     $ (7,306 )   $ 120,894  
                                         
Year Ended December 26, 2009:                                        
Deducted from asset accounts                                        
Allowance for doubtful accounts   $ 42,409     $ (1,332 )     -     $ (4,404 )   $ 36,673  
Inventory reserve     23,204       61,323       -       (45,629 )     38,898  
Deferred tax asset valuation allowance     34,487       1,468       -       (338 )     35,617  
Total   $ 100,100     $ 61,459       -     $ (50,371 )   $ 111,188  

 

(1) Note that $14,994 of the decrease in the deferred tax asset valuation is due to reducing the amount of Taiwan surtax credits to the correct amount available for use in future years, all such credits of which are and have been fully reserved.
XML 70 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Redomestication
12 Months Ended
Dec. 31, 2011
Redomestication

12. Redomestication

 

The redomestication effectively changed the place of incorporation of the ultimate parent holding company of Garmin from the Cayman Islands to Switzerland.

 

The redomestication involved several steps. On February 9, 2010, Garmin Ltd. (Cayman) formed Garmin Ltd. (Switzerland) as a direct subsidiary. On April 6, 2010, Garmin Ltd. (Cayman) petitioned the Cayman Court to order, among other things, the calling of a meeting of Garmin Ltd. (Cayman) common shareholders to approve a scheme of arrangement. On April 7, 2010, the Cayman Court ordered us to seek shareholder approval of the scheme of arrangement. On May 20, 2010 we obtained the necessary shareholder approval.  On June 4, 2010, a hearing was held by the Cayman Court and at which hearing the Cayman Court was asked to and did approve the scheme of arrangement.  The scheme of arrangement became effective at 3:00 a.m., Cayman Islands time, on Sunday, June 27, 2010 (the “Transaction Time”).

 

 

At and shortly following the Transaction Time, the following steps occurred:

 

1. all issued and outstanding Garmin Ltd. (Cayman) common shares were transferred to Garmin Ltd. (Switzerland); and
2. in consideration, Garmin Ltd. (Switzerland) (a) issued registered shares (on a one-for-one basis) to the holders of the Garmin Ltd. (Cayman) common shares that were transferred to Garmin Ltd. (Switzerland), and (b) increased the par value of the 10,000,000 shares of Garmin Ltd. (Switzerland) issued to Garmin Ltd. (Cayman) in connection with the formation of Garmin Ltd. (Switzerland) (the “Formation Shares”) to the same par value as the shares of Garmin Ltd. (Switzerland) issued to the Garmin Ltd. (Cayman) shareholders. The Formation Shares were subsequently transferred by Garmin Ltd. (Cayman) to its subsidiary, Garmin Luxembourg S.à r.l. for future use to satisfy our obligations to deliver shares in connection with awards granted under our equity incentive plans for employees and other general corporate purposes.

 

As a result of the redomestication, the shareholders of Garmin Ltd. (Cayman) became shareholders of Garmin Ltd. (Switzerland), and Garmin Ltd. (Cayman) became a subsidiary of Garmin Ltd. (Switzerland). In addition, Garmin Ltd. (Switzerland) assumed, on a one-for-one basis, Garmin Ltd. (Cayman)’s existing obligations in connection with awards granted under Garmin Ltd. (Cayman)’s equity incentive plans and other similar equity awards. Any stock options, stock appreciation rights, restricted stock units or performance shares issued by Garmin Ltd. (Cayman) that are convertible, exchangeable or exercisable into common shares of Garmin Ltd. (Cayman) became convertible, exchangeable or exercisable, as the case may be, into registered shares of Garmin Ltd. (Switzerland).

 

Subsequently on July 26, 2010, Garmin Ltd. (Cayman) relocated its registered office to Switzerland and changed its name to Garmin Switzerland GmbH.  The reported capitalization of the Company also changed to that of Garmin Ltd. (Switzerland).  Accordingly, common stock was increased by $1,796,448 to $1,797,435 (198,077,418 shares * CHF 10/ USD 9.0744), and retained earnings was reduced by the same amount.  

 

The summary of the components of authorized shares at December 31, 2011 and December 25, 2010, and changes during 2011 are as follows:

 

    Outstanding     Treasury     Issued     Conditional     Authorized  
    Shares     Shares     Shares1     Capital     Capital  
Changes in components of authorized shares                                        
December 25, 2010     194,358,038       13,719,380 2      208,077,418 2,3      104,038,709 4      104,038,709 4 
Treasury shares purchased/reclassified     (1,149,645 )     1,149,645 5     -       -       -  
Treasury shares issued for stock based compensation     1,454,224       (1,454,224 )     -       -       -  
December 31, 2011     194,662,617       13,414,801       208,077,418       104,038,709       104,038,709  

 

1 Shares at CHF 10 par value (USD 9.0744)
2 Includes 10,000,000 formation shares at USD 0 historical cost
3 The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares.
4 Up to 104,038,709 conditional shares may be issued through the exercise of option rights which are granted to Garmin employees and/or members of its Board of Directors. In addition, the Board of Directors is authorized to issue up to 104,038,709 additional shares no later than June 27, 2012.
5 The increase in treasury shares in 2011 includes 522,856 shares repurchased in the prior year that were originally treated as retired when such shares were still in treasury. These shares are reflected as additional treasury shares in 2011 with a corresponding increase to retained earnings. See Note 11.

 

The general terms of Garmin Ltd. (Switzerland)'s capitalization (rights of shareholders, limitations on dividends, etc.) may be found in the proxy statement and Form 8-A/A registration statement filed with the SEC on April 9, 2010 and June 28, 2010, respectively.

XML 71 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information
12 Months Ended
Dec. 31, 2011
Segment Information

8. Segment Information

 

Beginning in 2011, for external reporting purposes, the Company identified five operating segments – auto/mobile, aviation, marine, outdoor and fitness. Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker (CODM), who allocates resources and assesses performance of each segment individually. Prior to 2011, the Outdoor and Fitness operating segments were combined into a single reportable segment due to the similar nature of those products, their production processes, the types of customers served, their distribution processes, and similar economic conditions. Management re-evaluated the combination of these operating segments and determined that based on the growth characteristics of these segments they should now be reported as two distinct reportable segments.

 

All of the Company’s reportable segments offer products through the Company’s network of independent dealers and distributors as well as through OEM’s. However, the nature of products and types of customers for the five reportable segments vary. The Company’s marine, auto/mobile, outdoor, and fitness segments include portable global positioning system (GPS) receivers and accessories sold primarily to retail outlets. These products are produced primarily by the Company’s subsidiary in Taiwan. The Company’s aviation products are portable and panel mount avionics for Visual Flight Rules and Instrument Flight Rules navigation and are sold primarily to aviation dealers and certain aircraft manufacturers.

 

The Company’s Chief Executive Officer has been identified as the CODM. The CODM evaluates performance and allocates resources based on income before income taxes of each segment. Income before income taxes represents net sales less operating expenses including certain allocated general and administrative costs, interest income and expense, foreign currency adjustments, and other non-operating corporate expenses. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. There are no inter-segment sales or transfers.

 

The Company’s reportable segments share many common resources, infrastructures and assets in the normal course of business. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, or capital expenditures by segment to the CODM.

 

Revenues, interest income and interest expense, and income before income taxes for each of the Company’s reportable segments are presented below:

 

 

    Fiscal Year Ended December 31, 2011  
                            Auto/        
    Aviation     Outdoor     Fitness     Marine     Mobile     Total  
                                     
Net sales to external customers   $ 284,855     $ 363,223     $ 298,163     $ 221,730     $ 1,590,598     $ 2,758,569  
Allocated interest income     1,250       4,496       4,342       2,934       19,790       32,812  
Allocated interest expense     -       -       -       -       -       -  
Income before income taxes     73,226       171,245       107,881       60,092       171,717       584,161  

 

    Fiscal Year Ended December 25, 2010  
                            Auto/        
    Aviation     Outdoor     Fitness     Marine     Mobile     Total  
                                     
Net sales to external customers   $ 262,520     $ 319,119     $ 240,473     $ 198,860     $ 1,668,939     $ 2,689,911  
Allocated interest income     1,251       2,347       1,532       1,624       18,225       24,979  
Allocated interest expense     (122 )     (148 )     (111 )     (92 )     (773 )     (1,246 )
Income before income taxes     71,482       150,973       86,499       62,431       205,887       577,272  

 

    Fiscal Year Ended December 26, 2009  
                            Auto/        
    Aviation     Outdoor     Fitness     Marine     Mobile     Total  
                                     
Net sales to external customers   $ 245,745     $ 299,300     $ 169,624     $ 177,644     $ 2,054,127     $ 2,946,440  
Allocated interest income     737       760       1,076       1,469       19,477       23,519  
Allocated interest expense     -       -       -       -       -       -  
Income before income taxes     56,595       147,996       58,046       57,430       488,584       808,651  

 

Net sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December 31, 2011, December 25, 2010, and December 26, 2009. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa.

 

    Americas     APAC     EMEA     Total  
December 31, 2011                                
Net sales to external customers   $ 1,527,508     $ 248,057     $ 983,004     $ 2,758,569  
Long lived assets     225,505       143,913       47,687       417,105  
Net assets (1)     1,155,653       1,915,284       185,644       3,256,581  
                                 
December 25, 2010                                
Net sales to external customers   $ 1,646,590     $ 220,478     $ 822,843     $ 2,689,911  
Long lived assets     231,569       146,859       49,377       427,805  
Net assets (1)     1,149,826       1,719,769       179,967       3,049,562  
                                 
December 26, 2009                                
Net sales to external customers   $ 1,972,451     $ 149,920     $ 824,069     $ 2,946,440  
Long lived assets     233,573       153,878       53,887       441,338  
Net assets (1)     1,177,849       1,467,903       190,695       2,836,447  

 

(1) Majority of assets held in the United States and Taiwan.

XML 72 R60.htm IDEA: XBRL DOCUMENT v2.4.0.6
Weighted-Average Assumptions Used for Fair Value of Options Estimated Using Black-Scholes Option Pricing Model (Detail) (USD $)
12 Months Ended
Dec. 31, 2011
Year
Dec. 25, 2010
Year
Dec. 26, 2009
Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant date fair value of options granted $ 10.53 $ 8.99 $ 7.32
Expected volatility 40.78% 41.78% 42.86%
Dividend yield 4.02% 4.94% 2.42%
Expected life of options in years 6.5 6.3 6.2
Risk-free interest rate 1.20% 2.50% 3.00%
XML 73 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
12 Months Ended
Dec. 31, 2011
Income Taxes

6. Income Taxes

 

The Company’s income tax provision (benefit) consists of the following:

 

    Fiscal Year Ended  
    December 31,     December 25,     December 26,  
    2011     2010     2009  
Federal:                        
Current   $ 79,305     ($ 46,674 )   $ 104,186  
Deferred     (25,763 )     284       (12,021 )
      53,542       (46,390 )     92,165  
State:                        
Current     9,087       3,929       5,381  
Deferred     (4,490 )     (257 )     (947 )
      4,597       3,672       4,434  
Foreign:                        
Current     22,363       31,109       18,469  
Deferred     (17,237 )     4,278       (10,367 )
      5,126       35,387       8,102  
Total   $ 63,265     ($ 7,331 )   $ 104,701  

 

The income tax provision differs from the amount computed by applying the U.S. statutory federal income tax rate to income before taxes. The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:

 

    December 31,     December 25,     December 26,  
    2011     2010     2009  
Federal income tax expense at U.S. statutory rate   $ 204,456     $ 202,045     $ 287,228  
State income tax expense, net of federal tax effect     2,988       2,482       2,604  
Foreign tax rate differential     (148,058 )     (115,633 )     (219,482 )
Taiwan tax holiday benefit     (13,127 )     (13,536 )     (18,556 )
Net change in uncertain tax postions     8,283       (102,100 )     41,400  
Other foreign taxes less incentives and credits     9,658       26,707       10,379  
Other, net     (935 )     (7,296 )     1,128  
Income tax expense   $ 63,265     ($ 7,331 )   $ 104,701  

 

The holding company statutory federal income tax rate in Switzerland, the Company's place of incorporation since the redomestication effective June 27, 2010 (see Note 12), is 7.83%.  If the Company reconciled taxes at the Swiss holding company federal statutory tax rate to the reported income tax for 2011, as presented above, the amounts related to tax at the statutory rate would be approximately $158,716 lower, or $45,740, and the foreign tax rate differential would be adjusted by a similar amount to $10,658. For 2010, the amounts related to tax at the U.S. statutory rate of 35% prior to the redomestication and the Swiss statutory rate of 7.83%, subsequent to the redomestication, would be approximately $95,985 lower, or $106,060, and the foreign tax differential would be reduced by the same amount to ($19,648). All other amounts would remain substantially unchanged.

 

The Company’s income before income taxes attributable to non-U.S. operations was $473,994, $413,550, and $678,868, for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Taiwan tax holiday benefits included in the table above reflect $0.07, $0.07, and $0.09 per weighted-average common share outstanding for the years ended December 31, 2011, December 25, 2010, and December 26, 2009, respectively. The Company currently expects to benefit from these Taiwan tax holidays through 2016, at which time these tax benefits might expire.

 

 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

    December 31,     December 25,  
    2011     2010  
Deferred tax assets:                
Product warranty accruals   $ 2,196     $ 1,646  
Allowance for doubtful accounts     12,282       11,572  
Inventory reserves     5,114       5,749  
Sales program allowances     5,591       9,080  
Reserve for sales returns     2,240       2,715  
Other accruals     5,359       5,684  
Unrealized intercompany profit in inventory     15,165       2,792  
Unrealized foreign currency loss     -       266  
Stock option compensation     47,998       40,785  
Tax credit carryforwards, net     33,379       48,784  
Amortization     26,913       28,431  
Deferred revenue     28,905       10,671  
Net operating losses of subsidiaries     17,780       11,583  
Other     4,163       3,750  
Valuation allowance related to loss carryforward and tax credits     (37,173 )     (51,352 )
      169,912       132,156  
Deferred tax liabilities:                
Depreciation     17,600       16,030  
Prepaid expenses     3,328       4,145  
Book basis in excess of tax basis for acquired entities     8,191       6,604  
Unrealized investment gain     910       5,951  
Marketable securities     -       3,038  
Other     469       933  
      30,498       36,701  
Net deferred tax assets   $ 139,414     $ 95,455  

 

The Company recognized a $29,615 deferred tax asset during 2010 for the future tax benefit of the fair market value step-up in basis of intangible assets related to the redomestication to Switzerland and local statutory tax reporting requirements. The deferred tax asset was recognized as an increase to Additional Paid-In Capital in 2010 and will reverse as the intangible assets are amortized for Swiss statutory and tax reporting purposes.

 

At December 31, 2011, the Company had $33,379 of tax credit carryover which includes $31,240 of Taiwan surtax credit with no expiration. There is a full valuation allowance for the Taiwan surtax credits. The valuation allowance decreased by $14,179 during 2011 including $14,994 related to Taiwan surtax credits. The decrease in the surtax credit carryforward and valuation allowance in 2011 is principally due to reducing the amount of such credits to the correct amount available for use in future years, on which a full valuation reserve is provided.

 

At December 31, 2011, the Company had a deferred tax asset of $17,780 related to the future tax benefit on net operating loss (NOL) carryforwards of $72,197.  Included in the NOL carryforwards is $24,680 that relates to Spain and expires in varying amounts between 2022 and 2025, $14,718 that relates to Switzerland and expires in 2018, and $32,799 that relates to various other jurisdictions and has no expiration date. The Company has recorded a valuation allowance for a portion of its deferred tax asset relating to various tax attributes that it does not believe are more likely than not to be realized. In the future, if the Company determines, based on existence of sufficient evidence, that it should realize more or less of its deferred tax assets, an adjustment to the valuation allowance will be made in the period such a determination is made.

XML 74 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
12 Months Ended
Dec. 31, 2011
Fair Value of Financial Instruments

7. Fair Value of Financial Instruments

 

As required by the Financial Instruments topic of the FASB ASC, the following summarizes required information about the fair value of certain financial instruments for which it is currently practicable to estimate such value. None of the financial instruments are held or issued for trading purposes. The carrying amounts and fair values of the Company’s financial instruments are as follows:

 

    December 31, 2011     December 25, 2010  
    Carrying     Fair     Carrying     Fair  
    Amount     Value     Amount     Value  
                         
Cash and cash equivalents   $ 1,287,160     $ 1,287,160     $ 1,260,936     $ 1,260,936  
Restricted cash     771       771       1,277       1,277  
Marketable securities     1,208,155       1,208,155       801,819       801,819  

 

For certain of the Company’s financial instruments, including accounts receivable, accounts payable and other accrued liabilities, the carrying amounts approximate fair value due to their short maturities.

XML 75 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Compensation Plans
12 Months Ended
Dec. 31, 2011
Stock Compensation Plans

9. Stock Compensation Plans

 

Accounting for Stock-Based Compensation

 

The various Company stock compensation plans are summarized below. For all stock compensation plans, the company’s policy is to issue treasury shares for option/SAR exercises, RSU releases and ESPP purchases.

 

 

2011 Non-employee Directors’ Equity Incentive Plan

 

In June 2011, the stockholders adopted an equity incentive plan for non-employee directors (the 2011 Directors Plan) providing for grants of stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and/or performance shares, pursuant to which up to 122,592 shares were available for issuance. The term of each award cannot exceed ten years. Awards may vest over a minimum two-year period. During 2011, 11,996 restricted stock units were granted under this plan.

 

2005 Equity Incentive Plan

 

In June 2005, the shareholders adopted an equity incentive plan (the “2005 Plan”) providing for grants of incentive and nonqualified stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 10,000,000 common shares were available for issuance. The various grants vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. During 2011, 2010, and 2009, 410,197, 494,995, and 470,950 restricted stock units were granted under the 2005 Plan. In addition, in 2011, 42,330 stock options were granted under the 2005 Plan. In 2010 and 2009, 20,000 and 30,000 performance shares were granted under the 2005 Plan. No performance shares were granted under the 2005 Plan in 2011.

 

2000 Equity Incentive Plan

 

In October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants of incentive and nonqualified stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 7,000,000 common shares were available for issuance. The stock options and stock appreciation rights vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. The Company did not grant any stock awards from the 2000 Plan in 2011, 2010 or 2009.

 

2000 Non-employee Directors’ Option Plan

 

Also in October 2000, the stockholders adopted a stock option plan for non-employee directors (the 2000 Directors Plan) providing for grants of options for up to 100,000 common shares. The term of each award is ten years. All awards vest evenly over a three-year period. During 2010 and 2009, options to purchase 23,924 and 34,648 shares, respectively, were granted under this plan. In 2009, the stockholders approved an additional 150,000 shares to the plan, making the total shares authorized under the plan 250,000. Following the June 2011 approval of the 2011 Directors Plan, the Company will no longer issue options to purchase shares under this plan.

 

Stock-Based Compensation Activity

 

A summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 31, 2011, December 25, 2010, and December 26, 2009 is provided below:

 

 

    Stock Options and SARs  
    Weighted-Average        
    Exercise Price     Number of Shares  
          (In Thousands)  
             
Outstanding at December 27, 2008   $ 47.76       10,526  
Granted   $ 23.09       35  
Exercised   $ 18.08       (278 )
Forfeited/Expired   $ 59.55       (174 )
Outstanding at December 26, 2009   $ 48.28       10,109  
Granted   $ 33.44       24  
Exercised   $ 15.52       (826 )
Forfeited/Expired   $ 62.57       (221 )
Outstanding at December 25, 2010   $ 50.87       9,086  
Granted   $ 39.71       42  
Exercised   $ 21.02       (764 )
Forfeited/Expired   $ 64.63       (291 )
Outstanding at December 31, 2011   $ 53.14       8,073  
Exercisable at December 31, 2011   $ 51.24       7,001  
Expected to vest after December 31, 2011   $ 65.59       1,049  

 

Stock Options and SARs as of December 31, 2011
Exercise   Awards     Remaining     Awards  
Price   Outstanding     Life (Years)     Exercisable  
    (In Thousands)           (In Thousands)  
                   
$8.00 -$20.00     787       2.29       786  
$20.01 - $40.00     1,530       3.48       1,463  
$40.01 - $60.00     3,295       5.36       2,782  
$60.01 - $80.00     1,198       5.42       960  
$80.01 - $100.00     2       5.94       1  
$100.01 - $120.00     1,258       5.91       1,007  
$120.01 - $140.00     3       5.74       2  
      8,073       4.80       7,001  

 

    Restricted Stock Units  
    Weighted-Average        
    Grant Date Fair Value     Number of Shares  
          (In Thousands)  
             
Outstanding at December 27, 2008   $ 19.59       1,043  
Granted   $ 29.79       501  
Released/Vested   $ 19.59       (204 )
Cancelled   $ 19.63       (24 )
Outstanding at December 26, 2009   $ 23.47       1,316  
Granted   $ 30.29       515  
Released/Vested   $ 23.02       (291 )
Cancelled   $ 23.32       (37 )
Outstanding at December 25, 2010   $ 25.90       1,503  
Granted   $ 37.28       422  
Released/Vested   $ 37.73       (366 )
Cancelled   $ 25.89       (81 )
Outstanding at December 31, 2011   $ 29.40       1,478  

 

 

The weighted-average remaining contract life for stock options and SARs outstanding and exercisable at December 31, 2011 is 4.80 and 4.57 years, respectively. The weighted-average remaining contract life of restricted stock units at December 31, 2011 was 2.21 years.

 

The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions for 2011, 2010, and 2009:

 

    2011     2010     2009  
Weighted average grant date fair value of options granted   $ 10.53     $ 8.99     $ 7.32  
Expected volatility     0.4078       0.4178       0.4286  
Dividend yield     4.02 %     4.94 %     2.42 %
Expected life of options in years     6.5       6.3       6.2  
Risk-free interest rate     1.2 %     2.5 %     3.0 %

 

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options and SARs which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility.

 

The total fair value of awards vested during 2011, 2010, and 2009 was $49,006, $41,249, and $41,527, respectively. The aggregate intrinsic values of options and SARs outstanding and exercisable at December 31, 2011 were $35,683 and $35,410, respectively. The aggregate intrinsic values of options and SARs exercised during 2011, 2010, and 2009 were $14,367, $12,259, and $3,578, respectively. The aggregate intrinsic value of RSUs outstanding at December 31, 2011 was $58,856. The aggregate intrinsic values of RSUs released during 2011, 2010, and 2009 were $14,592, $8,828, and $6,327, respectively. Aggregate intrinsic value represents the positive difference between the Company’s closing stock price on the last trading day of the fiscal period, which was $39.81 on December 30, 2011, and the exercise price multiplied by the number of options exercised. As of December 31, 2011, there was $58,554 of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans. That cost is expected to be recognized over the weighted average remaining vesting period.

 

Employee Stock Purchase Plan

 

The shareholders also adopted an employee stock purchase plan (ESPP). Up to 4,000,000 shares of common stock have been reserved for the ESPP with shareholders approving an additional 2,000,000 shares in May 2010. Shares will be offered to employees at a price equal to the lesser of 85% of the fair market value of the stock on the date of purchase or 85% of the fair market value on the first day of the ESPP period. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During 2011, 2010, and 2009, 514,218, 349,173, and 209,416 shares, respectively were purchased under the plan for a total purchase price of $13,746, $8,134, and $3,874, respectively. During 2011 and 2010, the purchases were issued from treasury shares. At December 31, 2011, approximately 1,561,066 shares were available for future issuance.

XML 76 R64.htm IDEA: XBRL DOCUMENT v2.4.0.6
Redomestication - Additional Information (Detail)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
USD ($)
Dec. 31, 2011
CHF
Dec. 25, 2010
USD ($)
Dec. 25, 2010
CHF
Jul. 26, 2010
CHF
Dec. 26, 2009
USD ($)
Dec. 27, 2008
USD ($)
Dec. 31, 2011
Formation Shares
Dec. 25, 2010
Formation Shares
Dec. 25, 2010
Common Stock
USD ($)
Dec. 31, 2011
Common Stock
USD ($)
Dec. 26, 2009
Common Stock
USD ($)
Dec. 27, 2008
Common Stock
USD ($)
Stockholders Equity Note [Line Items]                          
Treasury shares, shares 13,414,801 13,414,801 13,719,380 [1] 13,719,380 [1]       10,000,000 10,000,000        
Impact of redomestication on par value of common shares                   $ 1,796,448      
Ending Balance $ 3,256,581   $ 3,049,562     $ 2,836,447 $ 2,225,854     $ 1,797,435 $ 1,797,435 $ 1,001 $ 1,002
Impact of redomestication on shares of common shares                   198,077,418      
Shares, par value $ 9.0744 10.00 $ 9.0744 10.00 10.0000                
[1] Includes 10,000,000 formation shares at USD 0 historical cost
XML 77 R66.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of The Components of Authorized Shares (Parenthetical) (Detail)
12 Months Ended
Dec. 31, 2011
USD ($)
Dec. 31, 2011
CHF
Dec. 25, 2010
USD ($)
Dec. 25, 2010
CHF
Jul. 26, 2010
CHF
Dec. 31, 2011
Formation Shares
Dec. 25, 2010
Formation Shares
USD ($)
Dec. 31, 2011
Conditional Shares
Class of Stock [Line Items]                
Shares, par value $ 9.0744 10.00 $ 9.0744 10.00 10.0000      
Share repurchase program, shares repurchased and retired 522,856 522,856            
Treasury shares, shares 13,414,801 13,414,801 13,719,380 [1] 13,719,380 [1]   10,000,000 10,000,000  
Treasury shares, value of shares $ 103,498,000   $ 106,758,000       $ 0  
Shares, shares authorized 208,077,418 208,077,418 208,077,418 208,077,418       104,038,709
[1] Includes 10,000,000 formation shares at USD 0 historical cost
XML 78 R63.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share Repurchase Program - Additional Information (Detail) (USD $)
12 Months Ended 23 Months Ended 15 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Dec. 31, 2011
Share Repurchase Program, February Twenty Ten
Dec. 31, 2009
Share Repurchase Program, October Twenty Zero Nine
Dec. 31, 2011
Share Repurchase Program, October Twenty Zero Nine
Dec. 31, 2011
Share Repurchase Program, October Twenty Zero Nine
Maximum
Accelerated Share Repurchases [Line Items]              
Share repurchase program, authorization date       Feb. 12, 2010   Oct. 22, 2008  
Share repurchase program, authorized amount       $ 300,000,000     $ 300,000,000
Share repurchase program, expiration date       Dec. 31, 2011   Dec. 31, 2009  
Share repurchase program, shares repurchased       7,366,646      
Share repurchase program, shares repurchased value       223,149,000      
Share repurchase program, shares repurchased and retired 522,856     522,856      
Share repurchase program, shares repurchased and retired value   $ 108,840,000 $ 20,258,000 $ 16,701,000 $ 60,000,000    
XML 79 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warranty Reserves (Tables)
12 Months Ended
Dec. 31, 2011
Changes in Aggregate Warranty Reserve

The following reconciliation provides an illustration of changes in the aggregate warranty reserve:

 

    Fiscal Year Ended  
    December 31,     December 25,     December 26,  
    2011     2010     2009  
                   
Balance - beginning of period   $ 49,885     $ 87,424     $ 87,408  
Change in accrual for products sold in prior periods     -       (42,776 )     -  
Accrual for products sold during the period     52,305       93,172       164,909  
Expenditures     (55,417 )     (87,935 )     (164,893 )
Balance - end of period   $ 46,773     $ 49,885     $ 87,424
XML 80 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes - Additional Information (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Income Taxes [Line Items]      
Income tax at statutory income tax rate $ 204,456 $ 202,045 $ 287,228
Foreign income tax rate differential (148,058) (115,633) (219,482)
Impact on amount related to tax at the statutory rate, if the Company reconciled taxes at the Swiss statutory tax rate to the reported income tax (158,716) (95,985)  
Impact on amount related to foreign tax rate differential, if the Company reconciled taxes at the Swiss statutory tax rate to the reported income tax (158,716) (95,985)  
Income before income taxes 584,161 577,272 808,651
Deferred tax asset   29,615  
Tax credit carryover 33,379    
Decrease in valuation allowance (14,179)    
Deferred tax assets related to future tax benefit on net operating loss carryforward 17,780    
Net operating loss (NOL) carryforwards 72,197    
SWITZERLAND
     
Income Taxes [Line Items]      
Statutory income tax rate 7.83% 7.83%  
Income tax at statutory income tax rate 45,740 106,060  
Foreign income tax rate differential 10,658 (19,648)  
Net operating loss (NOL) carryforwards 14,718    
Net operating loss (NOL) carryforwards, expiration date 2018    
UNITED STATES
     
Income Taxes [Line Items]      
U.S statutory income tax Rate   35.00%  
SPAIN
     
Income Taxes [Line Items]      
Net operating loss (NOL) carryforwards 24,680    
SPAIN | Minimum
     
Income Taxes [Line Items]      
Net operating loss (NOL) carryforwards, expiration date 2022    
SPAIN | Maximum
     
Income Taxes [Line Items]      
Net operating loss (NOL) carryforwards, expiration date 2025    
Other Jurisdictions
     
Income Taxes [Line Items]      
Net operating loss (NOL) carryforwards 32,799    
Outside United States
     
Income Taxes [Line Items]      
Income before income taxes 473,994 413,550 678,868
TAIWAN, PROVINCE OF CHINA
     
Income Taxes [Line Items]      
Tax holiday benefits per weighted-average common share outstanding $ 0.07 $ 0.07 $ 0.09
Tax holidays, expiration date 2016    
TAIWAN, PROVINCE OF CHINA | Surtax Credit
     
Income Taxes [Line Items]      
Tax credit carryover 31,240    
Decrease in valuation allowance $ (14,994)    
XML 81 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Selected Quarterly Information (Unaudited)
12 Months Ended
Dec. 31, 2011
Selected Quarterly Information (Unaudited)

14. Selected Quarterly Information (Unaudited)

 

    Fiscal Year Ended December 31, 2011  
    Quarter Ending  
    March 26     June 25     September 24 (2)     December 31 (2)  
                         
Net sales   $ 507,834     $ 674,099     $ 666,993     $ 909,643  
Gross profit     238,374       322,100       344,331       433,787  
Net income     95,482       109,477       150,381       165,556  
Basic net income per share   $ 0.49     $ 0.56     $ 0.77     $ 0.86  

 

    Fiscal Year Ended December 25, 2010  
    Quarter Ending  
    March 27     June 26     September 25 (1)     December 25  
                         
Net sales   $ 431,067     $ 728,765     $ 692,364     $ 837,715  
Gross profit     230,909       391,652       344,020       379,793  
Net income     37,329       134,816       279,552       132,906  
Basic net income per share   $ 0.19     $ 0.68     $ 1.43     $ 0.67  

 

(1) Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.

 

(2) Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.

 

The above quarterly financial data is unaudited, but in the opinion of management, all adjustments necessary for a fair presentation of the selected data for these interim periods presented have been included. These results are not necessarily indicative of future quarterly results.

XML 82 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Marketable Securities (Tables)
12 Months Ended
Dec. 31, 2011
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis

Assets and liabilities measured at estimated fair value on a recurring basis are summarized below:

 

    Fair Value Measurements as  
    of December 31, 2011  
                         
Description   Total     Level 1     Level 2     Level 3  
                                 
Available for-sale securities   $ 1,208,155     $ 1,208,155     $ -     $ -  
                                 
Total   $ 1,208,155     $ 1,208,155     $ -     $ -  

 

    Fair Value Measurements as  
    of December 25, 2010  
                         
Description   Total     Level 1     Level 2     Level 3  
                         
Available for-sale securities   $ 781,257     $ 781,257     $ -     $ -  
Failed auction rate securities     20,562       -       -       20,562  
                                 
Total   $ 801,819     $ 781,257     $ -     $ 20,562
Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

For assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period, the accounting guidance requires a reconciliation of the beginning and ending balances, separately for each major category of assets. The reconciliation is as follows:

 

    Fair Value Measurements Using  
    Significant Unobservable Inputs (Level 3)  
    Year Ended     Year Ended  
    December 31, 2011     December 25, 2010  
             
Beginning balance of auction rate securities   $ 20,562     $ 70,252  
Total unrealized gains included in other comprehensive income     5,038       16,410  
Sales out of Level 3     (25,600 )     (66,100 )
Transfers in and/or out of Level 3     -       -  
Ending balance of auction rate securities   $ -     $ 20,562
Marketable Securities Classified as Available-For-Sale Securities

The following is a summary of the company’s marketable securities classified as available-for-sale securities at December 31, 2011:

  

    Amortized Cost     Gross 
Unrealized Gains
    Gross
Unrealized
Losses
    Other Than
Temporary
Impairment
    Estimated Fair 
Value (Net Carrying
Amount)
 
Mortgage-backed securities   $ 626,776     $ 12,936     $ (1,086 )   $ -     $ 638,626  
Obligations of states and political subdivisions     358,314       2,339       (1,090 )     -       359,563  
U.S. corporate bonds     134,763       815       (2,260 )     (1,274 )     132,044  
Other     78,031       113       (222 )     -       77,922  
Total   $ 1,197,884     $ 16,203     $ (4,658 )   $ (1,274 )   $ 1,208,155  

 

 

The following is a summary of the company’s marketable securities classified as available-for-sale securities at December 25, 2010:

 

    Amortized Cost     Gross 
Unrealized Gains
    Gross
Unrealized
Losses
    Other Than
Temporary
Impairment
    Estimated Fair 
Value (Net Carrying
Amount)
 
Mortgage-backed securities   $ 527,249     $ 1,913     $ (1,519 )   $ -     $ 527,643  
Auction Rate Securities     25,599       -       (5,037 )     -       20,562  
Obligations of states and political subdivisions     160,618       347       (3,341 )     -       157,624  
U.S. corporate bonds     54,348       637       (185 )     (1,274 )     53,526  
Other     39,838       2,626       -       -       42,464  
Total   $ 807,652     $ 5,523     $ (10,082 )   $ (1,274 )   $ 801,819
Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity

The amortized cost and estimated fair value of marketable securities at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Included in the $55,694 amount below is $34,590 that has been classified as current because the underlying securities were sold subsequent to year-end. The remaining amount of $21,104 has been classified as noncurrent.

 

          Estimated  
    Cost     Fair Value  
                 
Due in one year or less (2012)   $ 76,427     $ 76,563  
Due after one year through five years (2013-2017)     370,827       370,551  
Due after five years through ten years (2018-2022)     311,251       313,073  
Due after ten years (2023 and thereafter)     385,017       392,274  
Other (No contractual maturity dates)     54,362       55,694  
    $ 1,197,884     $ 1,208,155
XML 83 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Tax Provision (Benefit) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Federal:      
Current $ 79,305 $ (46,674) $ 104,186
Deferred (25,763) 284 (12,021)
Federal Income Tax Expense (Benefit), Continuing Operations, Total 53,542 (46,390) 92,165
State:      
Current 9,087 3,929 5,381
Deferred (4,490) (257) (947)
State and Local Income Tax Expense (Benefit), Continuing Operations, Total 4,597 3,672 4,434
Foreign:      
Current 22,363 31,109 18,469
Deferred (17,237) 4,278 (10,367)
Foreign Income Tax Expense (Benefit), Continuing Operations, Total 5,126 35,387 8,102
Income tax expense $ 63,265 $ (7,331) $ 104,701
XML 84 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 25, 2010
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for-sale securities $ 1,208,155 $ 801,819
Fair Value, Measurements, Recurring
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for-sale securities 1,208,155 781,257
Failed auction rate securities   20,562
Total 1,208,155 801,819
Fair Value, Measurements, Recurring | Level 1
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for-sale securities 1,208,155 781,257
Total 1,208,155 781,257
Fair Value, Measurements, Recurring | Level 3
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Failed auction rate securities   20,562
Total   $ 20,562
XML 85 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Stockholders' Equity (USD $)
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Gain/(Loss)
Beginning Balance at Dec. 27, 2008 $ 2,225,854,000 $ 1,002,000 $ 0 $ 0 $ 2,262,503,000 $ (37,651,000)
Net income 703,950,000       703,950,000  
Translation adjustment 24,537,000         24,537,000
Adjustment related to unrealized gains (losses) on available-for-sale securities, net of income tax effects of ($369) in 2011, $348 in 2010 and $676 in 2009 (268,000)         (268,000)
Comprehensive income 728,219,000          
Dividends paid (149,846,000)       (149,846,000)  
Tax benefit from exercise of employee stock options 1,366,000   1,366,000      
Issuance of common stock from exercise of stock options 3,784,000 3,000 3,781,000      
Stock compensation 43,616,000   43,616,000      
Purchase and retirement of common stock (prior to June 27, 2010 in 2010) (20,258,000) (4,000) (20,254,000)      
Issuance of common stock through stock purchase plan 3,712,000   3,712,000      
Ending Balance at Dec. 26, 2009 2,836,447,000 1,001,000 32,221,000 0 2,816,607,000 (13,382,000)
Net income 584,603,000       584,603,000  
Translation adjustment 52,509,000         52,509,000
Adjustment related to unrealized gains (losses) on available-for-sale securities, net of income tax effects of ($369) in 2011, $348 in 2010 and $676 in 2009 16,877,000         16,877,000
Comprehensive income 653,989,000          
Dividends paid (298,853,000)       (298,853,000)  
Tax benefit from exercise of employee stock options 4,495,000   4,495,000      
Issuance of common stock from exercise of stock options 9,465,000 2,000 (867,000) 10,330,000    
Stock compensation 40,332,000   40,332,000      
Purchase and retirement of common stock (prior to June 27, 2010 in 2010) (108,840,000) (16,000) (67,528,000)   (41,296,000)  
Purchase and retirement of treasury stock (117,088,000)     (117,088,000)    
Impact of redomestication on par value of common shares   1,796,448,000     (1,796,448,000)  
Deferred tax impact of redomestication 29,615,000   29,615,000      
Ending Balance at Dec. 25, 2010 3,049,562,000 1,797,435,000 38,268,000 (106,758,000) 1,264,613,000 56,004,000
Net income 520,896,000       520,896,000  
Translation adjustment 14,716,000         14,716,000
Adjustment related to unrealized gains (losses) on available-for-sale securities, net of income tax effects of ($369) in 2011, $348 in 2010 and $676 in 2009 16,473,000         16,473,000
Comprehensive income 552,085,000          
Dividends paid (388,628,000)       (388,628,000)  
Tax benefit from exercise of employee stock options 3,313,000   3,313,000      
Issuance of treasury stock related to equity awards 22,337,000   (19,924,000) 42,261,000    
Stock compensation 40,212,000   40,212,000      
Purchase of treasury stock (22,300,000)     (22,300,000)    
Reclassification of retired shares to treasury shares       (16,701,000) 16,701,000  
Ending Balance at Dec. 31, 2011 $ 3,256,581,000 $ 1,797,435,000 $ 61,869,000 $ (103,498,000) $ 1,413,582,000 $ 87,193,000
XML 86 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Marketable Securities
12 Months Ended
Dec. 31, 2011
Marketable Securities

3. Marketable Securities

 

The FASB ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:

 

Level 1 Unadjusted quoted prices in active markets for identical assets or liability
   
Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or
  unadjusted quoted prices for identical or similar assets
   
Level 3 Unobservable inputs for the asset or liability

 

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

For fair value measurements using significant unobservable inputs, an independent third party provided the valuation. The inputs used in the valuations were completed using the following methodology. The collateral composition was used to estimate Weighted Average Life based on historical and projected payment information. Cash flows were projected for the issuing trusts, taking into account underlying loan principal, bonds outstanding, and payout formulas. Taking this information into account, assumptions were made as to the yields likely to be required, based upon then current market conditions for comparable or similar term Asset Based Securities as well as other fixed income securities.

 

 

Assets and liabilities measured at estimated fair value on a recurring basis are summarized below:

 

    Fair Value Measurements as  
    of December 31, 2011  
                         
Description   Total     Level 1     Level 2     Level 3  
                                 
Available for-sale securities   $ 1,208,155     $ 1,208,155     $ -     $ -  
                                 
Total   $ 1,208,155     $ 1,208,155     $ -     $ -  

 

    Fair Value Measurements as  
    of December 25, 2010  
                         
Description   Total     Level 1     Level 2     Level 3  
                         
Available for-sale securities   $ 781,257     $ 781,257     $ -     $ -  
Failed auction rate securities     20,562       -       -       20,562  
                                 
Total   $ 801,819     $ 781,257     $ -     $ 20,562  

 

All Level 3 investments at December 25, 2010 had been in a continuous unrealized loss position for 12 months or longer. However, it was the Company’s intent to hold these securities until they recovered their value. The Company sold these securities during 2011 and realized an immaterial loss. For assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period, the accounting guidance requires a reconciliation of the beginning and ending balances, separately for each major category of assets. The reconciliation is as follows:

 

    Fair Value Measurements Using  
    Significant Unobservable Inputs (Level 3)  
    Year Ended     Year Ended  
    December 31, 2011     December 25, 2010  
             
Beginning balance of auction rate securities   $ 20,562     $ 70,252  
Total unrealized gains included in other comprehensive income     5,038       16,410  
Sales out of Level 3     (25,600 )     (66,100 )
Transfers in and/or out of Level 3     -       -  
Ending balance of auction rate securities   $ -     $ 20,562  

  

The following is a summary of the company’s marketable securities classified as available-for-sale securities at December 31, 2011:

  

    Amortized Cost     Gross 
Unrealized Gains
    Gross
Unrealized
Losses
    Other Than
Temporary
Impairment
    Estimated Fair 
Value (Net Carrying
Amount)
 
Mortgage-backed securities   $ 626,776     $ 12,936     $ (1,086 )   $ -     $ 638,626  
Obligations of states and political subdivisions     358,314       2,339       (1,090 )     -       359,563  
U.S. corporate bonds     134,763       815       (2,260 )     (1,274 )     132,044  
Other     78,031       113       (222 )     -       77,922  
Total   $ 1,197,884     $ 16,203     $ (4,658 )   $ (1,274 )   $ 1,208,155  

 

 

The following is a summary of the company’s marketable securities classified as available-for-sale securities at December 25, 2010:

 

    Amortized Cost     Gross 
Unrealized Gains
    Gross
Unrealized
Losses
    Other Than
Temporary
Impairment
    Estimated Fair 
Value (Net Carrying
Amount)
 
Mortgage-backed securities   $ 527,249     $ 1,913     $ (1,519 )   $ -     $ 527,643  
Auction Rate Securities     25,599       -       (5,037 )     -       20,562  
Obligations of states and political subdivisions     160,618       347       (3,341 )     -       157,624  
U.S. corporate bonds     54,348       637       (185 )     (1,274 )     53,526  
Other     39,838       2,626       -       -       42,464  
Total   $ 807,652     $ 5,523     $ (10,082 )   $ (1,274 )   $ 801,819  

 

The cost of securities sold is based on the specific identification method.

 

The unrealized losses and unrealized gains on the Company’s investments in 2010 and 2011, respectively, were caused primarily by changes in interest rates and credit spreads. The Company’s investment policy requires investments to be rated A or better with the objective of minimizing the potential risk of principal loss. The Company does not intend to sell the securities that have an unrealized loss shown in the table above and it is not more likely than not that the Company will be required to sell the investment before recovery of their amortized costs bases, which may be maturity. Therefore, the Company considers the declines to be temporary in nature. Fair values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market value. During 2010 and 2011, the Company did not record any material impairment charges on its outstanding securities.

 

The amortized cost and estimated fair value of marketable securities at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Included in the $55,694 amount below is $34,590 that has been classified as current because the underlying securities were sold subsequent to year-end. The remaining amount of $21,104 has been classified as noncurrent.

 

          Estimated  
    Cost     Fair Value  
                 
Due in one year or less (2012)   $ 76,427     $ 76,563  
Due after one year through five years (2013-2017)     370,827       370,551  
Due after five years through ten years (2018-2022)     311,251       313,073  
Due after ten years (2023 and thereafter)     385,017       392,274  
Other (No contractual maturity dates)     54,362       55,694  
    $ 1,197,884     $ 1,208,155
XML 87 R58.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-based Compensation related information, Stock Options and SARs (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options Outstanding 8,073
Remaining Life (Years) 4.80
Options Exercisable 7,001
Range 1
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise Price, Lower range $ 8.00
Exercise Price, Upper range $ 20.00
Options Outstanding 787
Remaining Life (Years) 2.29
Options Exercisable 786
Range 2
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise Price, Lower range $ 20.01
Exercise Price, Upper range $ 40.00
Options Outstanding 1,530
Remaining Life (Years) 3.48
Options Exercisable 1,463
Range 3
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise Price, Lower range $ 40.01
Exercise Price, Upper range $ 60.00
Options Outstanding 3,295
Remaining Life (Years) 5.36
Options Exercisable 2,782
Range 4
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise Price, Lower range $ 60.01
Exercise Price, Upper range $ 80.00
Options Outstanding 1,198
Remaining Life (Years) 5.42
Options Exercisable 960
Range 5
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise Price, Lower range $ 80.01
Exercise Price, Upper range $ 100.00
Options Outstanding 2
Remaining Life (Years) 5.94
Options Exercisable 1
Range 6
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise Price, Lower range $ 100.01
Exercise Price, Upper range $ 120.00
Options Outstanding 1,258
Remaining Life (Years) 5.91
Options Exercisable 1,007
Range 7
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise Price, Lower range $ 120.01
Exercise Price, Upper range $ 140.00
Options Outstanding 3
Remaining Life (Years) 5.74
Options Exercisable 2
XML 88 R69.htm IDEA: XBRL DOCUMENT v2.4.0.6
Quarterly Information (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 24, 2011
Jun. 25, 2011
Mar. 26, 2011
Dec. 25, 2010
Sep. 25, 2010
Jun. 26, 2010
Mar. 27, 2010
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Effect of Fourth Quarter Events [Line Items]                      
Net sales $ 909,643 [1] $ 666,993 [1] $ 674,099 $ 507,834 $ 837,715 $ 692,364 [2] $ 728,765 $ 431,067 $ 2,758,569 $ 2,689,911 $ 2,946,440
Gross profit 433,787 [1] 344,331 [1] 322,100 238,374 379,793 344,020 [2] 391,652 230,909 1,338,592 1,346,374 1,444,111
Net income $ 165,556 [1] $ 150,381 [1] $ 109,477 $ 95,482 $ 132,906 $ 279,552 [2] $ 134,816 $ 37,329 $ 520,896 $ 584,603 $ 703,950
Basic net income per share $ 0.86 [1] $ 0.77 [1] $ 0.56 $ 0.49 $ 0.67 $ 1.43 [2] $ 0.68 $ 0.19 $ 2.68 $ 2.97 $ 3.51
[1] Amounts shown for quarters ending September 24, 2011 and December 31, 2011 include a change in estimate for the Company's per unit revenue and cost deferrals. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending September 24, 2011 was $21.4 million, $17.8 million, $15.3 million and $0.07, respectively. The impact to net sales, gross profit, net income, and basic net income per share for the quarter ending December 31, 2011 was $56.4 million, $48.7 million, $44.0 million, and $0.24, respectively.
[2] Net income and Basic net income per share for quarter ending September 25, 2010 include a one-time tax adjustment of ($98.7) million which includes release of uncertain tax position reserves from 2006 to 2008 related to our settlement with the IRS in the US, partially offset by the amount of the settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves.
XML 89 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2011
Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments are as follows:

 

Year   Amount  
       
2012   $ 13,549  
2013     12,251  
2014     10,902  
2015     8,211  
2016     5,833  
Thereafter     6,423  
Total   $ 57,169
XML 90 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 241 434 1 true 80 0 false 6 false false R1.htm 101 - Document - Document and Entity Information Sheet http://www.garmin.com/taxonomy/role/DocumentDocumentandEntityInformation Document and Entity Information true false R2.htm 103 - Statement - Consolidated Balance Sheets Sheet http://www.garmin.com/taxonomy/role/StatementOfFinancialPositionClassified Consolidated Balance Sheets false false R3.htm 104 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.garmin.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical Consolidated Balance Sheets (Parenthetical) false false R4.htm 105 - Statement - Consolidated Statements of Income Sheet http://www.garmin.com/taxonomy/role/StatementOfIncome Consolidated Statements of Income false false R5.htm 106 - Statement - Consolidated Statements of Stockholders' Equity Sheet http://www.garmin.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome Consolidated Statements of Stockholders' Equity false false R6.htm 107 - Statement - Consolidated Statements of Stockholders' Equity (Parenthetical) Sheet http://www.garmin.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncomeParenthetical Consolidated Statements of Stockholders' Equity (Parenthetical) false false R7.htm 108 - Statement - Consolidated Statements of Cash Flows Sheet http://www.garmin.com/taxonomy/role/StatementOfCashFlowsIndirect Consolidated Statements of Cash Flows false false R8.htm 109 - Disclosure - Description of the Business Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsBusinessDescriptionAndBasisOfPresentationTextBlock Description of the Business false false R9.htm 110 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock Summary of Significant Accounting Policies false false R10.htm 111 - Disclosure - Marketable Securities Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsMarketableSecuritiesTextBlock Marketable Securities false false R11.htm 112 - Disclosure - Commitments and Contingencies Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock Commitments and Contingencies false false R12.htm 113 - Disclosure - Employee Benefit Plans Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlock Employee Benefit Plans false false R13.htm 114 - Disclosure - Income Taxes Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock Income Taxes false false R14.htm 115 - Disclosure - Fair Value of Financial Instruments Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsFinancialInstrumentsDisclosureTextBlock Fair Value of Financial Instruments false false R15.htm 116 - Disclosure - Segment Information Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock Segment Information false false R16.htm 117 - Disclosure - Stock Compensation Plans Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock Stock Compensation Plans false false R17.htm 118 - Disclosure - Earnings Per Share Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock Earnings Per Share false false R18.htm 119 - Disclosure - Share Repurchase Program Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsTreasuryStockTextBlock Share Repurchase Program false false R19.htm 120 - Disclosure - Redomestication Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsRedomesticationTextBlock Redomestication false false R20.htm 121 - Disclosure - Warranty Reserves Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsProductWarrantyDisclosureTextBlock Warranty Reserves false false R21.htm 122 - Disclosure - Selected Quarterly Information (Unaudited) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsQuarterlyFinancialInformationTextBlock Selected Quarterly Information (Unaudited) false false R22.htm 123 - Disclosure - Acquisitions Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock Acquisitions false false R23.htm 124 - Disclosure - SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS false false R24.htm 125 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies Summary of Significant Accounting Policies (Policies) false false R25.htm 126 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockTables Summary of Significant Accounting Policies (Tables) false false R26.htm 127 - Disclosure - Marketable Securities (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsMarketableSecuritiesTextBlockTables Marketable Securities (Tables) false false R27.htm 128 - Disclosure - Commitments and Contingencies (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlockTables Commitments and Contingencies (Tables) false false R28.htm 129 - Disclosure - Income Taxes (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlockTables Income Taxes (Tables) false false R29.htm 130 - Disclosure - Fair Value of Financial Instruments (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsFinancialInstrumentsDisclosureTextBlockTables Fair Value of Financial Instruments (Tables) false false R30.htm 131 - Disclosure - Segment Information (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlockTables Segment Information (Tables) false false R31.htm 132 - Disclosure - Stock Compensation Plans (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockTables Stock Compensation Plans (Tables) false false R32.htm 133 - Disclosure - Earnings Per Share (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlockTables Earnings Per Share (Tables) false false R33.htm 134 - Disclosure - Redomestication (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsRedomesticationTextBlockTables Redomestication (Tables) false false R34.htm 135 - Disclosure - Warranty Reserves (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsProductWarrantyDisclosureTextBlockTables Warranty Reserves (Tables) false false R35.htm 136 - Disclosure - Selected Quarterly Information (Unaudited) (Tables) Sheet http://www.garmin.com/taxonomy/role/NotesToFinancialStatementsQuarterlyFinancialInformationTextBlockTables Selected Quarterly Information (Unaudited) (Tables) false false R36.htm 137 - Disclosure - Summary of Significant Accounting Policies - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformation Summary of Significant Accounting Policies - Additional Information (Detail) false false R37.htm 138 - Disclosure - Inventories (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureInventories Inventories (Detail) false false R38.htm 139 - Disclosure - Property and Equipment Estimated Useful Lives (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosurePropertyAndEquipmentEstimatedUsefulLives Property and Equipment Estimated Useful Lives (Detail) false false R39.htm 140 - Disclosure - Change in Carrying Amount of Goodwill (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureChangeInCarryingAmountOfGoodwill Change in Carrying Amount of Goodwill (Detail) false false R40.htm 141 - Disclosure - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureReconciliationOfBeginningAndEndingAmountOfUnrecognizedTaxBenefits Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) false false R41.htm 142 - Disclosure - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureAssetsAndLiabilitiesMeasuredAtEstimatedFairValueOnRecurringBasis Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) false false R42.htm 143 - Disclosure - Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureReconciliationOfAssetsAndLiabilitiesMeasuredAtFairValueOnRecurringBasisUsingSignificantUnobservableInputsLevel3 Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) false false R43.htm 144 - Disclosure - Marketable Securities Classified as Available-For-Sale Securities (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureMarketableSecuritiesClassifiedAsAvailableForSaleSecurities Marketable Securities Classified as Available-For-Sale Securities (Detail) false false R44.htm 145 - Disclosure - Marketable Securities - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureMarketableSecuritiesAdditionalInformation Marketable Securities - Additional Information (Detail) false false R45.htm 146 - Disclosure - Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureAmortizedCostAndEstimatedFairValueOfMarketableSecuritiesByContractualMaturity Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Detail) false false R46.htm 147 - Disclosure - Commitments and Contingencies - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureCommitmentsAndContingenciesAdditionalInformation Commitments and Contingencies - Additional Information (Detail) false false R47.htm 148 - Disclosure - Future Minimum Lease Payments (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureFutureMinimumLeasePayments Future Minimum Lease Payments (Detail) false false R48.htm 149 - Disclosure - Employee Benefit Plans - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureEmployeeBenefitPlansAdditionalInformation Employee Benefit Plans - Additional Information (Detail) false false R49.htm 150 - Disclosure - Income Tax Provision (Benefit) (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureIncomeTaxProvisionBenefit Income Tax Provision (Benefit) (Detail) false false R50.htm 151 - Disclosure - Sources and Tax Effects of Differences of Income Tax Provision from Amount Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes, Including Impact of Establishing Tax Contingency Accruals (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureSourcesAndTaxEffectsOfDifferencesOfIncomeTaxProvisionFromAmountComputedByApplyingStatutoryFederalIncomeTaxRateToIncomeBeforeTaxesIncludingImpactOfEstablishingTaxContingencyAcc_1 Sources and Tax Effects of Differences of Income Tax Provision from Amount Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes, Including Impact of Establishing Tax Contingency Accruals (Detail) false false R51.htm 152 - Disclosure - Income Taxes - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureIncomeTaxesAdditionalInformation Income Taxes - Additional Information (Detail) false false R52.htm 153 - Disclosure - Significant Components of Deferred Tax Assets and Liabilities (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureSignificantComponentsOfDeferredTaxAssetsAndLiabilities Significant Components of Deferred Tax Assets and Liabilities (Detail) false false R53.htm 154 - Disclosure - Carrying Amounts and Fair Values of Financial Instruments (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureCarryingAmountsAndFairValuesOfFinancialInstruments Carrying Amounts and Fair Values of Financial Instruments (Detail) false false R54.htm 155 - Disclosure - Net Sales, Operating Income, and Income Before Taxes for Reportable Segment (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureNetSalesOperatingIncomeAndIncomeBeforeTaxesForReportableSegment Net Sales, Operating Income, and Income Before Taxes for Reportable Segment (Detail) false false R55.htm 156 - Disclosure - Net Sales and Property and Equipment, Net by Geographic Area (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureNetSalesAndPropertyAndEquipmentNetByGeographicArea Net Sales and Property and Equipment, Net by Geographic Area (Detail) false false R56.htm 157 - Disclosure - Stock Compensation Plans - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureStockCompensationPlansAdditionalInformation Stock Compensation Plans - Additional Information (Detail) false false R57.htm 158 - Disclosure - Stock-based Compensation Activity, Stock Options and SARs (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureStockbasedCompensationActivityStockOptionsAndSARs Stock-based Compensation Activity, Stock Options and SARs (Detail) false false R58.htm 159 - Disclosure - Stock-based Compensation related information, Stock Options and SARs (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureStockbasedCompensationRelatedInformationStockOptionsAndSARs Stock-based Compensation related information, Stock Options and SARs (Detail) false false R59.htm 160 - Disclosure - Stock-based Compensation Activity, Restricted Stock Units (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureStockbasedCompensationActivityRestrictedStockUnits Stock-based Compensation Activity, Restricted Stock Units (Detail) false false R60.htm 161 - Disclosure - Weighted-Average Assumptions Used for Fair Value of Options Estimated Using Black-Scholes Option Pricing Model (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureWeightedAverageAssumptionsUsedForFairValueOfOptionsEstimatedUsingBlackScholesOptionPricingModel Weighted-Average Assumptions Used for Fair Value of Options Estimated Using Black-Scholes Option Pricing Model (Detail) false false R61.htm 162 - Disclosure - Computation of Basic and Diluted Net Income Per Share (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureComputationOfBasicAndDilutedNetIncomePerShare Computation of Basic and Diluted Net Income Per Share (Detail) false false R62.htm 163 - Disclosure - Earnings Per Share - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureEarningsPerShareAdditionalInformation Earnings Per Share - Additional Information (Detail) false false R63.htm 164 - Disclosure - Share Repurchase Program - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureShareRepurchaseProgramAdditionalInformation Share Repurchase Program - Additional Information (Detail) false false R64.htm 165 - Disclosure - Redomestication - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureRedomesticationAdditionalInformation Redomestication - Additional Information (Detail) false false R65.htm 166 - Disclosure - Summary of The Components of Authorized Shares (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureSummaryOfTheComponentsOfAuthorizedShares Summary of The Components of Authorized Shares (Detail) false false R66.htm 167 - Disclosure - Summary of The Components of Authorized Shares (Parenthetical) (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureSummaryOfTheComponentsOfAuthorizedSharesParenthetical Summary of The Components of Authorized Shares (Parenthetical) (Detail) false false R67.htm 168 - Disclosure - Warranty Reserves - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureWarrantyReservesAdditionalInformation Warranty Reserves - Additional Information (Detail) false false R68.htm 169 - Disclosure - Changes in Aggregate Warranty Reserve (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureChangesInAggregateWarrantyReserve Changes in Aggregate Warranty Reserve (Detail) false false R69.htm 170 - Disclosure - Quarterly Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureQuarterlyInformation Quarterly Information (Detail) false false R70.htm 171 - Disclosure - Quarterly Information (Parenthetical) (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureQuarterlyInformationParenthetical Quarterly Information (Parenthetical) (Detail) false false R71.htm 172 - Disclosure - Acquisitions - Additional Information (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureAcquisitionsAdditionalInformation Acquisitions - Additional Information (Detail) false false R72.htm 173 - Disclosure - Schedule II - Valuation and Qualifying Accounts (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureScheduleIIValuationAndQualifyingAccounts Schedule II - Valuation and Qualifying Accounts (Detail) false false R73.htm 174 - Disclosure - Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Detail) Sheet http://www.garmin.com/taxonomy/role/DisclosureScheduleIIValuationAndQualifyingAccountsParenthetical Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Detail) false false All Reports Book All Reports Element grmn_DefinedContributionPlanEmployeeContributionsPercentageOfEligibleCompensation had a mix of decimals attribute values: 2 3. Element us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod had a mix of decimals attribute values: -3 0. Element us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod had a mix of decimals attribute values: -3 0. Element us-gaap_StockRepurchasedAndRetiredDuringPeriodValue had a mix of decimals attribute values: -3 0. Element us-gaap_TreasuryStockValue had a mix of decimals attribute values: -3 0. 'Monetary' elements on report '103 - Statement - Consolidated Balance Sheets' had a mix of different decimal attribute values. 'Monetary' elements on report '106 - Statement - Consolidated Statements of Stockholders' Equity' had a mix of different decimal attribute values. 'Monetary' elements on report '137 - Disclosure - Summary of Significant Accounting Policies - Additional Information (Detail)' had a mix of different decimal attribute values. 'Shares' elements on report '160 - Disclosure - Stock-based Compensation Activity, Restricted Stock Units (Detail)' had a mix of different decimal attribute values. Process Flow-Through: 103 - Statement - Consolidated Balance Sheets Process Flow-Through: Removing column 'Dec. 26, 2009' Process Flow-Through: Removing column 'Dec. 27, 2008' Process Flow-Through: 104 - Statement - Consolidated Balance Sheets (Parenthetical) Process Flow-Through: Removing column 'Dec. 31, 2011 CHF' Process Flow-Through: Removing column 'Dec. 25, 2010 CHF' Process Flow-Through: Removing column 'Jul. 26, 2010 CHF' Process Flow-Through: 105 - Statement - Consolidated Statements of Income Process Flow-Through: Removing column '3 Months Ended Dec. 31, 2011' Process Flow-Through: Removing column '3 Months Ended Sep. 24, 2011' Process Flow-Through: Removing column '3 Months Ended Jun. 25, 2011' Process Flow-Through: Removing column '3 Months Ended Mar. 26, 2011' Process Flow-Through: Removing column '3 Months Ended Dec. 25, 2010' Process Flow-Through: Removing column '3 Months Ended Sep. 25, 2010' Process Flow-Through: Removing column '3 Months Ended Jun. 26, 2010' Process Flow-Through: Removing column '3 Months Ended Mar. 27, 2010' Process Flow-Through: 107 - Statement - Consolidated Statements of Stockholders' Equity (Parenthetical) Process Flow-Through: 108 - Statement - Consolidated Statements of Cash Flows grmn-20111231.xml grmn-20111231.xsd grmn-20111231_cal.xml grmn-20111231_def.xml grmn-20111231_lab.xml grmn-20111231_pre.xml true true XML 91 R38.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property and Equipment Estimated Useful Lives (Detail)
12 Months Ended
Dec. 31, 2011
Year
Building and Building Improvements
 
Property, Plant and Equipment [Line Items]  
Estimated useful lives 39
Office furniture and equipment
 
Property, Plant and Equipment [Line Items]  
Estimated useful lives, minimum 3
Estimated useful lives, maximum 5
Manufacturing and engineering equipment
 
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5
Vehicles
 
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5
XML 92 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warranty Reserves
12 Months Ended
Dec. 31, 2011
Warranty Reserves

13. Warranty Reserves

 

The Company’s products sold are generally covered by a warranty for periods ranging from one to two years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectations of future conditions and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve:

 

    Fiscal Year Ended  
    December 31,     December 25,     December 26,  
    2011     2010     2009  
                   
Balance - beginning of period   $ 49,885     $ 87,424     $ 87,408  
Change in accrual for products sold in prior periods     -       (42,776 )     -  
Accrual for products sold during the period     52,305       93,172       164,909  
Expenditures     (55,417 )     (87,935 )     (164,893 )
Balance - end of period   $ 46,773     $ 49,885     $ 87,424