0001144204-12-009868.txt : 20130305 0001144204-12-009868.hdr.sgml : 20130305 20120217164532 ACCESSION NUMBER: 0001144204-12-009868 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 123 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120217 DATE AS OF CHANGE: 20120910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDEXX LABORATORIES INC /DE CENTRAL INDEX KEY: 0000874716 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 010393723 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19271 FILM NUMBER: 12623229 BUSINESS ADDRESS: STREET 1: ONE IDEXX DRIVE CITY: WESTBROOK STATE: ME ZIP: 04092-2041 BUSINESS PHONE: 2075560300 MAIL ADDRESS: STREET 1: ONE IDEXX DRIVE CITY: WESTBROOK STATE: ME ZIP: 04092-2041 FORMER COMPANY: FORMER CONFORMED NAME: IDEXX CORP / DE DATE OF NAME CHANGE: 19600201 10-K 1 v302204_10k.htm FORM 10-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
  (Mark One)
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: 0-19271
IDEXX LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
 

DELAWARE

(State or other jurisdiction of incorporation

or organization)

ONE IDEXX DRIVE, WESTBROOK, MAINE

(Address of principal executive offices)

01-0393723

(IRS Employer Identification No.)

 

04092

(ZIP Code)

 
Registrant’s telephone number, including area code: 207-556-0300
       

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

Title of each class Name of each exchange on which registered
Common Stock, $0.10 par value per share NASDAQ Global Market

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 x 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 x

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§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 x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K 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. x

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 x Accelerated filer ¨
  Non-accelerated filer ¨ (Do not check if a smaller reporting company) Smaller reporting company ¨ 

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

Based on the closing sale price on June 30, 2011 of the registrant’s Common Stock as reported by the NASDAQ Global Market, the aggregate market value of the voting stock held by non-affiliates of the registrant was $4,365,391,151. For these purposes, the registrant considers its Directors and executive officers to be its only affiliates.

The number of shares outstanding of the registrant’s Common Stock was 55,054,045 on February 10, 2012.

DOCUMENTS INCORPORATED BY REFERENCE

 

Part III—Specifically identified portions of the Company’s definitive proxy statement to be filed in connection with the Company’s 2012 Annual Meeting to be held on May 9, 2012, are incorporated herein by reference.

 

 
 

 

IDEXX LABORATORIES, INC.

Annual Report on Form 10-K

Table of Contents

 

Item No.   Page No.
     
  PART I  
Item 1 Business 3
Item 1A Risk Factors 12
Item 1B Unresolved Staff Comments 19
Item 2 Properties 20
Item 3 Legal Proceedings 20
Item 4 Not Applicable 20
     
  PART II  
Item 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23
Item 6 Selected Financial Data 26
Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 27
Item 7A Quantitative and Qualitative Disclosure about Market Risk 52
Item 8 Financial Statements and Supplementary Data 54
Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54
Item 9A Controls and Procedures 55
Item 9B Other Information 56
     
  PART III  
Item 10 Directors, Executive Officers and Corporate Governance 56
Item 11 Executive Compensation 56
Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56
Item 13 Certain Relationships and Related Transactions and Director Independence 57
Item 14 Principal Accountant Fees and Services 57
     
  PART IV  
Item 15 Exhibits, Financial Statement Schedules

57

 

Signatures 58
Financial Statements and Supplementary Data – Index to Consolidated Financial Statements F-1
Exhibit Index  

 

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

 

This Annual Report on Form 10-K for the year ended December 31, 2011 contains statements which, to the extent they are not statements of historical fact, constitute “forward-looking statements.” Such forward-looking statements about our business and expectations within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, include statements relating to future revenue growth rates, earnings and other measures of financial performance; the effect of economic downturns on our business performance; demand for our products; realizability of assets; future cash flow and uses of cash; future repurchases of common stock; future levels of indebtedness and capital spending; interest expense; warranty expense; share-based compensation expense; and competition. Forward-looking statements can be identified by the use of words such as “expects,” “may,” “anticipates,” “intends,” “would,” “will,” “plans,” “believes,” “estimates,” “should,” and similar words and expressions. These forward-looking statements are intended to provide our current expectations or forecasts of future events; are based on current estimates, projections, beliefs, and assumptions; and are not guarantees of future performance. Actual events or results may differ materially from those described in the forward-looking statements. These forward-looking statements involve a number of risks and uncertainties as more fully described under the heading “Part I, Item 1A. Risk Factors” in this Annual Report on Form 10-K. The risks and uncertainties discussed herein do not reflect the potential impact of any mergers, acquisitions or dispositions. In addition, any forward-looking statements represent our estimates only as of the day this Annual Report on Form 10-K was first filed with the Securities and Exchange Commission (“SEC”) and should not be relied upon as representing our estimates as of any subsequent date. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates or expectations change.

 

PART I

 

ITEM 1.   BUSINESS

 

We develop, manufacture and distribute products and provide services primarily for the companion animal veterinary, livestock and poultry, water testing and dairy markets. We also sell a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market. Our primary products and services are:

 

·Point-of-care veterinary diagnostic products, comprising instruments and consumables and rapid assays;
·Veterinary reference laboratory diagnostic and consulting services used by veterinarians;
·Diagnostic and health-monitoring products for livestock and poultry;
·Products that test water for certain microbiological contaminants;
·Practice management systems and services and digital radiography systems used by veterinarians;
·Products that test milk for antibiotic residues and other contaminants; and
·Point-of-care electrolytes and blood gas analyzers used in the human point-of-care medical diagnostics market.

 

We are a Delaware corporation and were incorporated in 1983. Our principal executive offices are located at One IDEXX Drive, Westbrook, Maine 04092, our telephone number is 207-556-0300, and our Internet address is www.idexx.com. References herein to “we,” “us,” the “Company,” or “IDEXX” include our wholly-owned subsidiaries and majority-owned subsidiaries unless the context otherwise requires. References to our Web site are inactive textual references only and the content of our Web site should not be deemed incorporated by reference into this Form 10-K for any purpose.

 

We make available free of charge on our Web site our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we file such information with, or furnish it to, the SEC. In addition, copies of our reports filed electronically with the SEC may be accessed on the SEC’s Web site at www.sec.gov. The public may also read and copy any materials filed with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330.

 

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DESCRIPTION OF BUSINESS BY SEGMENT

 

During 2011, we operated primarily through three business segments: diagnostic and information technology-based products and services for the veterinary market, which we refer to as the Companion Animal Group (“CAG”), water quality products (“Water”) and products for livestock and poultry health, which we refer to as Livestock and Poultry Diagnostics (“LPD”). Prior to the second quarter of 2010, we referred to LPD as our Production Animal Segment. We also operate two smaller operating segments that comprise products for milk quality and safety (“Dairy”) and products for the human point-of-care medical diagnostics market (“OPTI Medical”). Financial information about the Dairy and OPTI Medical operating segments is combined and presented with one of our remaining pharmaceutical product lines and our out-licensing arrangements in an “Other” category because they do not meet the quantitative or qualitative thresholds for reportable segments. See Note 15 to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for financial information about our segments, including geographic information, and our product and service categories.

 

COMPANION ANIMAL GROUP

 

Instruments and Consumables

 

We currently market an integrated suite of in-clinic laboratory analyzers for use in providing reference laboratory quality diagnostic results in companion animal veterinary practices that we refer to as the IDEXX VetLab® suite of analyzers. The IDEXX VetLab® suite includes several instrument systems, as well as associated proprietary consumable products, all of which are described below:

 

Blood and Urine Chemistry. We sell two chemistry analyzers, the Catalyst Dx® Chemistry Analyzer and the VetTest® Chemistry Analyzer, that are used by veterinarians to measure levels of certain enzymes and other substances in blood or urine for monitoring health status and assistance in diagnosing physiologic conditions. Both instruments use consumables manufactured for IDEXX by Ortho-Clinical Diagnostics, Inc. (“Ortho”), a subsidiary of Johnson & Johnson, based on Ortho’s dry slide technology (“Catalyst Dx® slides,” “VetTest® slides” or “slides”). In addition, the Catalyst Dx® analyzer also uses dry slide electrolyte consumables manufactured by IDEXX at OPTI Medical Systems, one of our wholly-owned subsidiaries. Blood tests commonly run on these analyzers include glucose, alkaline phosphatase, ALT (alanine aminotransferase), albumin, creatinine, blood urea nitrogen (“BUN”), and total protein. Tests are sold individually and in prepackaged panels. Both analyzers also run a urine test called urine protein:creatinine ratio, which assists in the detection of early renal disease.

 

The Catalyst Dx® analyzer is our latest generation chemistry analyzer, which was launched in 2008. The Catalyst Dx® analyzer provides significantly improved throughput, ease of use and menu relative to the VetTest® analyzer, including the ability to run electrolytes. Key ease-of-use features include the ability to run whole blood using an on-board centrifuge, the ability to run pre-packaged, multi-slide clips in addition to single chemistry slides, and an automated metering system. The Catalyst Dx® analyzer also enables automated dilutions, which is an ease-of-use feature both for certain blood chemistries and the test for urine protein:creatinine ratio. The Catalyst Dx® analyzer allows a veterinarian to run multiple patient samples simultaneously; to run different sample types including whole blood, plasma, serum and urine; to perform 28 different chemistry and electrolyte tests; and to automatically calculate other parameters and ratios important to blood chemistry analysis.

 

Our VetLyte® Electrolyte Analyzer measures three electrolytes—sodium, potassium and chloride—to aid in evaluating acid-base and electrolyte balances and assessing plasma hydration.

 

Our VetStat® Electrolyte and Blood Gas Analyzer measures electrolytes, blood gases, glucose and ionized calcium, and calculates other parameters, such as base excess and anion gap. These measurements aid veterinarians in diagnosing various disease states, evaluating fluid therapy choices and measuring respiratory function. The VetStat® analyzer runs single-use disposable cassettes that contain various configurations of analytes. The VetStat® analyzer and its cassettes are manufactured by OPTI Medical Systems.

 

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Sales of consumables for use in our installed base of chemistry analyzers provide the majority of consumables volumes and revenues generated from our installed base of IDEXX VetLab® equipment.

 

Hematology. We sell three hematology analyzers that assess the cellular components of blood, including red blood cells, white blood cells and platelets (also called a complete blood count (“CBC”)). These analyzers include the ProCyte Dx® Hematology Analyzer, which uses laser-flow cytometry, optical fluorescence and laminar-flow impedance in its analysis; the LaserCyte® Hematology Analyzer, which uses laser-flow cytometry technology in its analysis; and the IDEXX VetAutoread™ Hematology Analyzer. We also sell the Coag Dx™ Analyzer, which permits the detection and diagnosis of blood clotting disorders.

 

The ProCyte Dx® analyzer is our latest generation hematology analyzer, which we launched in the third quarter of 2010. The ProCyte Dx® analyzer provides significantly improved throughput, accuracy and more complete medical information relative to the LaserCyte® and VetAutoread™ hematology analyzers. The ProCyte Dx® analyzer provides validated results for five species (canine, feline, equine, bovine and ferret) for up to 24 different blood parameters, providing a more complete picture of each patient’s health.

 

Quantitative Immunoassay Testing. With multiple-patient testing functionality, the SNAPshot Dx® analyzer provides quantitative measurements of total thyroxine (“T4”), cortisol and bile acids to assist in the evaluation of thyroid, adrenal and liver function. The SNAPshot Dx® analyzer also reads, interprets and records the results of many IDEXX rapid assay SNAP® tests, including our canine SNAP® 4Dx® test, feline SNAP® FIV/FeLV Combo test, canine SNAP® cPL™ test, feline SNAP® fPL™ test, SNAP® Feline Triple test and canine SNAP® Heartworm RT test.

 

Urinalysis. The IDEXX VetLab® UA™ Analyzer provides rapid, semi-quantitative chemical urinalysis and is validated specifically for veterinary use.

 

IDEXX VetLab® Station. The IDEXX VetLab® Station (“IVLS”) connects and integrates the diagnostic information from all the IDEXX VetLab® equipment and thus provides reference laboratory information management system capability. We sell the IVLS as an integral component of the Catalyst Dx®, LaserCyte® and ProCyte Dx® analyzers and also as a standalone hardware platform. The IVLS includes a user interface to input patient information, connect with a practice management system and send information to run the individual analyzers. IVLS also generates one integrated patient report incorporating all of the lab work generated by the IDEXX VetLab® suite; stores, retrieves and analyzes historical patient diagnostics data, including SNAP® test results; and sends and receives information from practice management systems, including the IDEXX Cornerstone® system, as well as a wide variety of third-party systems. IVLS also connects back to IDEXX through SmartServiceTM, a secure internet link that enables us to provide diagnostic service and support for certain IDEXX VetLab® instruments through remote access.

 

Rapid Assays

 

We sell a broad range of single-use, handheld test kits under the SNAP® name that provide quick, accurate and convenient diagnostic test results for a variety of companion animal diseases and health conditions. These kits work without the use of instrumentation, although many kits may also be read automatically by the SNAPshot Dx® analyzer as discussed above.

 

Principal single-use canine tests include: 

·SNAP® 4Dx®, which tests for the tick-borne diseases Lyme disease, Ehrlichia canis and Anaplasma phagocytophilum and the mosquito-borne disease canine heartworm;

 

·SNAP® 3Dx® , which tests for Lyme disease, Ehrlichia canis and canine heartworm;

 

·SNAP® Heartworm RT, which tests only for canine heartworm;

 

·SNAP® Parvo, which tests for parvovirus, a virus causing life-threatening damage to immune and intestinal systems;

 

·SNAP® cPL™, which tests only for canine pancreatitis;

 

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·SNAP® Giardia, which is a fecal test for soluble Giardia antigens, a common cause of waterborne infection; and

 

·SNAP® Leishmania, which tests for a parasitological disease (“Leishmania”) transmitted by mosquitoes that affects biological systems and vital organs.

 

Principal single-use feline tests include:

·SNAP® Feline Triple®, which tests for feline immunodeficiency virus (“FIV”) (which is similar to the human AIDS virus), feline leukemia virus (“FeLV”), and feline heartworm;

 

·SNAP® FIV/FeLV Combo Test, which tests for FIV and FeLV;

 

·SNAP® FeLV, which tests only for FeLV;

 

·SNAP® fPL™, which we launched during the second quarter of 2011 and tests for feline pancreatitis; and

 

·SNAP® Giardia, which is a fecal test for soluble Giardia antigens.

Sales of canine parasite tests, including SNAP® 4Dx®, SNAP® 3Dx® and SNAP® Heartworm RT, are greater in the first half of our fiscal year due to seasonality of disease testing in the veterinary practice.

 

In addition to our single-use tests, we sell a line of microwell-based test kits under the PetChek® name for canine heartworm, FIV and FeLV. Larger clinics and laboratories use these kits to test multiple samples and provide ease-of-use and cost advantages to high-volume customers.

 

We expect to introduce SNAP® 4Dx® Plus to the U.S. market during the second quarter of 2012, pending approval from the U.S. Department of Agriculture (“USDA”). This next generation product tests for two additional tick-borne analytes, Ehrlichia ewingii and Anaplasma platys, in addition to those analytes currently tested by SNAP® 4Dx®.

 

Reference Laboratory Diagnostic and Consulting Services

 

Reference Laboratory Diagnostic Services. We offer commercial reference laboratory diagnostic and consulting services to veterinarians in the U.S., Canada, Europe, Australia, Japan, South Africa, China and South Korea and to bioresearch customers in the U.S. and Europe. Customers use our services by submitting samples by courier or overnight delivery to one of our facilities. Most test results have same-day or next-day turnaround times. Our laboratories offer a large selection of tests and diagnostic panels to detect a number of disease states and other conditions in animals, including virtually all tests that can be run in-clinic at the veterinary practice with our instruments or rapid assays. This menu of tests also includes a number of specialized and proprietary tests that we have developed that allow practitioners to diagnose increasingly relevant diseases in dogs and cats, including heart disease, pancreatitis and certain infectious diseases.

 

In November 2011, we acquired the research and diagnostic laboratory (“RADIL”) business of the College of Veterinary Medicine from the University of Missouri. RADIL provides health monitoring and diagnostic testing services to bioresearch customers. The financial results of RADIL are reflected in the financial results of our reference laboratory diagnostic and consulting services business. The acquisition of RADIL did not have a material effect on our results of operation in 2011 and are not expected to have a material effect on our results of operation in 2012.

 

Consulting Services. Additionally, we provide specialized veterinary consultation, telemedicine and advisory services, including radiology, cardiology, internal medicine and ultrasound consulting. These services enable veterinarians to obtain readings and interpretations of test results transmitted by telephone and over the Internet.

 

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Practice Management Systems and Digital Radiography

 

Practice Management Systems and Services. We develop, market and sell practice management systems, including hardware and software, and services that run key functions of veterinary clinics, including managing patient electronic health records, scheduling (including boarding and grooming), reminders, billing and inventory management. Our principal practice management system is Cornerstone®. We also support several legacy practice management systems installed with our customers, including IDEXX Better Choice®, IDEXX VPM™ and IDEXX VetLINK®. Our services include Cornerstone® Coaching, Practice Profile™, Reminder Service, SmartService™ Solutions, VetVault® Backup Solution and PetDetect® Pet Identification System. Certain of our services are compatible with non-IDEXX practice management systems. We derive a significant portion of our revenues for this product line from ongoing service contracts.

 

Digital Radiography Systems and Services. Our digital radiography systems capture radiographic images in digital form, replacing traditional x-ray film and the film development process, which generally requires the use of hazardous chemicals and darkrooms. We market and sell two digital radiography systems for use in the small animal veterinary hospital: the IDEXX-DR™ 1417 and the IDEXX I-Vision CR™. The I-Vision CR™ is our latest generation computed radiography system, which we launched in January 2011. We also market and sell the IDEXX EquiView® DR system for use as a portable unit in ambulatory veterinary practices, such as equine practices.

 

Our digital radiography systems use IDEXX-PACS™ and IDEXX EquiView PACS™ picture archiving and communication system (“PACS”) software for the viewing, manipulation, management, storage and retrieval of the digital images generated by the digital capture plate. The PACS software also permits images from our digital radiography systems to be integrated into patients’ medical records in the Cornerstone® system, as well as transferred to other practice management systems. In September 2011, we launched IDEXX I-Vision Mobile™, an application that allows veterinarians with the IDEXX-DR™ 1417 and IDEXX I-Vision CR™ systems, as well as our legacy digital radiography systems, to request, view and send images using an iPad® or an Android® mobile tablet. This application integrates with our IDEXX-PACS™ software.

 

WATER

 

We offer a range of products used in the detection and quantification of various microbiological parameters in water.

 

Our principal products are the Colilert®, Colilert®-18 and Colisure® tests, which simultaneously detect the presence of total coliforms and E. coli in water. These organisms are broadly used as indicators of microbial contamination in water. These products utilize indicator-nutrients that produce a change in color or fluorescence when metabolized by target microbes in the sample. Our water tests are used by government laboratories, water utilities and private certified laboratories to test drinking water in compliance with regulatory standards, including U.S. Environmental Protection Agency (“EPA”) standards. The tests also are used in evaluating water used in production processes (for example, in beverage and pharmaceutical applications) and in evaluating bottled water, recreational water, waste water and water from private wells.

 

Our Enterolert® products detect the presence of enterococci in drinking, waste and recreational waters. Enterococci, bacteria normally found in human and animal waste, are organisms broadly used as an indicator of microbial contamination in water. Our Pseudalert™ products detect the presence of pseudomonas in pool, spa and bottled waters. Pseudomonas is a pathogen that can cause “hot-tub rash,” “swimmer’s ear” and potentially fatal infections in immunocompromised individuals. Our Filta-Max® and Filta-Max xpress® products are used in the detection of Cryptosporidium and Giardia in water. Cryptosporidium and Giardia are parasites that can cause potentially fatal gastrointestinal illness if ingested. We also distribute certain water testing kits manufactured by Life Technologies Corporation that complement our Cryptosporidium and Giardia testing products.

 

Our Quanti-Tray® products, when used in conjunction with our Colilert®, Colilert®-18, Colisure®, Enterolert® or Pseudalert™ products, provide users quantitative measurements of microbial contamination, rather than a presence/absence indication. Our SimPlate for heterotropic plate count product detects the total number of the most common bacteria in a water sample.

 

We also sell consumables, parts and accessories to be used with many of our water testing products.

 

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LIVESTOCK AND POULTRY DIAGNOSTICS

 

We sell diagnostic tests and related instrumentation that are used to detect a wide range of diseases and to monitor health status in livestock and poultry. Our livestock and poultry diagnostic products are purchased by government and private laboratories that provide testing services to cattle, swine and poultry veterinarians and producers. Our principal products include tests for Bovine Viral Diarrhea Virus (“BVDV”), Porcine Reproductive and Respiratory Syndrome (“PRRS”) and Bovine Spongiform Encephalopathy (“BSE” or “mad cow disease”). BVDV is a common and contagious viral infection that suppresses the immune system, making the animal susceptible to a host of other infections, impacting beef and dairy production yields as a result. PRRS is a contagious virus causing reproductive problems and respiratory diseases. BSE is a fatal neurodegenerative disease in cattle that causes a spongy degeneration in the brain and spinal cord.

 

OTHER

 

Dairy

 

The principal products in our Dairy business are our SNAP® tests used to detect antibiotic drug-residue in milk. Dairy producers and processors worldwide use our tests for quality and safety assurance of raw milk. Our primary product line for detecting antibiotic residue in milk is SNAP® Beta-Lactam, which detects penicillin, amoxicillin, ceftiofur and cephaphirin residues, followed by SNAPduo® Beta-Tetra, which detects certain tetracycline antibiotic residues in addition to those detected by the SNAP® Beta Lactam test kits. We also sell SNAP® tests for the detection of certain other contaminants in milk, such as chemical melamine and Alfatoxin M1.

 

OPTI Medical Systems

 

We sell OPTI® point-of-care analyzers and related consumables for use in human medical hospitals and clinics to measure electrolytes, blood gases, acid-base balance, glucose, lactate, BUN and ionized calcium, and to calculate other parameters such as base excess and anion gap. These analyzers are used primarily in emergency rooms, operating rooms, cardiac monitoring areas and other locations where time-critical diagnostic testing is performed within the hospital setting. The OPTI® CCA and OPTI® Touch Electrolyte and Blood Gas Analyzers run single-use disposable cassettes that contain various configurations of analytes; the OPTI® R Analyzer runs reusable cassettes in various analyte configurations; and the OPTI® LION Stat Electrolyte Analyzer runs single-use electrolyte cassettes. OPTI Medical Systems also manufactures our VetStat® analyzer and provides the electrolyte module and dry slide reagents that make up the electrolyte testing functionality of the Catalyst Dx® analyzer.

 

Other Activities

 

In the fourth quarter of 2008, we sold our Acarexx® and SURPASS® veterinary pharmaceutical products and a feline insulin product under development. Upon completion of this transaction we restructured the remaining pharmaceutical division and realigned two of our pharmaceutical product lines to the Rapid Assay line of business, which is part of CAG, and realigned the remainder of the products, which comprised of one product line and two out-licensing arrangements in effect at the time of the realignment, to the Other segment. We retained certain drug delivery technologies that we have continued to seek to commercialize through agreements with third parties, such as pharmaceutical companies, that we also include in the Other segment. See Note 22 to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for additional information regarding the restructuring of our pharmaceutical business. Since realignment to the Rapid Assay line of business, we have discontinued the production and sale of one of the remaining pharmaceutical product lines. Neither this product line nor the second remaining product line is or was a significant contributor to revenue in the Rapid Assay line of business.

 

MARKETING AND DISTRIBUTION

 

We market, sell and service our products worldwide through our marketing, sales and technical service groups, as well as through independent distributors and other resellers. We maintain sales offices outside the U.S. in Australia, Canada, China, France, Germany, Italy, Japan, the Netherlands, Spain, Switzerland, Taiwan, the United Kingdom, South Africa, Poland and South Korea. Sales and marketing expense was $204.9 million, $179.6 million and $167.7 million for the twelve months ended December 31, 2011, 2010 and 2009, respectively, or 16.8% of revenue in 2011 and 16.3% of revenue in each of 2010 and 2009.

 

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Generally, we select the appropriate distribution channel for our products based on the type of product, technical service requirements, number and concentration of customers, regulatory requirements and other factors. We market our companion animal diagnostic products to veterinarians both directly and through independent veterinary distributors in the U.S., with most instruments sold directly by IDEXX sales personnel and rapid assay test kits and instrument consumables supplied primarily by distributors. Outside the U.S., we sell our companion animal diagnostic products through our direct sales force and, in certain countries, through distributors and other resellers. We sell our veterinary reference laboratory diagnostic and consulting services worldwide through our direct sales force. We market our software and digital radiography products through our direct sales force and through distributors primarily in the U.S. and Canada. We market our water, livestock and poultry and dairy products primarily through our direct sales force in the U.S. and Canada. Outside the U.S. and Canada, we market these products through selected independent distributors and, in certain countries, through our direct sales force. We sell our OPTI® electrolyte and blood gas analyzers both directly and through independent human medical product distributors in the U.S. and we sell most of the related consumables through the distribution channel. Outside the U.S., we sell our OPTI® products primarily through distributors and other resellers.

 

Our largest customers are our U.S. distributors of our products in the CAG segment. One of our CAG distributors, Butler Schein Animal Health Supply, LLC (“Butler”), accounted for 9% of our revenue in each of 2011 and 2010. Butler was formed in December 2009 when Butler Animal Health Supply, LLC combined with the U.S. animal health business of Henry Schein, Inc. Together these organizations accounted for 10% of our revenue in 2009.

 

RESEARCH AND DEVELOPMENT

 

Our business includes the development and introduction of new products and services and may involve entry into new business areas. We maintain active research and development programs in each of our business areas. Our research and development expenses, which consist of salaries, employee benefits, materials and external consulting and development costs, were $76.0 million, $68.6 million and $65.1 million for the twelve months ended December 31, 2011, 2010 and 2009, respectively, or 6.2% of revenue in 2011 and 2010 and 6.3% of revenue in 2009.

 

PATENTS AND LICENSES

 

We actively seek to obtain patent protection in the U.S. and other countries for inventions covering our products and technologies. We also license patents and technologies from third parties.

 

Important patents and licenses include:

 

·Exclusive licenses from the University of Texas and Tulane University to patents that expire in 2017 and 2019, respectively, relating to reagents and methods for the detection of Lyme disease utilized in certain of our SNAP® products and a reference laboratory diagnostic test;
·A patent concerning the Colilert®-18 product that expires in 2014;
·A patent concerning the Quanti-Tray® product that expires in 2014;
·A patent that relates to certain methods and kits for simultaneously detecting antigens and antibodies, which covers certain of our SNAP® products, including our canine and feline combination tests, that expires in 2014;
·Patents covering various reagents, kits and/or immunoassays for detecting FIV antibodies utilized in certain of our SNAP® products that expire beginning in 2014;
·An exclusive license from Boehringer Ingelheim to certain patents covering reagents and methods for detecting PRRS that expire in 2014; and
·An exclusive license from Cornell University to patents covering methods for detecting BVDV that expire beginning in 2017.

 

To the extent some of our products may now, or in the future, embody technologies protected by patents, copyrights or trade secrets of others, we may be required to obtain licenses to such technologies in order to continue to sell our products. These licenses may not be available on commercially reasonable terms or at all. Our failure to obtain any such licenses may delay or prevent the sale of certain new or existing products. See “Part I, Item 1A. Risk Factors.”

 

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PRODUCTION AND SUPPLY

 

Many of the instruments that we sell are manufactured by third parties and we rely on third parties to supply us with certain important components, raw materials and consumables used in or with our products. In some cases these third parties are sole or single source suppliers.

 

Instruments and consumables.

 

Significant products supplied by sole and single source providers include VetTest® analyzers and consumables, Catalyst Dx® consumables (other than electrolyte consumables), LaserCyte® consumables and VetAutoread™, VetLyte®, Coag Dx™ and ProCyte® analyzers and consumables.

 

VetTest® slides and Catalyst Dx® chemistry slides are supplied by Ortho under supply agreements that are currently set to expire at the end of 2028. We are required to purchase all of our requirements for our current menu of VetTest® slides and Catalyst Dx® chemistry slides from Ortho to the extent Ortho is able to supply those requirements. Through 2012, the agreements provide for price increases based upon the U.S. Producer Price Index. Starting in 2013, the agreements provide for pricing based on purchase volumes and a fixed annual inflationary adjustment. The agreements also prohibit Ortho from promoting and selling these chemistry slides in the veterinary market other than to IDEXX.

 

We purchase other analyzers and consumables under supply agreements with terms ranging up to 21 years, which in some cases may be extended at our option. We have minimum purchase obligations under some of these agreements, and our failure to satisfy these obligations may result in loss of some or all of our rights under these agreements. See “Part I, Item 1A. Risk Factors.”

 

Other components.

 

We purchase certain other products, raw materials and components from sole and single source suppliers. These products include certain digital radiography systems and certain components used in our SNAP® rapid assay and dairy devices, livestock and poultry testing kits and water testing products.

 

Certain components incorporated into our SNAP® products are supplied by Moss, Inc. (“Moss”) under a supply agreement that Moss may terminate with 24 months notice. We are required annually to purchase a minimum amount from Moss equal to our average purchase volumes in 2004, 2005 and 2006. Annual price increases are capped at 3%. Pursuant to the terms of the supply agreement, Moss has escrowed its manufacturing information relating to the components, which may be released to us upon certain triggering events that would render Moss incapable of supplying the components to us. If such a triggering event occurs, we will make royalty payments to Moss for the use of such information until Moss is able to again begin manufacturing.

 

We have been successful in ensuring an uninterrupted supply of products purchased from single source suppliers. However, there can be no assurance that uninterrupted supply can be maintained if these agreements terminate for any reason or our suppliers otherwise are unable to satisfy our requirements for products. See “Part I, Item 1A. Risk Factors.”

 

We do not generally maintain significant backlog and believe that our backlog at any particular date historically has not been indicative of future sales.

 

COMPETITION

 

We face intense competition within the markets in which we sell our products and services. This competition is intensifying and increasing, as new competitors have entered our markets and some of our competitors have expanded the range of products and services offered to the companion animal veterinary market and expanded the geographic scope of their operations. In addition, we have to compete with changing technologies, which could affect the marketability of our products and services. Our competitive position will depend on our ability to develop proprietary or highly differentiated products and services, integrate our products, develop and maintain effective sales channels, attract and retain qualified scientific and other personnel, develop and implement production and marketing plans, obtain or license patent rights, and obtain adequate capital resources.

 

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We compete with many companies ranging from large human pharmaceutical and medical diagnostics companies to small businesses focused on animal health. Our companion animal veterinary diagnostic products and services compete with both reference laboratory service and in-clinic product providers. Our competitors vary in our different markets. In some markets, academic institutions, governmental agencies and other public and private research organizations conduct research activities and may commercialize products or services, which could compete with our products, on their own or through joint ventures. Several of our direct and indirect competitors have substantially greater capital, manufacturing, marketing, and research and development resources than we do.

 

Competitive factors in our different business areas are detailed below:

 

·Companion animal diagnostic offerings. We compete primarily on the basis of ease of use and speed of our products, diagnostic accuracy, product quality, breadth of our product line and services, technology, information management, availability of medical consultation, effectiveness of our sales and distribution channels, quality of our technical and customer service, and our pricing relative to the value of our products and services in comparison with competitive products and services. We compete in most geographic locations in North America with Antech Diagnostics, a unit of VCA Antech, Inc., and Abaxis, Inc.
·Water, livestock and poultry and dairy testing products. We compete primarily on the basis of the ease of use, speed, accuracy, product quality, and other performance characteristics of our products and services (including unique tests), the breadth of our product line and services, the effectiveness of our sales and distribution channels, the quality of our technical and customer service, and our pricing relative to the value of our products in comparison with competitive products and services.
·Practice management and digital radiography systems. We compete primarily on the basis of functionality, connectivity to equipment and other systems, performance characteristics, effectiveness of our customer service, information handling capabilities, advances in technologies, and our pricing relative to the value of our products and services. We compete in most geographic locations in North America with Butler with respect to our practice management products and services.
·Electrolyte and blood gas analyzers for the human point-of-care medical diagnostics market. We compete primarily with large human medical diagnostics companies such as Radiometer A/S, Siemens Medical Solutions Diagnostics, Instrumentation Laboratory, Abbott Diagnostics, and Roche Diagnostics. We compete primarily on the basis of the ease of use, menu, convenience, international distribution and service, instrument reliability, and our pricing relative to the value of our products.

 

GOVERNMENT REGULATION

 

Many of our products are subject to comprehensive regulation by U.S. and foreign regulatory agencies that relate to, among other things, product approvals, manufacturing, distribution, marketing and promotion, labeling, recordkeeping, testing, quality, storage, and product disposal. The following is a description of the principal regulations affecting our businesses.

 

Veterinary diagnostic products. Diagnostic tests for animal health infectious diseases, including most of our livestock and poultry products and our rapid assay products, are regulated in the U.S. by the Center for Veterinary Biologics within the United States Department of Agriculture (“USDA”) Animal and Plant Health Inspection Service (“APHIS”). These products must be approved by APHIS before they may be sold in the U.S. The APHIS regulatory approval process involves the submission of product performance data and manufacturing documentation. Following regulatory approval to market a product, APHIS requires that each lot of product be submitted for review before release to customers. In addition, APHIS requires special approval to market products where test results are used in part for government-mandated disease management programs. A number of foreign governments accept APHIS approval as part of their separate regulatory approvals. However, compliance with an extensive regulatory process is required in connection with marketing diagnostic products in Japan, Germany, the Netherlands and many other countries. We also are required to have a facility license from APHIS to manufacture USDA-licensed products and are required to obtain special approval to import products into to the U.S. for distribution from our manufacturing facility in Montpellier, France. We have a facility license for our manufacturing facility in Westbrook, Maine and our distribution center in Memphis, Tennessee. Our manufacturing facility in Montpellier, France has been approved by APHIS and we have a permit to import products manufactured in Montpellier, France to the U.S. for distribution.

 

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Our veterinary diagnostic instrument systems are veterinary medical devices regulated by the U.S. FDA under the Food, Drug and Cosmetics Act (the “FDC Act”). While the sale of these products does not require premarket approval by the FDA and does not subject us to the FDA’s current Good Manufacturing Practices regulations (“cGMP”), these products must not be adulterated, mislabeled or misbranded under the FDC Act.

 

These instrument systems also are subject to the European Medical Device Directives, which create a single set of medical device regulations for all European Union (“EU”) member countries and require companies that wish to manufacture and distribute medical devices in EU member countries to obtain European Conformity (“CE”) marking for their products.

 

Water testing products. Our water tests are not subject to formal premarket regulatory approval. However, before a test can be used as part of a water quality monitoring program in the U.S. that is required by the EPA, the test must first be approved by the EPA. The EPA approval process involves submission of extensive product performance data in accordance with an EPA-approved protocol, evaluation of the data by the EPA and publication for public comment of any proposed approval in the Federal Register before final approval. Our Colilert®, Colilert®-18, Colisure®, Quanti-Tray®, Filta-Max®, Enterolert®, and SimPlate® for heterotropic plate counts products have been approved by the EPA. The sale of water testing products also is subject to extensive and lengthy regulatory processes in many other countries around the world.

 

Dairy testing products. Dairy products used in National Conference on Interstate Milk Shipments (“NCIMS”) milk-monitoring programs are regulated by the FDA as veterinary medical devices. However, before products requiring FDA approval can be sold in the U.S., performance data must be submitted in accordance with an FDA approved protocol administered by an independent body, such as the Association of Analytical Communities Research Institute (“AOAC RI”). Following approval of a product by the FDA, the product must also be approved by NCIMS, an oversight body that includes state, federal and industry representatives. Our SNAP® Beta-Lactam antibiotic residue test products have been approved by the FDA, NCIMS and AOAC RI for sale in the U.S. While some foreign countries accept AOAC RI approval as part of their regulatory approval process, many countries have separate regulatory processes.

 

Human point-of-care electrolyte and blood gas analyzers. Our OPTI® instrument systems are classified as Class II medical devices, and their design, manufacture and marketing are regulated by the FDA. Accordingly, we must comply with cGMP in the manufacture of our OPTI® products. The FDA’s Quality System regulations further set forth standards for product design and manufacturing processes, require the maintenance of certain records and provide for inspections of our facilities by the FDA. New OPTI® products fall into FDA classifications that require notification of and review by the FDA before marketing, and which are submitted as a 510(k) application.

 

OPTI® Medical products are also subject to the European Medical Device Directives and regulations governing the manufacture and marketing of medical devices in other countries in which they are sold.

 

Any acquisitions of new products and technologies may subject us to additional areas of government regulation. These may involve food, medical device and water-quality regulations of the FDA, the EPA and the USDA, as well as state, local and foreign governments. See “Part I, Item 1A. Risk Factors.”

 

EMPLOYEES

 

At February 10, 2012, we had approximately 5,100 full-time and part-time employees.

 

ITEM 1A.   RISK FACTORS

 

Our future operating results involve a number of risks and uncertainties. Actual events or results may differ materially from those discussed in this report. Factors that could cause or contribute to such differences include, but are not limited to, the factors discussed below, as well as those discussed elsewhere in this report.

 

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Our Failure to Successfully Execute Certain Strategies Could Have a Negative Impact on Our Growth and Profitability

 

The companion animal health care industry is highly competitive and we anticipate increasing levels of competition from both existing competitors and new market entrants. Our ability to maintain or enhance our growth rates and our profitability depends on our successful execution of many elements of our strategy, which include:

 

·Developing, manufacturing and marketing innovative new or improved in-clinic laboratory analyzers that drive sales of IDEXX VetLab® instruments, grow our installed base of instruments, and increase demand for related consumable products, services and accessories;
·Developing and introducing new proprietary diagnostic tests and services that provide valuable medical information to our customers and effectively differentiate our products and services from those of our competitors;
·Increasing the value to our customers of our companion animal products and services by enhancing the integration of these products and the management of diagnostic information derived from our products;
·Providing our veterinary customers with the medical and business tools, information and resources that enable them to grow their practices through increased pet visits and enhanced practice of real-time care;
·Achieving cost improvements in our worldwide network of laboratories by implementing global best practices including lean processing techniques, incorporating technological enhancements including laboratory automation and a global laboratory information management system, employing purchasing strategies to maximize leverage of our global scale, increasing the leverage of existing infrastructure and consolidating testing in high volume laboratory hubs;
·Achieving cost improvements in the manufacture and service of our in-clinic laboratory analyzers by employing the benefits of economies of scale in both negotiating supply contracts and leveraging manufacturing overhead, and by improving reliability of our instruments;
·Expanding our served market and growing our market share by strengthening our sales and marketing activities both within the U.S. and in geographies outside of the U.S.;
·Identifying, completing and integrating acquisitions that enhance our existing businesses or create new business or geographic areas for us; and
·Developing and implementing new technology and licensing strategies.

 

If we are unsuccessful in implementing and executing on some or all of these strategies, our rate of growth or profitability may be negatively impacted.

 

Our Dependence on a Limited Number of Suppliers Could Limit Our Ability to Sell Certain Products or Reduce Our Profitability

 

We currently purchase many products and materials from sole or single sources. Some of the products that we purchase from these sources are proprietary and, therefore, cannot be readily or easily replaced by alternative sources. These products include our ProCyte Dx® hematology, IDEXX VetAutoread™ hematology, VetLyte® electrolyte, IDEXX VetLab® UA™ urinalysis, VetTest® chemistry, and Coag Dx™ blood coagulation analyzers and related consumables and accessories; image capture plates used in our digital radiography systems; Catalyst Dx® and VetTest® consumables; and certain components and raw materials used in our SNAP® rapid assay devices, water testing products, livestock and poultry diagnostic tests, dairy testing products and LaserCyte® hematology analyzers. To mitigate risks associated with sole and single source suppliers, we seek when possible to enter into long-term contracts that ensure an uninterrupted supply of products at predictable prices. However, some suppliers decline to enter into long-term contracts and we are required to purchase products on a purchase order basis. There can be no assurance that suppliers with which we do not have contracts will continue to supply our requirements for products, that suppliers with which we do have contracts will always fulfill their obligations under these contracts, or that any of our suppliers will not experience disruptions in their ability to supply our requirements for products. In cases where we purchase sole and single source products or components under purchase orders, we are more susceptible to unanticipated cost increases or changes in other terms of supply. In addition, under some contracts with suppliers we have minimum purchase obligations and our failure to satisfy those obligations may result in loss of some or all of our rights under these contracts or, as in the case of our contract with Moss, Inc. (“Moss”), require us to compensate the supplier. Moss supplies us with certain components incorporated into our SNAP® products. If we are unable to obtain adequate quantities of sole and single source products in the future, we may be unable to supply the market, which could have a material adverse effect on our results of operations.

 

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Our Biologic Products Are Complex and Difficult to Manufacture, Which Could Negatively Affect Our Ability to Supply the Market

 

Many of our rapid assay, livestock and poultry diagnostic, water and dairy products are biologics, which are products that are comprised of materials from living organisms, such as antibodies, cells and sera. Manufacturing biologic products is highly complex. Unlike products that rely on chemicals for efficacy (such as most pharmaceuticals), biologics are difficult to characterize due to the inherent variability of biological input materials. Difficulty in characterizing biological materials or their interactions creates greater risk in the manufacturing process. There can be no assurance that we will be able to maintain adequate sources of biological materials or that biological materials that we maintain in inventory will yield finished products that satisfy applicable product release criteria. Further, products that meet release criteria may fall out of specification while in customer inventory, which could necessitate field actions that would require the Company to incur expenses associated with recalling products and providing customers with new products and could damage customer relations. Our inability to produce or obtain necessary biological materials or to successfully manufacture biologic products that incorporate such materials could result in our inability to supply the market with these products, which could have a material adverse effect on our results of operations.

 

A Weak Economy Could Result in Reduced Demand for Our Products and Services or Increased Customer Credit Risk

 

A substantial percentage of our sales are made worldwide to the companion animal veterinary market. Demand for our companion animal diagnostic products and services is driven in part by the number of pet visits to veterinary hospitals and the practices of veterinarians with respect to the recommendations for diagnostic testing and the pet owner compliance with these recommendations. Economic weakness in our significant markets in recent years has caused and could continue to cause pet owners to skip or defer visits to veterinary hospitals or could affect their willingness to approve certain diagnostic tests, comply with a treatment plan or, even more fundamentally, continue to own a pet. In addition, concerns about the financial resources of pet owners could cause veterinarians to be less likely to recommend certain diagnostic tests and concerns about the economy may cause veterinarians to defer purchasing capital items such as our instruments and systems. A decline in pet visits to the hospital, in the willingness of pet owners to treat certain health conditions or approve certain tests, in pet ownership, or in the inclination of veterinarians to recommend certain tests or make capital purchases could result in a decrease in sales of diagnostic products and services, which could have a material adverse effect on our results of operations.

 

Demand for our water products is driven in part by the availability of funds at the government laboratories, water utilities and private certified laboratories that utilize our products. Availability of funds also affects demand by the government laboratories and cattle, swine and poultry producers that utilize our livestock and poultry diagnostic products, and by users of our human point-of-care diagnostic instruments. Economic weakness in our markets has caused and could continue to cause our customers to reduce their investment in such testing, which could have a material adverse effect on our results of operations.

 

In all of our markets, a weak economy may also cause deterioration in the financial condition of our distributors and customers, which could inhibit their ability to pay us amounts owed for products delivered or services provided in a timely fashion or at all.

 

Strengthening of the Rate of Exchange for the U.S. Dollar Has a Negative Effect on Our Business

 

Any strengthening of the rate of exchange for the U.S. dollar against non-U.S. currencies, and in particular the Euro, British pound, Canadian dollar, Japanese yen and Australian dollar, adversely affects our results, as it reduces the dollar value of sales that are made in those currencies and reduces the profits on products manufactured or sourced in U.S. dollars and exported to international markets. For the years ended December 31, 2011, 2010 and 2009, approximately 26%, 25% and 24%, respectively, of our revenue was derived from products manufactured in the U.S. and sold internationally in local currencies. To mitigate such foreign currency exposure, we utilize non-speculative forward currency exchange contracts. A strengthening U.S. dollar could also negatively impact the ability of customers outside the U.S. to pay for purchases denominated in U.S. dollars.

 

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Various Government Regulations Could Limit or Delay Our Ability to Market and Sell Our Products

 

In the U.S., the manufacture and sale of our products are regulated by agencies such as the United States Department of Agriculture (“USDA”), the U.S. Food and Drug Administration (“FDA”) and the U.S. Environmental Protection Agency (“EPA”). Our infectious disease diagnostic tests for animal health applications, including most rapid assay canine and feline SNAP® tests and livestock and poultry diagnostic tests, must be approved by the USDA prior to sale in the U.S. Our water testing products must be approved by the EPA before they can be used by customers in the U.S. as a part of a water quality monitoring program required by the EPA. Our dairy testing products require approval by the FDA. The manufacture and sale of our OPTI® line of human point-of-care electrolytes and blood gas analyzers are regulated by the FDA and these products require approval by the FDA before they may be sold commercially in the U.S. The manufacture and sale of our products are subject to similar laws in many foreign countries. Any failure to comply with legal and regulatory requirements relating to the manufacture and sale of our products in the U.S. or in other countries could result in fines and sanctions against us or suspensions or discontinuations of our ability to manufacture or sell our products, which could have a material adverse effect on our results of operations. In addition, delays in obtaining regulatory approvals for new products or product upgrades could have a negative impact on our growth and profitability.

 

The Duration and Resolution of the FTC Investigation into Our Marketing and Sales Practices for Companion Animal Veterinary Products and Services are Unpredictable

 

In January 2010, we received a letter from the U.S. Federal Trade Commission (“FTC”), stating that it was conducting an investigation to determine whether IDEXX or others have engaged in, or are engaging in, unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act (“FTC Act”), through pricing or marketing policies for companion animal veterinary products and services, including but not limited to exclusive dealing or tying arrangements with distributors or end-users of those products or services. The letter requested that we preserve all materials potentially relevant to this investigation. The letter stated that the FTC has not concluded that IDEXX or anyone else has violated Section 5 of the FTC Act.

 

We received subpoenas from the FTC, on April 15, 2010 and August 8, 2011, requesting that we provide the FTC with documents and information relevant to this investigation and we are cooperating fully with the FTC in its investigation. We believe that the FTC staff is nearing conclusion of its investigations and that the FTC is commencing its internal process to determine whether to file a complaint against IDEXX in the administrative law court within the FTC. We now understand that the FTC is considering whether IDEXX has violated Section 2 of the Sherman Antitrust Act and is not focusing on potential violations of Section 5 of the FTC Act. In an administrative action the FTC would have the power to seek prospective remedies but not financial penalties.

 

We believe that our marketing and sales practices for companion animal veterinary products and services do not violate applicable antitrust laws. However, we cannot predict whether the FTC investigation will lead to an enforcement proceeding, or what the outcome of that proceeding would be. Were this investigation to lead to an enforcement proceeding, we would defend ourselves vigorously. Were we to be unsuccessful in defending this proceeding and any applicable appeals, we could be subject to restrictions on certain of our marketing and sales practices. While we cannot be certain about what prospective remedies would be sought by the FTC in any such proceeding, we believe that any required changes in our marketing or sales practices would not have a material adverse effect on our financial statements.

 

Our Success Is Heavily Dependent Upon Our Proprietary Technologies

 

We rely on a combination of patent, trade secret, trademark and copyright laws to protect our proprietary rights. If we do not have adequate protection of our proprietary rights, our business may be affected by competitors who utilize substantially equivalent technologies that compete with us.

 

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We cannot ensure that we will obtain issued patents, that any patents issued or licensed to us will remain valid, or that any patents owned or licensed by us will provide protection against competitors with similar technologies. Even if our patents cover products sold by our competitors, the time and expense of litigating to enforce our patent rights could be substantial, and could have a material adverse effect on our results of operations. In addition, expiration of patent rights could result in substantial new competition in the markets for products previously covered by those patent rights.

 

In the past, we have received notices claiming that our products infringe third-party patents and we may receive such notices in the future. Patent litigation is complex and expensive, and the outcome of patent litigation can be difficult to predict. We cannot ensure that we will win a patent litigation case or negotiate an acceptable resolution of such a case. If we lose, we may be stopped from selling certain products and/or we may be required to pay damages and/or ongoing royalties as a result of the lawsuit. Any such adverse result could have a material adverse effect on our results of operations.

 

Distributor Purchasing Patterns Could Negatively Affect Our Operating Results

 

We sell many of our products, including substantially all of the rapid assays and instrument consumables sold in the U.S., through distributors. Distributor purchasing patterns can be unpredictable and may be influenced by factors unrelated to the end-user demand for our products. In addition, our agreements with distributors may generally be terminated by the distributors for any reason on 60 days notice. Because significant product sales are made to a limited number of distributors, the unanticipated loss of a distributor or unanticipated changes in the frequency, timing or size of distributor purchases, could have a negative effect on our results of operations.

 

Distributors of veterinary products have entered into business combinations resulting in fewer distribution companies. Consolidation within distribution channels increases our customer concentration level, which could increase the risks described in the preceding paragraph. See “Part I. Item 1 Business – Marketing and Distribution” in our Annual Report on Form 10-K for additional information.

 

Increased Competition and Technological Advances by Our Competitors Could Negatively Affect Our Operating Results

 

We face intense competition within the markets in which we sell our products and services and we expect that future competition may become even more intense. Competition could negatively affect our sales and profitability in a number of ways. New competitors may enter our markets and new or existing competitors may introduce new and competitive products and services, which could be superior to our products and services. In addition, multiple competitors could bundle product and service offerings through co-marketing or other arrangements, which could enhance their ability to compete with our broad product and service offering. Some of our competitors and potential competitors, including large diagnostic and pharmaceutical companies, have substantially greater financial resources than us, and greater experience in manufacturing, marketing, research and development and obtaining regulatory approvals than we do. Some of our competitors and potential competitors may choose to differentiate themselves by offering similar products and services to ours at lower sales prices, which could have a material adverse effect on our results of operations through loss of market share or a decision to lower our own sales prices to remain competitive.

 

Changes in Testing Patterns Could Negatively Affect Our Operating Results

 

The market for our companion animal and livestock and poultry diagnostic tests and our dairy and water testing products could be negatively impacted by a number of factors impacting testing practices. The introduction or broad market acceptance of vaccines or preventatives for the diseases and conditions for which we sell diagnostic tests and services could result in a decline in testing. Changes in accepted medical protocols regarding the diagnosis of certain diseases and conditions could have a similar effect. Eradication or substantial declines in the prevalence of certain diseases also could lead to a decline in diagnostic testing for such diseases. Our livestock and poultry products business in particular is subject to fluctuations resulting from changes in disease prevalence. In addition, changes in government regulations or in the availability of government funds available for monitoring programs could negatively affect sales of our products that are driven by compliance testing, such as our livestock and poultry, dairy and water products. Declines in testing for any of the reasons described, along with lost opportunities associated with a reduction in veterinary visits, could have a material adverse effect on our results of operations.

 

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Effective January 1, 2009, the age at which healthy cattle to be slaughtered are required to be tested for bovine spongiform encephalopathy (“BSE” or “mad cow disease”) in the European Union was increased from 30 months to 48 months, which reduced the population of cattle tested by approximately 30%. In February 2011, the European Union’s Standing Committee on the Food Chain and Animal Health agreed to allow its member states to further raise the recommended testing age to 72 months, effective July 1, 2011, which is further reducing the population of cattle tested. The demand for our BSE testing products has been negatively impacted as a result of these regulatory changes.

 

Increase in Corporate Hospital Ownership Could Negatively Affect Our Business

 

An increasing percentage of veterinary hospitals in the U.S. is owned by corporations that are in the business of acquiring veterinary hospitals and/or opening new veterinary hospitals nationally or regionally. Major corporate hospital owners in the U.S. include VCA Antech, Inc., National Veterinary Associates and Banfield Pet Hospital, each of which is currently a customer of IDEXX. A similar trend exists in the U.K. and may in the future also develop in other countries. Corporate owners of veterinary hospitals could attempt to improve profitability by leveraging the buying power they derive from their scale to obtain favorable pricing from suppliers, which could have a negative impact on our results of operations. While we have strong supplier relationships with several corporate hospital groups that we believe are positive for our business, decisions by larger corporate owners, in particular Banfield Pet Hospital, to shift their purchasing of products and services away from us and to a competitor would have a negative impact on our results of operations, which could be material. In addition, certain corporate owners, most notably VCA Antech, our primary competitor in the U.S. and Canadian markets for veterinary reference laboratory diagnostic services, also operate reference laboratories that serve both their hospitals and unaffiliated hospitals. Any hospitals acquired by these companies generally use their reference laboratory services almost exclusively and shift a large portion of their testing from in-clinic testing to their reference laboratories. Furthermore, because these companies compete with us in the reference laboratory services marketplace, hospitals acquired by these companies may cease to be customers or potential customers of our other companion animal products and services, which would cause our sales of these products and services to decline.

 

Our Limited Experience and Small Scale in the Human Point-of-Care Market Could Inhibit Our Success in this Market

 

We have limited experience in the human point-of-care medical diagnostics market and we operate at a small scale in this market. This market differs in many respects from the veterinary diagnostic market. Significant differences include the impact of third party reimbursement on diagnostic testing, more extensive regulation, greater product liability risks, larger competitors, a more segmented customer base and more rapid technological innovation. Our limited experience and small scale in the human point-of-care medical diagnostics market could negatively affect our ability to successfully manage the risks and features of this market that differ from the veterinary diagnostic market. There can be no assurance that we will be successful in achieving growth and profitability in the human point-of-care medical diagnostics market comparable to the results we have achieved in the veterinary diagnostic market.

 

Risks Associated with Doing Business Internationally Could Negatively Affect Our Operating Results

 

For the year ended December 31, 2011, approximately 43% of our revenue was attributable to sales of products and services to customers outside the U.S., compared to 41% for the year ended December 31, 2010. Various possible risks associated with foreign operations may impact our international sales, including disruptions in transportation of our products, the differing product and service needs of foreign customers, difficulties in building and managing foreign operations, import/export duties and licensing requirements, natural disasters and unexpected regulatory and economic or political changes in foreign markets. Further, prices that we charge to foreign customers may be different than the prices we charge for the same products in the U.S. due to competitive, market or other factors. Our results of operations are also susceptible to changes in foreign currency exchange rates. As a result, the mix of domestic and international sales in a particular period could have a material impact on our results of operations for that period.

 

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Our Operations are Vulnerable to Interruption as a Result of Natural and Man-Made Disasters or System Failures

 

The operation of all of our facilities may be vulnerable to interruption as a result of natural and man-made disasters, interruptions in power supply or other system failures. While we maintain plans to continue business under such circumstances, there can be no assurance that such plans will be successful in fully or partially mitigating the effects of such events.

 

We manufacture many of our significant companion animal products, including our rapid assay devices and certain instruments, many of our water testing products and certain of our livestock and poultry testing products, at a single facility in Westbrook, Maine. Certain of our companion animal products, as well as our human point-of-care products, are manufactured in Roswell, Georgia. We also manufacture certain of our livestock and poultry testing products in Bern, Switzerland and Montpellier, France. In addition, we maintain major distribution facilities in North America and in the Netherlands and major reference laboratories in Memphis, Tennessee; Ludwigsburg, Germany; Sacramento, California; Elmhurst, Illinois; North Grafton, Massachusetts; East Brisbane, Australia; Markham, Ontario; and Wetherby, the United Kingdom. Therefore, interruption of operations at any of these facilities could have a material adverse effect on our results of operations.

 

We rely on several information systems throughout our company to keep financial records, process customer orders, manage inventory, process shipments to customers and operate other critical functions. If we were to experience a system disruption that impacts any of our critical functions, it could result in the loss of sales and customers, financial misstatement and significant incremental costs, which could adversely affect our business.

 

We maintain property and business interruption insurance to insure against the financial impact of certain events of this nature. However, this insurance may be insufficient to compensate us for the full amount of any losses that we may incur. In addition, such insurance will not compensate us for the long-term competitive effects of being out of the market for the period of any interruption in operations.

 

We Could Be Subject to Class Action Litigation Due to Stock Price Volatility, which, if it Occurs, Could Result in Substantial Costs or Large Judgments Against Us

 

The market for our common stock may experience extreme price and volume fluctuations, which may be unrelated or disproportionate to our operating performance or prospects. Securities class action litigation has often been brought against companies following periods of volatility in the market prices of their securities. We may be the target of similar litigation in the future. Securities litigation could result in substantial costs and divert our management’s attention and resources, which could have a negative effect on our business, operating results and financial condition.

 

If Our Quarterly or Annual Results of Operations Fluctuate, This Fluctuation May Cause Our Stock Price to Decline, Resulting in Losses to You

 

Our prior operating results have fluctuated due to a number of factors, including seasonality of certain product lines; changes in our accounting estimates; the impact of acquisitions; timing of distributor purchases, product launches, operating expenditures, changes in foreign currency exchange rates, litigation and claim-related expenditures; changes in competitors’ product offerings; changes in the economy affecting consumer spending; and other matters. Similarly, our future operating results may vary significantly from quarter to quarter or year to year due to these and other factors, many of which are beyond our control. If our operating results or projections of future operating results do not meet the expectations of market analysts or investors in future periods, our stock price may fall.

 

Future Operating Results Could Be Negatively Affected by the Resolution of Various Uncertain Tax Positions and by Potential Changes to Tax Incentives

 

In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. Significant judgment is required in determining our worldwide provision for income taxes. We periodically assess our exposures related to our worldwide provision for income taxes and believe that we have appropriately accrued taxes for contingencies. Any reduction of these contingent liabilities or additional assessments would increase or decrease income, respectively, in the period such determination was made. Our income tax filings are regularly under audit by tax authorities and the final determination of tax audits could be materially different than that which is reflected in historical income tax provisions and accruals. Additionally, we benefit from certain tax incentives offered by various jurisdictions. If we are unable to meet the requirements of such incentives, or if they expire or are renewed at less favorable terms, our inability to realize these benefits could have a material negative effect on future earnings.

 

18
 

 

Restrictions in Our Credit Facility or Our Inability to Obtain Financing on Favorable Terms May Limit Our Activities

 

In July 2011, we refinanced our existing $200 million unsecured revolving credit facility by entering into an amended and restated unsecured revolving credit facility (the new credit facility and the previous credit facility are referred to collectively as the “Credit Facility”) in the principal amount of $300 million. Our ability to satisfy our obligations under the Credit Facility depends on our future operating performance and on economic, financial, competitive and other factors beyond our control. Our business may not generate sufficient cash flows to meet these obligations or generate sufficient levels of earnings to satisfy the applicable affirmative, negative and financial covenants. Our failure to comply with these covenants and the other terms of the Credit Facility could result in an event of default and acceleration of our obligations under the Credit Facility, which may require us to seek additional financing or restructure existing debt and possibly on terms not deemed favorable.

 

We fund our operations, capital purchase requirements and strategic growth needs through cash on hand, funds generated from operations and amounts available under our Credit Facility. If we were unable to obtain financing on favorable terms, we could face restrictions that would limit our ability to execute certain strategies, which could have an adverse effect on our revenue growth and profitability.

 

ITEM 1B.   UNRESOLVED STAFF COMMENTS

 

Not applicable.

 

19
 

 

ITEM 2.   PROPERTIES

 

Our worldwide headquarters is located on a company-owned, 65-acre site in Westbrook, Maine where we occupy a 555,900 square foot building utilized for manufacturing, research and development, marketing, sales and general and administrative support functions.

 

Additional property ownership and leasing arrangements with approximate square footage, purpose and location are as follows:

 

Additional Properties Owned:

 

·34,200 square feet of office and laboratory space located in the U.S., used for our Reference Laboratory Diagnostic and Consulting Services line of business
·23,000 square feet of office and laboratory space located in the U.K., used for our Reference Laboratory Diagnostic and Consulting Services line of business
·3,100 square feet of office and laboratory space located in Canada, used for our Reference Laboratory Diagnostic and Consulting Services line of business

 

Additional Properties Leased:

 

·381,540 total square feet of laboratory, office and warehousing space located throughout the United States, Europe, Canada, Australia, Asia and Africa, primarily used for our Reference Laboratory Diagnostic and Consulting Services line of business
·114,400 square feet of industrial space in Tennessee for distribution and warehousing related to various lines of business
·108,600 square feet of distribution, warehousing and office space in the Netherlands, which serves as our European headquarters.
·70,100 square feet of office, manufacturing and warehousing space in Georgia related to our OPTI Medical Systems line of business
·69,300 square feet of office and manufacturing space in Wisconsin related to our Practice Management Systems line of business
·67,000 square feet of office space in Maine for Corporate, Customer Service and IT support services
·50,670 total square feet of office and manufacturing space in France and Switzerland related to our Livestock and Poultry Diagnostics line of business
·7,600 square feet of office and manufacturing space in the U.K. related to our Water line of business

 

We believe that our owned and leased properties are generally in good condition, are well-maintained, and are generally suitable and adequate to carry on our business.

 

ITEM 3.   LEGAL PROCEEDINGS

 

We are not a party to any material legal proceedings.

 

From time to time, we are subject to other legal proceedings and claims, which arise in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our results of operations, financial condition or cash flows.

 

ITEM 4.   NOT APPLICABLE

 

20
 

 

EXECUTIVE OFFICERS OF THE COMPANY

 

Our executive officers at February 17, 2012 were as follows:

 

Name   Age   Title
         
Jonathan W. Ayers   55   Chairman of the Board of Directors, President and Chief Executive Officer
William E. Brown III, PhD   57   Corporate Vice President and Chief Scientific Officer
Conan R. Deady   50   Corporate Vice President, General Counsel and Secretary
George J. Fennell   43   Corporate Vice President
Daniel V. Meyaard   54   Corporate Vice President
Ali Naqui, PhD   58   Corporate Vice President
James F. Polewaczyk   48   Corporate Vice President
Johnny D. Powers, PhD   50   Corporate Vice President
Merilee Raines   56   Corporate Vice President, Chief Financial Officer and Treasurer
Giovani Twigge   48   Corporate Vice President
Michael J. Williams, PhD   44   Corporate Vice President

 

Mr. Ayers has been Chairman of the Board, Chief Executive Officer and President of IDEXX since January 2002. Prior to joining IDEXX, from 1999 to 2001, Mr. Ayers was President of Carrier Corporation, the then-largest business unit of United Technologies Corporation, a provider of high-technology products and support services to customers in the aerospace and building industries worldwide, and from 1997 to 1999, he was President of Carrier’s Asia Pacific Operations. From 1995 to 1997, Mr. Ayers was Vice President, Strategic Planning at United Technologies. Before joining United Technologies, from 1986 to 1995, Mr. Ayers held various positions at Morgan Stanley & Co. in mergers and acquisitions and corporate finance. Prior to Morgan Stanley, Mr. Ayers was a strategy consultant for Bain & Company, a global management consulting firm, from 1983 to 1986 and was in the field sales organization of IBM’s Data Processing Division from 1978 to 1981. Mr. Ayers holds an undergraduate degree in molecular biophysics and biochemistry from Yale University and graduated from Harvard Business School in 1983.

 

Dr. Brown has been Corporate Vice President of the Company since December 2008 and was promoted to Chief Scientific Officer of the Company in March 2010. Prior to joining IDEXX, from 1982 to 2007, Dr. Brown held various positions at Abbott Laboratories, Inc., a broad-based healthcare company that manufactures and markets pharmaceuticals, medical products, and diagnostics, most recently as Corporate Officer and Divisional Vice President of R&D, Assays and Instrument Systems for the Diagnostic Division.

 

Mr. Deady has been Corporate Vice President and General Counsel of the Company since 1999 and has been leading the Company’s business development activities since April 2005 and its regulatory function since October 2008. Mr. Deady was Deputy General Counsel of the Company from 1997 to 1999. Before joining the Company in 1997, Mr. Deady was Deputy General Counsel of Thermo Electron Corporation (now Thermo Fisher Scientific Inc.), a provider of analytical and laboratory products and services. Previously, Mr. Deady was a partner at Hale and Dorr LLP (now Wilmer Cutler Pickering Hale and Dorr LLP).

 

Mr. Fennell joined IDEXX in June 2011 as a Corporate Vice President of the Company, and leads the Companion Animal Group Customer Facing Organization in North America. Mr. Fennell came to IDEXX from Pfizer Animal Health, a division of Pfizer Inc., the world’s largest research-based pharmaceutical company, where in April 2003 he began as head of marketing for the companion animal business. He then served as vice president of the U.S. Companion Animal Division from 2005 through 2010, and from January 2011, was Vice President, Pfizer Animal Genetics, Diagnostics and Aquaculture. Before his tenure at Pfizer, he held a series of sales, marketing and operational roles in the crop sciences business for American Cyanamid and BASF, diversified chemical companies.

 

Mr. Meyaard joined IDEXX as Corporate Vice President in September 2009 and oversees the Company’s worldwide operations function, including supply chain management, instrument and reagent manufacturing, quality assurance, facilities and operational excellence. Prior to joining the Company, from 1980 to 2009, Mr. Meyaard held various positions at multiple divisions of Siemens Healthcare Diagnostics, a clinical diagnostics company, and its predecessors, most recently as Vice President of Global Instrument Manufacturing for Siemens Medical Solutions Diagnostics.

 

21
 

 

Dr. Naqui has been Corporate Vice President of the Company since January 2006 and has overseen the Company’s international commercial operations since December 2007 and its Asia Pacific and Latin America operations since January 2006. Dr. Naqui led the Company’s Water and Dairy businesses from January 2000 to December 2007. He was General Manager of the Water business from September 1997 to January 2000, and Director of Research and Development from February 1993 to September 1997. Dr. Naqui joined the Company in 1993 as a result of the Company’s acquisition of Environetics, the original manufacturer of the Colilert water testing product line, where he was the Director of Research and Development. Prior to joining Environetics, he was a research and development manager with Becton, Dickinson and Company, a medical technology company.

 

Mr. Polewaczyk joined IDEXX as Corporate Vice President in February 2007 and oversees the Company’s Rapid Assay, Digital Imaging and Telemedicine lines of business. Before joining IDEXX, Mr. Polewaczyk was employed from 2001 to 2006 at Philips Medical Systems, a subsidiary of Royal Philips Electronics, the Netherlands, a healthcare, lifestyle and lighting technologies company, as General Manager of their Medical Consumables and Sensors Business. Prior to that, Mr. Polewaczyk spent 15 years at Hewlett-Packard Corporation, a technology company, in a variety of senior marketing and medical technology product development roles.

 

Dr. Powers joined IDEXX as Corporate Vice President in February 2009 and oversees the Company’s worldwide reference laboratories business. Prior to joining the Company, Dr. Powers was Vice President responsible for the Cancer Diagnostics business of Becton, Dickinson and Company, a medical technology company, from 2007 to 2008. Dr. Powers joined Becton, Dickinson and Company as a result of its acquisition in 2007 of TriPath Imaging Inc., a cancer screening products developer and manufacturer, where he held various positions from 2001 to 2007, most recently serving as President of the TriPath Oncology business unit. From 1996 to 2001, Dr. Powers was employed by Ventana Medical Systems, Inc., a developer and manufacturer of tissue-based diagnostic solutions, most recently as Vice President and General Manager of Manufacturing Operations. From 1989 to 1996, Dr. Powers was employed by Organon Teknika Corporation, a medical diagnostics company, in various technical manufacturing roles.

 

Ms. Raines has been Chief Financial Officer of the Company since October 2003 and Corporate Vice President, Finance of the Company since May 1995. Ms. Raines served as Vice President, Finance from March 1995 to May 1995, Director of Finance from 1988 to March 1995 and Controller from 1985 to 1988. . Ms. Raines has also served as a member of the board of directors of Watts Water Technologies, Inc. since February 2011. Watts Water Technologies is a publicly-traded manufacturer of products to control the efficiency, safety, and quality of water within residential, commercial, and institutional applications.

 

Mr. Twigge became a Corporate Vice President of the Company in August 2010 and oversees worldwide human resources. Before joining IDEXX, from 1999 to 2010, Mr. Twigge held various human resources leadership positions at Abbott Laboratories, Inc., a broad-based healthcare company that manufactures and markets pharmaceuticals, medical products, and diagnostics. Most recently Mr. Twigge was Divisional Vice President, HR, for Abbott Diagnostics. Prior to that, he served as Divisional Vice President, HR, for Abbott Nutrition International and as Regional HR Director for a number of international operations including those in Europe, Latin America/Canada and the Middle East.

 

Dr. Williams has been Corporate Vice President of the Company since September 2006 and General Manager of the Companion Animal Instrument and Consumables line of business since 2004. Dr. Williams has also overseen the OPTI Medical Systems business since its acquisition in January 2007. Dr. Williams was Vice President and General Manager of the Company’s chemistry instruments and consumables business from 2003 to 2004. Prior to joining the Company in 2003, Dr. Williams was a healthcare strategy consultant at McKinsey & Company, a management consulting firm, from 1995 to 2002, and a senior research associate at the Scripps Research Institute, a non-profit research organization, from 1992 to 1995.

 

22
 

 

PART II

 

ITEM 5.MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

  

Market Information

 

Our common stock is quoted on the NASDAQ Global Market under the symbol IDXX. The following table shows the quarterly range of high and low sale prices per share of our common stock as reported on the NASDAQ Global Market for the years 2011 and 2010.

 

For the Quarter Ended  High   Low 
         
March 31, 2010  $59.95   $49.03 
June 30, 2010   68.57    57.31 
September 30, 2010   64.00    54.80 
December 31, 2010   72.40    59.65 
           
March 31, 2011   79.33    68.48 
June 30, 2011   82.40    72.42 
September 30, 2011   86.97    68.97 
December 31, 2011   78.64    66.13 

 

Holders of Common Stock

 

As of February 10, 2012, there were 741 holders of record of our common stock.

 

Purchases of Equity Securities by the Issuer

 

During the three months ended December 31, 2011, we repurchased shares of common stock as described below:

 

Period  Total Number of
Shares Purchased
(a)		   Average Price
Paid per Share
(b)		   Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
(c)		   Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
(d)		 
                 
October 1, 2011 to October 31, 2011   425,800   $70.92    425,800    5,197,504 
November 1, 2011 to November 30, 2011   425,900    72.22    425,900    4,771,604 
December 1, 2011 to December 31, 2011   384,678    74.32    383,897    4,387,707 
Total   1,236,378   $72.43    1,235,597    4,387,707 

 

As of December 31, 2011, our board of directors had approved the repurchase of up to 48,000,000 shares of our common stock in the open market or in negotiated transactions. The plan was approved and announced on August 13, 1999, and subsequently amended on October 4, 1999, November 16, 1999, July 21, 2000, October 20, 2003, October 12, 2004, October 12, 2005, February 14, 2007, February 13, 2008, February 10, 2010 and October 12, 2011 and does not have a specified expiration date. There were no other repurchase plans outstanding during the three months ended December 31, 2011, and no repurchase plans expired during the period. Repurchases of 1,235,597 shares were made during the three months ended December 31, 2011 in transactions made pursuant to our repurchase plan.

 

During the three months ended December 31, 2011, we received 781 shares of our common stock that were surrendered by employees in payment for the minimum required withholding taxes due on the vesting of restricted stock units and settlement of deferred stock units. In the above table, these shares are included in columns (a) and (b), but excluded from columns (c) and (d). These shares do not reduce the number of shares that may yet be purchased under the repurchase plan.

 

23
 

 

During the year ended December 31, 2011, we repurchased 3,418,765 shares of our common stock in transactions made pursuant to our repurchase plan and received 55,721 shares of common stock that were surrendered by employees in payment for the minimum required withholding taxes due on the vesting of restricted stock units and settlement of deferred stock units. See Note 18 to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for further information.

 

Dividends

 

We have never paid any cash dividends on our common stock. From time to time our board of directors may consider the declaration of a dividend. However, we have no present intention to pay a dividend.

 

Securities Authorized for Issuance Under Equity Compensation Plans

 

   Equity Compensation Plan Information
For the Year Ended
December 31, 2011		 
             
           Number of Securities Remaining 
   Number of Securities   Weighted Average   Available for 
   To be Issued Upon Exercise   Exercise Price of   Future Issuance Under Equity 
   of Outstanding Options,   Outstanding Options,   Compensation Plans (Excluding 
   Warrants and Rights   Warrants and Rights (3)   Securities Reflected in Column (a)) 
Plan Category  (a)   (b)   (c) 
Equity compensation plans approved by security holders   3,683,707(1)  $43.31    3,205,987(2)
Equity compensation plans not approved by security holders   -    -    - 
Total   3,683,707   $43.31    3,205,987 

 

 
(1)Consists of shares of common stock subject to outstanding options, restricted stock units and deferred stock units under the following compensation plans: 1991 Stock Option Plan (46,595 shares), 1998 Stock Incentive Plan (344,189 shares), 2003 Stock Incentive Plan (2,048,565 shares) and 2009 Stock Incentive Plan (1,244,358 shares). Excludes 202,219 shares issuable under the 1997 Employee Stock Purchase Plan in connection with the current and future offering periods. See Note 4 to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for a description of our equity compensation plans.
(2)Includes 3,003,768 shares available for issuance under our 2009 Stock Incentive Plan. The 2009 Stock Incentive Plan provides for the issuance of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock and other stock unit awards. Also includes 202,219 shares issuable under our 1997 employee stock purchase plan in connection with the current and future offering periods. No new grants may be made under the other plans listed in footnote (1) except for the 2009 Stock Incentive Plan. See Note 4 to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for a description of our equity compensation plans.
(3)Only stock option awards were used in computing the weighted-average exercise price.

 

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Stock Performance

 

This graph compares our total stockholder returns, the Standard & Poor’s (“S&P”) MidCap 400 Index, the S&P MidCap 400 Health Care Index, the S&P SmallCap 600 Health Care Index and the Total Return Index for the NASDAQ Stock Market (U.S. Companies) prepared by the Center for Research in Security Prices (the “NASDAQ Index”). This graph assumes the investment of $100 on December 31, 2006 in IDEXX’s common stock, the S&P MidCap 400 Index, the S&P MidCap 400 Health Care Index, the S&P SmallCap 600 Health Care Index and the NASDAQ Index and assumes dividends, if any, are reinvested. Measurement points are the last trading days of the years ended December 2007, 2008, 2009, 2010 and 2011. We have added the S&P MidCap 400 Index to this year’s stock performance graph because it is comprised of companies with market capitalizations more similar to that of the company’s than those companies in the S&P SmallCap 600 Health Care Index. Accordingly, we believe that including this new index provides a more appropriate comparison of our stock performance with the performance of other companies in our industry. We have retained the S&P SmallCap 600 Health Care Index for this year for comparison purposes, but will not include that index in our stock performance graph going forward.

 

 

   12/29/2006   12/31/2007   12/31/2008   12/31/2009   12/31/2010   12/30/2011 
                         
IDEXX Laboratories, Inc.  $100.00   $147.87   $91.00   $134.80   $174.58   $194.10 
S&P MidCap 400 Health CareIndex   100.00    112.52    75.06    101.07    123.89    124.74 
S&P SmallCap 600 Health Care Index   100.00    118.74    84.98    103.86    126.94    144.04 
S&P MidCap 400 Index   100.00    106.69    66.92    90.34    112.79    109.30 
NASDAQ Index1   100.00    108.47    66.35    95.38    113.19    113.81 

 

1 The Center for Research in Security Prices Total Return Indexes for the NASDAQ Stock Market are calculated anew each month and may incorporate historical edits to the data which changes values calculated in previous months.

 

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ITEM 6.   SELECTED FINANCIAL DATA

 

The following table sets forth selected consolidated financial data of the Company for each of the five years ending with December 31, 2011. The selected consolidated financial data presented below has been derived from the Company’s consolidated financial statements. These financial data should be read in conjunction with the consolidated financial statements, related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K.

 

   For the Years Ended December 31,
(in thousands, except per share data)		 
   2011   2010   2009   2008   2007 
                     
INCOME STATEMENT DATA:                         
Revenue  $1,218,689   $1,103,392   $1,031,633   $1,024,030   $922,555 
Cost of revenue   572,183    524,769    505,352    494,264    459,033 
Gross profit   646,506    578,623    526,281    529,766    463,522 
Expenses:                         
Sales and marketing   204,850    179,626    167,748    169,956    151,882 
General and administrative   129,389    126,519    117,440    116,681    108,119 
Research and development   76,042    68,597    65,124    70,673    67,338 
Income from operations   236,225    203,881    175,969    172,456    136,183 
Interest expense, net   (1,803)   (1,752)   (1,430)   (2,269)   (1,340)
Income before provision for income taxes   234,422    202,129    174,539    170,187    134,843 
Provision for income taxes   72,668    60,809    52,304    54,018    40,829 
Net income   161,754    141,320    122,235    116,169    94,014 
Less: Net (loss) income attributable to noncontrolling interest   (32)   36    10    -    - 
Net income attributable to IDEXX Laboratories, Inc. stockholders  $161,786   $141,284   $122,225   $116,169   $94,014 
Earnings per share:                         
Basic  $2.85   $2.45   $2.08   $1.94   $1.53 
Diluted   2.78    2.37    2.01    1.87    1.46 
Weighted average shares outstanding:                         
Basic   56,790    57,713    58,809    59,953    61,560 
Diluted   58,214    59,559    60,682    62,249    64,455 
                          
BALANCE SHEET DATA:                         
Cash and cash equivalents  $183,895   $156,915   $106,728   $78,868   $60,360 
Working capital   87,348    175,479    120,033    60,598    82,271 
Total assets   1,030,814    897,144    808,527    765,437    702,179 
Total debt   246,418    133,280    123,884    156,479    76,683 
Total stockholders’ equity   539,593    574,281    514,579    438,194    438,323 
                          

 

26
 

 

ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Description of Segments. During 2011, we operated primarily through three business segments: diagnostic and information technology-based products and services for the veterinary market, which we refer to as the Companion Animal Group (“CAG”), water quality products (“Water”) and products for livestock and poultry health, which we refer to as Livestock and Poultry Diagnostics (“LPD”). Prior to the second quarter of 2010, we referred to LPD as our Production Animal Segment. We also operate two smaller segments that comprise products for milk quality and safety (“Dairy”) and products for the human point-of-care medical diagnostic market (“OPTI Medical”). Financial information about the Dairy and OPTI Medical operating segments and about a product line and out-licensing arrangements remaining from our pharmaceutical business is combined and presented in an “Other” category because they do not meet the quantitative or qualitative thresholds for reportable segments. See Note 15 to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for financial information about our segments, including geographic information, and about our product and service categories.

 

Effective January 1, 2011, we changed the measure of profitability of our reportable segments, which resulted in the movement of certain expenses from our operating segments to the caption “Unallocated Amounts.” See Note 15 to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for additional information regarding this change in the measure of profitability of our reportable segments. The segment income (loss) from operations discussed within this report for the years ended December 31, 2010 and 2009 have been restated to conform to our new measure of segment profitability. This change in measure of segment profitability did not have a material impact on the results of operations for any of our individual segments. There was no change to the business composition of our reportable segments or to our consolidated results of operations. 

 

The following is a discussion of the strategic and operating factors that we believe have the most significant effect on the performance of our business.

 

Companion Animal Group

 

In the CAG segment, we believe we have developed a strategic advantage over companies with more narrow product or service offerings. The breadth and complementary nature of our products and services give us scale in sales and distribution, permit us to offer integrated disease-management diagnostic solutions that leverage the advantages of both point-of-care and outside laboratory testing, and facilitate the flow of medical and business information in the veterinary practice by connecting practice management systems with reference laboratory test data, in-clinic test data from our IDEXX VetLab® suite of analyzers and rapid assay tests and radiographic data from the IDEXX-PACS™ and IDEXX EquiView PACS™ software generated by our digital radiography systems. Our real-time care strategy aims to provide veterinarians with the tools and services to enhance the pet owner experience with veterinary medical care, while also growing veterinary practice revenues and improving staff efficiencies.

 

Instruments and Consumables. Our strategy in our IDEXX VetLab® instrument line of business is to provide veterinarians in many countries around the world with an integrated set of instruments that, individually and together, provide superior diagnostic information and performance features, enabling veterinarians to practice better medicine and improve practice efficiency and, in doing so, achieve their practice economic objectives, including growth and profitability. We derive substantial revenues and margins from the sale of consumables that are used in these instruments. Additionally, we offer extended maintenance agreements in connection with the sale of our instruments.

 

During the early stage of an instrument’s life cycle, we derive relatively greater revenues from instrument placements, while consumable sales become relatively more significant in later stages as the installed base of instruments increases and instrument placement revenues begin to decline. Instrument sales have significantly lower gross margins than sales of consumables, and therefore the mix of instrument and consumable sales in a particular period will impact our gross margins in this line of business.

 

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Our Catalyst Dx® analyzer is our latest generation chemistry analyzer, which was launched in 2008. In addition, we continue to place VetTest® instruments through sales, lease, rental and other programs, with substantially all of our revenues from that product line currently derived from consumable sales. As of December 31, 2011, these two chemistry analyzers provided for a combined active installed base of approximately 32,000 units. A substantial portion of 2011 Catalyst Dx® analyzer placements were to veterinary clinics that elected to upgrade from their VetTest® analyzer to a Catalyst Dx® analyzer, however, a number of placements were also to competitive accounts. As we continue to experience growth in placements of Catalyst Dx® analyzers and sales of related consumables, we expect this growth to be partly offset by a decline in placements of VetTest® instruments and in sales of related VetTest® consumables.

 

The ProCyte Dx® analyzer is our latest generation hematology analyzer, which we launched in the third quarter of 2010. In addition we sell the LaserCyte® analyzer and VetAutoread™ analyzer. As of December 31, 2011 these three hematology analyzers provided for a combined active installed base of approximately 23,000 units. A substantial portion of ProCyte Dx® analyzer placements continue to be made at veterinary clinics that elect to upgrade from their LaserCyte® analyzer to a ProCyte Dx® analyzer. However, a number of placements have been made at competitive accounts since the launch of this instrument in 2010. While customers continue to upgrade from their LaserCyte® analyzer to a ProCyte® analyzer, we continue to place a substantial number of LaserCyte® instruments, both new and refurbished, as trade-ups from the VetAutoread™ analyzer and at new and competitive accounts. In 2011, a significant number of LaserCyte® instruments that were placed were refurbished instruments that had been received in trade in the sale of a ProCyte Dx® analyzer. As we continue to experience growth in placements of ProCyte® and LaserCyte® analyzers and in sales of related consumables, we expect this growth to be partly offset by a decline in placements of VetAutoread™ analyzers and in sales of related VetAutoread™ consumables.

 

Our long-term success in this area of our business is dependent upon new customer acquisition, customer loyalty and retention and customer utilization of existing and new assays introduced for use on our analyzers. We continuously seek opportunities to enhance the care that veterinary professionals give to their patients and clients through supporting the implementation of real-time care testing workflows. Our latest generation of chemistry and hematology instruments demonstrates this commitment by offering enhanced ease of use, faster time to results and greater sample throughput. Utilization can increase due to a greater number of patient samples being run or to an increase in the number of tests being run per patient sample. Our strategy is to increase both drivers. To increase utilization, we seek to educate veterinarians about best medical practices that emphasize the importance of chemistry and hematology testing at the point of care for a variety of diagnostic purposes. We also can offer protocol-based rebates when customers utilize the broad testing functionality of our analyzers. In addition, we provide marketing tools and consultative services that help drive efficiencies in veterinary practice processes and allow practices to increase the number of clients they see on a daily basis.

 

With all of our instrument product lines, we seek to differentiate our products from our competitors’ products based on time-to-result, ease-of-use, throughput, breadth of diagnostic menu, flexibility of menu selection, accuracy, reliability, ability to handle compromised samples, analytical capability of software, integration with the IDEXX VetLab® Station, education and training, and superior sales and customer service. Our success depends, in part, on our ability to differentiate our products in a way that justifies a premium price.

 

Rapid Assay Products. Our rapid assay line of business consists primarily of single-use kits for point-of-care testing and, to a limited degree, microwell-based kits for laboratory testing for canine and feline diseases and conditions. Our rapid assay strategy is to develop, manufacture, market and sell proprietary tests that address important medical needs for particular diseases prevalent in the companion animal population. We seek to differentiate our tests from those of other in-clinic test providers and reference laboratory diagnostic service providers through ease-of-use and superior performance, including by providing our customers with combination tests that test a single sample for multiple analytes. We further augment our product development and customer service efforts with sales and marketing programs that enhance medical awareness and understanding regarding certain diseases and the importance of diagnostic testing.

 

We also seek to enhance the attractiveness of our tests by providing the SNAPshot Dx® analyzer, which automatically reads certain SNAP® test results, and records those results in the electronic medical record. We continue to work on enhancing the functionality of the SNAPshot Dx® analyzer to read the results of additional tests from our canine and feline family of rapid assay products.

 

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Reference Laboratory Diagnostic and Consulting Services. We believe that more than half of all diagnostic testing by U.S. veterinarians is provided by outside reference laboratories such as our IDEXX Reference Laboratories. In many markets outside the U.S., in-clinic testing is less prevalent and an even greater percentage of diagnostic testing is done in reference laboratories. We attempt to differentiate our reference laboratory testing services from those of our competitive reference laboratories and competitive in-clinic offerings primarily on the basis of test menu, technology employed, quality, customer service and the complementary manner in which our laboratory services work with our point of care offerings.

 

Revenue growth in this line of business is achieved both through increased sales to existing customers and through the acquisition of new customers, including through reference laboratory acquisitions, customer list acquisitions and the opening of new reference laboratories, including laboratories that are co-located with large practice customers. In November 2011, we acquired the research and diagnostic laboratory (“RADIL”) business of the College of Veterinary Medicine from the University of Missouri. RADIL provides health monitoring and diagnostic testing services to bioresearch customers. We believe the acquisition of RADIL allows us to leverage our expertise in veterinary diagnostics and expand our integrated offering of reference laboratory diagnostic and consulting services and in-clinic testing solutions in an adjacent market.

 

Profitability of our reference laboratory diagnostic and consulting services business is largely the result of our ability to achieve efficiencies from both volume and operational improvements. Start-up laboratories that we open typically will operate at a loss until testing volumes reach a level that permits profitability. Acquired laboratories frequently operate less profitably than our existing laboratories and acquired laboratories may not achieve the profitability of our existing laboratory network for several years until we complete the implementation of operating improvements and efficiencies. Therefore, in the short term, new and acquired reference laboratories generally will have a negative effect on the operating margin of the reference laboratory diagnostic and consulting services line of business.

 

Practice Management Systems and Digital Radiography. Our strategy in the practice management systems line of business is to provide superior integrated information solutions, backed by superior customer support and education, to allow the veterinarian to practice better medicine and achieve the practice’s business objectives, including superior client experience, staff efficiency and practice profitability. We differentiate our practice management systems through enhanced functionality and ease of use. Our veterinary-specific digital radiography systems allow veterinarians to capture digital radiographs with ease and without the use of hazardous chemicals. Our strategy in digital radiography is to offer a convenient system that provides superior image quality and software capability at a competitive price, backed by the same customer support provided for our other products and services in CAG.

 

Water

 

Our strategy in the water testing business is to develop, manufacture, market and sell proprietary products with superior performance, supported by exceptional customer service. Our customers primarily consist of water utilities, government laboratories and private certified laboratories that highly value strong relationships and customer support. Sales of water testing products outside of the U.S. represented 51% of total water product sales in 2011, and we expect that future growth in this business will be significantly dependent on our ability to increase international sales. Growth also will be dependent on our ability to enhance and broaden our product line. Most water microbiological testing is driven by regulation, and, in many countries, a test may not be used for compliance testing unless it has been approved by the applicable regulatory body. As a result, we maintain an active regulatory program that involves applying for regulatory approvals in a number of countries, primarily in Europe.

 

Livestock and Poultry Diagnostics

 

We develop, manufacture, market and sell a broad range of tests for various cattle, swine and poultry diseases and conditions, and have an active research and development, and in-licensing program in this area. Our strategy is to offer proprietary tests with superior performance characteristics, with growth primarily coming from disease outbreaks and emerging markets. Disease outbreaks are episodic and unpredictable, and certain diseases that are prevalent at one time may be substantially contained or eradicated at a later time. In response to outbreaks, testing initiatives may lead to exceptional demand for certain products in certain periods. Conversely, successful eradication programs may result in significantly decreased demand for certain products. The performance of this business, therefore, can fluctuate. In 2011, approximately 90% of our sales in this business were from markets outside of the U.S., and in particular Europe. Because of the significant dependence of this business on international sales, the performance of the business is particularly subject to the various risks described above that are associated with doing business internationally. See “Part I, Item 1A. Risk Factors.”

 

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Other

 

Dairy. Our strategy in the dairy testing business is to develop, manufacture and sell antibiotic residue testing products that satisfy applicable regulatory requirements for testing of milk by processors and producers and provide reliable field performance. The manufacture of these testing products leverages, almost exclusively, the SNAP® platform as well as the production equipment of our rapid assay business, incorporating customized reagents for antibiotic detection. The majority of our sales in this business are international. To successfully increase sales of dairy testing products, we believe that we need to increase penetration in the processor and producer segments of the dairy market, and to develop product line enhancements and extensions. Because of the significant dependence of this business on international sales, the performance of the business is particularly subject to the various risks described above that are associated with doing business internationally. See “Part I, Item 1A. Risk Factors.”

 

OPTI Medical Systems. Our strategy in the OPTI Medical Systems business for the human market is to develop, manufacture, and sell electrolyte and blood gas analyzers and related consumable products for the medical point-of-care diagnostics market worldwide, with a focus on small- to mid-sized hospitals. We seek to differentiate our products based on ease of use, menu, convenience, international distribution and service, and instrument reliability. Similar to our veterinary instruments and consumables strategy, a substantial portion of the revenues from this product line is derived from the sale of consumables for use on the installed base of electrolyte and blood gas analyzers. During the early stage of an instrument’s life cycle, relatively greater revenues are derived from instrument placements, while consumable sales become relatively more significant in later stages as the installed base of instruments increases and instrument placement revenues begin to decline. Our long-term success in this area of our business is dependent upon new customer acquisition, customer retention and increased customer utilization of existing and new assays introduced on these instruments.

 

OPTI Medical Systems also manufactures our VetStat® analyzer, an instrument and consumable system that is a member of the IDEXX VetLab® suite for the veterinary market. In addition, OPTI Medical Systems provides the electrolyte module and dry slide reagents that make up the electrolyte testing functionality of the Catalyst Dx® analyzer. Our strategy in the OPTI Medical Systems business for the veterinary market is to utilize this unit’s know-how, intellectual property and manufacturing capability to continue to expand the menu and instrument capability of the VetStat® and Catalyst Dx® platforms for veterinary applications while reducing our cost of consumables by leveraging experience and economies of scale.

 

Other Activities. We have developed certain proprietary technology that we believe may have application in areas that do not align with one of our existing business or service categories. Our strategy is to out-license these technologies to partners that are best positioned to complete the development and commercialization of products utilizing these technologies. To the extent we are successful in doing so, we may receive one-time or recurring payments based on the achievement of development or sales milestones or royalties. Our ability to succeed in this area of our business depends on our ability to attract and retain qualified scientific personnel to develop proprietary products or technology and our ability to identify suitable third parties to complete the commercialization of these technologies.

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these financial statements requires us 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 ongoing basis, we evaluate our estimates. We base our estimates on historical experience and on various assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Note 2 to the consolidated financial statements included in this Annual Report on Form 10-K describes the significant accounting policies used in preparation of these consolidated financial statements.

 

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We believe the following critical accounting estimates and assumptions may have a material impact on reported financial condition and operating performance and involve significant levels of judgment to account for highly uncertain matters or are susceptible to significant change.

 

Revenue Recognition

 

We recognize revenue when four criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured. See Note 2(i) to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for additional information about our revenue recognition policy and criteria for recognizing revenue.

 

Multiple element arrangements (“MEAs”). Arrangements to sell products to customers frequently include multiple deliverables. Our most significant MEAs include the sale of one or more of the instruments from the IDEXX VetLab® suite of analyzers or digital radiography systems, combined with one or more of the following products: extended maintenance agreements (“EMAs”), consumables, reference laboratory diagnostic and consulting services and practice management software. Practice management software is frequently sold with post-contract customer support and implementation services. Delivery of the various products or performance of services within the arrangement may or may not coincide. Delivery of our IDEXX VetLab® instruments, digital radiography systems, and practice management software generally occurs at the onset of the arrangement. EMAs, consumables, and reference laboratory diagnostic and consulting services typically are delivered over future periods, generally one to six years. In certain arrangements revenue recognized is limited to the amount invoiced or received that is not contingent on the delivery of future products and services.

 

On January 1, 2010, we adopted amendments to authoritative guidance that modified the revenue recognition guidance for establishing separate units of accounting in arrangements outside of the scope of software that contain multiple elements. We allocate revenue to each element based on the relative selling price and recognize revenue when the elements have standalone value and the four criteria for revenue recognition have been met for each element. We establish the selling price of each element based on vendor-specific objective evidence (“VSOE”) if available, third-party evidence (“TPE”) if VSOE is not available, or best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. We generally determine selling price based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements. When these arrangements include a separately-priced EMA, we recognize revenue related to the EMA at the stated contractual price on a straight-line basis over the life of the agreement to the extent the separately stated price is substantive. If there is no stated contractual price for an EMA, or the separately stated price is not substantive, we recognize revenue according to the MEA policy stated above. We elected prospective adoption of these amendments. The impact of adopting these amendments to authoritative guidance did not have a material impact on our financial position, results of operations or cash flows.

 

When arrangements within the scope of software revenue recognition guidance include multiple elements, we allocate revenue to each element based on relative fair value, when VSOE exists for all elements, or by using the residual method when there is VSOE for the undelivered elements but no such evidence for the delivered elements. Under the residual method, the fair value of the undelivered elements is deferred and the residual revenue is allocated to the delivered elements. Revenue is recognized on any delivered elements when the four criteria for revenue recognition have been met for each element. If VSOE does not exist for the undelivered element, all revenue from the arrangement is deferred until the earlier of the point at which such sufficient VSOE does exist or all elements of the arrangement have been delivered. We determine fair value based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements.

 

Certain arrangements with customers include discounts on future sales of products and services. We apply judgment in determining whether future discounts are significant and incremental. When the future discount offered is not considered significant and incremental, we do not account for the discount as an element of the original arrangement. If the future discount is significant and incremental, we recognize that discount as an element of the original arrangement and allocate the discount to the other elements of the arrangement based on relative selling price. To determine whether a discount is significant and incremental, we look to the discount provided in comparison to standalone sales of the same product to similar customers, the level of discount provided on other elements in the arrangement, and the significance of the discount to the overall arrangement. If the discount in the MEA approximates the discount typically provided in standalone sales, that discount is not considered incremental.

 

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Customer programs. We record reductions to revenue related to customer marketing and incentive programs, which include end-user rebates and other volume based incentives. Incentives may be provided in the form of IDEXX Points, credits or cash and are earned by end-users upon achieving defined volume purchase or utilization levels or upon entering an agreement to purchase products or services in future periods. Our most significant customer programs are categorized as follows:

 

Customer Loyalty Programs. Our customer loyalty programs offer customers the opportunity to earn incentives on a variety of IDEXX products and services as those products and services are purchased and utilized. Revenue reductions related to customer loyalty programs are recorded based on the actual issuance of incentives, incentives earned but not yet issued and estimates of incentives to be earned in the future based on applicable product inventories held by distributors at the end of the period.

 

Up-Front Customer Loyalty Programs. Our up-front loyalty programs provide incentives to customers upon entering agreements to purchase products or services in future periods. These incentives are considered to be customer acquisition costs and are capitalized and recognized as a reduction to revenue over the term of the customer agreement. If these up-front incentives are subsequently utilized to purchase IDEXX VetLab® instruments, digital radiography systems or Cornerstone® practice management systems, product revenue and cost is deferred and recognized over the term of the customer agreement as products and services are provided to the customer. We monitor customer purchases over the term of their agreement to assess the realizability of our capitalized customer acquisition costs. For the years ended December 31, 2011, 2010 and 2009, we did not have any impaired customer acquisition costs.

 

IDEXX VetLab® Instrument Marketing Programs. Our instrument marketing programs require the customer to enroll at the time of instrument purchase and offer customers the opportunity to earn incentives in future periods based on the volume of the products they purchase and utilize over the term of the program. These arrangements are considered MEAs in accordance with our revenue recognition policy stated above. Revenue reductions related to instrument marketing programs are recorded based on an estimate of customer purchase and utilization levels and the incentive the customer will earn over the term of the program. Our estimates are based on historical experience and the specific terms and conditions of the marketing program and require us to apply judgment to approximate future product purchases and utilization. Differences between our estimates and actual incentives earned are accounted for as a change in estimate. These differences were not material for the years ended December 31, 2011, 2010 and 2009. At December 31, 2011, a 5% change in our estimate of future customer utilization would increase or reduce revenue by approximately $0.2 million.

 

IDEXX Points may be applied against the purchase price of IDEXX products and services purchased in the future or applied to trade receivables due to us. IDEXX Points that have not yet been used by customers are classified as a liability until use or expiration occurs. We estimate the amount of IDEXX Points expected to expire, or breakage, based on historical expirations and we recognize the benefit of breakage as IDEXX Points are redeemed. On November 30 of each year, unused IDEXX Points earned before January 1 of the prior year generally expire and any variance from the breakage estimate is accounted for as a change in estimate. This variance was not material for the years ended December 31, 2011, 2010 and 2009.

 

Future market conditions and changes in product offerings may cause us to change marketing strategies to increase or decrease customer incentive offerings, possibly resulting in incremental reductions of revenue in future periods as compared to reductions in the current or prior periods. Additionally, certain customer programs require us to estimate, based on historical experience, and apply judgment to approximate the number of customers who will actually redeem the incentive. In determining estimated revenue reductions we utilize data supplied from distributors and collected directly from end-users, which includes the volume of qualifying products purchased and the number of qualifying tests run as reported to us by end-users via IDEXX SmartServiceTM, a secure internet link that enables us to extract data and provide diagnostic service and support for certain IDEXX VetLab® instruments through remote access. Differences between estimated and actual customer participation in programs may impact the amount and timing of revenue recognition.

 

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Following is a summary of revenue reductions recorded in connection with our customer programs for the years ended December 31, 2011, 2010 and 2009 (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
Revenue Reductions Recorded               
Customer Loyalty Programs  $16,591   $17,467   $17,067 
Up-Front Customer Loyalty Programs   3,954    921    74 
IDEXX VetLab® Instrument Marketing Programs   11,137    4,304    2,335 
Other Customer Programs   1,513    1,474    1,536 
Total revenue reductions  $33,195   $24,166   $21,012 

 

At December 31, 2011, 2010 and 2009, the total accrued revenue reductions were $37.8 million, $23.3 million and $18.3 million, respectively. Accrued customer programs are included within accrued liabilities and other long-term liabilities, depending on the anticipated settlement date, in the consolidated balance sheets included in this Annual Report on Form 10-K. Following is a summary of changes in the accrual for estimated revenue reductions attributable to customer marketing and incentive programs and the ending accrued revenue reductions balance for the years ended December 31, 2011, 2010 and 2009 (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Accrued Customer Programs:               
Balance, beginning of the year  $23,321   $18,265   $15,697 
Current provision for Customer Loyalty Programs   16,591    17,467    17,067 
Up-Front Customer Loyalty Program Awards   21,259    6,037    100 
Current provision for IDEXX VetLab® Instrument Marketing Programs   11,137    4,304    2,335 
Current provision for Other Customer Programs   1,513    1,474    1,536 
IDEXX Points redeemed and credits issued   (35,629)   (23,859)   (18,256)
Breakage   (325)   (334)   (367)
Exchange impact on balances denominated in foreign currency   (100)   (33)   153 
Balance, end of year  $37,767   $23,321   $18,265 

 

Inventory Valuation

 

We write down inventory for estimated obsolescence when warranted by estimates of future demand, market conditions, remaining shelf life, or product functionality. If actual market conditions or results of estimated functionality are less favorable than those we estimated, additional inventory write-downs may be required, which would have a negative effect on results of operations.

 

Valuation of Goodwill and Other Intangible Assets

 

A significant portion of the purchase price for acquired businesses is generally assigned to intangible assets. Intangible assets other than goodwill are initially valued at fair value. If a market value is not readily available, the fair value of the intangible asset is estimated based on discounted cash flows using market participant assumptions, which are assumptions that are not specific to IDEXX. The selection of appropriate valuation methodologies and the estimation of discounted cash flows require significant assumptions about the timing and amounts of future cash flows, risks, appropriate discount rates, and the useful lives of intangible assets. When material, we utilize independent valuation experts to advise and assist us in allocating the purchase prices for acquired businesses to the fair values of the identified intangible assets and in determining appropriate amortization methods and periods for those intangible assets. Goodwill is initially valued based on the excess of the purchase price of a business combination over the fair values of acquired net assets, including intangible assets.

 

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We assess goodwill for impairment annually, at the reporting unit level, in the fourth quarter and whenever events or circumstances indicate impairment may exist. An impairment charge is recorded for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. Our reporting units are the individual product and service categories that comprise our CAG operating segment, our Water and LPD operating segments and goodwill remaining from the restructuring of our pharmaceutical business in the fourth quarter of 2008, referred to herein as the Technology reporting unit. A substantial portion of the goodwill remaining from the pharmaceutical business is associated with products that have been, or that we expect to be, licensed to third parties and is included in our “Other” segment. Realization of this goodwill is dependent upon the success of those third parties in developing and commercializing products, which will result in our receipt of royalties and other payments. Our Dairy and OPTI Medical businesses are also presented in our “Other” segment. There is no goodwill associated with those businesses. Contingent consideration is included within the acquisition cost and is recognized at its fair value on acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Changes in fair value are recognized in earnings.

 

The fair values of the reporting units are estimated using an income approach based on discounted forecasted cash flows. We make significant assumptions about the extent and timing of future cash flows, growth rates and discount rates. Model assumptions are based on our projections and best estimates. As a measure to assess the reasonableness of the results of the income approach, we aggregate the calculated fair value of each of the reporting units and compare that aggregate amount to the overall market capitalization of the Company. As of November 30, 2011, the date that we performed our assessment of goodwill for impairment, the total aggregate fair value of the reporting units approximated the Company’s market capitalization. While we believe that the assumptions used to determine the estimated fair values of each of our reporting units are reasonable, a change in assumptions underlying these estimates could result in a material effect on the consolidated financial statements. Our fair value estimates assume the achievement of future financial results contemplated in our forecasted cash flows, and there can be no assurance that we will realize that value. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on our most recent views of the long-term outlook for each business. Actual results may differ from those assumed in our forecasts. The discount rate is based on a weighted average cost of capital (“WACC”) derived from industry peers. Changes in market conditions, interest rates, growth rates, tax rates, costs, pricing, capital expenditures or the discount rate would affect the estimated fair values of reporting units and could result in a goodwill impairment charge in a future period. The results of the 2011 annual impairment test, completed in the fourth quarter, indicated the fair value of each reporting unit was substantially in excess of its carrying value. No goodwill impairments were identified as a result of the annual review during the years ended December 31, 2011, 2010 or 2009.

 

A prolonged economic downturn resulting in lower long-term growth rates and reduced long-term profitability may reduce the fair value of our reporting units. Industry specific events or circumstances that have a negative impact to the valuation assumptions may also reduce the fair value of our reporting units. Should such events occur and it becomes more likely than not that a reporting unit’s fair value has fallen below its carrying value, we will perform an interim goodwill impairment test(s), in addition to the annual impairment test. Future impairment tests may result in an impairment of goodwill, depending on the outcome of both step one and step two of the impairment review process. An impairment of goodwill would be reported as a non-cash charge to earnings.

 

We assess the realizability of intangible assets other than goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If an impairment review is triggered, we evaluate the carrying value of intangible assets based on estimated undiscounted future cash flows over the remaining useful life of the primary asset of the asset group and compare that value to the carrying value of the asset group. The cash flows that are used contain our best estimates, using appropriate and customary assumptions and projections at the time.

 

No impairments of intangible assets other than goodwill were identified during the years ended December 31, 2011 and 2010. During 2009, we recognized an impairment charge of $1.5 million to write off an acquired intangible asset associated with our equine digital radiography business, which is part of our CAG segment. Based on changes in estimated future demand and market conditions, we determined that we would not fully realize our investment and, therefore, fully expensed this asset. No other impairments were identified during the year ended December 31, 2009.

 

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Share-Based Compensation

 

Our share-based compensation programs include grants of a mix of stock options, restricted stock units and deferred stock unit awards, along with the issuance of employee stock purchase rights.

 

On January 1, 2006 we adopted amendments to the accounting provisions governing share-based payments and adopted the straight-line method to prospectively expense share-based awards granted subsequent to December 31, 2005. The graded-vesting, or accelerated, method was used to calculate the expense for stock options granted prior to January 1, 2006. Had the straight-line method been used for share-based awards granted prior to January 1, 2006, recorded expense for the years ended December 31, 2006 through 2010 would have been higher. The total fair value of future awards may vary significantly from past awards based on a number of factors, including our share-based award practices. Therefore, share-based compensation expense is likely to fluctuate, possibly significantly, from year to year.

 

We use the Black-Scholes-Merton option-pricing model to determine the fair value of options granted. Option-pricing models require the input of highly subjective assumptions, particularly for the expected stock price volatility and the expected term of options. The risk-free interest rate is based on the U.S. Treasury yields for the expected term in effect at the approximate date of grant. We have never paid any cash dividends on our common stock and we have no present intention to pay a dividend; therefore, we assume that no dividends will be paid over the expected terms of option awards. We determine the assumptions to be used in the valuation of option grants as of the date of grant. As such, we may use different assumptions during the year if we grant options at different dates. However, substantially all of our options granted during the years ended December 31, 2011, 2010 and 2009 were granted in the first quarter of each year. The weighted average of each of the valuation assumptions used to determine the fair value of each option grant during each of the previous three years is as follows:

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Expected stock price volatility   33%   31%   31%
Expected term, in years (1)   4.8    4.9    4.8 
Risk-free interest rate   2.3%   2.3%   1.6%

 

(1)Options granted after January 1, 2006 have contractual terms of seven years. Options granted prior to January 1, 2006 have contractual terms of 10 years.

 

Changes in the subjective input assumptions, particularly for the expected stock price volatility and the expected term of options, can materially affect the fair value estimate. Our expected stock price volatility assumption is based on the historical volatility of our stock over a period similar to the expected term and other relevant factors. Lower estimated volatility reduces the fair value of a stock option. The total fair value of stock options granted during the year ended December 31, 2011 was $13.6 million. If the weighted average of the stock price volatility assumption was increased or decreased by 10% to 36.2% or 29.6%, respectively, the total fair value of stock options awarded during the year ended December 31, 2011 would have increased or decreased by approximately 8% and the total expense recognized for the year ended December 31, 2011 for options awarded during the same period would have increased or decreased by approximately $0.2 million.

 

We derive the expected term assumption for stock options based on historical experience and other relevant factors concerning expected behavior with regard to option exercise. The expected term is determined using a consistent method at each grant date. Longer expected term assumptions increase the fair value of stock option awards, and therefore increase the expense recognized per award. If the weighted average of the expected term was increased or decreased by one year, the total fair value of stock options awarded during the year ended December 31, 2011 would have increased by 10% or decreased by 12%, respectively, and the total expense recognized for the year ended December 31, 2011 for options awarded during 2011 would have increased or decreased by $0.3 million.

 

Share-based compensation expense is based on the number of awards ultimately expected to vest and is, therefore, reduced for an estimate of the number of awards that are expected to be forfeited. The forfeiture estimates are based on historical data and other factors, and compensation expense is adjusted for actual results. Total share-based compensation expense for the year ended December 31, 2011 was $15.5 million, which is net of a reduction of $3.0 million for actual and estimated forfeitures. Changes in estimated forfeiture rates and differences between estimated forfeiture rates and actual experience may result in significant, unanticipated increases or decreases in share-based compensation expense from period to period. The termination of employment of certain employees who hold large numbers of share-based compensation instruments may also have a significant, unanticipated impact on forfeiture experience and, therefore, on share-based compensation expense. Modifications of the terms of outstanding options may result in significant increases or decreases in share-based compensation. There were no modifications to the terms of outstanding options, restricted stock units or deferred stock units with vesting conditions during 2011, 2010 or 2009.

 

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The fair value of stock options, restricted stock units, deferred stock units, and employee stock purchase rights issued during the years ended December 31, 2011, 2010 and 2009 totaled $25.5 million, $16.3 million and $16.4 million, respectively. The total unrecognized compensation expense, net of estimated forfeitures, for unvested share-based compensation awards outstanding at December 31, 2011 was $31.1 million, which will be recognized over a weighted average of approximately 1.7 years.

 

Income Taxes

 

We recognize a current tax liability or asset for current taxes payable or refundable, respectively, and a deferred tax liability or asset, as the case may be, for the estimated future tax effects of temporary differences between book and tax treatment of assets and liabilities and carryforwards to the extent they are realizable.

 

The future tax benefit arising from net deductible temporary differences and tax carryforwards, net of valuation allowances, was $0.5 million and $8.6 million at December 31, 2011 and 2010, respectively. On a quarterly basis, we assess our current and projected earnings by jurisdiction to determine whether or not our earnings during the periods when the temporary differences become deductible will be sufficient to realize the related future tax benefits. Should we determine that we would not be able to realize all or part of our net deferred tax asset in the future, an adjustment to the deferred tax asset would be charged to income in the period such determination was made. A reduction of net income before taxes in each subsidiary equal to 5% of revenue, compared to the corresponding reported amounts for the year ended December 31, 2011, would not result in the recognition of incremental valuation allowances except in one subsidiary where a 5% reduction could result in our recording a valuation allowance of $0.3 million for this subsidiary.

 

For those jurisdictions where tax carryforwards are likely to expire unused or the projected operating results indicate that realization is not more likely than not, a valuation allowance is recorded to offset the deferred tax asset within that jurisdiction. In assessing the need for a valuation allowance, we consider future taxable income and ongoing prudent and feasible tax planning strategies. Alternatively, in the event that we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net recorded amount, an adjustment to the deferred tax asset would increase income in the period such determination was made.

 

Our net deductible temporary differences and tax carryforwards are recorded using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. Should the expected applicable tax rates change in the future, an adjustment to the net deferred tax asset would be credited or charged, as appropriate, to income in the period such determination was made. For example, an increase of one percentage point in our anticipated U.S. state income tax rate would cause us to increase our net deferred tax asset balance by $0.3 million. This increase in the net deferred asset would increase net income in the period that our rate was adjusted. Likewise, a decrease of one percentage point to our anticipated U.S. state income tax rate would have the opposite effect.

 

We periodically assess our exposures related to our worldwide provision for income taxes and believe that we have appropriately accrued taxes for contingencies. Any reduction of these contingent liabilities or additional assessment would increase or decrease income, respectively, in the period such determination was made.

 

We consider the majority of the operating earnings of non-United States subsidiaries to be indefinitely invested outside the U.S. The cumulative earnings of these subsidiaries were $275.2 million at December 31, 2011, of which approximately $180 million was held in cash and cash equivalents as of December 31, 2011. No provision has been made for U.S. federal and state, or international taxes that may result from future remittances of these undistributed earnings of non-United States subsidiaries. Should we repatriate these earnings in the future, we would have to adjust the income tax provision in the period in which the decision to repatriate earnings is made. For the operating earnings not considered to be indefinitely invested outside the United States we have accounted for the tax impact on a current basis.

 

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We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. For positions that we believe that it is more likely than not that we will prevail, we record a benefit considering the amounts and probabilities that could be realized upon ultimate settlement. If our judgment as to the likely resolution of the uncertainty changes, if the uncertainty is ultimately settled or if the statute of limitation related to the uncertainty expires, the effects of the change would be recognized in the period in which the change, resolution or expiration occurs. Our net liability for uncertain tax positions was $5.6 million and $5.5 million as of December 31, 2011 and 2010, respectively, which includes estimated interest expense and penalties.

 

RESULTS OF OPERATIONS AND TRENDS

 

Effects of Certain Factors on Results of Operations

 

Distributor Purchasing and Inventories. The instrument consumables and rapid assay products in our CAG segment are sold in the U.S. and certain other geographies by third party distributors, who purchase products from us and sell them to veterinary practices, which are the end users. As a result, distributor purchasing dynamics have an impact on our reported sales of these products. Distributor purchasing dynamics may be affected by many factors and may be unrelated to underlying end-user demand for our products. Consequently, reported results may reflect fluctuations in distributors’ inventories and not necessarily reflect changes in underlying end-user demand. Therefore, we believe it is important to track distributor sales to end users and to distinguish between the impact of end-user demand and the impact of distributor purchasing dynamics on reported revenue.

 

Where growth rates are affected by changes in end-user demand, we refer to this as the impact of practice-level sales on growth. Where growth rates are affected by distributor purchasing dynamics, we refer to this as the impact of changes in distributors’ inventories on growth. If during the current year, distributors’ inventories grew by less than those inventories grew in the comparable period of the prior year, then changes in distributors’ inventories have a negative impact on our reported sales growth in the current period. Conversely, if during the current year, distributors’ inventories grew by more than those inventories grew in the comparable period of the prior year, then changes in distributors’ inventories have a positive impact on our reported sales growth in the current period.

 

At the end of a quarter, we believe that our U.S. CAG distributors typically hold inventory equivalent to approximately four weeks of our anticipated end-user demand for instrument consumables and rapid assay products.

 

Currency Impact. For the years ended December 31, 2011, 2010 and 2009, approximately 26%, 25% and 24%, respectively, of IDEXX sales were derived from products manufactured in the U.S. and sold internationally in local currencies. Strengthening of the rate of exchange for the U.S. dollar relative to other currencies has a negative impact on our revenues derived in currencies other than the U.S. dollar and on profits of products manufactured in the U.S. and sold internationally, and a weakening of the U.S. dollar has the opposite effect. Similarly, to the extent that the U.S. dollar is stronger in current or future periods relative to the exchange rates in effect in the corresponding prior periods, our growth rate will be negatively affected. The impact of foreign currency denominated operating expenses and foreign currency denominated supply contracts partly offset this exposure.

 

The impact on revenue resulting from changes in foreign currency exchange rates is a non-U.S. GAAP measure that is calculated by applying the difference between the average exchange rates during the current year period and the comparable previous year period to foreign currency denominated revenues for the current year period.

 

During the twelve months ended December 31, 2011, compared to the twelve months ended December 31, 2010, changes in foreign currency exchange rates increased total company revenue by approximately $27.1 million, due primarily to the weakening of the U.S. dollar against the Euro and, to a lesser extent, the Australian dollar, Japanese yen, Canadian dollar, British pound and Swiss franc. 

 

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During the twelve months ended December 31, 2010, compared to the twelve months ended December 31, 2009, changes in foreign currency exchange rates increased total company revenue by approximately $2.9 million, due primarily to the weakening of the U.S. dollar against the Canadian dollar, Australian dollar and, to a lesser extent, the Japanese yen. These favorable impacts were partly offset by the strengthening of the U.S. dollar against the Euro between these two periods. Although the changes in foreign currency exchange rates had a net favorable impact on total company revenues for the twelve months ended December 31, 2010, our LPD segment was negatively impacted since the U.S. dollar strengthened against the Euro and, compared to our other segments, a larger portion of LPD sales are denominated in the Euro.

 

Economic Conditions. Demand for many of our products and services has been negatively affected by economic conditions since mid-2008. In our CAG segment, we believe that low economic growth and relatively high unemployment have led to negative or cautious consumer sentiment, which has affected the number of patient visits to veterinary clinics. Based on data provided by a subset of our customers that use our practice management systems, we observed a decline in patient visits beginning in mid-2008 that continued throughout 2009. Patient visits have been flat to slightly down since 2009, until the fourth quarter of 2011, when we observed a slight improvement. We believe that this data, though limited, provides a fair and meaningful representation of patient visit activity in the U.S. We further believe that the overall decline in patient visits since the beginning of the economic downturn has had a slightly negative impact on the growth rate of sales of rapid assay tests, instrument consumables and reference laboratory diagnostic and consulting services. In addition, we believe the rate of growth of sales of our instruments and digital radiography systems, which are larger capital purchases for veterinarians, has been negatively affected by continued caution among veterinarians regarding economic conditions. Weaker economic conditions since mid-2008 have also caused our customers to remain sensitive to the pricing of our products and services resulting in lower growth due to limited price increases for certain products.

 

We also believe that current economic conditions have affected purchasing decisions of our Water business customers. Lower water testing volumes have resulted from a decline in discretionary testing and a decline in mandated testing as a result of lower home and commercial construction.

 

We believe that the diversity of our products and services, and the geographic diversity of our markets, has partially mitigated the effects of the economic environment and negative consumer sentiment on our revenue growth rates. Looking forward, we are cautiously optimistic that the improvements we began to see in the fourth quarter of 2011 are reflective of a gradual and steady improvement to the macroeconomic environment and that with this improvement the negative impact on our growth rates that we have experienced since mid-2008 will begin to lessen.

 

Twelve Months Ended December 31, 2011 Compared to Twelve Months Ended December 31, 2010

 

Revenue

 

Total Company. The following table presents revenue by operating segment:

 

   For the Year   For the Year                     
   Ended   Ended           Percentage   Percentage   Organic 
Net Revenue  December 31,   December 31,   Dollar   Percentage   Change from   Change from   Revenue 
(dollars in thousands)  2011   2010   Change   Change   Currency (1)   Acquisitions (2)   Growth(3) 
                                    
CAG  $999,722   $905,655   $94,067    10.4%   2.3%   0.3%   7.8%
Water   82,125    76,514    5,611    7.3%   2.5%   -    4.8%
LPD   94,112    81,177    12,935    15.9%   4.5%   -    11.4%
Other   42,730    40,046    2,684    6.7%   2.1%   -    4.6%
Total  $1,218,689   $1,103,392   $115,297    10.4%   2.4%   0.2%   7.8%

  

(1)The percentage change from currency is a non-U.S. GAAP measure. It represents the percentage change in revenue resulting from the difference between the average exchange rates during the twelve months ended December 31, 2011 and the same period of the prior year applied to foreign currency denominated revenues for the twelve months ended December 31, 2011.
(2)The percentage change from acquisitions is a non-U.S. GAAP measure. It represents the percentage change in revenue during the year ended December 31, 2011 compared to the year ended December 31, 2010 attributed to incremental revenues from businesses acquired subsequent to December 31, 2009.
(3)Organic revenue growth is a non-U.S. GAAP measure and represents the percentage change in revenue during the year ended December 31, 2011 compared to the year ended December 31, 2010 net of acquisitions and the effect from changes in foreign currency exchange rates.

 

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The following revenue analysis and discussion includes references to organic revenue growth. Organic revenue growth should be considered in addition to, and not as a replacement for or as superior to, revenues reported in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies. Management believes that discussing organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to our peers. In determining organic revenue growth, we exclude the effect of changes in foreign currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject to volatility and can obscure underlying business trends. We also exclude the effects of acquisitions and divestitures because the nature, size and number of acquisitions can vary dramatically from period to period and therefore can also obscure underlying business trends.

 

Companion Animal Group. The following table presents revenue by product and service category for CAG:

 

   For the Year   For the Year                     
   Ended   Ended           Percentage   Percentage   Organic 
Net Revenue  December 31,   December 31,   Dollar   Percentage   Change from   Change from   Revenue 
(dollars in thousands)  2011   2010   Change   Change   Currency (1)   Acquisitions (2)   Growth(3) 
                                    
Instruments and consumables  $394,586   $354,239   $40,347    11.4%   2.7%   -    8.7%
Rapid assay products   154,342    146,538    7,804    5.3%   1.2%   -    4.1%
Reference laboratory diagnostic and consulting services   373,919    329,666    44,253    13.4%   2.7%   0.8%   9.9%
Practice management systems and digital radiography   76,875    75,212    1,663    2.2%   0.4%   -    1.8%
Net CAG revenue  $999,722   $905,655   $94,067    10.4%   2.3%   0.3%   7.8%

 

(1)The percentage change from currency is a non-U.S. GAAP measure. It represents the percentage change in revenue resulting from the difference between the average exchange rates during the twelve months ended December 31, 2011 and the same period of the prior year applied to foreign currency denominated revenues for the twelve months ended December 31, 2011.
(2)The percentage change from acquisitions is a non-U.S. GAAP measure. It represents the percentage change in revenue during the year ended December 31, 2011 compared to the year ended December 31, 2010 attributed to incremental revenues from businesses acquired subsequent to December 31, 2009.
(3)Organic revenue growth is a non-U.S. GAAP measure and represents the percentage change in revenue during the year ended December 31, 2011 compared to the year ended December 31, 2010 net of acquisitions and the effect from changes in foreign currency exchange rates.

 

Instruments revenue was $93.7 million and $85.5 million for the twelve months ended December 31, 2011 and 2010, respectively. Consumables revenue was $256.0 million and $228.0 million for the twelve months ended December 31, 2011 and 2010, respectively. Instrument service and accessories revenue was $43.8 million and $39.7 million for the twelve months ended December 31, 2011 and 2010, respectively. The remaining sources of revenue are not significant to overall instruments and consumables revenue. Instruments revenue growth was due primarily to sales of ProCyte Dx®, the hematology analyzer that we began shipping during the third quarter of 2010, and higher sales volumes of our Catalyst Dx® instrument. These favorable impacts were partly offset by lower average unit sales prices driven primarily by discounts associated with our IDEXX VetLab® instrument marketing programs. Consumables revenue growth was due primarily to higher sales of consumables used with our Catalyst Dx® instrument, partly offset by lower sales of consumables used with our VetTest® chemistry instrument as customers continue to upgrade from our VetTest® instrument to our Catalyst Dx® instrument. Higher sales of consumables used with our ProCyte Dx® instrument also contributed to the increase in consumables revenue. Service and accessories revenue growth was primarily a result of the increase in our active installed base of instruments. The impact of changes in distributors’ inventory levels was not significant to instruments and consumables revenue growth.

 

The increase in rapid assay revenue was due primarily to an increase in U.S. practice-level sales of our canine combination test products and, to a lesser extent, sales of our feline pancreatitis test products, which we began shipping during the second quarter of 2011. The impact of changes in distributors’ inventory levels was not significant to rapid assay revenue growth.

 

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The increase in reference laboratory diagnostic and consulting services revenue resulted primarily from the impact of higher testing volumes and, to a lesser extent, price increases. Higher testing volumes were driven by the acquisition of new customers due, in part, to geographic expansion and our customer loyalty programs in which customers are provided incentives in the form of IDEXX Points or cash in exchange for agreements to purchase services in future periods.

 

The increase in practice management systems and digital radiography revenue resulted primarily from an increase in service and support revenue and an increase in sales volumes of our practice management systems. The increase in service and support revenue was due primarily to an increase in our active installed base of digital radiography systems and, to a lesser extent, practice management systems. Higher sales volumes of our digital radiography systems also contributed to the overall increase in revenue. These favorable factors were partly offset by an increase in placements of digital radiography systems and practice management systems under our customer loyalty programs for which the related revenue is recognized in future periods.

 

Water. The increase in Water revenue resulted primarily from higher sales volumes of Colilert® test products, partly offset by the unfavorable impact of higher relative sales of Colilert® test products in geographies where these products are sold at lower average unit sales prices.

 

Livestock and Poultry Diagnostics. The increase in LPD revenue resulted primarily from higher sales volumes of certain bovine tests and, to a lesser extent, higher sales volumes of certain swine and poultry tests. The increased sales volume of certain bovine tests was driven primarily by sales in Germany where we have won several government tenders for testing in connection with a country-wide eradication program for a virus impacting beef and dairy production yields.

 

Other. The increase in Other revenue was primarily attributable to higher sales volumes of our OPTI Medical consumables and, to a lesser extent, instruments, partly offset by lower sales volumes of our Dairy SNAP® tests used for the detection of antibiotic residue in milk and lower average unit sales prices in our OPTI Medical line of business due, in part, to higher relative sales in geographies where products are sold at lower average unit sales prices.

 

Gross Profit

 

Total Company. The following table presents gross profit and gross profit percentages by operating segment:

 

   For the Year       For the Year             
   Ended       Ended             
   December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
Gross Profit (dollars in thousands)  2011   Revenue   2010   Revenue   Change   Change 
                               
CAG  $515,656    51.6%  $458,491    50.6%  $57,165    12.5%
Water   51,555    62.8%   48,231    63.0%   3,324    6.9%
LPD   63,619    67.6%   55,187    68.0%   8,432    15.3%
Other   17,231    40.3%   17,732    44.3%   (501)   (2.8%)
Unallocated amounts   (1,555)   N/A    (1,018)   N/A    (537)   N/A 
Total Company  $646,506    53.0%  $578,623    52.4%  $67,883    11.7%

 

Companion Animal Group. Gross profit for CAG increased due to higher sales and an increase in the gross profit percentage to 52% from 51%. The increase in the gross profit percentage was due primarily to improvements in costs to manufacture our IDEXX VetLab® instruments, higher relative sales of products that yield higher margins and an overall increase in average unit sales prices, driven by our reference laboratory diagnostic and consulting services line of business. These favorable impacts were partly offset by the unfavorable impact of currency as the net favorable impact of changes in foreign currency exchange rates was more than offset by the impact of increased hedging losses during the year ended December 31, 2011 compared to the year ended December 31, 2010.

 

Water. Gross profit for Water increased as higher sales were partly offset by a slight decrease in the gross profit percentage. The decrease in the gross profit percentage was due primarily to lower average unit sales prices of our Colilert® products and higher freight costs as a result of rising fuel surcharges. These unfavorable impacts were partly offset by higher relative sales of our Colilert® products that yield higher margins and lower manufacturing costs driven by cost improvement initiatives.

 

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Livestock and Poultry Diagnostics. Gross profit for LPD increased as higher sales were partly offset by a slight decrease in the gross profit percentage. The decrease in the gross profit percentage was due primarily to the net unfavorable impact of currency as the net favorable impact of changes in foreign currency exchange rates was more than offset by hedging losses during the year ended December 31, 2011 compared to hedging gains during the year ended December 31, 2010. This unfavorable impact was partly offset by lower manufacturing costs and higher relative sales of products that yield higher margins. Lower manufacturing costs were driven largely by benefits achieved from economies of scale as a result of the increase in production volume.

 

Other. Gross profit for Other decreased as higher sales were more than offset by a decrease in the gross profit percentage to 40% from 44%. The decrease in the gross profit percentage was due primarily to lower average unit sales prices in our OPTI Medical line of business and higher freight costs in our Dairy line of business that were due, in part, to rising fuel surcharges.

 

Unallocated Amounts. Gross profit for Unallocated Amounts decreased due primarily to the unfavorable impact of certain manufacturing costs that we do not expect to continue at this level, partly offset by a decrease in certain personnel-related costs. With respect to manufacturing costs, the costs reported in our operating segments include our standard cost for products sold and any variances from standard cost for products purchased or manufactured within the period. We capitalize these variances for inventory on hand at the end of the period to record inventory in accordance with U.S. GAAP. We then record these costs as cost of product revenue as that inventory is sold. The impact to cost of product revenue resulting from this variance capitalization and subsequent expense recognition is reported within the caption “Unallocated Amounts.” With respect to personnel-related costs, we estimate certain personnel-related costs and allocate the estimated expenses to the operating segments. This allocation differs from actual expense and consequently yields a difference that is reported under the caption “Unallocated Amounts.” The decrease in certain personnel-related costs for Unallocated Amounts is due primarily to lower self-insured health care costs during the year ended December 31, 2011 compared to the same period of the prior year.

 

Operating Expenses and Operating Income

 

Total Company. The following tables present operating expenses and operating income by operating segment:

 

   For the Year       For the Year             
   Ended       Ended             
Operating Expenses  December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
(dollars in thousands)  2011   Revenue   2010   Revenue   Change   Change 
                               
CAG  $325,822    32.6%  $293,278    32.4%  $32,544    11.1%
Water   17,711    21.6%   16,618    21.7%   1,093    6.6%
LPD   39,880    42.4%   35,584    43.8%   4,296    12.1%
Other   14,675    34.3%   13,607    34.0%   1,068    7.8%
Unallocated amounts   12,193    N/A    15,655    N/A    (3,462)   (22.1%)
Total Company  $410,281    33.7%  $374,742    34.0%  $35,539    9.5%

 

Operating Income
(dollars in thousands)		  For the Year
Ended
December 31,
2011		   Percent of
Revenue		   For the Year
Ended
December 31,
2010		   Percent of 
Revenue		   Dollar
Change		   Percentage
Change		 
                               
CAG  $189,834    19.0%  $165,213    18.2%  $24,621    14.9%
Water   33,844    41.2%   31,613    41.3%   2,231    7.1%
LPD   23,739    25.2%   19,603    24.2%   4,136    21.1%
Other   2,556    6.0%   4,125    10.3%   (1,569)   (38.0%)
Unallocated amounts   (13,748)   N/A    (16,673)   N/A    2,925    17.5%
Total Company  $236,225    19.4%  $203,881    18.5%  $32,344    15.9%

  

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Companion Animal Group. The following table presents CAG operating expenses by functional area: 

  

Operating Expenses
(dollars in thousands)		  For the Year
Ended
December 31,
2011		   Percent of
Revenue		   For the Year
Ended
December 31,
2010		   Percent of
Revenue		   Dollar
Change		   Percentage
Change		 
                               
Sales and marketing  $173,679    17.4%  $151,652    16.7%  $22,027    14.5%
General and administrative   102,699    10.3%   97,721    10.8%   4,978    5.1%
Research and development   49,444    5.0%   43,905    4.9%   5,539    12.6%
Total operating expenses  $325,822    32.6%  $293,278    32.4%  $32,544    11.1%

 

The increase in sales and marketing expense resulted primarily from an increase in personnel, the unfavorable impact of changes in foreign currency exchange rates and higher sales commission expenses attributable to the increase in sales volume. The increase in general and administrative expense resulted primarily from higher personnel-related costs, the unfavorable impact of changes in foreign currency exchange rates and an increase in costs attributable to investments in information technology. These increases were partly offset by a certain bad debt expense in 2010 that was absent in 2011 and payments that were earned during 2011 pursuant to certain product development arrangements and a license agreement. The bad debt expense in 2010 was in connection with the bankruptcy of one of our U.S. distributors, Professional Veterinary Products, Inc. (“PVP”). The increase in research and development expense was due primarily to increased personnel-related costs and higher external consulting and development costs.

 

Water. The following table presents Water expenses by functional area:

 

Operating Expenses 
(dollars in thousands)		  For the Year
Ended
December 31,
2011		   Percent of 
Revenue		   For the Year
Ended
December 31,
2010		   Percent of 
Revenue		   Dollar
Change		   Percentage
Change		 
                               
Sales and marketing  $8,906    10.8%  $7,898    10.3%  $1,008    12.8%
General and administrative   6,443    7.8%   6,328    8.3%   115    1.8%
Research and development   2,362    2.9%   2,392    3.1%   (30)   (1.3%)
Total operating expenses  $17,711    21.6%  $ 16,618    21.7%  $1,093    6.6%

 

The increase in sales and marketing expense resulted primarily from increased personnel-related costs and the unfavorable impact of changes in foreign currency exchange rates. The increase in general and administrative expense resulted primarily from the unfavorable impact of changes in foreign currency exchange rates, partly offset by a decrease in personnel-related costs. The slight decrease in research and development expense resulted primarily from lower personnel-related costs.

 

Livestock and Poultry Diagnostics. The following table presents LPD operating expenses by functional area:

 

   For the Year       For the Year             
   Ended       Ended             
Operating Expenses  December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
(dollars in thousands)  2011   Revenue   2010   Revenue   Change   Change 
                               
Sales and marketing  $15,933    16.9%  $13,820    17.0%  $2,113    15.3%
General and administrative   12,079    12.8%   12,025    14.8%   54    0.4%
Research and development   11,868    12.6%   9,739    12.0%   2,129    21.9%
Total operating expenses  $39,880    42.4%  $ 35,584    43.8%  $ 4,296    12.1%

 

The increase in sales and marketing expense resulted primarily from higher personnel-related costs and the unfavorable impact of changes in foreign currency exchange rates. The increase in personnel-related costs was due primarily to an increase in sales personnel to support growth in developing markets. The slight increase in general and administrative expense resulted primarily from the unfavorable impact of changes in foreign currency exchange rates, partly offset by a decrease in personnel-related costs. The increase in research and development expense was due primarily to an increase in personnel-related costs and, to a lesser extent, the unfavorable impact of changes in foreign currency exchange rates.

 

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Other. Operating expenses for Other increased $1.1 million to $14.7 million for the year ended December 31, 2011. This increase was due primarily to increased research and development costs in our OPTI Medical line of business driven, in part, by higher personnel-related costs and increased consulting and external development costs.

 

Unallocated Amounts. Operating expenses that are not allocated to our operating segments decreased $3.5 million to $12.2 million for the year ended December 31, 2011 due primarily to a decrease in certain personnel-related costs, receipt of a payment related to the sale of certain raw material inventory in connection with the restructuring of our pharmaceutical business in the fourth quarter of 2008, an impairment charge in 2010 that was absent in 2011, a decrease in legal and other professional fees incurred in connection with the U.S. Federal Trade Commission (“FTC”) and United Kingdom Office of Fair Trading (“OFT”) investigations and decreased foreign exchange losses during the year ended December 31, 2011 compared to the year ended December 31, 2010. The FTC investigation is discussed in more detail under the heading “Part I. Item 1A. Risk Factors”. We estimate certain personnel-related costs and allocate the estimated expenses to the operating segments. This allocation differs from actual expense and consequently yields a difference that is reported under the caption “Unallocated Amounts.” The decrease in certain personnel-related costs for Unallocated Amounts is due primarily to lower self-insured health care costs during the year ended December 31, 2011 compared to the same period of the prior year. The payment related to the sale of certain raw material inventory was not recorded in our results of operation until received due to uncertain collectability. The impairment charge in 2010 was to write-off certain design costs related to a facilities project that had changed in scope.

 

Interest Income and Interest Expense

 

Interest income was $1.7 million for the twelve months ended December 31, 2011 compared to $0.7 million for the same period of the prior year. The increase in interest income was due primarily to interest earned on a note issued in connection with a November 2010 strategic investment in a company that owns and operates veterinary hospitals and, to a lesser extent, from higher cash balances.

 

Interest expense was $3.5 million for the twelve months ended December 31, 2011 compared to $2.4 million for the same period of the prior year. In July 2011, we refinanced our existing $200 million unsecured revolving credit facility by entering into an amended and restated credit agreement relating to a five-year unsecured revolving credit facility in the principal amount of $300 million with a syndicate of multinational banks, which matures on July 25, 2016 (the new credit facility and the previous credit facility are referred to collectively as the “Credit Facility”) and requires no scheduled prepayments before that date. The increase in interest expense during the year ended December 31, 2011 in comparison to the same period of the prior year was due primarily to higher debt balances outstanding on our Credit Facility and higher effective interest rates on borrowings under our Credit Facility. As a result of the refinancing event in July 2011, applicable interest rates on borrowings under the Credit Facility generally range from 0.875 to 1.25 percentage points (the range of applicable interest rates on borrowing under the new credit facility and the previous credit facility are referred to collectively as the “Credit Spread”) above the London interbank rate (“LIBOR”) or the Canadian Dollar-denominated bankers’ acceptance rate (“CDOR”) as opposed to a Credit Spread of 0.375 to 0.875 under the pre-existing Credit Facility. Because the Credit Spread increased as a result of the refinancing event, interest expense during the year ended December 31, 2011 increased in comparison to the same period of the prior year and we expect that interest expense will continue to increase in 2012 in comparison 2011.

 

Provision for Income Taxes

 

Our effective income tax rate was 31.0% for the year ended December 31, 2011 and 30.1% for the year ended December 31, 2010. The increase in the tax rate is primarily due to lower tax benefits recognized related to the federal research and development tax incentives, lower benefits recognized in connection with the expiration of certain statutes of limitations and increased state tax.

 

In 2012, it is reasonably possible that we could recognize up to $1.3 million of income tax benefits that have not been recognized at December 31, 2011. The income tax benefits are primarily due to the lapse in the statutes of limitations for various U.S. and international tax jurisdictions.

 

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Twelve Months Ended December 31, 2010 Compared to Twelve Months Ended December 31, 2009

 

Revenue

 

Total Company. The following table presents revenue by operating segment:

 

   For the Year   For the Year                     
   Ended   Ended           Percentage   Percentage   Organic 
Net Revenue  December 31,   December 31,   Dollar   Percentage   Change from   Change from   Revenue 
(dollars in thousands)  2010   2009   Change   Change   Currency (1)   Acquisitions (2)   Growth(3) 
                                    
CAG  $905,655   $843,303   $62,352    7.4%   0.5%   0.5%   6.4%
Water   76,514    73,214    3,300    4.5%   0.8%   -    3.7%
LPD   81,177    77,208    3,969    5.1%   (2.5%)   -    7.6%
Other   40,046    37,908    2,138    5.6%   -    -    5.6%
Total  $1,103,392   $1,031,633   $71,759    7.0%   0.3%   0.4%   6.3%

  

(1)The percentage change from currency is a non-U.S. GAAP measure. It represents the percentage change in revenue resulting from the difference between the average exchange rates during the twelve months ended December 31, 2010 and the same period of the prior year applied to foreign currency denominated revenues for the twelve months ended December 31, 2010.
(2)The percentage change from acquisitions is a non-U.S. GAAP measure. It represents the percentage change in revenue during the year ended December 31, 2010 compared to the year ended December 31, 2009 attributed to incremental revenues from businesses acquired subsequent to December 31, 2008.
(3)Organic revenue growth is a non-U.S. GAAP measure and represents the percentage change in revenue during the year ended December 31, 2010 compared to the year ended December 31, 2009 net of acquisitions and the effect from changes in foreign currency exchange rates.

 

The following revenue analysis and discussion includes references to organic revenue growth. Organic revenue growth should be considered in addition to, and not as a replacement for or as superior to, revenues reported in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies. Management believes that discussing organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to our peers. In determining organic revenue growth, we exclude the effect of changes in foreign currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject to volatility and can obscure underlying business trends. We also exclude the effects of acquisitions and divestitures because the nature, size and number of acquisitions can vary dramatically from period to period and therefore can also obscure underlying business trends.

 

Companion Animal Group. The following table presents revenue by product and service category for CAG:

 

   For the Year   For the Year                     
   Ended   Ended           Percentage   Percentage   Organic 
Net Revenue  December 31,   December 31,   Dollar   Percentage   Change from   Change from   Revenue 
(dollars in thousands)  2010   2009   Change   Change   Currency (1)   Acquisitions (2)   Growth(3) 
                                    
Instruments and consumables  $354,239   $332,706   $21,533    6.5%   0.1%   -    6.4%
Rapid assay products   146,538    147,078    (540)   (0.4%)   0.3%   -    (0.7%)
Reference laboratory diagnostic and consulting services   329,666    298,410    31,256    10.5%   1.0%   1.2%   8.3%
Practice management systems and digital radiography   75,212    65,055    10,157    15.6%   0.9%   0.5%   14.2%
Pharmaceutical products   -    54    (54)   (100%)   -    -    (100%)
Net CAG revenue  $905,655   $843,303   $62,352    7.4%   0.5%   0.5%   6.4%

  

(1)The percentage change from currency is a non-U.S. GAAP measure. It represents the percentage change in revenue resulting from the difference between the average exchange rates during the twelve months ended December 31, 2010 and the same period of the prior year applied to foreign currency denominated revenues for the twelve months ended December 31, 2010.
(2)The percentage change from acquisitions is a non-U.S. GAAP measure. It represents the percentage change in revenue during the year ended December 31, 2010 compared to the year ended December 31, 2009 attributed to incremental revenues from businesses acquired subsequent to December 31, 2008.
(3)Organic revenue growth is a non-U.S. GAAP measure and represents the percentage change in revenue during the year ended December 31, 2010 compared to the year ended December 31, 2009 net of acquisitions and the effect from changes in foreign currency exchange rates.

 

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Instruments revenue was $85.5 million and $77.3 million for the twelve months ended December 31, 2010 and 2009, respectively. Consumables revenue was $228.0 million and $218.5 million for the twelve months ended December 31, 2010 and 2009, respectively. Instrument service and accessories revenue was $39.7 million and $35.7 million for the twelve months ended December 31, 2010 and 2009, respectively. The remaining sources of revenue are not significant to overall instruments and consumables revenue. Instruments revenue growth was due primarily to sales of our ProCyte Dx® instrument, our hematology analyzer that we began shipping during the third quarter of 2010, and increased sales of our Catalyst Dx® instrument and IDEXX VetLab Station®. This increase in instrument revenue was partly offset by lower average unit sales prices and lower sales volumes of our LaserCyte® instrument, due primarily to a shift in focus of our sales efforts to ProCyte Dx®. Consumables revenue growth was due primarily to higher sales volumes of consumables used with our Catalyst Dx® instrument, partly offset by lower sales of consumables used with our VetTest® instrument as Catalyst Dx® instruments continue to replace VetTest® instruments at certain customers. Instrument service and accessories revenue growth was primarily a result of the growth of our active installed base of instruments. The impact of changes in distributors’ inventory levels was not significant to reported instruments and consumables revenue.

 

The slight decrease in rapid assay revenue was due primarily to lower average unit sales prices of our SNAP® tests resulting from competitive pressures and increased price sensitivity in certain segments of our customer base as a result of economic conditions and, to a lesser extent, lower U.S. practice-level sales primarily attributable to economic conditions. These decreases were partly offset by higher sales volumes outside of the U.S. and the favorable impact of changes in distributors’ inventory levels, which increased reported rapid assay revenue growth by 1%.

 

The increase in reference laboratory diagnostic and consulting services revenue resulted primarily from the impact of higher testing volumes and, to a lesser extent, price increases. Higher testing volume was driven largely by the acquisition of new customers.

 

The increase in practice management systems and digital radiography revenue resulted primarily from higher sales volumes of companion animal digital radiography systems as this market is transitioning from older film-based systems to digital as the standard of care. An increase in service and support revenue related to both digital radiography systems and practice management systems also contributed to revenue growth. These increases were partly offset by lower average unit sales prices of our digital radiography systems resulting from competitive conditions.

 

Water. The increase in Water revenue resulted primarily from higher Colilert® product sales volumes, partly offset by lower average unit sales prices. The lower average unit sales prices resulted primarily from higher relative sales of Colilert® products in geographies where those products are sold at lower average unit sales prices.

 

Livestock and Poultry Diagnostics. The increase in LPD revenue resulted primarily from higher sales volumes of certain bovine tests and, to a lesser extent, higher sales volumes of certain swine tests. The increased sales volumes of certain bovine tests was driven primarily by increased sales in Germany where we have won several government tenders for testing in connection with a country-wide eradication program for a virus impacting beef and dairy production yields. These increases were partly offset by lower average unit sales prices due to competitive conditions.

 

Other. The increase in Other revenue was attributable primarily to higher sales volumes of our Dairy SNAP® test for the detection of the chemical melamine and higher sales volumes of consumables used with our OPTI Medical® instruments. These increases were partly offset by lower sales volumes of our Dairy SNAP® Beta Lactam test used for the detection of antibiotic residue in milk.

 

45
 

 

Gross Profit

 

Total Company. The following table presents gross profit and gross profit percentages by operating segment:

 

   For the Year       For the Year             
   Ended       Ended             
Gross Profit    December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
(dollars in thousands)  2010   Revenue   2009   Revenue   Change   Change 
                              
CAG  $458,491    50.6%  $410, 033    48.6%  $48,458    11.8%
Water   48,231    63.0%   46,793    63.9%   1,438    3.1%
LPD   55,187    68.0%   51,711    67.0%   3,476    6.7%
Other   17,732    44.3%   16,919    44.6%   813    4.8%
Unallocated amounts   (1,018)   N/A    825    N/A    (1,843)   (223.4%)
Total Company  $578,623    52.4%  $526,281    51.0%  $52,342    9.9%

 

Companion Animal Group. Gross profit for CAG increased due to higher sales and an increase in the gross profit percentage to 51% from 49%. The increase in the gross profit percentage was attributable primarily to improvements in the cost to manufacture and service our IDEXX VetLab® instruments and increased volume leverage and other efficiency gains in our reference laboratory diagnostics and consulting services business. Lower depreciation on instruments placed at customer sites under usage agreements also contributed to the increase in the gross profit percentage, as we have reduced this type of placement activity and an increasing number of prior placements have become fully depreciated and ownership has transferred to the customer. These favorable impacts were partly offset by the unfavorable impact of currency driven primarily by hedging losses during the year ended December 31, 2010 compared to hedging gains during the year ended December 31, 2009.

 

Water. Gross profit for Water increased as higher sales were partly offset by a decrease in the gross profit percentage to 63% from 64%. The decrease in the gross profit percentage for Water was driven primarily by hedging losses during the year ended December 31, 2010 compared to hedging gains during the year ended December 31, 2009. These unfavorable impacts were partly offset by higher relative sales of higher margin products and lower overall manufacturing costs.

 

Livestock and Poultry Diagnostics. Gross profit for LPD increased due to higher sales and an increase in the gross profit percentage to 68% from 67%. The increase in the gross profit percentage was due primarily to lower overall manufacturing costs and higher relative sales of higher margin products. These increases were partly offset by lower overall average unit sales prices and the unfavorable impact of currency driven by the net unfavorable impact of changes in foreign currency exchange rates and lower hedging gains during the year ended December 31, 2010 compared to the year ended December 31, 2009.

 

Other. Gross profit for Other increased as higher sales were partly offset by a slight decrease in the gross profit percentage. The slight decrease in the gross profit percentage was due primarily to increased overall manufacturing costs in our OPTI Medical and Dairy businesses and the unfavorable impact of currency driven by the net unfavorable impact of changes in foreign currency exchange rates and lower hedging gains during the year ended December 31, 2010 compared to the year ended December 31, 2009. These unfavorable impacts were partly offset by lower costs of service in our OPTI Medical and Dairy businesses.

 

Unallocated Amounts. Gross profit for Unallocated Amounts decreased due primarily to an increase in certain personnel-related costs. We estimate certain personnel-related costs and allocate the estimated expenses to the operating segments. This allocation differs from actual expense and consequently yields a difference that is reported under the caption “Unallocated Amounts.” The increase in certain personnel-related costs for Unallocated Amounts is due primarily to higher self-insured health care costs during the year ended December 31, 2010 compared to the same period of the prior year.

 

Operating Expenses and Operating Income

 

Total Company. The following tables present operating expenses and operating income by operating segment:

 

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   For the Year       For the Year             
   Ended       Ended             
Operating Expenses  December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
(dollars in thousands)  2010   Revenue   2009   Revenue   Change   Change 
                               
CAG  $293,278    32.4%  $278,295    33.0%  $14,983    5.4%
Water   16,618    21.7%   15,950    21.8%   668    4.2%
LPD   35,584    43.8%   34,360    44.5%   1,224    3.6%
Other   13,607    34.0%   13,740    36.3%   (133)   (1.0%)
Unallocated amounts   15,655    N/A    7,967    N/A    7,688    96.5%
Total Company  $374,742    34.0%  $350,312    34.0%  $24,430    7.0%

 

                         
   For the Year       For the Year             
   Ended       Ended             
Operating Income  December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
(dollars in thousands)  2010   Revenue   2009   Revenue   Change   Change 
                         
CAG  $165,213    18.2%  $131,738    15.6%  $33,475    25.4%
Water   31,613    41.3%   30,843    42.1%   770    2.5%
LPD   19,603    24.2%   17,351    22.5%   2,252    13.0%
Other   4,125    10.3%   3,179    8.4%   946    29.8%
Unallocated amounts   (16,673)   N/A    (7,142)   N/A    (9,531)   (133.5%)
Total Company  $203,881    18.5%  $175,969    17.1%  $27,912    15.9%

 

Companion Animal Group. The following table presents CAG operating expenses by functional area:

 

   For the Year       For the Year             
   Ended       Ended             
Operating Expenses  December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
(dollars in thousands)  2010   Revenue   2009   Revenue   Change   Change 
                               
Sales and marketing  $151,652    16.7%  $142,434    16.9%  $9,218    6.5%
General and administrative   97,721    10.8%   95,305    11.3%   2,416    2.5%
Research and development   43,905    4.9%   40,556    4.8%   3,349    8.3%
Total operating expenses  $293,278    32.4%  $278,295    33.0%  $14,983    5.4%

 

The increase in sales and marketing expense resulted primarily from increased personnel-related costs, including an investment in field sales technical support personnel. The increase in general and administrative expense resulted primarily from higher personnel-related costs, the unfavorable impact of changes in foreign currency exchange rates, an increase in costs attributable to information technology investments and an increase in bad debt expense in connection with the bankruptcy of one of our U.S. distributors, PVP. These increases were partly offset by the absence of an impairment charge of $1.5 million that was recorded in the fourth quarter of 2009 to write off an acquired intangible asset associated with our equine digital radiography business. The increase in research and development expense resulted primarily from increased personnel-related costs.

 

Water. The following table presents Water expenses by functional area:

 

   For the Year       For the Year             
   Ended       Ended             
Operating Expenses  December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
(dollars in thousands)  2010   Revenue   2009   Revenue   Change   Change 
                               
Sales and marketing  $7,898    10.3%  $7,192    9.8%  $706    9.8%
General and administrative   6,328    8.3%   6,108    8.3%   220    3.6%
Research and development   2,392    3.1%   2,650    3.6%   (258)   (9.7%)
Total operating expenses  $16,618    21.7%  $15,950    21.8%  $668    4.2%

 

The increase in sales and marketing expense resulted primarily from increased personnel-related costs. The increase in general and administrative expense resulted from an increase in costs attributable to information technology investments and increased personnel-related costs. The decrease in research and development expense was due primarily to decreased spending related to qualifying additional suppliers of certain raw materials and a reduction in personnel-related costs.

 

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Livestock and Poultry Diagnostics. The following table presents LPD operating expenses by functional area:

 

   For the Year       For the Year             
   Ended       Ended             
Operating Expenses  December 31,   Percent of   December 31,   Percent of   Dollar   Percentage 
(dollars in thousands)  2010   Revenue   2009   Revenue   Change   Change 
                               
Sales and marketing  $13,820    17.0%  $12,679    16.4%  $1,141    9.0%
General and administrative   12,025    14.8%   13,173    17.1%   (1,148)   (8.7%)
Research and development   9,739    12.0%   8,508    11.0%   1,231    14.5%
Total operating expenses  $35,584    43.8%  $34,360    44.5%  $1,224    3.6%

 

The increase in sales and marketing expense resulted primarily from an increase in personnel-related costs. The decrease in general and administrative expense resulted primarily from decreased personnel-related costs and lower amortization on our existing intangible assets. These decreases were partly offset by the net unfavorable impact of changes in foreign currency exchange rates and an increase in costs attributable to information technology investments. The increase in research and development expense was due primarily to an increase in personnel-related costs.

 

Other. Operating expenses for Other decreased $0.1 million to $13.6 million for the year ended December 31, 2010. This slight decrease was due primarily to an incremental milestone payment earned in 2010 related to the sale of product rights previously included in our pharmaceutical product lines, partly offset by higher personnel-related costs in our Dairy business attributable, in part, to the development of business in China. Milestone payments in the third and fourth quarters of 2010 totaling $3.0 million were earned due to the achievement of certain sales milestones by the third party that purchased the product rights. In the fourth quarter of 2009, we earned a milestone payment of $2.0 million from the same third party as the result of the achievement of certain development milestones for this product. Because we have no obligation to deliver product or services, or otherwise provide support to the third party under this agreement, and because collectability is reasonably assured, these milestone payments, and any other related milestone payments we earn in the future, are included in results of operations when earned, but are not classified as revenue because the transaction was accounted for as the sale of a business.

 

Unallocated Amounts. Operating expenses that are not allocated to our operating segments increased $7.7 million to $15.7 million for the year ended December 31, 2010 due primarily to increased legal and other fees incurred in connection with our response to the FTC subpoena, discussed in more detail under the heading “Part I, Item 1A. Risk Factors” in this Annual Report on Form 10-K; foreign currency exchange losses during the year ended December 31, 2010 compared to gains during the year ended December 31, 2009; an increase in costs attributable to investments in information technology; and the write-off in 2010 of certain design costs related to a facilities project that changed in scope. These unfavorable impacts were partly offset by the absence of an impairment charge in 2010 compared to 2009 and lower research and development personnel-related costs. The impairment charge recorded in 2009 was to write-off software to manage the various aspects of product development and product lifecycles.

 

Interest Income and Interest Expense

 

Interest income was $0.7 million for the year ended December 31, 2010 compared to $0.5 million for the same period of the prior year. The increase in interest income was due primarily to higher average invested cash balances.

 

Interest expense was $2.4 million for the year ended December 31, 2010 compared to $1.9 million for the same period of the prior year. The increase in interest expense was due primarily to higher effective interest rates and, to a lesser extent, higher average balances outstanding on our Credit Facility. With the commencement of our interest rate swap agreements on March 31, 2010, we effectively fixed our interest rate at 2% plus the Credit Spread on $80 million of funds borrowed under the Credit Facility through March 31, 2012. As the fixed rate under the interest rate swap agreements is higher than the weighted average interest rate of debt outstanding during 2009, interest expense was higher for the year ended December 31, 2010 compared to the same period of the prior year.

 

48
 

 

Provision for Income Taxes

 

Our effective income tax rate was 30.1% for the year ended December 31, 2010 and 30.0% for the year ended December 31, 2009. The slight increase in the tax rate is due primarily to an increase in earnings taxed at domestic rates that are higher than international rates, partly offset by tax benefits related to U.S. manufacturing activities that were fully phased in effective January 1, 2010.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

A discussion of recent accounting pronouncements is included in Note 2 to the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K.

 

LIQUIDITY AND CAPITAL RESOURCES

 

We fund the capital needs of our business through cash on hand, funds generated from operations, and amounts available under our Credit Facility. At December 31, 2011 and December 31, 2010, we had $183.9 million and $156.9 million, respectively, of cash and cash equivalents, and working capital of $87.3 million and $175.5 million, respectively. Additionally, at December 31, 2011, we had remaining borrowing availability of $56.0 million under our $300 million Credit Facility. We believe that, if necessary, we could obtain additional borrowings at prevailing market interest rates to fund our growth objectives. We further believe that current cash and cash equivalents, funds generated from operations, and available borrowings will be sufficient to fund our operations, capital purchase requirements, and strategic growth needs for the next twelve months, and that these resources will be sufficient in the long-term to fund our business as currently conducted.

 

We consider the majority of the operating earnings of certain non-United States subsidiaries to be indefinitely invested outside the U.S. Changes to this position could have adverse tax consequences. We manage our worldwide cash requirements considering available funds among all of our subsidiaries. Our foreign cash balances are generally available without restrictions to fund ordinary business operations outside the U.S. Of our total cash and cash equivalents at December 31, 2011, approximately $180 million was held by our foreign subsidiaries and were subject to material repatriation tax effects.  The amount of cash and cash equivalents held by foreign subsidiaries subject to other restrictions on the free flow of funds (primarily securing various obligations) was approximately $1.2 million. As of December 31, 2011, 51% of the cash and cash equivalents held by our foreign subsidiaries were held as bank deposits, 46% were invested in money market funds restricted to U.S. government and agency securities, and 3% were invested in money market funds restricted to non-U.S. government securities corresponding to the investment currency. Approximately 66% of the cash and cash equivalents held by our foreign subsidiaries were held in U.S. dollars.

 

Should we require more capital in the U.S. than is generated by our operations domestically, for example to fund significant discretionary activities, we could elect to repatriate future earnings from foreign jurisdictions or raise capital in the U.S. through debt or equity issuances. These alternatives could result in higher effective tax rates, increased interest expense, or other dilution of our earnings. We have borrowed funds domestically and continue to have the ability to borrow funds domestically at reasonable interest rates.

 

The following table presents additional key information concerning working capital:

 

   For the Three Months Ended 
   December 31,   September 30,   June 30,   March 31,   December 31, 
   2011   2011   2011   2011   2010 
                          
Days sales outstanding(1)   41.0    43.1    41.2    40.2    38.7 
Inventory turns(2)   1.8    1.7    1.7    1.8    1.8 

 

(1) Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days.
(2) Inventory turns represents inventory-related cost of product revenue for the 12 months preceding each quarter-end divided by the inventory balance at the end of the quarter.

 

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Sources and Uses of Cash

 

The following table presents cash provided (used):

 

   For the Years Ended December 31, 
(dollars in thousands)  2011   2010   Dollar Change 
             
Net cash provided by operating activities  $220,700   $178,833   $41,867 
Net cash used by investing activities   (96,996)   (43,190)   (53,806)
Net cash used by financing activities   (97,657)   (86,769)   (10,888)
Net effect of changes in exchange rates on cash   933    1,313    (380)
Net increase in cash and cash equivalents  $26,980   $50,187   $(23,207)

 

Operating Activities. Cash provided by operating activities was $220.7 million for the year ended December 31, 2011 compared to $178.8 million for the same period in 2010. The total of net income and net non-cash charges, excluding the impact of reclassifying the tax benefit from exercises of stock options and vesting of restricted stock units to a financing activity, was $230.4 million for the year ended December 31, 2011 compared to $200.1 million for the same period in 2010, resulting in incremental operating cash flows of $30.3 million driven primarily by the increase in net income. The total of changes in operating assets and liabilities and the tax benefit from share-based compensation arrangements decreased cash by $9.7 million and $21.3 million for the years ended December 31, 2011 and 2010, respectively, resulting in an incremental increase in cash of $11.6 million.

 

The following table presents cash flows from changes in operating assets and liabilities and the tax benefit from share-based compensation arrangements:

 

   For the Years Ended December 31, 
(dollars in thousands)  2011   2010   Dollar Change 
             
Accounts receivable  $(24,809)  $(6,914)  $(17,895)
Inventories   (6,310)   (19,469)   13,159 
Other assets   (1,339)   (13,208)   11,869 
Accounts payable   13,884    3,482    10,402 
Accrued liabilities   17,564    30,604    (13,040)
Deferred revenue   7,341    2,370    4,971 
Tax benefit from share-based compensation arrangements   (16,007)   (18,126)   2,119 
Total change in cash due to changes in operating assets and liabilities and the tax benefit from share-based compensation arrangements  $(9,676)  $(21,261)  $11,585 

 

 

The increase in inventory during the year ended December 31, 2011 was less than the increase during the year ended December 31, 2010 due primarily to the timing of inventory receipts, most significantly of slides used with our chemistry analyzers. Incremental cash provided by the change in other assets was due primarily to the use of prepaid tax amounts resulting in lower taxes paid during the year ended December 31, 2011 in comparison to the same period of the prior year. The increase in accounts payable during both the year ended December 31, 2011 and 2010 was due primarily to a combination of the timing of payments and the increase in expenses during both periods. Incremental cash provided by the changes in deferred revenue is the result of an increase in placements of IDEXX VetLab® instruments, digital radiography systems and Cornerstone® practice management systems under customer programs, discussed in more detail under the heading “Part II, Item 7. Critical Accounting Policies and Estimates”. Incremental cash used related to the changes in accounts receivable was driven primarily by higher revenues in the last month of the quarter ended December 31, 2011 and a slightly higher number of days sales outstanding as compared to the comparative periods in the prior year. Incremental cash used related to the changes in accrued liabilities was driven primarily by higher accelerated tax deductions as compared to the same period of the prior year.

 

We historically have experienced proportionally lower net cash flows from operating activities during the first quarter and proportionally higher cash flows from operating activities for the remainder of the year and for the annual period driven primarily by the payment of annual bonuses in connection with management and non-management employee incentive programs in the first quarter following the year for which the bonuses were earned.

 

50
 

 

Investing Activities. Cash used by investing activities was $97.0 million for the year ended December 31, 2011 compared to cash used of $43.2 million for the same period of 2010. The increase in cash used by investing activities was due primarily to the acquisitions of three businesses, incremental investments in our facilities and information technology and the acquisition of a customer list intangible asset. During the year ended December 31, 2011, we paid an aggregate of $46.8 million in cash to acquire three businesses, each accounted for as separate business combinations. The incremental investments in our facilities were driven primarily by a $5.6 million investment in our Memphis, Tennessee location and a $4.3 million incremental investment in the renovation and expansion of our Westbrook, Maine location during the year ended December 31, 2011 in comparison to the same period of the prior year. The additional investments in information technology were driven primarily by a $4.1 million incremental investment in our suite of business software applications and related hardware during the year ended December 31, 2011 in comparison to the same period of the prior year. Also during the year ended December 31, 2011, we paid $1.0 million to acquire a customer list intangible asset unrelated to the aforementioned business acquisitions.

 

This increase in cash used was partly offset by the receipt of milestone payments aggregating $3.0 million during the year ended December 31, 2011 in connection with the gain and receivable recorded in the third and fourth quarters of 2010 related to the achievement of certain sales milestones by the acquirer of our feline insulin product.

 

Our total capital expenditure plan for 2012 is approximately $60 million, which includes approximately $11 million for the renovation and expansion of our headquarters facility.

 

Financing Activities. Cash used by financing activities was $97.7 million for the year ended December 31, 2011 compared to cash used of $86.8 million for the same period in 2010. The increase in cash used by financing activities was due primarily to an increase in cash used to repurchase common stock, partly offset by higher net borrowings under the Credit Facility.

 

Cash used to repurchase common stock increased by $112.4 million during the year ended December 31, 2011 compared to the year ended December 31, 2010. From the inception of our common stock repurchase program in August 1999 to December 31, 2011, we have repurchased 43.6 million shares. During the year ended December 31, 2011, we purchased 3.4 million shares for an aggregate cost of $255.5 million compared to purchases of 2.5 million shares for an aggregate cost of $143.1 million during the year ended December 31, 2010. We believe that the repurchase of our common stock is a favorable investment, and we also repurchase to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing activities and the share price. See Note 18 to the consolidated financial statements included in this Annual Report on Form 10-K for additional information about our share repurchases.

 

Net borrowing and repayment activity under our Credit Facility resulted in incremental cash provided of $103.8 million during the year ended December 31, 2011 compared to the same period of the prior year. At December 31, 2011, we had $243.0 million outstanding under the Credit Facility. The general availability of funds under the Credit Facility is further reduced by $1.0 million for a letter of credit issued related to our workers’ compensation policy covering claims for the years 2009, 2010 and 2011. The obligations under the Credit Facility may be accelerated upon the occurrence of an event of default under the Credit Facility, which includes customary events of default including, without limitation, payment defaults, defaults in the performance of affirmative and negative covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, defaults relating to judgments, certain events related to employee pension benefit plans under the Employee Retirement Income Security Act of 1974, the failure to pay specified indebtedness, and a change of control default. The Credit Facility contains affirmative, negative and financial covenants customary for financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, fundamental changes, investments, transactions with affiliates and certain restrictive agreements. The financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation and amortization, defined as the consolidated leverage ratio under the terms of the Credit Facility, not to exceed 3-to-1. At December 31, 2011, we were in compliance with the covenants of the Credit Facility.

 

51
 

 

Other Commitments, Contingencies and Guarantees

 

Under our worker’s compensation insurance policies for U.S. employees since January 1, 2003, we have retained the first $250,000 in claim liability per incident with aggregate maximum claim liabilities per year of $2.0 million in 2011 and $2.9 million in each of 2010 and 2009. The insurance company provides for insurance claims above the individual occurrence and aggregate limits. We have recognized cumulative expenses of $0.5 million, $0.6 million, and $0.4 million for claims incurred during the years ended December 31, 2011, 2010 and 2009. Our estimated liability for worker’s compensation as of December 31, 2011 and 2010 was $0.7 million and $1.1 million, respectively. Therefore, it is possible that we could incur additional healthcare and wage indemnification costs beyond those previously recognized up to our aggregate liability for each of the respective claim years. For the seven years ended on or prior to December 31 2009, based on our retained claim liability per incident and our aggregate claim liability per year, our maximum liability at December 31, 2011 in excess of the amounts deemed probable and previously recognized is not material. In connection with these policies, we have outstanding letters of credit totaling $1.6 million to the insurance companies as security for these claims.

 

We have contingent commitments outstanding of up to $10.3 million related primarily to the acquisition of an intangible asset in 2008 and due to the seller upon our achievement of certain revenue and other milestones. We have not accrued for the commitments related to this intangible asset acquisition as we do not deem them to be probable of occurring as of December 31, 2011. The remaining commitments are not material.

 

We are contractually obligated to make the following payments in the years below:

 

(in thousands)  Total   2012   2013–2014   2015–2016   After 2016 
                          
Long-term debt obligations (1)  $3,636   $1,091   $2,181   $364   $- 
Operating leases   60,202    12,813    18,137    11,172    18,080 
Purchase obligations (2)   110,130    106,814    3,316    -    - 
Minimum royalty payments   5,689    914    1,720    1,140    1,915 
Total contractual cash obligations  $179,657   $121,632   $25,354   $12,676   $19,995 

 

(1)Long-term debt amounts include interest payments associated with long-term debt.
(2)Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities, pricing, and approximate timing of purchase transactions.

 

These commitments do not reflect unrecognized tax benefits of $5.2 million and deferred compensation liabilities of $2.1 million as of December 31, 2011 as the timing of recognition is uncertain. Refer to Note 12 of the consolidated financial statements for the year ended December 31, 2011 included in this Annual Report on Form 10-K for additional discussion of unrecognized tax benefits.

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

 

Our financial market risk consists primarily of foreign currency exchange risk and interest rate risk. Our functional currency is the U.S. dollar and our primary manufacturing operations are in the U.S., but we distribute our products worldwide both through direct export and through our foreign subsidiaries. Our primary foreign currency transaction risk consists of intercompany purchases and sales of products and we attempt to mitigate this risk through our hedging program described below. For the years ended December 31, 2011, 2010 and 2009, approximately 26%, 25% and 24%, respectively, of IDEXX sales were derived from products manufactured in the U.S. and sold internationally in local currencies. The functional currency of most of our subsidiaries is their local currency. For one of our subsidiaries located in the Netherlands, the functional currency is the U.S. dollar.

 

The primary purpose of our foreign currency hedging activities is to protect against the volatility associated with foreign currency transactions. We also utilize natural hedges to mitigate our transaction and commitment exposures. Our corporate policy prescribes the range of allowable hedging activity. We enter into foreign currency exchange contracts with large multinational financial institutions and we do not hold or engage in transactions involving derivative instruments for purposes other than risk management. Our accounting policies for these contracts are based on our designation of such instruments as hedging transactions. Changes in the fair value of our derivative instruments are either recognized in earnings or deferred in other comprehensive income (“OCI”), net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We primarily utilize foreign currency exchange contracts with durations of less than 24 months.

 

Our subsidiaries enter into foreign currency exchange contracts to manage the exchange risk associated with their forecasted intercompany inventory purchases and sales for the next year. From time to time, we may also enter into foreign currency exchange contracts to minimize the impact of foreign currency fluctuations associated with specific, significant transactions.

 

52
 

 

Our foreign currency hedging strategy is consistent with prior periods and there were no material changes in our market risk exposure during the year ended December 31, 2011. We enter into foreign currency exchange contracts designated as cash flow hedges for amounts that are less than the full value of forecasted intercompany purchases and sales and for amounts that are equivalent to, or less than, other significant transactions, thus no significant ineffectiveness has resulted or been recorded through the statements of operations. Our hedging strategy related to intercompany inventory purchases and sales provides that we employ the full amount of our hedges for the succeeding year at the conclusion of our budgeting process for that year, which is complete by the end of the preceding year. Quarterly, we enter into contracts to hedge incremental portions of anticipated foreign currency transactions for the current and following year that are in excess of amounts previously hedged. Accordingly, our risk with respect to foreign currency exchange rate fluctuations may vary throughout each annual cycle.

 

We enter into hedge agreements where we believe we have meaningful exposure to foreign currency exchange risk. The notional amount of foreign currency exchange contracts to hedge forecasted intercompany purchases and sales outstanding at December 31, 2011 and 2010 was $161.8 million and $133.2 million, respectively. At December 31, 2011, we had $4.1 million in net unrealized gains on foreign currency exchange contracts designated as hedging instruments recorded in other comprehensive income, which is net of $1.0 million in taxes.

 

Our foreign currency exchange risk is comprised of three components: 1) local currency revenues and expenses; 2) the impact of settled hedge contracts; and 3) intercompany and monetary balances for our subsidiaries that are denominated in a currency that is different from the functional currency used by each subsidiary.  Based on projected revenues and expenses for 2012 excluding the impact of intercompany and trade balances denominated in currencies other than the functional subsidiary currencies, a 10% strengthening of the U.S. dollar would reduce operating income by approximately $8 million. The impact of the intercompany and monetary balances referred to in the third component above have been excluded, as they are transacted at multiple times during the year and we are not able to reliably forecast the impact that changes in exchange rates would have.

 

In July 2011, we refinanced our existing $200 million unsecured revolving credit facility by entering into an amended and restated credit agreement relating to a five-year unsecured revolving credit facility in the principal amount of $300 million with a syndicate of multinational banks, which matures on July 25, 2016 (the new credit facility and the previous credit facility are referred to collectively as the “Credit Facility”). We are subject to interest rate risk based on the terms of our Credit Facility to the extent that the London interbank rate (“LIBOR”) or the Canadian Dollar-denominated bankers’ acceptance rate (“CDOR”) increases. Borrowings under our Credit Facility bear interest in the range from 0.875 to 1.25 percentage points (the range of applicable interest rates on borrowing under the new credit facility and the previous credit facility are referred to collectively as the “Credit Spread”) above the LIBOR or the CDOR, dependent on our consolidated leverage ratio, and the interest period terms for the outstanding borrowings, which range from one to six months. As discussed below, we have entered into forward fixed interest rate swaps to mitigate interest rate risk in future periods. Borrowings outstanding under the Credit Facility at December 31, 2011 were $243.0 million at a weighted-average interest rate of 1.7%. Based on amounts outstanding at December 31, 2011, an increase in the LIBOR or the CDOR of 1% would increase interest expense by approximately $1.6 million on an annualized basis.

 

In 2009, we entered into two forward fixed interest rate swap agreements to manage the economic effect of variable interest obligations. Under these agreements, beginning on March 31, 2010 the variable interest rate associated with $80 million of borrowings outstanding under the Credit Facility became effectively fixed at 2% plus the Credit Spread through March 30, 2012. In August 2011, we entered into two additional forward fixed interest rate swap agreements for the same purpose. Under these agreements, beginning on March 30, 2012, the variable interest rate associated with $40 million of borrowings outstanding under the Credit Facility will become effectively fixed at 1.36% plus the Credit Spread through June 30, 2016 and beginning on March 28, 2013, the variable interest rate associated with an additional $40 million of borrowings outstanding under the Credit Facility will become effectively fixed at 1.64% plus the Credit Spread through June 30, 2016. We have designated these swaps as qualifying instruments to be accounted for as cash flow hedges. See Note 17 to the consolidated financial statements included in this Annual Report on Form 10-K for a discussion of our derivative instruments and hedging activities.

 

53
 

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The response to this item is submitted as a separate section of this report commencing on page F-1.

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

Not applicable.

 

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ITEM 9A. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

Our management is responsible for establishing and maintaining disclosure controls and procedures, as defined by the SEC in its Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 as amended (the “Exchange Act”). The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures at December 31, 2011, our chief executive officer and chief financial officer have concluded that, as of such date, the Company’s disclosure controls and procedures were effective at the reasonable assurance level.

 

Report of Management on Internal Control Over Financial Reporting

 

We are responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company’s internal control over financial reporting is 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 in the United States of America and includes those policies and procedures that:

 

·Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

 

·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

 

·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. In addition, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions and that the degree of compliance with the policies and procedures may deteriorate.

 

We conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, we conclude that, at December 31, 2011, our internal control over financial reporting was effective.

 

The effectiveness of the Company's internal control over financial reporting at December 31, 2011 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein.

 

55
 

 

Changes in Internal Control Over Financial Reporting

 

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2011 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

Certifications

 

The certifications with respect to disclosure controls and procedures and internal control over financial reporting of the Company’s chief executive officer and chief financial officer are attached as Exhibits 31.1 and 31.2 to this Annual Report on Form 10-K.

 

ITEM 9B. OTHER INFORMATION

 

Not applicable.

 

PART III

 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

The information required by this Item with respect to Directors, Section 16(a) compliance and corporate governance is omitted from this Annual Report on Form 10-K and, pursuant to Regulation 14A of the Exchange Act, is incorporated herein by reference from the sections entitled “Corporate Governance – Committees of the Board of Directors – Audit Committee,” “Corporate Governance – Corporate Governance Guidelines and Code of Ethics,” “Election of Directors” and “Section 16(a) Beneficial Ownership Reporting Compliance” in the Company’s definitive proxy statement with respect to its 2012 Annual Meeting of Stockholders, which proxy statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this report. For information required by this Item regarding Executive Officers with respect to Item 401 of Regulation S-K, see the section titled “Executive Officers of the Company” under “Part I.”

 

ITEM 11. EXECUTIVE COMPENSATION

 

The information required by this Item is omitted from this Annual Report on Form 10-K and, pursuant to Regulation 14A of the Exchange Act, is incorporated herein by reference from the sections entitled “Executive Compensation,” “Corporate Governance – Committees of the Board – Compensation Committee – Analysis of Risks Associated with Compensation Practices,” “Corporate Governance – Committees of the Board – Compensation Committee – Compensation Committee Interlocks and Insider Participation,” and “Executive Compensation - Compensation Committee Report” in the Company’s definitive proxy statement with respect to its 2012 Annual Meeting of Stockholders, which proxy statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this report.

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

The information required by this Item with respect to Item 201(d) of Regulation S-K has been included in the section titled “Securities Authorized for Issuance Under Equity Compensation Plans” under “Part II, Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.” The information required by this Item with respect to Item 403 of Regulation S-K is omitted from this Annual Report on Form 10-K and, pursuant to Regulation 14A of the Exchange Act, is incorporated herein by reference from the sections entitled “Ownership of Common Stock by Directors and Officers” and “Ownership of More Than Five Percent of Our Common Stock” in the Company’s definitive proxy statement with respect to its 2012 Annual Meeting of Stockholders, which proxy statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this report.

 

56
 

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

 

The information required by this Item is omitted from this Annual Report on Form 10-K and, pursuant to Regulation 14A of the Exchange Act, is incorporated herein by reference from the sections entitled “Corporate Governance – Related Party Transactions” and “Corporate Governance – Director Independence” in the Company’s definitive proxy statement with respect to its 2012 Annual Meeting of Stockholders, which proxy statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this report.

 

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

The information required by this Item is omitted from this Annual Report on Form 10-K and, pursuant to Regulation 14A of the Exchange Act, is incorporated herein by reference from the sections entitled “Ratification of Appointment of Independent Registered Public Accounting Firm – Independent Auditors’ Fees” and “Ratification of Appointment of Independent Registered Public Accounting Firm – Audit Committee Pre-Approval Policy” in the Company’s definitive proxy statement with respect to its 2012 Annual Meeting of Stockholders, which proxy statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this report.

 

PART IV

 

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 

The following documents are filed as part of this Form 10-K:

 

(a) (1) and (a) (2)   The financial statements set forth in the Index to Consolidated Financial Statements and the Consolidated Financial Statement Schedule are filed as a part of this Annual Report on Form 10-K commencing on page F-1.
     
(a)(3) and (c)   The exhibits listed in the accompanying Exhibit Index are filed as part of this Annual Report on Form 10-K and either filed herewith or incorporated by reference herein, as applicable.

 

 

57
 

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.

 

  IDEXX LABORATORIES, INC.
   
  By: /s/ Jonathan W. Ayers
Date: February 17, 2012 Jonathan W. Ayers
  President and Chief Executive Officer

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

 

  SIGNATURE   TITLE   DATE  
             
             
  /s/ Jonathan W. Ayers   President, Chief Executive Officer and   February 17, 2012  
  Jonathan W. Ayers   Chairman of the Board of Directors      
             
  /s/ Merilee Raines   Corporate Vice President, Chief Financial   February 17, 2012  
  Merilee Raines  

Officer and Treasurer

(Principal Financial and Accounting Officer)

      
             
  /s/ Thomas Craig   Director   February 17, 2012  
  Thomas Craig          
             
  /s/ William T. End   Director   February 17, 2012  
  William T. End          
             
  /s/ Rebecca M. Henderson, PhD   Director   February 17, 2012  
  Rebecca M. Henderson, PhD          
             
  /s/ Barry C. Johnson, PhD   Director   February 17, 2012  
  Barry C. Johnson, PhD          
             
  /s/ Brian P. McKeon   Director   February 17, 2012  
  Brian P. McKeon          
             
  /s/ Joseph V. Vumbacco   Director   February 17, 2012  
  Joseph V. Vumbacco          
             
  /s/ Robert J. Murray   Director   February 17, 2012  
  Robert J. Murray          

 

58
 

  

FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA

 

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

AND

CONSOLIDATED FINANCIAL STATEMENT SCHEDULE

 

  Page No.
   
Report of Independent Registered Public Accounting Firm F-2
   
Consolidated Balance Sheets as of December 31, 2011 and 2010 F-3
   
Consolidated Statements of Income for the Years Ended December 31, 2011, 2010 and 2009 F-4
   
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2011, 2010 and 2009 F-5
   
Consolidated Statements of Cash Flows for the Years Ended December 31, 2011, 2010 and 2009 F-7
   
Notes to Consolidated Financial Statements F-8
   
Schedule II  
Valuation and Qualifying Accounts F-39

 

F-1
 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Stockholders of IDEXX Laboratories, Inc.

 

In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all material respects, the financial position of IDEXX Laboratories, Inc. and its subsidiaries at December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the accompanying index presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective 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 (COSO). The Company's management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the Report of Management on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Company's internal control over financial reporting based on our integrated 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

 

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 (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

 

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.

 

/s/ PricewaterhouseCoopers LLP

 

Boston, Massachusetts

February 17, 2012

 

F-2
 

  

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

 

   December 31,   December 31, 
   2011   2010 
           
ASSETS          
Current Assets:          
Cash and cash equivalents  $183,895   $156,915 
Accounts receivable, net of reserves of $3,239 in 2011 and $2,828 in 2010   141,275    120,080 
Inventories   133,099    127,885 
Deferred income tax assets   25,637    26,203 
Other current assets   40,321    29,508 
Total current assets   524,227    460,591 
Long-Term Assets:          
Property and equipment, net   216,777    201,725 
Goodwill   172,610    149,112 
Intangible assets, net   69,209    55,752 
Other long-term assets, net   47,991    29,964 
Total long-term assets   506,587    436,553 
Total Assets  $1,030,814   $897,144 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current Liabilities:          
Accounts payable  $36,551   $22,669 
Accrued liabilities   141,383    118,598 
Line of credit   243,000    128,999 
Current portion of long-term debt   917    863 
Current portion of deferred revenue   15,028    13,983 
Total current liabilities   436,879    285,112 
Long-Term Liabilities:          
Deferred income tax liabilities   23,288    18,661 
Long-term debt, net of current portion   2,501    3,418 
Long-term deferred revenue, net of current portion   10,823    4,627 
Other long-term liabilities   17,730    11,045 
Total long-term liabilities   54,342    37,751 
Total liabilities   491,221    322,863 
           
Commitments and Contingencies (Note 14)          
           
Stockholders’ Equity:          
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 99,229 and 97,968 shares in 2011 and 2010, respectively   9,923    9,797 
Additional paid-in capital   702,575    641,645 
Deferred stock units: Outstanding: 119 and 118 units in 2011 and 2010, respectively   4,688    4,433 
Retained earnings   1,127,326    965,540 
Accumulated other comprehensive income   15,443    13,467 
Treasury stock, at cost: 44,128 and 40,657 shares in 2011 and 2010, respectively   (1,320,376)   (1,060,647)
Total IDEXX Laboratories, Inc. stockholders’ equity   539,579    574,235 
Noncontrolling interest   14    46 
Total stockholders’ equity   539,593    574,281 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $1,030,814   $897,144 

 

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

 

F-3
 

 

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Revenue:               
Product revenue  $782,654   $718,107   $687,010 
Service revenue   436,035    385,285    344,623 
Total revenue   1,218,689    1,103,392    1,031,633 
Cost of revenue:               
Cost of product revenue   309,795    285,936    281,043 
Cost of service revenue   262,388    238,833    224,309 
Total cost of revenue   572,183    524,769    505,352 
Gross profit   646,506    578,623    526,281 
Expenses:               
Sales and marketing   204,850    179,626    167,748 
General and administrative   129,389    126,519    117,440 
Research and development   76,042    68,597    65,124 
Income from operations   236,225    203,881    175,969 
Interest expense   (3,547)   (2,415)   (1,916)
Interest income   1,744    663    486 
Income before provision for income taxes   234,422    202,129    174,539 
Provision for income taxes   72,668    60,809    52,304 
Net income   161,754    141,320    122,235 
Less: Net (loss) income attributable to noncontrolling interest   (32)   36    10 
Net income attributable to IDEXX Laboratories, Inc. stockholders  $161,786   $141,284   $122,225 
Earnings per share:               
Basic  $2.85   $2.45   $2.08 
Diluted  $2.78   $2.37   $2.01 
Weighted average shares outstanding:               
Basic   56,790    57,713    58,809 
Diluted   58,214    59,559    60,682 

 

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

 

F-4
 

 

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except per share amounts)

 

                       Accumulated       Total IDEXX         
   Common Stock   Additional           Other       Laboratories, Inc.       Total 
   Number of   $0.10 Par   Paid-in   Deferred   Retained   Comprehensive   Treasury   Stockholders’   Noncontrolling   Stockholders’ 
   Shares   Value   Capital   Stock Units   Earnings   Income   Stock   Equity   Interest   Equity 
Balance January 1, 2009   95,387   $9,539   $547,692   $3,647   $702,031   $5,675   $(830,390)  $438,194   $-   $438,194 
                                                   
Comprehensive income (loss):                                                  
Net income   -    -    -    -    122,225    -    -    122,225    10    122,235 
Unrealized gain on investments, net of tax of $224   -    -    -    -    -    401    -    401    -    401 
Unrealized net loss on derivative instruments, net of tax of $4,607   -    -    -    -    -    (10,105)   -    (10,105)   -    (10,105)
Translation adjustment   -    -    -    -    -    14,370    -    14,370    -    14,370 
Total comprehensive income                                      126,891    10    126,901 
Repurchases of common stock, net   -    -    -    -    -    -    (84,369)   (84,369)   -    (84,369)
Common stock issued under stock plans, including excess tax benefit   947    94    22,000    (34)   -    -    -    22,060    -    22,060 
Issuance of deferred stock units   -    -    -    418    -    -    -    418    -    418 
Vesting of deferred stock units   -    -    (270)   270    -    -    -    -    -    - 
Share-based compensation cost recognized   -    -    11,375    -    -    -    -    11,375    -    11,375 
Balance December 31, 2009   96,334   $9,633   $580,797   $4,301   $824,256   $10,341   $(914,759)  $514,569   $10   $514,579 
                                                   
Comprehensive income (loss):                                                  
Net income   -    -    -    -    141,284    -    -    141,284    36    141,320 
Unrealized gain on investments, net of tax of $108   -    -    -    -    -    176    -    176    -    176 
Unrealized net gain on derivative instruments, net of tax of $240   -    -    -    -    -    730    -    730    -    730 
Translation adjustment   -    -    -    -    -    2,220    -    2,220    -    2,220 
Total comprehensive income                                      144,410    36    144,446 
Repurchases of common stock, net   -    -    -    -    -    -    (145,888)   (145,888)   -    (145,888)
Common stock issued under stock plans, including excess tax benefit   1,634    164    48,004    (455)                  47,713         47,713 
Issuance of deferred stock units   -    -    -    362    -    -    -    362    -    362 
Vesting of deferred stock units   -    -    (225)   225    -    -    -    -    -    - 
Share-based compensation cost recognized   -    -    13,069    -    -    -    -    13,069    -    13,069 
Balance December 31, 2010   97,968   $9,797   $641,645   $4,433   $965,540   $13,467   $(1,060,647)  $574,235   $46   $574,281 

 

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

 

F-5
 

 

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except per share amounts)

 

                       Accumulated       Total IDEXX         
   Common Stock   Additional           Other       Laboratories Inc.       Total 
   Number of   $0.10   Paid-in   Deferred   Retained   Comprehensive   Treasury   Stockholders’   Noncontrolling   Stockholders’ 
   Shares   Par Value   Capital   Stock Units   Earnings   Income   Stock   Equity   Interest   Equity 
Balance December 31, 2010   97,968   $9,797   $641,645   $4,433   $965,540   $13,467   $(1,060,647)  $574,235   $46   $574,281 
                                                   
Comprehensive income (loss):                                                  
Net income (loss)   -    -    -    -    161,786    -    -    161,786    (32)   161,754 
Unrealized loss on investments, net of tax of $64   -    -    -    -    -    (108)   -    (108)   -    (108)
Unrealized net gain on derivative instruments, net of tax of $2,339   -    -    -    -    -    5,763    -    5,763    -    5,763 
Translation adjustment   -    -    -    -    -    (3,679)   -    (3,679)   -    (3,679)
Total comprehensive income   -    -    -    -    -    -    -    163,762    (32)   163,730 
Repurchases of common stock, net   -    -    -    -    -    -    (259,729)   (259,729)   -    (259,729)
Common stock issued under stock plans, including excess tax benefit   1,261    126    45,747         -    -    -    45,873    -    45,873 
Issuance of deferred stock units   -    -    -    91    -    -    -    91    -    91 
Vesting of deferred stock units   -    -    (164)   164    -         -    -    -    - 
Share-based compensation cost recognized   -    -    15,347    -    -    -    -    15,347    -    15,347 
Balance December 31, 2011   99,229   $9,923   $702,575   $4,688   $1,127,326   $15,443   $(1,320,376)  $539,579   $14   $539,593 

  

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

 

F-6
 

 

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Cash Flows from Operating Activities:               
Net income  $161,754   $141,320   $122,235 
Adjustments to reconcile net income to net cash provided by operating activities:               
Depreciation and amortization   48,202    45,956    49,773 
Loss on disposal of property and equipment   615    1,599    2,474 
(Decrease) increase in deferred compensation liability   (171)   290    484 
Gain on disposition of pharmaceutical product lines and related restructuring   (3,000)   (3,000)   (2,000)
Write-down of equine digital radiography intangible assets   -    -    1,511 
Write-down of marketable securities   -    -    150 
Provision for uncollectible accounts   1,484    1,575    926 
Provision for (benefit of) deferred income taxes   5,996    (908)   3,270 
Share-based compensation expense   15,496    13,262    11,623 
Tax benefit from share-based compensation arrangements   (16,007)   (18,126)   (5,194)
Changes in assets and liabilities, net of acquisitions:               
Accounts receivable   (24,809)   (6,914)   (1,155)
Inventories   (6,310)   (19,469)   6,223 
Other assets   (1,339)   (13,208)   (7,842)
Accounts payable   13,884    3,482    (9,156)
Accrued liabilities   17,564    30,604    705 
Deferred revenue   7,341    2,370    925 
Net cash provided by operating activities   220,700    178,833    174,952 
Cash Flows from Investing Activities:               
Purchases of property and equipment   (52,464)   (38,908)   (50,663)
Proceeds from disposition of pharmaceutical product lines   3,000    -    3,377 
Proceeds from sale of property and equipment   225    112    2,079 
Acquisition of intangible assets   (1,000)   (394)   (500)
Investment in notes receivable and related business   -    (4,000)   - 
Acquisitions of businesses, net of cash acquired   (46,757)   -    (7,914)
Net cash used by investing activities   (96,996)   (43,190)   (53,621)
Cash Flows from Financing Activities:               
Borrowings (payments) on revolving credit facilities, net   113,903    10,143    (32,830)
Payment of other notes payable   (863)   (813)   (926)
Repurchases of common stock   (255,505)   (143,090)   (83,099)
Proceeds from exercises of stock options and employee stock purchase plans   28,801    28,865    16,366 
Tax benefit from share-based compensation arrangements   16,007    18,126    5,194 
Net cash used by financing activities   (97,657)   (86,769)   (95,295)
Net effect of changes in exchange rates on cash   933    1,313    1,824 
Net increase in cash and cash equivalents   26,980    50,187    27,860 
Cash and cash equivalents at beginning of period   156,915    106,728    78,868 
Cash and cash equivalents at end of period  $183,895   $156,915   $106,728 
                
Supplemental Disclosures of Cash Flow Information:               
Interest paid  $3,763   $2,598   $2,773 
Income taxes paid  $44,347   $48,113   $45,731 
                
Supplemental Disclosure of Non-Cash Information:               
Market value of common shares received from employees in connection with share-based compensation – see Note 18  $4,316   $2,797   $1,270 
Receivable on disposition of pharmaceutical product lines  $3,000   $3,000   $- 

 

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

 

F-7
 

 

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1. NATURE OF BUSINESS, BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

 

IDEXX Laboratories, Inc. (“IDEXX,” the “Company,” “we” or “our”) develops, manufactures and distributes products and provides services for the veterinary, livestock and poultry, water and dairy markets. We also sell a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market. Our principal line of business is diagnostic and information technology-based products and services for the veterinary market, which we refer to as our Companion Animal Group (“CAG”) operating segment. Our principal markets for these products and services are the United States (“U.S.”) and Europe, but we also sell to customers and distributors in other international markets, including Australia, Canada and Japan. Our Water operating segment tests for the quality and safety of water in many countries around the world. Our Livestock and Poultry Diagnostics (“LPD”) operating segment provides diagnostic tests and health-monitoring products for livestock and poultry health. Our principal markets for these tests and products during the year ended December 31, 2011 were Europe and the U.S. We also operate two smaller operating segments that comprise tests for the quality and safety of milk (“Dairy”) and products for the human point-of-care medical diagnostics market (“OPTI Medical”). Financial information about the Dairy and OPTI Medical operating segments is combined and presented with one of our product lines and out-licensing arrangements remaining from our pharmaceutical business in an “Other” category because they do not meet the quantitative or qualitative thresholds for reportable segments. See Note 15 for additional information regarding our reportable operating segments, products and services and geographical areas.

 

The accompanying consolidated financial statements of IDEXX have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the requirements of Regulation S-X. These statements include the accounts of IDEXX and our wholly-owned and majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

 

Certain reclassifications have been made to the prior year consolidated financial statements to conform to the current year presentation. Reclassifications had no material impact on previously reported results of operations, financial position or cash flows.

 

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

(a)Estimates

 

The preparation of these financial statements in accordance with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an ongoing basis, we evaluate these estimates, including those related to bad debts; goodwill and other intangible assets; income taxes; inventory; revenue recognition, product returns, customer programs and multiple element arrangements; share-based compensation; warranty reserves; self-insurance reserves; fair value measurements and contingencies. We accrue contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

 

(b)Cash and cash equivalents

 

We consider all highly liquid investments with original maturities of ninety days or less to be cash equivalents. Cash and cash equivalents consist primarily of demand deposits and money market funds.

 

As of December 31, 2011 and 2010, our reported cash and cash equivalents balances contained restricted cash in the aggregate of $1.2 million and $2.4 million, respectively, securing various obligations.

 

F-8
 

 

(c)Inventories

 

Inventories include material, labor and overhead, and are stated at the lower of cost (first-in, first-out) or market. We write down inventory for estimated obsolescence when warranted based on estimates of future demand, market conditions, remaining shelf life, or product functionality. If actual market conditions or results of estimated functionality are less favorable than those we estimated, additional inventory write-downs may be required, which would have a negative effect on results of operations.

 

(d)Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in the consolidated statements of income. We provide for depreciation and amortization primarily using the straight-line method by charges to income in amounts that allocate the cost of property and equipment over their estimated useful lives as follows:

 

Asset Classification   Estimated Useful Life
     
Land improvements   15 to 20 years
Buildings and improvements   15 to 40 years
Leasehold improvements   Shorter of remaining lease term or useful life of improvements
Machinery and equipment   3 to 7 years
Office furniture and equipment   3 to 7 years
Computer hardware and software   3 to 7 years

 

We capitalize interest on the acquisition and construction of significant assets that require a substantial period of time to be made ready for use. The capitalized interest is included in the cost of the completed asset and depreciated over the asset’s estimated useful life. The amount of interest capitalized during the years ended December 31, 2011 and 2010 was not material.

 

We capitalize certain costs incurred in connection with developing or obtaining software designated for internal use based on three distinct stages of development. Qualifying costs incurred during the application development stage, which consist primarily of internal payroll and direct fringe benefits and external direct project costs, including labor and travel, are capitalized and amortized on a straight-line basis over the estimated useful life of the asset. Costs incurred during the preliminary project and post-implementation and operation phases are expensed as incurred. These costs are general and administrative in nature and relate primarily to the determination of performance requirements, data conversion and training.

 

(e)Goodwill and Other Intangible Assets

 

Intangible assets other than goodwill are initially valued at fair value. If a quoted price in an active market for the identical asset is not readily available at the measurement date, the fair value of the intangible asset is estimated based on discounted cash flows using market participant assumptions, which are assumptions that are not specific to IDEXX. The selection of appropriate valuation methodologies and the estimation of discounted cash flows require significant assumptions about the timing and amounts of future cash flows, risks, appropriate discount rates, and the useful lives of intangible assets. When material, we utilize independent valuation experts to advise and assist us in allocating the purchase prices for acquired businesses to the fair values of the identified intangible assets and in determining appropriate amortization methods and periods for those intangible assets. Goodwill is valued based on the excess of the purchase price of a business combination over the fair values of acquired net assets, including intangible assets. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved with changes in fair value recognized in earnings.

 

F-9
 

 

We provide for amortization primarily using the straight-line method by charges to income in amounts that allocate the intangible assets over their estimated useful lives as follows:

 

    Estimated
Asset Classification   Useful Life
     
Patents   7 to 15 years
Product rights(1)   5 to 15 years
Customer-related intangible assets(2)   7 to 15 years
Noncompete agreements   3 to 9 years

 

(1)Product rights comprise certain technologies, licenses and trade names acquired from third parties.
(2)Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.

 

We assess goodwill for impairment, at the reporting unit level, annually in the fourth quarter and whenever events or circumstances indicate impairment may exist. For impairment testing, the fair values of our reporting units are estimated using an income approach based on discounted forecasted cash flows. Assumptions are based on our projections and best estimates, using appropriate and customary market participant assumptions. Changes in forecasted cash flows or the discount rate would affect the estimated fair values of reporting units and could result in a goodwill impairment charge in a future period. No goodwill impairments were identified as a result of the annual or event-driven reviews during the years ended December 31, 2011, 2010 or 2009.

 

We assess the realizability of intangible assets other than goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If an impairment review is triggered, we evaluate the carrying value of intangible assets based on estimated undiscounted future cash flows over the remaining useful life of the primary asset of the asset group and compare that value to the carrying value of the asset group. The cash flows that are used contain our best estimates, using appropriate and customary assumptions and projections at the time. See Note 8 for further information regarding our goodwill and intangible assets.

 

(f)Warranty Reserves

 

We provide a standard twelve months warranty on all instruments sold. We recognize the cost of instrument warranties in cost of product revenue at the time revenue is recognized based on the estimated cost to repair the instrument over its warranty period. As we develop and sell new instruments, our provision for warranty expense increases. Cost of revenue reflects not only estimated warranty expense for instruments sold in the current period, but also any changes in estimated warranty expense for the portion of the aggregate installed base that is under warranty. Estimated warranty expense is based on a variety of inputs, including historical instrument performance in the customers’ environment, historical costs incurred in servicing instruments and projected instrument reliability and service costs. Should actual service rates or costs differ from our estimates, which are based on historical data and projections of future costs, revisions to the estimated warranty liability would be required. We review these inputs, at a minimum, on an annual basis. The liability for warranties is included in accrued liabilities in the accompanying consolidated balance sheets. See Note 10 for further information regarding our warranty reserves.

 

(g)Income Taxes

 

We recognize a current tax liability or asset for current taxes payable or refundable, respectively, and a deferred tax liability or asset, as the case may be, for the estimated future tax effects of temporary differences between book and tax treatment of assets and liabilities and carryforwards to the extent they are realizable. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. While we consider future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance, in the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net recorded amount, a reduction of the valuation allowance would increase income in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our net deferred tax asset in the future, a reduction to the deferred tax asset would be charged to income in the period such determination was made.

 

We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. Unrecognized tax benefits are the differences between tax positions taken, or expected to be taken, in tax returns, and the benefits recognized for accounting purposes.

 

Significant judgment is required in determining our worldwide provision for income taxes and our income tax filings are regularly under audit by tax authorities. Any audit result differing from amounts recorded would increase or decrease income in the period that we determine such adjustment is likely. Interest expense and penalties associated with the underpayment of income taxes are included in income tax expense. See Note 12 for additional information regarding income taxes.

 

F-10
 

 

(h)Taxes Remitted to Governmental Authorities by IDEXX on Behalf of Customer

 

We calculate, collect from our customers, and remit to governmental authorities sales, value added and excise taxes assessed by governmental authorities in connection with revenue-producing transactions with our customers. We report these taxes on a net basis and do not include these tax amounts in revenue or cost of product or service revenue.

 

(i)Revenue Recognition

 

We recognize revenue when four criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured. Revenue-generating transactions generally fall into one of the following categories of revenue recognition:

 

·We recognize revenue at the time of shipment to U.S. distributors for substantially all products sold through distributors because title and risk of loss pass to the distributors on delivery to the common carrier. Our distributors do not have the right to return products. We recognize revenue for the remainder of our customers, including distributors outside of the U.S., when the product is delivered to the customer, except as noted below.
·We recognize revenue from the sales of instruments, non-cancelable software licenses and hardware systems upon installation (and completion of training if applicable) and the customer’s acceptance of the instrument or system as we have no significant further obligations after this point in time.
·We recognize service revenue at the time the service is performed.
·We recognize revenue associated with extended maintenance agreements (“EMAs”) over the life of the contracts using the straight-line method, which approximates the expected timing in which applicable services are performed. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.
·We recognize revenue on certain instrument systems under rental programs over the life of the rental agreement using the straight-line method. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.
·We recognize revenue on practice management systems sales, where the system includes software that is considered more than incidental, either by allocating the revenue to each element of the sale based on relative fair values of the elements, including post-contract support when fair value for all elements is available, or by use of the residual method when only the fair value of the post-contract support is available. We recognize revenue for the system upon installation and customer acceptance and recognize revenue equal to the fair value of the post-contract support over the support period.
·Shipping costs reimbursed by the customer are included in revenue. These same costs are also included in cost of product revenue.

 

Multiple element arrangements (“MEAs”). Arrangements to sell products to customers frequently include multiple deliverables. Our most significant MEAs include the sale of one or more of the instruments from the IDEXX VetLab® suite of analyzers or digital radiography systems, combined with one or more of the following products: EMAs; consumables; reference laboratory diagnostic and consulting services; and practice management software. Practice management software is frequently sold with post-contract customer support and implementation services. Delivery of the various products or performance of services within the arrangement may or may not coincide. Delivery of our IDEXX VetLab® instruments, digital radiography systems, and practice management software generally occurs at the onset of the arrangement. EMAs, consumables, and reference laboratory diagnostic and consulting services typically are delivered over future periods, generally one to five years. In certain arrangements revenue recognized is limited to the amount invoiced or received that is not contingent on the delivery of future products and services.

 

F-11
 

 

On January 1, 2010, we adopted amendments to authoritative guidance that modified the revenue recognition guidance for establishing separate units of accounting in arrangements outside of the scope of software that contain multiple elements. We allocate revenue to each element based on the relative selling price and recognize revenue when the elements have standalone value and the four criteria for revenue recognition have been met for each element. We establish the selling price of each element based on vendor-specific objective evidence (“VSOE”) if available, third-party evidence (“TPE”) if VSOE is not available, or best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. We generally determine selling price based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements. When these arrangements include a separately-priced EMA, we recognize revenue related to the EMA at the stated contractual price on a straight-line basis over the life of the agreement to the extent the separately stated price is substantive. If there is no stated contractual price for an EMA, or the separately stated price is not substantive, we recognize revenue according to the MEA policy stated above. We elected prospective adoption of these amendments. The impact of adopting these amendments to authoritative guidance did not have a material impact on our financial position, results of operations or cash flows.

 

When arrangements within the scope of software revenue recognition guidance include multiple elements, we allocate revenue to each element based on relative fair value when VSOE exists for all elements or by using the residual method when there is VSOE for the undelivered elements but no such evidence for the delivered elements. Under the residual method, the fair value of the undelivered elements is deferred and the residual revenue is allocated to the delivered elements. Revenue is recognized on any delivered elements when the four criteria for revenue recognition have been met for each element. If VSOE does not exist for the undelivered element, all revenue from the arrangement is deferred until the earlier of the point at which such sufficient VSOE does exist or all elements of the arrangement have been delivered. We determine fair value based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements.

 

Certain arrangements with customers include discounts on future sales of products and services. When the future discount offered is not considered significant and incremental, we do not account for the discount as an element of the original arrangement. If the future discount is significant and incremental, we recognize that discount as an element of the original arrangement and allocate the discount to the elements of the arrangement based on relative selling price.

 

Customer programs. We record reductions to revenue related to customer marketing and incentive programs, which include end-user rebates and other volume based incentives. Incentives may be provided in the form of IDEXX Points, credits or cash and are earned by end-users upon achieving defined volume purchase or utilization levels or upon entering an agreement to purchase products or services in future periods. Our most significant customer programs are categorized as follows:

 

Customer Loyalty Programs. Our customer loyalty programs offer customers the opportunity to earn incentives on a variety of IDEXX products and services as those products and services are purchased and utilized. Revenue reductions related to customer loyalty programs are recorded based on the actual issuance of incentives, incentives earned but not yet issued, and estimates of incentives to be earned in the future based on applicable product inventories held by distributors at the end of the period.

 

Up-Front Customer Loyalty Programs. Our up-front loyalty programs provide incentives to customers upon entering agreements to purchase products or services in future periods. These incentives are considered to be customer acquisition costs and are capitalized and recognized as a reduction to revenue over the term of the customer agreement. If these up-front incentives are subsequently utilized to purchase IDEXX VetLab® instruments, digital radiography systems or Cornerstone® practice management systems, product revenue and cost is deferred and recognized over the term of the customer agreement as products and services are provided to the customer. We monitor customer purchases over the term of their agreement to assess the realizability of our capitalized customer acquisition costs. For the years ended December 31, 2011, 2010 and 2009, we did not have any impaired customer acquisition costs.

 

IDEXX VetLab® Instrument Marketing Programs. Our instrument marketing programs require the customer to enroll at the time of instrument purchase and offer customers the opportunity to earn incentives in future periods based on the volume of the products they purchase and utilize over the term of the program. These arrangements are considered MEAs in accordance with our revenue recognition policy stated above. Revenue reductions related to instrument marketing programs are recorded based on an estimate of customer purchase and utilization levels and the incentive the customer will earn over the term of the program. Our estimates are based on historical experience and the specific terms and conditions of the marketing program and require us to apply judgment to approximate future product purchases and utilization. Differences between our estimates and actual incentives earned are accounted for as a change in estimate. These differences were not material for the years ended December 31, 2011, 2010 and 2009.

 

F-12
 

 

IDEXX Points may be applied against the purchase price for IDEXX products and services purchased in the future or applied to trade receivables due to us. IDEXX Points that have not yet been used by customers are classified as a liability until use or expiration occurs. We estimate the amount of points expected to expire, or breakage, based on historical expirations and we recognize the benefit of breakage as IDEXX Points are redeemed. On November 30 of each year, unused points earned before January 1 of the prior year generally expire and any variance from the breakage estimate is accounted for as a change in estimate. This variance was not material for the years ended December 31, 2011, 2010 and 2009.

 

Future market conditions and changes in product offerings may cause us to change marketing strategies to increase or decrease customer incentive offerings, possibly resulting in incremental reductions of revenue in future periods as compared to reductions in the current or prior periods. Additionally, certain customer programs require us to estimate, based on historical experience, and apply judgment to approximate the number of customers who will actually redeem the incentive. In determining estimated revenue reductions we utilize data supplied from distributors and collected directly from end-users, which includes the volume of qualifying products purchased and the number of qualifying tests run as reported to us by end-users via IDEXX SmartServiceTM. Differences between estimated and actual customer participation in programs may impact the amount and timing of revenue recognition.

 

Doubtful accounts receivable. We recognize revenue only in those situations where collection from the customer is reasonably assured. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We base our estimates on a detailed analysis of specific customer situations and a percentage of our accounts receivable by aging category. If the financial condition of our customers were to deteriorate, resulting in their inability to make payments, additional allowances might be required. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance sheet credit exposure related to customers.

 

(j)Research and Development Costs

 

Research and development costs, which consist of salaries, employee benefits, materials and external consulting and product development costs, are expensed as incurred. We evaluate our software research and development costs for capitalization after the technological feasibility of software and products containing software has been established. No costs were capitalized during the years ended December 31, 2011, 2010 and 2009.

 

(k)Advertising Costs

 

Advertising costs, which are recognized as sales and marketing expense in the period in which they are incurred, were $1.2 million, $1.7 million and $1.1 million for the years ended December 31, 2011, 2010 and 2009, respectively.

 

(l)Legal Costs

 

Legal costs are considered period costs and accordingly are expensed in the period services are provided.

 

(m)Share-Based Compensation

 

We provide for various forms of share-based compensation awards to our employees and non-employee directors. We measure share-based compensation expense based on the fair value on the date of grant net of estimated forfeitures. With the exception of stock options, the fair value of our awards is equal to the closing stock price of IDEXX common stock on the date of grant. We calculate the fair value of our stock option awards using the Black-Scholes-Merton (“BSM”) option-pricing model. Share-based compensation expense is recognized on a straight-line basis over the requisite service period, which ranges from one to five years, depending on the award. Effective January 1, 2006, under the modified prospective method, share-based compensation expense includes expense for unvested awards at December 31, 2005 and all awards granted subsequent to December 31, 2005. Share-based compensation expense for the unvested awards outstanding at December 31, 2005 is based on the grant-date fair value previously calculated in developing the pro forma disclosures required prior to January 1, 2006. The graded vesting, or accelerated, method has been used to record the expense for stock options granted prior to January 1, 2006. The straight-line method is used to record the expense for stock options and awards granted subsequent to December 31, 2005. See Note 4 for additional information regarding share-based compensation.

 

F-13
 

 

(n)Self-Insurance Accruals

 

We self-insure costs associated with worker’s compensation and health and general welfare claims incurred by our U.S. employees up to certain limits. The insurance company provides insurance for claims above these limits. Claim liabilities are recorded for estimates of the loss that we will ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. Such liabilities are based on historical loss experience, individual coverage, the average time from when a claim is incurred to the time it is paid and judgments about the present and expected levels of cost per claim. Estimated claim liabilities could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. Estimated claim liabilities are included in accrued liabilities in the accompanying consolidated balance sheets.

 

(o)Earnings per Share

 

Basic earnings per share is computed by dividing net income attributable to IDEXX Laboratories, Inc. stockholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the year. Vested deferred stock units outstanding are included in shares outstanding for basic and diluted earnings per share because the associated shares of our common stock are issuable for no cash consideration, the number of shares of our common stock to be issued is fixed and issuance is not contingent. See Note 4 for additional information regarding deferred stock units. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and assumed issuance of unvested restricted stock units and unvested deferred stock units using the treasury stock method unless the effect is anti-dilutive.

 

(p)Foreign Currency

 

The functional currency of all but one of our subsidiaries is their local currency. Assets and liabilities of these foreign subsidiaries are translated to the U.S. dollar using the exchange rate in effect at the balance sheet date. Revenue and expense accounts are translated to the U.S. dollar using the exchange rate at the date which those elements are recognized, and where it is impractical to do so, an average exchange rate in effect during the period is used to translate those elements. Cumulative translation gains and losses are shown in the accompanying consolidated balance sheets as a separate component of accumulated other comprehensive income.

 

Revenues and expenses are recorded at the current exchange rate when the transaction is recognized. Monetary assets and liabilities denominated in a currency other than the respective subsidiary’s functional currency are remeasured at each balance sheet date using the exchange rate in effect at each balance sheet date. These foreign currency gains and losses are included in general and administrative expenses. We recognized an aggregate foreign currency loss of $0.1 million for the year ended December 31, 2011, an aggregate loss of $1.0 million for the year ended December 31, 2010 and an aggregate gain of $0.5 million for the year ended December 31, 2009.

 

(q)Derivative Instruments and Hedging

 

We recognize all derivative instruments, including our foreign currency exchange contracts and interest rate swap agreements, on the balance sheet at fair value at the balance sheet date. Derivative instruments that do not qualify for hedge accounting must be recorded at fair value through earnings. If a derivative instrument does qualify for hedge accounting, depending on the nature of the hedging instrument, changes in the fair value of the derivative instrument are either recognized in earnings or deferred in other comprehensive income (“OCI”), net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. To qualify for hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. We immediately record in earnings the extent to which a hedge instrument is not effective in achieving offsetting changes in fair value. We de-designate derivative instruments from hedge accounting when the likelihood of the hedged transaction occurring becomes less than probable. For de-designated instruments, the gain or loss from the time of de-designation through maturity of the instrument is recognized in earnings. Any gain or loss in OCI at the time of de-designation is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We present our derivative assets and liabilities on the balance sheet on a gross basis. All cash flows related to our foreign currency exchange contracts and interest rate swaps are classified as operating cash flows, which is consistent with the cash flow treatment of the underlying items being hedged. See Note 17 for additional information regarding our derivative and hedging instruments.

 

F-14
 

 

(r)Fair Value Measurements

 

U.S. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

 

The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows:

 

Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.
   
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
   
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2011 and 2010, we had no Level 3 assets or liabilities.

 

Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

 

Our foreign currency exchange contracts and interest rate swap agreements are measured at fair value on a recurring basis in our accompanying consolidated balance sheets. We measure the fair value of our foreign currency exchange contracts classified as derivative instruments using an income approach, based on prevailing market forward rates less the contract rate multiplied by the notional amount. The product of this calculation is then adjusted for counterparty risk. We measure the fair value of our interest rate swaps classified as derivative instruments using an income approach, utilizing a discounted cash flow analysis based on the terms of the contract and the interest rate curve adjusted for counterparty risk.

 

Our unsecured revolving credit facility and mortgage are measured at carrying value in the accompanying consolidated balance sheets though we disclose the fair value of these financial instruments in our Quarterly Reports on Form 10-Q and in our Annual Reports on Form 10-K. We determine the fair value of our unsecured revolving credit facility and mortgage using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk.

 

(s)Comprehensive Income

 

We report all changes in equity during a period, resulting from net income and transactions or other events and circumstances from non-owner sources, in a financial statement for the period in which they are recognized. We have chosen to disclose comprehensive income, which encompasses net income, foreign currency translation adjustments and the difference between the cost and the fair market value of investments in debt and equity securities, forward currency exchange contracts and interest rate swap agreements, in the consolidated statement of stockholders’ equity. We consider the foreign currency cumulative translation adjustment to be permanently invested and, therefore, have not provided income taxes on those amounts.

 

F-15
 

 

(t)Concentrations of Risk

 

Financial Instruments. Financial instruments that potentially subject us to concentrations of credit risk are principally cash, cash equivalents, accounts receivable and derivatives. To mitigate such risk with respect to cash and cash equivalents, we place our cash with highly-rated financial institutions, in non-interest bearing accounts that are insured by the U.S. government and money market funds invested in government securities. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our most significant customers and monitor the amounts owed to us, taking appropriate action when necessary. As a result, we believe that accounts receivable credit risk exposure is limited. We maintain an allowance for doubtful accounts, but historically have not experienced any material losses related to an individual customer or group of customers in any particular industry or geographic area. To mitigate concentration of credit risk with respect to derivatives we enter into transactions with highly-rated financial institutions, enter into master netting arrangements with the counterparties to our derivative transactions and frequently monitor the credit worthiness of our counterparties. Our master netting arrangements reduce our exposure in that they permit outstanding receivables and payables with the counterparties to our derivative transactions to be offset in the event of default.

 

Inventory. If we are unable to obtain adequate quantities of the inventory we need to sell our products, we could face cost increases or delays or discontinuations in product shipments, which could have a material adverse effect on our results of operations. Many of the third parties that provide us with the instruments we sell and certain components, raw materials and consumables incorporated into, or used with, our products are obtained from sole or single source suppliers. Some of the products that we purchase from these sources are proprietary or complex in nature, and, therefore, cannot be readily or easily replaced by alternative sources.

 

Customers. Our largest customers are our U.S. distributors of our products in the CAG segment. One of our CAG distributors, Butler Schein Animal Health Supply, LLC (“Butler”), accounted for 9% of our 2011 and 2010 revenue, and 7% and 4% of our net accounts receivable at December 31, 2011 and 2010, respectively. Butler was formed in December 2009 when Butler Animal Health Supply, LLC combined with the U.S. animal health business of Henry Schein, Inc. Together these organizations accounted for 10% of our revenue in 2009 and 6% of our net accounts receivable as of December 31, 2009.

 

(u)New Accounting Pronouncements Not Yet Adopted

 

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.

 

In September 2011, the FASB issued an amendment to the accounting guidance for goodwill in order to simplify how companies test goodwill for impairment. The amendment permits an entity to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. We elected not to early adopt. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.

 

F-16
 

 

In June 2011, the FASB issued an amendment to the accounting guidance for presentation of comprehensive income. Under the amended guidance, an entity may present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. For public companies, the amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and shall be applied retrospectively. Early adoption is permitted. We elected not to early adopt. Other than a change in presentation, the implementation of this accounting pronouncement is not expected to have a material impact on our financial statements when implemented.

 

In May 2011, the FASB issued an amendment to the accounting guidance for fair value measurement and disclosure. Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholders’ equity. The guidance is effective for interim and annual periods beginning after December 15, 2011. We do not expect the adoption of the guidance to have a material impact on our financial statements when implemented.

 

There are no other new accounting pronouncements adopted or enacted during the twelve months ended December 31, 2011 that had, or are expected to have, a material impact on our financial statements.

 

NOTE 3. ACQUISITIONS AND STRATEGIC INVESTMENTS

 

We believe that our acquisitions of businesses and other assets enhance our existing businesses by either expanding our geographic range or expanding our existing product lines.

 

During the year ended December 31, 2011, we paid an aggregate of $47.8 million in cash to acquire three businesses, each accounted for as separate business combinations, and to acquire a customer list intangible asset unrelated to the business acquisitions. We acquired substantially all of the assets of the research and diagnostic laboratory (“RADIL”) business of the College of Veterinary Medicine from the University of Missouri in November 2011 for $43.0 million in cash. Based in Columbia, Missouri, RADIL provides health monitoring and diagnostic testing services to bioresearch customers. As part of this business acquisition, we recognized $18.7 million in amortizable intangible assets other than goodwill and $23.6 million in goodwill. Of the amortizable intangible assets, we acquired customer relationships with a fair value of $14.3 million and intellectual property with a fair value of $3.5 million, which were assigned useful lives of 11 years and 15 years, respectively. The remaining assets recognized were not material. The weighted average useful life of all recognized amortizable intangible assets was 12 years. Goodwill is calculated as the consideration in excess of the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. These benefits include expansion opportunities arising from our participation in the bioresearch market. The remaining business and asset acquisitions during the year ended December 31, 2011were not material.

 

All assets acquired in connection with these business acquisitions and in connection with the customer list intangible asset acquisition were assigned to the CAG segment. We expect that all goodwill recognized in connection with these business acquisitions will be tax deductible. The results of operations of these acquired businesses have been included since the acquisition date. Pro forma information has not been presented for these acquisitions because such information is not material to the financial statements, both individually and in the aggregate.

 

In November 2010, we participated in an investment in a company that owns and operates veterinary hospitals, primarily in the eastern United States. This entity has a strategic plan that involves the continued acquisition of veterinary hospitals and margin expansion at existing and newly acquired hospitals by leveraging centralized resources, standardized processes, technology, economies of scale and best practice medical care to deliver superior customer service. We plan to leverage this relationship to further support, understand and develop the value proposition we offer to veterinary hospitals with the breadth and complementary nature of our product and service offerings within our CAG segment. While the financial terms of this investment are attractive, we do not intend, with this investment, to move into veterinary hospital ownership as a growth strategy.

 

F-17
 

 

In exchange for our cash investment of $4.0 million in this company, we received a $2.7 million promissory note bearing interest at 14.5%, maturing in November 2016, and a $1.3 million note bearing interest at 15.0%, maturing in November 2017. The terms of this agreement allow for the addition of interest to the outstanding principal balance under certain conditions. In addition, we received common stock warrants which were exercised without any further consideration on the closing date of the transaction, resulting in a 10% equity interest in the company. The value assigned to the warrants was $0.3 million resulting in a corresponding $0.3 million original issue discount on the note. This investment has been accounted for under the equity method of accounting. Related party transactions with this equity investment were not material during the years ended December 31, 2011 and 2010.

 

In 2009, we paid an aggregate of $7.9 million to acquire two businesses, the assets of which were assigned to our CAG segment, and $0.5 million to acquire a definite-lived intangible asset for product rights unrelated to any acquired businesses, which was assigned to our LPD segment. In August 2009, we acquired substantially all of the assets and assumed certain liabilities of VDIC, Inc. (“VDIC”). VDIC is located in Oregon and is a global provider of telemedicine and cytopathology services and also provides imaging and therapy procedures on a referral basis for clients within the Oregon area. Also in August 2009, we acquired certain assets of Pet Detect. Pet Detect engages in the marketing, distribution and sale of temporary pet identification systems based on tear- and humidity-resistant printable pet collars. The main application for these collars is in veterinary practices with boarding and overnight stay facilities, as well as in kennels. These acquisitions were accounted for as business combinations. In connection with these acquisitions, we acquired software with a fair value of $2.5 million, which was recorded to property and equipment and assigned a useful life of 7 years; amortizable intangible assets of $2.6 million; and goodwill of $2.3 million. The amortizable intangible assets consisted of customer-related intangible assets of $1.6 million, product rights of $0.7 million, and other intangible assets of $0.3 million, all of which were assigned useful lives of 12 years, 7 years and 5 years, respectively. The goodwill recognized has been, and we expect will continue to be, tax deductible. In relation to both of these business acquisitions, we recognized aggregate tangible assets of $1.0 million and assumed aggregate liabilities of $0.5 million. The results of operations of the acquired businesses have been included since their respective acquisition dates. Pro forma information has not been presented because such information is not material to the financial statements taken as a whole.

 

NOTE 4. SHARE-BASED COMPENSATION

 

Share-Based Awards

 

Our share-based compensation plans allow for the issuance of a mix of stock options, restricted stock, stock appreciation rights, employee stock purchase rights and other stock unit awards. Other stock unit awards include restricted stock units (“RSUs”) and deferred stock units (“DSUs”). Stock options permit a holder to buy IDEXX stock upon vesting at the stock’s price on the date the option was granted. An RSU is an agreement to issue shares of IDEXX stock at the time of vesting. DSUs are granted under our Executive Deferred Compensation Plan and non-employee Director Deferred Compensation Plan. DSUs may or may not have vesting conditions depending on the plan under which they are issued. We neither issued any restricted stock or stock appreciation rights during the years ended December 31, 2011, 2010 and 2009 nor were any restricted stock or stock appreciation rights outstanding as of those years ended. There were no modifications to the terms of outstanding options, RSUs or DSUs during 2011, 2010 or 2009.

 

We primarily issue shares of common stock to satisfy stock option exercises and employee stock purchase rights and to settle restricted stock units and deferred stock units. However, in 2011, we began issuing shares of treasury stock to settle certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during 2011 was not material. The number of shares of common stock and treasury stock issued are equivalent to the number of awards exercised or settled.

 

With the exception of employee stock purchase rights, equity awards are issued to employees and non-employee directors under the 2009 Stock Incentive Plan (the “2009 Stock Plan”). Our board of directors has authorized the issuance of up to 5,200,000 shares of our common stock under this share-based incentive plan. Any shares that are subject to awards of stock options or stock appreciation rights will be counted against the share limit as one share for every share granted. Any shares that are issued other than stock options and stock appreciation rights will be counted against the share limit as two shares for every share granted. If any shares issued under our prior plans are forfeited, settled for cash or expire, these shares, to the extent of such forfeiture, cash settlement or expiration, will again be available for issuance under the 2009 Stock Plan. As of December 31, 2011, there were 3,003,768 remaining shares available for issuance under this authorization.

 

F-18
 

 

Employee stock purchase rights are issued under the 1997 Employee Stock Purchase Plan, under which we reserved and may issue up to an aggregate of 1,590,000 shares of Common Stock in periodic offerings. Under this plan, stock is sold to employees at a 15% discount off the closing price of the stock on the last day of each quarter. The fair value of purchase rights recognized as share-based compensation is equal to the dollar value of this discount. We issued 58,000, 64,000 and 89,000 shares of common stock in connection with the Employee Stock Purchase Plan during the years ended December 31, 2011, 2010 and 2009. As of December 31, 2011, there were 202,219 remaining shares available for issuance under this authorization.

 

Share-Based Compensation

 

Share-based compensation costs are classified in our consolidated financial statements consistent with the classification of cash compensation paid to the employees receiving such share-based compensation. The following is a summary of share-based compensation costs and related tax benefits recorded in our consolidated statements of income (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Share-based compensation expense included in cost of revenue  $1,439   $1,290   $1,280 
Share-based compensation expense included in operating expenses   14,057    11,972    10,343 
Total share-based compensation expense included in consolidated statements of income   15,496    13,262    11,623 
Income tax benefit resulting from share-based compensation arrangements   (5,245)   (4,597)   (3,827)
Net impact of share-based compensation on net income  $10,251   $8,665   $7,796 

 

Share-based compensation expense is reduced for an estimate of the number of awards that are expected to be forfeited. We use historical data and other factors to estimate employee termination behavior and to evaluate whether particular groups of employees have significantly different forfeiture behaviors.

 

The total unrecognized compensation expense, net of estimated forfeitures, for unvested share-based compensation awards at December 31, 2011 was $31.1 million, which will be recognized over a weighted average period of approximately 1.7 years.

 

Stock Options

 

Option awards are granted with an exercise price equal to the closing market price of our common stock at the date of grant. Options granted to employees primarily vest ratably over five years on each anniversary of the date of grant and options granted to non-employee directors vest fully on the first anniversary of the date of grant. Vesting as it relates to awards issued to employees is conditional based on continuous service. Options granted after January 1, 2006 have contractual terms of seven years. Options granted prior to January 1, 2006 have contractual terms of ten years. Upon any change in control of the company, 25% of the unvested stock options then outstanding will vest and become exercisable. However, if the acquiring entity does not assume outstanding options, then all options will vest immediately prior to the change in control.

 

We use the BSM option-pricing model to determine the fair value of options granted. Option-pricing models require the input of highly subjective assumptions, particularly for the expected stock price volatility and the expected term of options. Changes in the subjective input assumptions can materially affect the fair value estimate. Our expected stock price volatility assumptions are based on the historical volatility of our stock over periods that are similar to the expected terms of grants and other relevant factors. We derive the expected term based on historical experience and other relevant factors concerning expected employee behavior with regard to option exercise. The risk-free interest rate is based on U.S. Treasury yields for a maturity approximating the expected term calculated at the date of grant. We have never paid any cash dividends on our common stock and we have no present intention to pay a dividend; therefore, we assume that no dividends will be paid over the expected terms of option awards.

 

F-19
 

 

We determine the assumptions used in the valuation of option awards as of the date of grant. Differences in the stock price volatility, expected term or risk-free interest rates may necessitate distinct valuation assumptions at those grant dates. As such, we may use different assumptions for options granted throughout the year. The weighted averages of the valuation assumptions used to determine the fair value of each option award on the date of grant and the weighted average estimated fair values were as follows:

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Expected stock price volatility   33%   31%   31%
Expected term, in years   4.8    4.9    4.8 
Risk-free interest rate   2.3%   2.3%   1.6%
                
Weighted average fair value of options granted  $24.86   $16.56   $9.97 

 

A summary of the status of options granted under our share-based compensation plans at December 31, 2011, and changes during the year then ended, are presented in the table below:

 

           Weighted     
           Average     
       Weighted   Remaining   Aggregate 
   Number of   Average   Contractual   Intrinsic Value 
   Options (000)   Exercise Price   Term   ($000) 
                 
Outstanding as of December 31, 2010   3,754   $33.34           
Granted   546    77.53           
Exercised   (1,042)   24.09           
Forfeited   (140)   53.18           
Expired   (4)   13.05           
Outstanding as of December 31, 2011   3,114   $43.31    3.4   $105,093 
                     
Fully vested as of December 31, 2011   1,875   $32.81    2.4   $82,777 
                     
Fully vested and expected to vest as of December 31, 2011   3,002   $42.69    3.3   $103,174 

 

The total fair value of options vested during the years ended December 31, 2011, 2010 and 2009 was $6.6 million, $8.4 million and $9.8 million, respectively.

 

Intrinsic value as it related to stock options represents the amount by which the market price of the common stock exceeded the exercise price, before applicable income taxes. During the years ended December 31, 2011, 2010 and 2009 the total intrinsic value of stock options exercised was $54.7 million, $60.1 million and $22.1 million, respectively.

 

Restricted Stock Units

 

RSUs granted to employees vest either ratably over five years on each anniversary of the date of grant or on the third anniversary of the date of grant, depending on the employee group receiving the award. RSUs granted to non-employee directors vest fully on the first anniversary of the date of grant. Vesting as it relates to awards issued to employees is conditional based on continuous service. Upon any change in control of the company, 25% of the unvested RSUs then outstanding under the 2009 Stock Plan will vest, provided, however, that if the acquiring entity does not assume the RSUs, then all such units will vest immediately prior to the change in control.

 

A summary of the status of RSUs granted under our share-based compensation plans at December 31, 2011, and changes during the period then ended, are presented in the table below:

 

       Weighted 
   Number of Units   Average Grant- 
   (000)   Date Fair Value 
         
Nonvested as of December 31, 2010   508   $44.89 
Granted   141    77.13 
Vested   (160)   44.36 
Forfeited   (41)   50.99 
Nonvested as of December 31, 2011   448   $54.66 
           
Expected to vest as of December 31, 2011   410   $54.39 

 

F-20
 

 

The total fair value of RSUs vested during the years ended December 31, 2011, 2010 and 2009 was $12.4 million, $7.9 million and $3.7 million, respectively. The aggregate intrinsic value of nonvested RSUs as of December 31, 2011 represents the fair value of IDEXX’s common stock as of December 31, 2011 multiplied by the number of nonvested units as of December 31, 2011.

 

Deferred Stock Units

 

Under our Director Deferred Compensation Plan (the “Director Plan”), non-employee directors may defer a portion of their cash fees in the form of vested DSUs and under our Executive Deferred Compensation Plan (the “Executive Plan”), certain members of our management may elect to defer a portion of their cash compensation in the form of vested deferred stock units. Each DSU represents the right to receive one unissued share of our common stock. These recipients receive a number of DSUs equal to the amount of cash fees or compensation deferred divided by the closing sale price of the common stock on the date of deferral. Also under the Director Plan, non-employee directors are awarded annual grants of DSUs that vest fully on the first anniversary on the date of grant. Vesting for these annual DSU grants is conditional based on continuous service.

 

DSUs are exchanged for a fixed number of shares of common stock, upon vesting if vesting criteria apply, subject to the limitations of the Director and Executive Plans and applicable law. Under the Director Plan, all DSUs issued prior to January 1, 2011 will be exchanged for an equivalent number of shares of common stock one year following the director’s resignation or retirement, except upon a change in control or certain other limited circumstances. With respect to DSUs awarded on or after January 1, 2011, a director may elect to exchange such DSUs for an equivalent number of shares of common stock either (i) one year following the director’s resignation or retirement, or (ii) on another single non-discriminatory and objectively determinable date or in four equal installments commencing on that date. Under the Executive Plan, an officer can elect to exchange DSUs for an equivalent number of shares of common stock either on a single date or in a fixed schedule. However, except upon a change in control or certain other limited circumstances, an officer cannot exchange DSUs for an equivalent number of shares of common stock sooner than one year following termination of his or her employment with the company for any reason, and in the case of an executive who has been identified by the plan administrator as a “key employee” within the meaning of Section 409A(a)(2)(B) of the Internal Revenue Code, his or her distribution may not occur sooner than six months following his or her termination of employment.

 

A summary of the status of DSUs granted under our share-based compensation plans at December 31, 2011, and changes during the period then ended, are presented in the table below:

 

       Weighted 
   Number of Units   Average Grant- 
   (000)   Date Fair Value 
         
Outstanding as of December 31, 2010   121   $38.11 
Granted   5    77.16 
Settled   (4)   36.02 
Outstanding as of December 31, 2011   122   $39.91 
           
Vested as of December 31, 2011   119   $39.24 
           
Fully vested and expected to vest as of December 31, 2011   122   $39.91 

 

The total fair value of DSUs granted during the years ended December 31, 2011, 2010 and 2009 was $0.4 million, $0.5 million and $0.7 million, respectively. The aggregate intrinsic value of outstanding DSUs as of December 31, 2011 represents the fair value of IDEXX’s common stock as of December 31, 2011 multiplied by the number of outstanding and vested units as of December 31, 2011.

 

F-21
 

 

NOTE 5. INVENTORIES

 

The components of inventories are as follows (in thousands):

 

   December 31, 
   2011   2010 
Raw materials  $28,338   $26,758 
Work-in-process   14,892    13,790 
Finished goods   89,869    87,337 
   $133,099   $127,885 

 

NOTE 6. PROPERTY AND EQUIPMENT

 

Property and equipment, net, consisted of the following (in thousands):

 

   December 31, 
   2011   2010 
         
Land and improvements  $7,439   $7,446 
Buildings and improvements   115,482    109,090 
Leasehold improvements   27,447    20,080 
Machinery and equipment   128,257    110,406 
Office furniture and equipment   28,791    26,806 
Computer hardware and software   93,272    81,971 
Construction in progress   21,662    20,826 
    422,350    376,625 
Less accumulated depreciation and amortization   205,573    174,900 
Total property and equipment, net  $216,777   $201,725 

 

Depreciation and amortization expense of property and equipment was $37.5 million, $35.1 million, and $39.2 million for the years ended December 31, 2011, 2010 and 2009, respectively.

 

In 2007, we began the renovation and expansion of our primary facility in Westbrook, Maine, which was substantially complete as of December 31, 2011. We capitalized $7.9 million related to this project during the year ended December 31, 2011 and $80.2 million since the project’s inception. In 2011, we began the construction of a new administrative building adjacent to our primary facility in Westbrook, Maine. We capitalized $3.4 million related to this project during the year ended December 31, 2011.

 

During the years ended December 31, 2011, 2010 and 2009, we capitalized $5.7 million, $7.8 million and $10.6 million, respectively, related to computer software developed for internal use.

 

NOTE 7. OTHER NONCURRENT ASSETS

 

Other noncurrent assets consisted of the following (in thousands):

 

   December 31, 
Description  2011   2010 
         
Investment in long-term product supply arrangements  $12,091   $12,120 
Customer acquisition costs, net   21,075    5,470 
Other assets   14,825    12,374 
   $47,991   $29,964 

 

F-22
 

 

NOTE 8. INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets other than goodwill consisted of the following (in thousands):

 

   December 31, 2011   December 31, 2010 
   Cost   Accumulated Amortization   Cost   Accumulated Amortization 
                 
Patents  $9,363   $6,799   $9,377   $5,825 
Product rights (1)   36,181    20,414    31,641    17,974 
Customer-related intangible assets (2)   76,267    26,293    58,941    21,655 
Noncompete agreements   6,235    5,331    5,949    4,702 
   $128,046   $58,837   $105,908   $50,156 

 

(1)Product rights comprise certain technologies, licenses and trade names acquired from third parties.
(2)Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.

 

Intangible assets increased during the year ended December 31, 2011in connection with three business acquisitions and the acquisition of a customer list intangible asset unrelated to acquired businesses, partly offset by continued amortization of our assets. See Note 3 for information regarding intangible assets other than goodwill recognized in connection with the acquisition of businesses and other assets during the years ended December 31, 2011, 2010 and 2009. Amortization expense of intangible assets other than goodwill was $8.7 million, $9.0 million and $9.4 million for the years ended December 31, 2011, 2010 and 2009, respectively. Changes in foreign currency exchange rates did not have a material impact on intangible assets other than goodwill during the year ended December 31, 2011.

 

No impairment charges were recorded on our intangible assets during the years ended December 31, 2011 and 2010. During 2009, we recognized an impairment charge of $1.5 million reflected within general and administrative expenses to write off an acquired intangible asset, classified as a product right, associated with our equine digital radiography business, which is part of our CAG segment. Based on changes in estimated future demand and market conditions, we determined that we would not fully realize our investment and, therefore, fully expensed this asset.

 

The aggregate amortization expense associated with intangible assets owned at December 31, 2011 is estimated to be as follows for each of the next five years and thereafter (in thousands):

 

   Amortization 
   Expense 
      
2012  $9,993 
2013   9,194 
2014   8,395 
2015   8,180 
2016   7,608 
Thereafter   25,839 
   $69,209 

 

The changes in the carrying amount of goodwill for the years ended December 31, 2011, 2010, and 2009 were as follows (in thousands):

 

                   Consolidated 
   CAG   Water   LPD   Other   Total 
Balance as of January 1, 2009  $109,502   $12,757   $9,978   $6,531   $138,768 
Business Combinations   2,332    -    -    -    2,332 
Impact of Changes in Foreign Currency Exchange Rates   6,121    1,245    239    -    7,605 
Balance as of December 31, 2009   117,955    14,002    10,217    6,531    148,705 
Impact of Changes in Foreign Currency Exchange Rates   176    (354)   585    -    407 
Balance as of December 31, 2010   118,131    13,648    10,802    6,531    149,112 
Business Combinations   24,689    -    -    -    24,689 
Impact of Changes in Foreign Currency Exchange Rates   (1,143)   (72)   24    -    (1,191)
Balance as of December 31, 2011  $141,677   $13,576   $10,826   $6,531   $172,610 

 

F-23
 

 

See Note 3 for information regarding the recognition of goodwill in connection with the acquisition of businesses during the years ended December 31, 2011 and 2009. We have no history of impairment charges to the carrying value of our goodwill.

 

NOTE 9. ACCRUED LIABILITIES

 

Accrued liabilities consisted of the following (in thousands):

 

   December 31,   December 31, 
   2011   2010 
         
Accrued expenses  $40,472   $35,043 
Accrued employee compensation and related expenses   51,373    47,914 
Accrued taxes   17,654    12,320 
Accrued customer programs   31,884    23,321 
   $141,383   $118,598 

 

NOTE 10. WARRANTY RESERVES

 

Following is a summary of changes in accrued warranty reserve for the years ended December 31, 2011 and 2010 (in thousands):

 

   For the Years Ended December 31, 
   2011   2010 
         
Balance, beginning of year  $2,196   $3,104 
Provision for warranty expense   2,507    3,113 
Change in estimate, balance beginning of year   (395)   (1,298)
Settlement of warranty liability   (2,615)   (2,723)
Balance, end of year  $1,693   $2,196 

 

NOTE 11. DEBT

 

In July 2011, we refinanced our existing $200 million unsecured revolving credit facility by entering into an amended and restated credit agreement relating to a five-year unsecured revolving credit facility in the principal amount of $300 million with a syndicate of multinational banks, which matures on July 25, 2016 (the new credit facility and the previous credit facility are referred to collectively as the “Credit Facility”) and requires no scheduled prepayments before that date. Though the Credit Facility does not mature until July 25, 2016, all amounts borrowed under the terms of the Credit Facility are reflected in the current liabilities section in the accompanying consolidated balance sheets because the Credit Facility contains a subjective material adverse event clause, which allows the debt holders to call the loans under the Credit Facility if we fail to notify the syndicate of such an event. At December 31, 2011 and 2010, we had $243.0 million and $129.0 million, respectively, outstanding under our Credit Facility with weighted average interest rates of 1.7% and 1.9%, respectively. The funds available under the Credit Facility at December 31, 2011 and December 31, 2010 reflect a further reduction due to the issuance of a letter of credit for $1.0 million, which was issued in connection with our workers’ compensation policy covering claims for the years 2009, 2010 and 2011. Applicable interest rates on borrowings under the new Credit Facility generally range from 0.875 to 1.25 percentage points (the range of applicable interest rates on borrowing under the new credit facility and the previous credit facility are referred to collectively as the “Credit Spread”) above the London interbank rate (“LIBOR”) or the Canadian Dollar-denominated bankers’ acceptance rate (“CDOR”), dependent on our leverage ratio, or the prevailing prime rate plus a maximum spread of up to 0.25%, dependent on our leverage ratio. We have entered into forward fixed interest rate swap agreements to manage the economic effect of this variable interest obligation. See Note 17 for a discussion of our derivative instruments and hedging activities. Under the Credit Facility, we pay quarterly commitment fees of 0.15% to 0.30%, dependent on our leverage ratio, on any unused commitment. The obligations under the Credit Facility may be accelerated upon the occurrence of an event of default under the Credit Facility, which includes customary events of default including, without limitation, payment defaults, defaults in the performance of affirmative and negative covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, defaults relating to judgments, certain events related to employee pension benefit plans under the Employee Retirement Income Security Act of 1974, the failure to pay specified indebtedness, and a change of control default. The Credit Facility contains affirmative, negative and financial covenants customary for financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, fundamental changes, investments, transactions with affiliates and certain restrictive agreements. The financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation and amortization, defined as the consolidated leverage ratio under the terms of the Credit Facility, not to exceed 3-to-1. At December 31, 2011, we were in compliance with the covenants of the Credit Facility.

 

F-24
 

 

In 2006, we acquired our facility located in Westbrook, Maine and assumed the related mortgage that had a face value of $6.5 million and stated interest rate of 9.875%. We recorded the mortgage at a fair market value of $7.5 million, based on the effective market interest rate at that time. The mortgage is payable in equal monthly installments of approximately $0.1 million through May 1, 2015. Annual principal payments on long-term debt at December 31, 2011 are as follows (in thousands):

 

Years Ending December 31,  Amount 
      
2012  $917 
2013   1,108 
2014   1,034 
2015   359 
   $3,418 

 

NOTE 12. INCOME TAXES

 

Earnings before income taxes were as follows (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Domestic  $169,365   $151,660   $124,974 
International   65,057    50,469    49,565 
   $234,422   $202,129   $174,539 

 

The provision (benefit) for income taxes comprised the following (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Current               
Federal  $45,549   $44,833   $34,043 
State   5,591    5,079    3,984 
International   15,532    11,805    11,007 
    66,672    61,717    49,034 
                
Deferred               
Federal   6,823    958    4,876 
State   313    (230)   (107)
International   (1,140)   (1,636)   (1,499)
    5,996    (908)   3,270 
   $72,668   $60,809   $52,304 

 

The provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate as follows:

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
U.S. federal statutory rate   35.0%   35.0%   35.0%
State income tax, net of federal tax benefit   1.6    1.4    1.4 
International income taxes   (3.6)   (3.6)   (4.5)
Domestic manufacturing exclusions   (1.4)   (1.6)   (0.9)
Research and development credit   (0.8)   (1.2)   (1.1)
Other, net   0.2    0.1    0.1 
Effective tax rate   31.0%   30.1%   30.0%

 

F-25
 

 

Our effective income tax rate was 31.0% for the year ended December 31, 2011 and 30.1% for the year ended December 31, 2010. The increase in the tax rate was due primarily to lower tax benefits recognized related to the federal research and development tax incentives, lower benefits recognized in connection with the expiration of certain statutes of limitations and increased state tax.

 

Our effective income tax rate was 30.1% for the year ended December 31, 2010 and 30.0% for the year ended December 31, 2009. The slight increase in the tax rate is due primarily to an increase in earnings taxed at domestic rates that are higher than international rates, partly offset by tax benefits related to U.S. manufacturing activities that were fully phased in effective January 1, 2010.

 

We benefit from tax holidays in the Netherlands and Switzerland, which are set to expire December 31, 2015. As a result of the tax holidays, our net income was higher by $5.3 million for the year ended December 31, 2011 and higher by $3.9 million for each of the years ended December 31, 2010 and 2009. The benefit from these tax holidays is reflected within the overall benefit received from international income taxes in the table above.

 

We consider the majority of the operating earnings of non-United States subsidiaries to be indefinitely invested outside the United States. The cumulative earnings of these subsidiaries were $275.2 million at December 31, 2011. No provision has been made for United States federal and state, or international taxes that may result from future remittances of the undistributed earnings of non-United States subsidiaries. Should we repatriate these earnings in the future, we would have to adjust the income tax provision in the period in which the decision to repatriate earnings is made. For the operating earnings not considered to be indefinitely invested outside the United States, we have accounted for the tax impact on a current basis.

 

The components of the net deferred tax assets (liabilities) included in the accompanying consolidated balance sheets are as follows (in thousands):

 

   December 31, 2011   December 31, 2010 
   Current   Long-Term   Current   Long-Term 
                 
Assets:                    
Accrued expenses  $18,177   $1,372   $18,820   $- 
Accounts receivable reserves   791    -    702    - 
Deferred revenue   758    1,338    804    1,059 
Inventory basis differences   2,900    -    3,415    - 
Property-based differences   -    1,361    -    1,228 
Share-based compensation   2,267    7,123    2,041    6,298 
Other   188    182    296    13 
Net operating loss carryforwards   611    3,753    731    4,720 
Unrealized losses on foreign currency exchange contracts, interest rate swaps and investments   1,069    -    609    - 
Total assets   26,761    15,129    27,418    13,318 
Valuation allowance   (806)   (3,808)   (281)   (4,323)
Total assets, net of valuation allowance   25,955    11,321    27,137    8,995 
                     
Liabilities:                    
Deferred Instrument Costs   -    (3,774)   -    (526)
Property-based differences   -    (18,332)   -    (13,776)
Intangible asset basis differences   -    (12,502)   -    (13,035)
Other   (17)   -    (168)   (21)
Unrealized gains on foreign currency exchange contracts, interest rate swaps and investments   (2,121)   -    -    - 
Total liabilities   (2,138)   (34,608)   (168)   (27,358)
Net deferred tax assets (liabilities)  $23,817    (23,287)  $26,969   $(18,363)

 

We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. Unrecognized tax benefits are the differences between tax positions taken, or expected to be taken, in tax returns, and the benefits recognized for accounting purposes. We classify certain uncertain tax positions as long-term liabilities.

 

F-26
 

 

The total amount of unrecognized tax benefits at December 31, 2011 and December 31, 2010 was $5.2 million and $5.0 million, respectively. Of the total unrecognized tax benefits at December 31, 2011 and 2010, $4.8 million and $4.5 million, respectively, comprise unrecognized tax positions that would, if recognized, affect our effective tax rate. The ultimate deductibility of the remaining unrecognized tax positions is highly certain but there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.

 

During each of the years ended December 31, 2011, 2010 and 2009, we recorded interest expense and penalties of $0.3 million as income tax expense in our consolidated statement of income. At both December 31, 2011 and 2010, we had $0.6 million of estimated interest expense and penalties accrued in our consolidated balance sheets.

 

The following table summarizes the changes in unrecognized tax benefits during the years ended December 31, 2011, 2010 and 2009 (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Total amounts of unrecognized tax benefits, beginning of period  $4,976   $5,429   $5,850 
Gross decreases in unrecognized tax benefits as a result of tax positions taken during a prior period   -    -    - 
Gross increases in unrecognized tax benefits as a result of tax positions taken in the current period   1,241    972    1,233 
Decreases in unrecognized tax benefits relating to settlements with taxing authorities   -    -    (513)
Decreases in unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations   (1,068)   (1,425)   (1,141)
Total amounts of unrecognized tax benefits, end of period  $5,149   $4,976   $5,429 

 

In 2012, it is reasonably possible that we could recognize up to $1.3 million of income tax benefits that have not been recognized at December 31, 2011. The income tax benefits are due primarily to the lapse in the statutes of limitations for various U.S. and international tax jurisdictions.

 

In the ordinary course of our business, our income tax filings are regularly under audit by tax authorities. While we believe we have appropriately provided for all uncertain tax positions, amounts asserted by taxing authorities could be greater or less than our accrued position. Accordingly, additional provisions on income tax matters, or reductions of previously accrued provisions, could be recorded in the future as we revise our estimates due to changing facts and circumstances or the underlying matters are settled or otherwise resolved. We are currently undergoing tax examinations by various state tax authorities and we anticipate that these examinations will be concluded within the next year. We are no longer subject to U.S. federal examinations for tax years before 2007. With few exceptions, we are no longer subject to income tax examinations in any state and local, or international jurisdictions in which we conduct significant taxable activities for years before 2003.

 

At December 31, 2011, we had net operating loss carryforwards in certain state and international jurisdictions of approximately $47.1 million available to offset future taxable income. Most of these net operating loss carryforwards will expire at various dates through 2018 and the remainder have indefinite lives. We have recorded a valuation allowance of $3.8 million against certain deferred tax assets related to net operating loss carryforwards, as it is more likely that not that they will not be utilized within the carryforward period.

 

NOTE 13. EARNINGS PER SHARE

 

The following is a reconciliation of shares outstanding for basic and diluted earnings per share (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Shares outstanding for basic earnings per share:   56,790    57,713    58,809 
                
Shares outstanding for diluted earnings per share:               
Shares outstanding for basic earnings per share   56,790    57,713    58,809 
Dilutive effect of share-based payment awards   1,424    1,846    1,873 
    58,214    59,559    60,682 

 

F-27
 

 

Certain options to acquire shares and restricted stock units have been excluded from the calculation of shares outstanding for dilutive earnings per share because they were anti-dilutive. The following table presents information concerning those anti-dilutive options and restricted stock units (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Weighted average number of shares underlying anti-dilutive options   597    501    878 
                
Weighted average number of shares underlying anti-dilutive restricted stock units   -    -    2 
                

 

NOTE 14. COMMITMENTS, CONTINGENCIES AND GUARANTEES

 

Commitments

 

We lease multiple facilities under operating leases with various expiration dates through 2023. In addition, we are responsible for the real estate taxes and operating expenses related to these facilities. We also have lease commitments for automobiles and office equipment. Rent expense charged to operations under operating leases was approximately $15.5 million, $14.3 million and $14.7 million for the years ended December 31, 2011, 2010 and 2009, respectively.

 

Minimum annual rental payments under these agreements are estimated as follows (in thousands):

 

Years Ending December 31,  Amount 
      
2012  $12,813 
2013   10,695 
2014   7,442 
2015   6,025 
2016   5,147 
Thereafter   18,080 
   $60,202 

 

We have various minimum royalty payments due through 2027 of $5.7 million.

 

We have contingent commitments outstanding of up to $10.3 million related primarily to the acquisition of an intangible asset in 2008 and due to the seller upon our achievement of certain revenue and other milestones. We have not accrued for the commitments related to this intangible asset acquisition as we do not deem them to be probable of occurring as of December 31, 2011. The remaining commitments are not material.

 

Contingencies

 

We are subject to claims that arise in the ordinary course of business, including with respect to actual and threatened litigation and other matters. We accrue for loss contingencies when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. However, our actual losses with respect to these contingencies could exceed our accruals.

 

Under our worker’s compensation insurance policies for U.S. employees since January 1, 2003, we have retained the first $250,000 in claim liability per incident with aggregate maximum claim liabilities per year of $2.0 million in 2011 and $2.9 million in each of 2010 and 2009. The insurance company provides for insurance claims above the individual occurrence and aggregate limits. We have recognized cumulative expenses of $0.5 million, $0.6 million, and $0.4 million for claims incurred during the years ended December 31, 2011, 2010 and 2009. Our estimated liability for worker’s compensation as of December 31, 2011 and 2010 was $0.7 million and $1.1 million, respectively. Claims incurred during the years ended December 31, 2011 and 2010 are relatively undeveloped as of December 31, 2011. Therefore, it is possible that we could incur additional healthcare and wage indemnification costs beyond those previously recognized up to our aggregate liability for each of the respective claim years. For the seven years ended on or prior to December 31, 2009, based on our retained claim liability per incident and our aggregate claim liability per year, our maximum liability at December 31, 2011 in excess of the amounts deemed probable and previously recognized is not material. In connection with these policies, we have outstanding letters of credit totaling $1.6 million to the insurance companies as security for these claims.

 

F-28
 

 

Under our current employee health care insurance policy for U.S. employees, we retain claims liability risk up to $275,000 per incident per year in 2011 and up to $250,000 per incident per year in 2010 and 2009. We recognized employee health care claim expense of $21.0 million, $22.6 million and $19.6 million during the years ended December 31, 2011, 2010 and 2009, respectively, which includes actual claims paid and an estimate of our liability for the uninsured portion of employee health care obligations that have been incurred but not paid. Should employee health insurance claims exceed our estimated liability, we would have further obligations. Our estimated liability for health care claims that have been incurred but not paid as of December 31, 2011 and 2010 was $3.9 million and $4.3 million, respectively.

 

We have entered into an employment agreement with our chief executive officer whereby payment may be required if we terminate his employment without cause other than following a change in control. The amount payable is based upon the executive’s salary at the time of termination and the cost to us of continuing to provide certain benefits. Had this officer been terminated without cause at December 31, 2011, other than following a change in control, we would have had an obligation for salaries and benefits of approximately $1.4 million under such agreement. In addition, the agreement provides for continued vesting of his outstanding equity awards for a period of two years.

 

We have entered into employment agreements with each of our officers that require us to make certain payments in the event the officer’s employment is terminated under certain circumstances within a certain period following a change in control. The amount payable by us under each of these agreements is based on the officer’s salary and bonus history at the time of termination and the cost to us of continuing to provide certain benefits. Had all of our officers been terminated in qualifying terminations following a change in control at December 31, 2011, we would have had aggregate obligations of approximately $17.6 million under these agreements. These agreements also provide for the acceleration of the vesting of all stock options and restricted stock units upon any qualifying termination following a change in control. At this time, we believe the likelihood of terminations as a result of the scenarios described is remote, and therefore, we have not accrued for such loss contingencies.

 

From time to time, we have received notices alleging that our products infringe third-party proprietary rights, although we are not aware of any pending litigation with respect to such claims. Patent litigation frequently is complex and expensive, and the outcome of patent litigation can be difficult to predict. There can be no assurance that we will prevail in any infringement proceedings that may be commenced against us. If we lose any such litigation, we may be stopped from selling certain products and/or we may be required to pay damages as a result of the litigation.

 

In January 2010, we received a letter from the U.S. Federal Trade Commission (“FTC”), stating that it was conducting an investigation to determine whether we or others have engaged in, or are engaging in, unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act (“FTC Act”) through pricing or marketing policies for companion animal veterinary products and services, including but not limited to exclusive dealing or tying arrangements with distributors or end-users of those products or services. The letter stated that the FTC has not concluded that we or anyone else has violated Section 5 of the FTC Act. In April 2010 and August 2011, we received a subpoena from the FTC requesting that we provide the FTC with documents and information relevant to this investigation. We are cooperating fully with the FTC in its investigation. We believe that the FTC staff is nearing conclusion of its investigations and that the FTC is commencing its internal process to determine whether to file a complaint against IDEXX in the administrative law court within the FTC. We now understand that the FTC is considering whether IDEXX has violated Section 2 of the Sherman Antitrust Act and is not focusing on potential violations of Section 5 of the FTC Act. In an administrative action the FTC would have the power to seek prospective remedies but no financial penalties.

 

We believe that our marketing and sales practices for companion animal veterinary products and services do not violate applicable antitrust laws. Further, at this time, we cannot predict whether the FTC investigation will lead to enforcement proceedings, or what the outcomes of those proceedings will be. As such, we have not accrued for a loss contingency as potential losses related to this investigation are neither probable nor can they reasonably be estimated through the date of the filing of this Annual Report on Form 10-K.

 

F-29
 

 

In November 2010, we received notification that the United Kingdom Office of Fair Trading (“OFT”) was conducting an investigation to determine whether we had engaged in, or are engaging in, practices foreclosing the supply of companion animal diagnostic testing services in violation of the United Kingdom Competition Act of 1998.  We provided the OFT with documents and information relevant to this investigation as requested and have cooperated fully with the OFT on this matter. In November 2011, the OFT concluded that it had no grounds for action in relation to our conduct and that it is unlikely that we have engaged in practices that impair effective competition in the marketplace.

 

Guarantees

 

We enter into agreements with third parties in the ordinary course of business under which we are obligated to indemnify such third parties for and against various risks and losses. The precise terms of such indemnities vary with the nature of the agreement. In many cases, we limit the maximum amount of our indemnification obligations, but in some cases those obligations may be theoretically unlimited. We have not incurred material expenses in discharging any of these indemnification obligations, and based on our analysis of the nature of the risks involved, we believe that the fair value of these agreements is minimal. Accordingly, we have recorded no liabilities for these obligations at December 31, 2011 and 2010.

 

When acquiring a business, we sometimes assume liability for certain events or occurrences that took place prior to the date of acquisition. However, we do not believe that we have any probable pre-acquisition liabilities or guarantees that should be recognized at December 31, 2011 and 2010.

 

NOTE 15. SEGMENT REPORTING

 

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision-maker is our Chief Executive Officer. Our reportable segments include: CAG, Water, LPD, and Other. The Other segment is comprised of our Dairy and OPTI Medical operating segments and a product line and out-licensing arrangements remaining from our pharmaceutical business.

 

CAG develops, designs, manufactures, and distributes products and performs services for veterinarians, primarily related to diagnostics and information management. Water develops, designs, manufactures and distributes a range of products used in the detection of various microbiological parameters in water. LPD develops, designs, manufactures and distributes diagnostic tests and related instrumentation that are used to detect a wide range of diseases and to monitor health status in livestock and poultry. Dairy develops, designs, manufactures and distributes products to detect contaminants in milk. OPTI Medical develops, designs, manufactures, and distributes point-of-care electrolyte and blood gas analyzers and related consumable products for the human medical diagnostics market. Further, OPTI Medical manufactures our VetStat® Electrolyte and Blood Gas Analyzer and electrolyte consumables used with our Catalyst Dx® analyzer.

 

The accounting policies of our segments are the same as those described in the summary of significant accounting policies in Note 2 except for inventories, as discussed below. Intersegment revenues, which are not included in the table below, were not material for the years ended December 31, 2011, 2010, and 2009.

 

On January 1, 2011, we changed the measure of profitability for our reportable segments. As a result of this change, a portion of corporate support function expenses and personnel-related expenses, certain manufacturing costs and certain foreign currency exchange gains and losses are no longer allocated to our reportable segments and, instead, are reported under the caption “Unallocated Amounts” in addition to those amounts already reported under the caption “Unallocated Amounts.” Prior to January 1, 2011, items not allocated to our operating segments consisted primarily of corporate research and development expenses that did not align with one of our existing business or service categories and the difference between estimated and actual share-based compensation expense. Similar to our treatment of share-based compensation expense, we estimate corporate support function expenses and certain personnel-related costs and allocate the estimated expense to the operating segments. This allocation differs from the actual expense and consequently yields a difference that is now reported under the caption “Unallocated Amounts.” With respect to manufacturing costs, the costs reported in our operating segments include our standard cost for products sold and any variances from standard cost for products purchased or manufactured within the period. We capitalize these variances for inventory on hand at the end of the period to record inventory in accordance with U.S. GAAP. We then record these costs as cost of product revenue as that inventory is sold. The impact to cost of product revenue resulting from this variance capitalization and subsequent expense recognition is now reported within the caption “Unallocated Amounts.” The segment income (loss) from operations discussed within this report for the years ended December 31, 2010 and 2009 have been restated to conform to our new measure of segment profitability. This change in measure of segment profitability did not have a material impact on the results of operations for any of our individual segments. There was no change to the business composition of our reportable segments or to our consolidated results of operations.

 

F-30
 

 

Below is our segment information (in thousands):

 

For the Years Ended December 31,                        
   CAG   Water   LPD   Other   Unallocated Amounts   Consolidated Total 
2011                        
Revenue  $999,722    82,125    94,112    42,730    -   $1,218,689 
                               
Income (loss) from operations  $189,834    33,844    23,739    2,556    (13,748)  $236,225 
Interest expense, net                            1,803 
Income before provision for income taxes                            234,422 
Provision for income taxes                            72,668 
Net income                            161,754 
Net income attributable to noncontrolling interest                            (32)
Net income attributable to IDEXX Laboratories’ stockholders                           $161,786 
                               
Depreciation and amortization  $39,165    1,717    4,537    2,783    -   $48,202 
Segment assets   635,461    45,479    64,727    44,641    240,506    1,030,814 
Expenditures for long-lived assets (1)   42,198    2,487    5,699    2,080    -    52,464 
                               
2010                              
Revenue  $905,655   $76,514   $81,177   $40,046   $-   $1,103,392 
                               
Income (loss) from operations  $165,213   $31,613   $19,603   $4,125   $(16,673)  $203,881 
Interest expense, net                            1,752 
Income before provision for income taxes                            202,129 
Provision for income taxes                            60,809 
Net income                            141,320 
Net income attributable to noncontrolling interest                            36 
Net income attributable to IDEXX Laboratories’ stockholders                           $141,284 
                               
Depreciation and amortization  $38,211   $1,532   $3,809   $2,404   $-   $45,956 
Segment assets   551,492    41,884    57,390    38,028    208,350    897,144 
Expenditures for long-lived assets (1)   31,499    1,642    2,815    2,952    -    38,908 
                               
2009                              
Revenue  $843,303   $73,214   $77,208   $37,908   $-   $1,031,633 
                               
Income (loss) from operations  $131,738    30,843    17,351    3,179    (7,142)  $175,969 
Interest expense, net                            1,430 
Income before provision for income taxes                            174,539 
Provision for income taxes                            52,304 
Net income                            122,235 
Net income attributable to noncontrolling interest                            10 
Net income attributable to IDEXX Laboratories’ stockholders                           $122,225 
                               
Depreciation and amortization  $41,865   $1,457   $4,544   $1,907   $-   $49,773 
Segment assets   519,098    43,893    57,897    35,779    151,860    808,527 
Expenditures for long-lived assets (1)   41,111    3,110    3,337    4,774    -    52,332 

 

(1)Expenditures for long-lived assets exclude expenditures for intangible assets. See Note 3 for information regarding acquisitions of intangible assets during the years ended December 31, 2011, 2010 and 2009.

 

F-31
 

 

Revenue by product and service categories was as follows (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
CAG segment revenue:               
Instruments and consumables  $394,586   $354,239   $332,706 
Rapid assay products   154,342    146,538    147,078 
Reference laboratory diagnostic and consulting services   373,919    329,666    298,410 
Practice management systems and digital radiography   76,875    75,212    65,055 
Pharmaceutical products   -    -    54 
CAG segment revenue   999,722    905,655    843,303 
                
Water segment revenue   82,125    76,514    73,214 
Livestock and poultry diagnostics segment revenue   94,112    81,177    77,208 
Other segment revenue   42,730    40,046    37,908 
                
Total revenue  $1,218,689   $1,103,392   $1,031,633 

 

Revenue by principal geographic area, based on customers’ domiciles, was as follows (in thousands):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Americas               
United States  $700,090   $652,026   $614,517 
Canada   65,318    59,806    55,105 
Other   20,431    16,343    12,416 
    785,839    728,175    682,038 
                
Europe, the Middle East and Africa               
United Kingdom   61,016    56,493    55,835 
Germany   78,806    68,318    62,480 
France   48,164    42,895    41,756 
Other   123,651    106,186    104,364 
    311,637    273,892    264,435 
                
Asia Pacific Region               
Japan   43,445    36,260    31,794 
Australia   44,023    36,296    29,177 
Other   33,745    28,769    24,189 
    121,213    101,325    85,160 
Total  $1,218,689   $1,103,392   $1,031,633 

 

Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net long-lived assets by principal geographic areas were as follows (in thousands):

 

   December 31, 
   2011   2010   2009 
             
Americas               
United States  $187,621   $173,070   $169,933 
Canada   2,523    3,628    4,373 
    190,144    176,698    174,306 
                
Europe, the Middle East and Africa               
United Kingdom   11,000    10,341    9,520 
Germany   2,360    2,670    3,210 
Switzerland   2,547    2,164    2,870 
France   2,270    2,270    2,813 
Netherlands   3,400    3,525    3,532 
Other   1,210    802    965 
    22,787    21,772    22,910 
                
Asia Pacific Region               
Japan   1,142    737    709 
Australia   1,495    1,704    1,650 
Other   1,209    814    371 
    3,846    3,255    2,730 
Total  $216,777   $201,725   $199,946 

 

F-32
 

 

NOTE 16. FAIR VALUE MEASUREMENTS

 

The following table sets forth our assets and liabilities that were measured at fair value on a recurring basis at December 31, 2011 and at December 31, 2010 by level within the fair value hierarchy (in thousands):

 

   Quoted Prices   Significant         
   in Active   Other   Significant     
   Markets for   Observable   Unobservable   Balance at 
   Identical Assets   Inputs   Inputs   December 31, 
As of December 31, 2011  (Level 1)   (Level 2)   (Level 3)   2011 
                     
Assets                    
Money market funds(1)  $88,525   $-   $-   $88,525 
Equity mutual funds(2)   2,056    -    -    2,056 
Foreign currency exchange contracts(3)   -    6,841    -    6,841 
Liabilities                    
Foreign currency exchange contracts(3)   -    1,753    -    1,753 
Deferred compensation(4)   2,056    -    -    2,056 
Interest rate swaps(5)   -    1,417    -    1,417 

 

   Quoted Prices   Significant         
   in Active   Other   Significant     
   Markets for   Observable   Unobservable   Balance at 
   Identical Assets   Inputs   Inputs   December 31, 
As of December 31, 2010  (Level 1)   (Level 2)   (Level 3)   2010 
                     
Assets                    
Money market funds(1)  $67,025   $-   $-   $67,025 
Equity mutual funds(2)   2,222    -    -    2,222 
Liabilities                    
Foreign currency exchange contracts(3)   -    2,234    -    2,234 
Deferred compensation(4)   2,222    -    -    2,222 
Interest rate swaps(5)   -    1,611    -    1,611 

 

(1)Money market funds are included within cash and cash equivalents.
(2)Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other long-term assets. See number (4) below for a discussion of the related deferred compensation liability.
(3)Foreign currency exchange contracts are included within other current assets; other long-term assets, net; accrued liabilities; or other long-term liabilities depending on the gain (loss) position and anticipated settlement date.
(4)Deferred compensation plans are included within other long-term liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in number (2) above.
(5)Interest rate swaps are included within accrued liabilities.

 

We did not have any significant nonfinancial assets or nonfinancial liabilities which required remeasurement during the years ended December 31, 2011, 2010 or 2009. We did not have any transfers between Level 1 and Level 2 measurements during the year ended December 31, 2011.

 

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate carrying value due to their short maturity. The estimated fair value of our Credit Facility approximates carrying value as we believe that we could obtain an unsecured revolving credit facility bearing interest rates, based on current market conditions, similar to those effective under our current Credit Facility, which was refinanced in July 2011. The estimated fair value of our mortgage approximates the carrying value based on current market interest rates for similar debt issues with similar remaining maturities.

 

F-33
 

 

NOTE 17. Derivative Instruments and Hedging

 

Disclosure within this footnote is presented to provide transparency about how and why we use derivative instruments and how the instruments and related hedged items affect our financial position, results of operations, and cash flows. See Note 2 for a discussion surrounding our derivative instrument and hedging accounting policies, Note 16 for additional information regarding the fair value of our derivative instruments and Note 19 for additional information surrounding the impact to OCI from our derivative instruments.

 

We are exposed to certain risks related to our ongoing business operations. The primary risks that we manage by using derivative instruments are foreign currency exchange risk and interest rate risk. Our subsidiaries enter into foreign currency exchange contracts to manage the exchange risk associated with their forecasted intercompany inventory purchases and sales for the next year. From time to time, we may also enter into foreign currency exchange contracts to minimize the impact of foreign currency fluctuations associated with specific, significant transactions. We enter into interest rate swaps to minimize the impact of interest rate fluctuations associated with our variable-rate debt.

 

The primary purpose of our foreign currency hedging activities is to protect against the volatility associated with foreign currency transactions. We also utilize natural hedges to mitigate our transaction and commitment exposures. Our corporate policy prescribes the range of allowable hedging activity. We enter into foreign currency exchange contracts with large multinational financial institutions and we do not hold or engage in transactions involving derivative instruments for purposes other than risk management. Our accounting policies for these contracts are based on our designation of such instruments as hedging transactions.

 

Cash Flow Hedges

 

We have designated our foreign currency exchange contracts and variable-to-fixed interest rate swaps as cash flow hedges as these derivative instruments mitigate the exposure to variability in the cash flows of forecasted transactions attributable to foreign currency exchange and interest rates. Unless noted otherwise, we have also designated our derivative instruments as qualifying for hedge accounting treatment.

 

We did not de-designate any instruments from hedge accounting treatment during the years ended December 31, 2011 and 2010. The loss recognized in earnings related to de-designated instruments during the year ended December 31, 2009 was not material. Gains or losses related to hedge ineffectiveness recognized in earnings during the years ended December 31, 2011, 2010 and 2009 were not material. At December 31, 2011, the estimated net amount of gains that are expected to be reclassified out of accumulated OCI and into earnings within the next 12 months is $3.2 million if exchange and interest rates do not fluctuate from the levels at December 31, 2011.

 

We enter into foreign currency exchange contracts for amounts that are less than the full value of forecasted intercompany purchases and sales. Our hedging strategy related to intercompany inventory purchases and sales is to employ the full amount of our hedges for the succeeding year at the conclusion of our budgeting process for that year, which is complete by the end of the preceding year. We primarily utilize foreign currency exchange contracts with durations of less than 24 months. Quarterly, we enter into contracts to hedge incremental portions of anticipated foreign currency transactions for the current and following year. As a result, the notional value of foreign currency exchange contracts outstanding may be higher throughout the year in comparison to the amounts outstanding at the end of the year. Accordingly, our risk with respect to foreign currency exchange rate fluctuations may vary throughout each annual cycle.

 

In March 2009, we entered into two forward fixed interest rate swap agreements to manage the economic effect of variable interest obligations on amounts borrowed under the terms of our Credit Facility. Under these agreements, beginning on March 31, 2010 the variable interest rate associated with $80 million of borrowings outstanding under the Credit Facility became effectively fixed at 2% plus the Credit Spread through March 30, 2012. In August 2011, we entered into two additional forward fixed interest rate swap agreements for the same purpose. Under these agreements, beginning on March 30, 2012, the variable interest rate associated with $40 million of borrowings outstanding under the Credit Facility will become effectively fixed at 1.36% plus the Credit Spread through June 30, 2016 and beginning on March 28, 2013, the variable interest rate associated with an additional $40 million of borrowings outstanding under the Credit Facility will become effectively fixed at 1.64% plus the Credit Spread through June 30, 2016.

 

F-34
 

 

The notional amount of foreign currency exchange contracts to hedge forecasted intercompany purchases and sales consisted of the following (in thousands):

 

Currency Sold  U.S. Dollar Equivalent 
   December 31, 2011   December 31, 2010 
           
Euro  $68,275   $59,360 
British pound   25,260    21,144 
Canadian dollar   19,902    21,776 
Australian dollar   12,417    7,930 
Japanese yen   18,005    10,427 
   $143,859   $120,637 

 

Currency Purchased  U.S. Dollar Equivalent 
   December 31, 2011   December 31, 2010 
           
Swiss franc  $17,909   $12,542 

 

The notional amount of forward fixed interest rate swap agreements to manage variable interest obligations consisted of the following (in thousands):

 

   U.S. Dollar Equivalent 
   December 31,   December 31, 
   2011   2010 
           
Interest rate swaps commencing March 31, 2010 and expiring March 30, 2012  $80,000   $80,000 
Interest rate swaps commencing March 30, 2012 and March 28, 2013 and expiring June 30, 2016  $80,000   $- 

 

The fair values of derivative instruments and their respective classification in the consolidated balance sheets consisted of the following (in thousands):

 

       Asset Derivatives 
       December 31, 2011   December 31, 2010 
               
Derivatives designated as hedging instruments   Balance Sheet Classification          
Foreign currency exchange contracts   Other current assets  $6,841   $         - 

 

       Liability Derivatives 
       December 31, 2011   December 31, 2010 
               
Derivatives designated as hedging instruments   Balance Sheet Classification          
Foreign currency exchange contracts     Accrued expenses  $1,753   $2,234 
Interest rate swaps   Accrued expenses   1,417    1,611 
Total derivative instruments        $3,170   $3,845 

 

The effect of derivative instruments designated as cash flow hedges on the consolidated balance sheets for the years ended December 31, 2011, 2010 and 2009 consisted of the following (in thousands):

 

   Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) 
   For the Years Ended December 31, 
Derivative instruments  2011   2010   2009 
             
Foreign currency exchange contracts, net of tax  $5,642   $1,368   $(9,730)
Interest rate swaps, net of tax   121    (638)   (375)
Total, net of tax  $5,763   $730   $(10,105)

 

F-35
 

  

The effect of derivative instruments designated as cash flow hedges on the consolidated statement of operations for the years ended December 31, 2011, 2010 and 2009 consisted of the following (in thousands):

 

    Gain  Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
       For the Years Ended December 31, 
Derivative instruments   Classification  2011   2010   2009 
                    
Foreign currency exchange contracts   Cost of revenue  $(5,406)  $(743)  $4,813 
Interest rate swaps   Interest expense   (1,424)   (1,034)   - 
Total       (6,830)   (1,777)   4,183 

 

NOTE 18. REPURCHASES OF COMMON STOCK

 

Our board of directors has authorized the repurchase of up to 48,000,000 shares of our common stock in the open market or in negotiated transactions. We believe that the repurchase of our common stock is a favorable investment and we also repurchase to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing and financing activities and the share price. As of December 31, 2011, there are 4,387,707 remaining shares available for repurchase under this authorization.

 

The following is a summary of our open market common stock repurchases for the twelve months ended December 31, 2011, 2010 and 2009 (in thousands, except per share amounts):

 

   For the Years Ended December 31, 
   2011   2010   2009 
             
Shares repurchased   3,419    2,487    1,919 
Total cost of shares repurchased  $255,505   $143,090   $83,099 
Average cost per share  $74.74   $57.53   $43.30 

 

We primarily acquire shares by means of repurchases in the open market. However, we also acquire shares that are surrendered by employees in payment for the minimum required withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We acquired 55,721 shares at a total cost of $4.3 million in connection with employee surrenders for the twelve months ended December 31, 2011 compared to 52,022 shares at a total cost of $2.8 million for the twelve months ended December 31, 2010 and 35,241 shares at a total cost of $1.3 million for the twelve months ended December 31, 2009.

 

In 2011, we began issuing shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the twelve months ended December 31, 2011 was not material.

 

NOTE 19. ACCUMULATED OTHER COMPREHENSIVE INCOME

 

Accumulated other comprehensive income consisted of the following as of December 31, 2011 and 2010, respectively (in thousands):

 

   December 31, 
   2011   2010 
         
Unrealized loss on investments, net of tax  $(287)  $(179)
Unrealized gain/(loss) on derivative instruments, net of tax   3,206    (2,557)
Cumulative translation adjustment   12,524    16,203 
   $15,443   $13,467 

 

F-36
 

 

NOTE 20. PREFERRED STOCK

 

Our board of directors is authorized, subject to any limitations prescribed by law, without further stockholder approval, to issue from time to time up to 500,000 shares of Preferred Stock, $1.00 par value per share (“Preferred Stock”), in one or more series. Each such series of Preferred Stock shall have such number of shares, designations, preferences, voting powers, qualifications and special or relative rights or privileges as shall be determined by the board of directors, which may include, among others, dividend rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive rights. There are no shares of Preferred Stock outstanding as of December 31, 2011.

 

NOTE 21. IDEXX RETIREMENT AND INCENTIVE SAVINGS PLAN

 

We have established the IDEXX Retirement and Incentive Savings Plan (the “401(k) Plan”). Employees eligible to participate in the 401(k) Plan may contribute specified percentages of their salaries, a portion of which will be matched by us. We matched $6.4 million, $6.1 million and $5.9 million for the years ended December 31, 2011, 2010 and 2009, respectively. In addition, we may make contributions to the 401(k) Plan at the discretion of the board of directors. There were no discretionary contributions in 2011, 2010 or 2009.

 

We also have established defined contribution plans for regional employees in Europe and in Canada. With respect to these plans, we contributed $2.2 million, $2.0 million and $1.7 million for the years ended December 31, 2011, 2010 and 2009.

 

NOTE 22. DISPOSITION OF PHARMACEUTICAL PRODUCT LINES AND RESTRUCTURING

 

In the fourth quarter of 2008, we sold our Acarexx® and SURPASS® veterinary pharmaceutical products and a feline insulin product under development, which were a part of our CAG segment, for cash of $7.0 million, a short-term receivable of $1.4 million, which was received in January 2009, and up to $11.5 million of future payments based on the achievement of certain development and sales milestones by the acquirer of the feline insulin product. In the fourth quarter of 2009 we earned and received a milestone payment of $2.0 million in connection with the achievement of certain development milestones by the acquirer. In each of the third and fourth quarters of 2010 and the fourth quarter of 2011, we earned milestone payments of $3.0 million in connection with the achievement of certain sales milestones by the acquirer following commercialization of the feline insulin product. The 2010 aggregate milestone payments were received in the first quarter of 2011. The 2011 milestone payment is included in other current assets on the accompanying consolidated balance sheets. These milestone payments are reflected as reductions to general and administrative expenses as earned. Because we have no obligation to deliver product or services, or otherwise provide support to the third party under this agreement, and because collectability is reasonably assured, these milestone payments, and any other related milestone payments we earn in the future, are included in results of operations when earned, but are not classified as revenue because the transaction was accounted for as the sale of a business. We are eligible to earn up to $3.5 million in additional milestone payments based on the achievement of certain sales milestones by the acquirer related to the feline insulin product.

 

Additionally in the fourth quarter of 2008, in a separate transaction, we entered into an agreement to sell our raw material inventory of nitazoxanide (“NTZ”), the active ingredient associated with our Navigator® product, back to the material supplier. We received from the supplier an aggregate of $1.4 million during the year ended December 31, 2011 and $0.3 million during each of the years ended December 31, 2010 and 2009 in connection with this sale. Payments were recorded in our results of operations as reductions to general and administrative expense in the period in which they were received due to uncertain collectability. The payments received during the year ended December 31, 2011 satisfied the buyer’s obligation to us.

 

In the fourth quarter of 2008, we also entered into a separate royalty bearing license agreement related to certain intellectual property of our pharmaceutical division. Under this agreement we received $0.3 million up front and $0.3 million in the fourth quarter of 2010 in connection with the achievement of certain production milestones by the licensee. We are eligible to earn up to $1.9 million in additional milestone payments, related to the achievement of certain clinical field trial and regulatory milestones, and royalties based on future product sales. Because we have no obligation to deliver product or services, or otherwise provide support to the third party under this agreement, and because collectability is reasonably assured, this milestone payment, and any other related milestone payments we earn in the future, was and will be included in results of operations when earned.

 

F-37
 

 

NOTE 23. SUMMARY OF QUARTERLY DATA (UNAUDITED)

 

A summary of quarterly data follows (in thousands, except per share data):

 

   For the Three Months Ended 
   March 31,   June 30,   September 30,   December 31, 
                 
2011                    
Revenue  $292,672   $317,862   $300,954   $307,201 
Gross profit   154,925    174,033    158,667    158,881 
Operating income   53,532    71,298    56,096    55,299 
Net income attributable to stockholders   36,612    48,657    38,507    38,010 
Earnings per share:                    
Basic  $0.64   $0.85   $0.68   $0.68 
Diluted  $0.62   $0.83   $0.66   $0.67 
                     
2010                    
Revenue  $268,525   $281,482   $269,628   $283,757 
Gross profit   142,361    149,284    142,207    144,771 
Operating income   48,428    54,835    49,814    50,804 
Net income attributable to stockholders   33,026    37,193    34,694    36,371 
Earnings per share:                    
Basic  $0.57   $0.64   $0.60   $0.63 
Diluted  $0.55   $0.62   $0.59   $0.62 

 

F-38
 

 

SCHEDULE II

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

 

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)

 

   Balance at   Charges to   Write-Offs/   Foreign     
   Beginning   Costs and   Cash   Currency   Balance at End 
   of Year   Expenses   Payments   Translation   of Year 
                          
Reserves for doubtful accounts receivable:                         
December 31, 2009  $2,093    926    (783)   95   $2,331 
December 31, 2010   2,331    1,575    (1,024)   (54)   2,828 
December 31, 2011   2,828    1,484    (1,011)   (62)   3,239 
                          
Valuation allowance for deferred tax assets:                         
December 31, 2009  $4,591    904    (400)   36   $5,131 
December 31, 2010   5,131    278    (847)   42    4,604 
December 31, 2011   4,604    837    (741)   (86)   4,614 

 

F-39
 

 

EXHIBIT INDEX

 

Exhibit No. Description
   
3.1 Restated Certificate of Incorporation of the Company, as amended (filed as Exhibit No. 3(i) to Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, File No. 0-19271, and incorporated herein by reference).
   
3.2 Amended and Restated By-Laws of the Company (filed as Exhibit No. 3.1 to Form 8-K filed July 21, 2009, File No. 0-19271, and incorporated herein by reference).
   
4.3 Instruments with respect to other long-term debt of the Company and its consolidated subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K since the total amount authorized under each such omitted instrument does not exceed 10 percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company hereby agrees to furnish a copy of any such instrument to the Securities and Exchange Commission upon request.
   
10.1* U.S. Supply Agreement, effective as of October 16, 2003, between the Company and Ortho-Clinical Diagnostics, Inc. (“Ortho”) (filed as Exhibit No. 10.7 to Annual Report on Form 10-K for the year ended December 31, 2003, File No. 0-19271 (“2003 Form 10-K”), and incorporated herein by reference).
   
10.2* Amendment No. 1 to U.S. Supply Agreement effective as of January 1, 2005, between the Company and Ortho (filed as Exhibit No. 10.1 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, File No. 0-19271 (“June 2005 Form 10-Q”), and incorporated herein by reference).
   
10.3 Amendment No. 2 to U.S. Supply Agreement effective as of October 15, 2006, between the Company and Ortho (filed as Exhibit No. 10.4 to Annual Report on Form 10-K for the year ended December 31, 2007, File No. 0-19271 (“2007 Form 10-K”), and incorporated herein by reference).
   
10.4* Amendment No. 3 to U.S. Supply Agreement effective as of January 18, 2008, between the Company and Ortho (filed as Exhibit No. 10.5 to 2007 Form 10-K, and incorporated herein by reference).
   
10.5* Amendment No. 4 to U.S. Supply Agreement effective as of December 28, 2011, between the Company and Ortho (filed herewith).
   
10.6* European Supply Agreement, effective as of October 17, 2003, between the Company and Ortho (filed as Exhibit No. 10.8 to 2003 Form 10-K, and incorporated herein by reference).
   
10.7* Amendment No. 1 to European Supply Agreement effective as of January 1, 2005, between the Company and Ortho (filed as Exhibit No. 10.2 to June 2005 10-Q, and incorporated herein by reference).
   
10.8* Amendment No. 2 to European Supply Agreement effective as of January 18, 2008, between the Company and Ortho (filed as Exhibit No. 10.8 to 2007 Form 10-K, and incorporated herein by reference).
   
10.9* Amendment No. 3 to European Supply Agreement effective as of December 28, 2011, between the Company and Ortho (filed herewith).
   
10.10 Amendment, Release and Settlement Agreement dated as of September 12, 2002, among the Company, IDEXX Europe B.V., and Ortho (filed as Exhibit No. 10.1 to Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, File No. 0-19271, and incorporated herein by reference).
   
10.11* Supply Agreement, effective as of May 7, 2007 between the Company and Moss, Inc. (filed as Exhibit No. 10.1 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, File No. 0-19271 (“June 2010 Form 10-Q”), and incorporated herein by reference).
   
10.12** Employment Agreement dated January 22, 2002, between the Company and Jonathan W. Ayers (filed as Exhibit No. 10.13 to Annual Report on Form 10-K for the year ended December 31, 2001, File No. 0-19271, and incorporated herein by reference).
   

10.13**

 

 Executive Employment Agreement dated March 22, 2011, between the Company and Jonathan W. Ayers (filed as Exhibit No. 10.1 to April 21, 2011 Form 10-Q for the quarter ended March 31, 2011, File No. 0-19271 (“March 2011 Form 10-Q”), and incorporated herein by reference).

 

 
 

 

10.14** Executive Employment Agreement dated February 13, 2012, between the Company and Merilee Raines (filed herewith).
   
10.15** Form of Executive Employment Agreement dated February 13, 2012, between the Company and each of William E. Brown III, PhD, Johnny D. Powers, PhD, and Michael J. Williams, PhD (filed herewith).
   
10.16** Restated Director Deferred Compensation Plan, as amended (filed as Exhibit No. 10.1 to Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, File No. 0-19271, and incorporated herein by reference).
   
10.17** Restated Executive Deferred Compensation Plan, as amended (filed as Exhibit No. 10.3 to June 2010 Form 10-Q, and incorporated herein by reference).
   
10.18** Form of Director Stock Option Agreement, as amended pursuant to the 2009 Stock Incentive Plan (filed as Exhibit No. 10.1 to Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, File No. 0-19271 (“March 2010 Form 10-Q”), and incorporated herein by reference).
   
10.19** Form of Employee Stock Option Agreement, as amended pursuant to the 2009 Stock Incentive Plan (filed as Exhibit No. 10.2 to March 2010 Form 10-Q, and incorporated herein by reference).
   
10.20** 1997 Employee Stock Purchase Plan, as amended (filed as Exhibit No. 99.1 to Registration Statement on Form S-8 filed June 19, 2009, File No. 333-160085, and incorporated herein by reference).
   
10.21** Form of Restricted Stock Unit Agreement, as amended pursuant to the 2009 Stock Incentive Plan (filed as Exhibit 10.24 to Annual report on Form 10-K for the year ended December 31, 2009, File No. 0-19271, and incorporated herein by reference).
   
10.22** 2008 Incentive Compensation Plan (filed as Exhibit 10.2 to Current Report on Form 8-K filed May 13, 2008, File No. 0-19271, and incorporated herein by reference).
   
10.23** 2009 Stock Incentive Plan (filed as Exhibit No. 99.1 to Registration Statement on Form S-8 filed June 19, 2009, File No. 333-160083, and incorporated herein by reference).
   
10.24 Amended and Restated Credit Agreement, dated as of July 26, 2011, among the Company, IDEXX Distribution, Inc., IDEXX Operations, Inc., IDEXX Reference Laboratories, Inc., OPTI Medical Systems, Inc., IDEXX Laboratories Canada Corporation and IDEXX Europe B.V., as borrowers, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Toronto agent, J.P. Morgan Europe Limited, as London agent, J.P. Morgan Securities LLC, as sole bookrunner and sole lead arranger, Bank of America, N.A., as syndication agent, and Wells Fargo Bank, N.A., as documentation agent (filed as Exhibit No. 99.1 to Current Report on Form 8-K Filed August 1, 2011, File No. 0-19271, and incorporated herein by reference.
   
21 Subsidiaries of the Company (filed herewith).
   
23 Consent of PricewaterhouseCoopers LLP (filed herewith).
   
31.1 Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
   
31.2 Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
   
32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
   
32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
   
101.INS† XBRL Instance Document.
   
101.SCH† XBRL Taxonomy Extension Schema Document.

 

 
 

 

101.CAL† XBRL Taxonomy Extension Calculation Linkbase Document.
   
101.DEF† XBRL Taxonomy Extension Definition Linkbase Document.
   
101.LAB† XBRL Taxonomy Extension Label Linkbase Document.
   
101.PRE† XBRL Taxonomy Extension Presentation Linkbase Document.
   
* Confidential treatment requested as to certain portions.
   
** Management contract or compensatory arrangement required to be filed as an exhibit pursuant to Item 15(a)(3) of Form 10-K.
   
† In accordance with Rule 406T of Regulation S-T, these interactive data files are deemed “not filed” for purposes of section 18 of the Exchange Act, and otherwise are not subject to liability under that section.

 

 

 

 

 

 

 

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  Confidential Materials omitted and filed separately with the    
       
  Securities and Exchange Commission. Asterisks denote omissions.   Exhibit 10.5
       

 

 

AMENDMENT NO. 4 TO

AGREEMENT

 

AMENDMENT, effective as of December 28, 2011 (this “Amendment”) to the Agreement, dated as of October 16, 2003, between IDEXX Operations, Inc. (“IDEXX”) and Ortho-Clinical Diagnostics, Inc. (“OCD”).

 

WHEREAS, OCD and IDEXX have entered into that certain Agreement dated as of October 16, 2003, as amended by Amendment No. 1 thereto effective January 1, 2005, by Amendment No. 2 thereto effective October 15, 2006, and by Amendment No. 3 thereto effective January 18, 2008 (as so amended, the “Agreement”), regarding supply by OCD of dry slides for IDEXX veterinary chemistry analyzers;

 

WHEREAS, the parties wish to resolve a dispute under the Agreement as more fully described herein; and

 

WHEREAS, IDEXX and OCD wish to amend certain terms of the Agreement and the Europe Agreement to reflect the foregoing resolution;

 

NOW, THEREFORE, the parties agree as follows:

 

1.DEFINITIONS

 

In this Amendment, terms capitalized but not defined herein shall have the meanings set forth in the Agreement. The following expressions shall have the meanings set forth opposite them:

 

“Dispute” The dispute between IDEXX and OCD regarding the number of Existing Special [**] Slides that are counted toward Dry Slide volume.
   
“Difference” The dollar amount arrived at by [**].
   

 

 
 

 

2.SETTLEMENT

 

The parties acknowledge and agree that the covenants and agreements set forth herein represent a compromise and resolution of the Dispute. In consideration of entering into this Amendment and the corresponding amendment of the Europe Agreement, each party hereby waives and releases any claims such party has, had or may in the future have against any other party regarding the Dispute.

 

3.PAYMENTS

 

3.01IDEXX and IDEXX BV collectively shall pay to OCD, as a one-time payment, $[**] upon the execution of this Amendment and the corresponding amendment of the Europe Agreement.
3.02(a) For calendar years 2011 and 2012, OCD will price the Dry Slides in accordance with Section 7.02 of the Agreement, interpreting such Section 7.02 such that [**].

(b) No later than January 31, 2012, representatives from the respective finance departments of IDEXX and OCD will meet to discuss and come to agreement on the Difference.

(c) No later than the [**], IDEXX and IDEXX BV collectively will pay to OCD [**] of the Difference. The Difference payment shall be appropriately taken into account when calculating the Final Blended Price in accordance with Section 7.02(b) of the Agreement.

 

4.AMENDMENTS

 

The parties hereto agree that the Agreement shall be amended as follows:

4.01A new Section 3.10 is hereby added to read in its entirety as follows:
“3.10IDEXX will devote chemistry instrument development resources to the development and launch of [**]. IDEXX will use commercially reasonable efforts to achieve commercial launch of such analyzer within the United States by [**].”
 
 

 

4.02Effective January 1, 2013 Section 7.02(a) is hereby replaced in its entirety with the following:

7.02(a) The prices for Dry Slides shall be in accordance with Schedule 5. At a given volume of aggregate slide purchases by IDEXX and IDEXX BV in a given calendar year, the corresponding pricing in Schedule 5 applies to the total aggregate volume of slides purchased in such calendar year by IDEXX and IDEXX BV. Effective January 1, 2013, no [**] will apply. In the event of an automatic extension of the Term pursuant to Section 18.02, pricing for calendar years after 2028 shall be increased yearly by [**]% over the prior year.”

4.03Effective January 1, 2013, all text in Section 7.02(b) preceding the paragraph that begins with the phrase “Notwithstanding the foregoing” is hereby deleted.
4.04Effective January 1, 2013, the paragraph beginning with the phrase “Notwithstanding the foregoing” in Section 7.02(b) of the Agreement is hereby amended to read in its entirety as follows:
“The price per slide for any New Chemistry Slide that is priced on Schedule 6 shall never be lower than the greater of (a) the minimum price as determined in accordance with Section 5.06 and identified on Schedule 6 as amended from time to time and (b) the price that would otherwise apply pursuant to Schedule 5.”
4.05Effective January 1, 2013, in Section 7.02(b), each instance of the words “weighted average price” are hereby changed to “price”.
4.06Effective January 1, 2013, the definition “First Estimated Blended Price” is hereby changed to “First Estimated Price”.
4.07Effective January 1, 2013, the definition “Second Estimated Blended Price” is hereby changed to “Second Estimated Price”.
4.08Effective January 1, 2013, the definition “Final Blended Price” is hereby changed to “Final Price”.
4.09Effective January 1, 2013, Section 7.02(c) is hereby deleted.
4.10Effective January 1, 2013, Section 7.02(d) of the Agreement is hereby amended to read in its entirety as follows:

 

 

 
 

    “(d)  With respect to slides ordered for delivery on or after January 1, 2013, if OCD’s aggregate cost of all [**] (as defined below) for the most recently completed calendar year has increased on a per VETTEST slide basis as compared with aggregate cost of all [**] for the calendar year preceding the most recently completed calendar year, by an amount that exceeds the [**]% annual increase incorporated into Schedule 5, then OCD shall be permitted to increase the price of each slide sold to IDEXX by the amount of such excess. “[**]” means [**] that are [**]. No later than January 31 of each calendar year during the Term (beginning in 2013), OCD shall provide to IDEXX a summary of all charges for [**] for the previous calendar year and recurring charges that carry forward. IDEXX shall have the option to pay such charges in quarterly installments during the then-current calendar year or as a lump-sum payment no later than March 31 of each then-current calendar year.”

 

4.11 Effective January 1, 2013, Section 7.02(e) of the Agreement is hereby amended to read in its entirety as follows:
“(e) With respect to slides ordered for delivery on or after January 1, 2013, if IDEXX’s share of Special Event Costs (as defined below) for the most recently completed calendar year has increased on a per VETTEST slide basis as compared with IDEXX’s share of Special Event Costs for the calendar year preceding the most recently completed calendar year, by an amount that exceeds [**] above the [**]% annual increase incorporated into Schedule 5, then OCD shall be permitted to increase the price of each slide sold to IDEXX by the amount of such excess. “Special Event Costs” means the aggregate net amount of (i) [**] with respect to [**] on which [**], (ii) [**] in the [**], and (iii) [**] as a result of [**]. “IDEXX’s share” of any of the foregoing shall mean the [**] that is attributable to the [**]. No later than January 31 of each calendar year during the Term (beginning in 2013), OCD shall provide to IDEXX a summary of all Special Events Costs for the previous calendar year. IDEXX shall have the option to pay such Special Events Costs in quarterly installments during the then-current calendar year or as a lump-sum payment no later than March 31 of each then-current calendar year.”

 

 
 

 

4.12 Section 9.04(c) of the Agreement is hereby amended to read in its entirety as follows:
“(c) Should IDEXX sell or cause to be sold for use in the field of diagnostic testing of non-human animals any product, other than the New Analyzer (which includes without limitation [**]), whose scope includes four or more of the chemistries identified on Schedule 5, then OCD may, in its sole discretion, terminate the provisions of Section 9.04(a) immediately upon written notice to IDEXX. If OCD delivers such notice of termination of Section 9.04(a) under this Section 9.04(c), then IDEXX may in its discretion terminate the provisions of Section 9.03(a) of this Agreement immediately upon written notice to OCD.”

4.13Section 18.01 of the Agreement is hereby amended by changing the year “2018” to the year “2028”.
4.14A new Section 18.02 is hereby added to read in its entirety as follows:
“18.02This Agreement may be terminated by either party upon [**] written notice to the other party; provided, however, that no such termination shall be effective prior to December 31, 2028. If neither party provides such written notice, the then-current term of this Agreement shall automatically be extended for an additional three (3) years, and no termination under this Section 18.02 shall be effective prior to the end of such additional term. Within 60 days of either party providing such notice, the senior leaders of each of the parties shall meet to discuss the relationship of the parties.”
4.15Effective January 1, 2013, Schedule 5 is hereby replaced in its entirety by Schedule 5 attached hereto.
4.16Effective January 1, 2013, Schedule 9 is hereby deleted.

 

5.All remaining terms and conditions of the Agreement remain in full force and effect.

 

 

The remainder of this page intentionally left blank

 

 
 

 

IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have caused this Agreement to be duly executed in duplicate by their respective authorized representatives the day and year first written above.

 

  ORTHO-CLINICAL DIAGNOSTICS, INC.     IDEXX OPERATIONS, INC.  
By: /s/ Eric Compton   By: /s/ Michael Williams  
  Eric Compton     Michael Williams  
General Manager, WW Sales & Service   Vice President  
           
Date: January 24, 2012   Date: January 24, 2012  
 

 

 

The foregoing Amendment is hereby consented to and acknowledged by:

 

IDEXX LABORATORIES, INC.,

solely as guarantor pursuant to

Section 30 of the Agreement

 

IDEXX LABORATORIES, INC.

   
   
   
  By:  /s/ Michael Williams
    Michael Williams
Corporate Vice President
     
     
     
  Date: January 24, 2012
     

 

 

 
 

 

 

Schedule 5
Note: Price is for all slides up to the levels indicated below. New levels are triggered as the volume reaches the noted level. For clarity see example below.
  Example #1 Example #2 Example #3                        
Year of Purchase [**] [**] [**]                        
Slide volume (a) [**] [**] [**]                        
Price (b) [**] [**] [**]                        
Total Purchase (a*b) [**] [**] [**]                        
Slides (in MM) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
[**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]
[**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]

 

Confidential Materials omitted and filed separately with the Securities and Exchange Commission. Asterisks denote omissions. A total of 15 pages were omitted pursuant to a request for confidential treatment.

 

 

 EX-10.9 4 v302204_ex10-9.htm EXHIBIT 10.9

 

 

  Confidential Materials omitted and filed separately with the    
       
  Securities and Exchange Commission. Asterisks denote omissions.   Exhibit 10.9
       

 

 

AMENDMENT NO. 3 TO

AGREEMENT

 

AMENDMENT, effective as of December 28, 2011 (this “Amendment”) to the Agreement, dated as of October 17, 2003, between IDEXX Europe B.V. (“IDEXX”) and Ortho-Clinical Diagnostics, Inc. (“OCD”).

 

WHEREAS, OCD and IDEXX have entered into that certain Agreement dated as of October 17, 2003, as amended by Amendment No. 1 thereto effective January 1, 2005 and by Amendment No. 2 thereto effective January 18, 2008 (as so amended, the “Agreement”), regarding supply by OCD of dry slides for IDEXX veterinary chemistry analyzers;

 

WHEREAS, the parties wish to resolve a dispute under the Agreement as more fully described herein; and

 

WHEREAS, IDEXX and OCD wish to amend certain terms of the Agreement and the US Agreement to reflect the foregoing resolution;

 

NOW, THEREFORE, the parties agree as follows:

 

1.DEFINITIONS

 

In this Amendment, terms capitalized but not defined herein shall have the meanings set forth in the Agreement. The following expressions shall have the meanings set forth opposite them:

 

“Dispute” The dispute between IDEXX and OCD regarding the number of Existing Special [**] Slides that are counted toward Dry Slide volume.
   
“Difference” The dollar amount arrived at by [**].

 

2.SETTLEMENT

 

The parties acknowledge and agree that the covenants and agreements set forth herein represent a compromise and resolution of the Dispute. In consideration of entering into this Amendment and the corresponding amendment of the US Agreement, each party hereby waives and releases any claims such party has, had or may in the future have against any other party regarding the Dispute.

 

 
 

 

 

3.PAYMENTS

 

3.01IDEXX and IDEXX US collectively shall make the payment described in Section 3.01 of the corresponding amendment of the US Agreement.
3.02(a) For calendar years 2011 and 2012, OCD will price the Dry Slides in accordance with Section 7.02 of the Agreement, interpreting such Section 7.02 such that [**].

(b) No later than January 31, 2012, representatives from the respective finance departments of IDEXX and OCD will meet to discuss and come to agreement on the Difference.

(c) IDEXX and IDEXX US collectively shall make the payments described in Section 3.02(c) of the corresponding amendment of the US Agreement.

 

4.AMENDMENTS

 

The parties hereto agree that the Agreement shall be amended as follows:

4.01Effective January 1, 2013 Section 7.02(a) is hereby replaced in its entirety with the following:

7.02(a) The prices for Dry Slides shall be in accordance with Schedule 5. At a given volume of aggregate slide purchases by IDEXX and IDEXX US in a given calendar year, the corresponding pricing in Schedule 5 applies to the total aggregate volume of slides purchased in such calendar year by IDEXX and IDEXX US. Effective January 1, 2013, no [**] will apply. In the event of an automatic extension of the Term pursuant to Section 18.02, pricing for calendar years after 2028 shall be increased yearly by [**]% over the prior year.”

4.02Effective January 1, 2013, all text in Section 7.02(b) preceding the paragraph that begins with the phrase “Notwithstanding the foregoing” is hereby deleted.

 

 
 

 

4.03Effective January 1, 2013, the paragraph beginning with the phrase “Notwithstanding the foregoing” in Section 7.02(b) of the Agreement is hereby amended to read in its entirety as follows:
“The price per slide for any New Chemistry Slide that is priced on Schedule 6 shall never be lower than the greater of (a) the minimum price as determined in accordance with Section 5.06 and identified on Schedule 6 as amended from time to time and (b) the price that would otherwise apply pursuant to Schedule 5.”
4.04Effective January 1, 2013, in Section 7.02(b), each instance of the words “weighted average price” are hereby changed to “price”.
4.05Effective January 1, 2013, the definition “First Estimated Blended Price” is hereby changed to “First Estimated Price”.
4.06Effective January 1, 2013, the definition “Second Estimated Blended Price” is hereby changed to “Second Estimated Price”.
4.07Effective January 1, 2013, the definition “Final Blended Price” is hereby changed to “Final Price”.
4.08Effective January 1, 2013, Section 7.02(c) is hereby deleted.

 

 
 

 

4.09Effective January 1, 2013, Section 7.02(d) of the Agreement is hereby amended to read in its entirety as follows:

“(d) With respect to slides ordered for delivery on or after January 1, 2013, if OCD’s aggregate cost of all [**] (as defined below) for the most recently completed calendar year has increased on a per VETTEST slide basis as compared with aggregate cost of all [**] for the calendar year preceding the most recently completed calendar year, by an amount that exceeds the [**]% annual increase incorporated into Schedule 5, then OCD shall be permitted to increase the price of each slide sold to IDEXX by the amount of such excess. “[**]” means [**] that are [**]. No later than January 31 of each calendar year during the Term (beginning in 2013), OCD shall provide to IDEXX a summary of all charges for [**] for the previous calendar year and recurring charges that carry forward. IDEXX shall have the option to pay such charges in quarterly installments during the then-current calendar year or as a lump-sum payment no later than March 31 of each then-current calendar year.”

 

 
 

 

4.10Effective January 1, 2013, Section 7.02(e) of the Agreement is hereby amended to read in its entirety as follows:

“(e) With respect to slides ordered for delivery on or after January 1, 2013, if IDEXX’s share of Special Event Costs (as defined below) for the most recently completed calendar year has increased on a per VETTEST slide basis as compared with IDEXX’s share of Special Event Costs for the calendar year preceding the most recently completed calendar year, by an amount that exceeds [**] above the [**]% annual increase incorporated into Schedule 5, then OCD shall be permitted to increase the price of each slide sold to IDEXX by the amount of such excess. “Special Event Costs” means the aggregate net amount of (i) [**] with respect to [**] on which [**], (ii) [**] in the [**], and (iii) [**] as a result of [**]. “IDEXX’s share” of any of the foregoing shall mean the [**] that is attributable to the [**]. No later than January 31 of each calendar year during the Term (beginning in 2013), OCD shall provide to IDEXX a summary of all Special Events Costs for the previous calendar year. IDEXX shall have the option to pay such Special Events Costs in quarterly installments during the then-current calendar year or as a lump-sum payment no later than March 31 of each then-current calendar year.”

4.11Section 18.01 of the Agreement is hereby amended by changing the year “2018” to the year “2028”.
4.12A new Section 18.02 is hereby added to read in its entirety as follows:
“18.02This Agreement may be terminated by either party upon [**] written notice to the other party; provided, however, that no such termination shall be effective prior to December 31, 2028. If neither party provides such written notice, the then-current term of this Agreement shall automatically be extended for an additional three (3) years, and no termination under this Section 18.02 shall be effective prior to the end of such additional term. Within 60 days of either party providing such notice, the senior leaders of each of the parties shall meet to discuss the relationship of the parties.”
4.13Effective January 1, 2013, Schedule 5 is hereby replaced in its entirety by Schedule 5 attached hereto.

 

 
 

 

4.14Effective January 1, 2013, Schedule 9 is hereby deleted.

 

5.All remaining terms and conditions of the Agreement remain in full force and effect.

 

 

The remainder of this page intentionally left blank

 

 
 

 

IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have caused this Agreement to be duly executed in duplicate by their respective authorized representatives the day and year first written above.

 

 

ORTHO-CLINICAL DIAGNOSTICS, INC.     IDEXX EUROPE B.V.
           
           
By: /s/ Eric Compton     By: /s/ Conan Deady
  Eric Compton       Name: Conan Deady
  General Manager, WW Sales & Service       Director
           
           
Date: January 25, 2012     Date: January 25, 2012
           
           
        The foregoing Amendment is hereby consented to and acknowledged by:
           
        IDEXX LABORATORIES, INC.,
        solely as guarantor pursuant to
        Section 30 of the Agreement
           
        IDEXX LABORATORIES, INC.
           
           
        By: /s/ Michael Williams
          Michael Williams
          Corporate Vice President
           
           
        Date: January 25, 2012

 

 
 

 

Schedule 5

 

Note: Price is for all slides up to the levels indicated below. New levels are triggered as the volume reaches the noted level. For clarity see example below.
 
  Example #1 Example #2 Example #3                  
Year of Purchase [**] [**] [**]                  
Slide volume (a) [**] [**] [**]                  
Price (b) [**] [**] [**]                  
Total Purchase (a*b) [**] [**] [**]                  
                         
Slides (in MM) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
[**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]
[**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]

 

Confidential Materials omitted and filed separately with the Securities and Exchange Commission. Asterisks denote omissions. A total of 15 were omitted.

 

 

 

 EX-10.14 5 v302204_ex10-14.htm EXHIBIT 10.14

Exhibit 10.14

 

FORM OF EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT is made as of February 13, 2012 (this “Agreement”) by and between IDEXX Laboratories, Inc., a Delaware corporation (the “Company”), and Merilee Raines (the “Executive”).

The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage the Executive's full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the Executive with compensation and benefits arrangements upon a Change of Control which ensure that the compensation and benefits expectations of the Executive will be satisfied and which are competitive with those of other corporations. Therefore, in order to accomplish these objectives and in consideration of the mutual covenants and promises contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties to this Agreement, the Company and Executive agree as follows:

1. Certain Definitions.

(a) The “Effective Date” shall mean the first date during the Change of Control Period (as defined in Section 1(b)) on which a Change of Control (as defined in Section 2) occurs. Anything in this Agreement to the contrary notwithstanding, if a Change of Control occurs and if the Executive's employment with the Company is terminated prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or anticipation of a Change of Control, then for all purposes of this Agreement the “Effective Date” shall mean the date immediately prior to the date of such termination of employment.

(b) The “Change of Control Period” shall mean the period commencing on the date hereof and ending on September 30, 2012; provided, however, that on each annual anniversary of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate one year from such Renewal Date, unless at least 120 days prior to the Renewal Date the Company shall give notice to the Executive that the Change of Control Period shall not be so extended.

2. Change of Control. For the purpose of this Agreement, a “Change of Control” shall mean:

 

 

(a) The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any acquisition by any corporation pursuant to a transaction which satisfies the criteria set forth in clauses (i), (ii) and (iii) of subsection (c) of this Section 2; or

(b) A change in the composition of the Board, as a result of which fewer than one-half of the incumbent directors are directors who either (i) had been directors of the Company 24 months prior to such change or (ii) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the directors who had been directors of the Company 24 months prior to such change and who were still in office at the time of the election or nomination, but excluding, for purposes of this clause (ii), any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

(c) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, immediately following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than a majority of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, of the corporation resulting from such Business Combination (which as used in this Section 2(c) shall include, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such corporation and (iii) at least half of the members of the board of directors of the corporation resulting from such Business Combination were members of the Company’s Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

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(d) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company or the sale of substantially all of the assets of the Company.

3. Employment Period. The Company hereby agrees to continue the Executive in its employ, and the Executive hereby agrees to remain in the employ of the Company subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the earlier of (i) the second anniversary of such date or (ii) the termination of the Executive’s employment pursuant to Section 5 hereof (the “Employment Period”). Except as provided in Section 1(a), nothing in this Agreement shall, prior to the Effective Date, impose upon the Company any obligation to retain the Executive as an employee. In addition, nothing in this Agreement shall restrict the Executive from terminating his employment with the Company, and no such termination by the Executive shall be deemed a breach of this Agreement.

4. Terms of Employment.

(a) Position and Duties.

(i) During the Employment Period, (A) the Executive's position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 120-day period immediately preceding the Effective Date and (B) the Executive's services shall be performed at the location where the Executive was employed immediately preceding the Effective Date or any office or location less than 35 miles from such location.

(ii) During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive's reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions, and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive's responsibilities as an employee of the Company or the terms of this Agreement. It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive's responsibilities to the Company.

(b) Compensation.

(i) Base Salary. During the Employment Period, the Executive shall receive an annual base salary (“Annual Base Salary”), which shall be paid at a monthly rate, at least equal to twelve times the highest monthly base salary paid or payable, including any base salary which has been earned but deferred, to the Executive by the Company and its affiliated companies in respect of the twelve-month period immediately preceding the month in which the Effective Date occurs. During the Employment Period, the Annual Base Salary shall be reviewed no more than 12 months after the last salary increase awarded to the Executive prior to the Effective Date and thereafter at least annually. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement, the term “affiliated companies” shall include any company controlled by, controlling or under common control with the Company.

-3-
 

 

(ii) Annual Bonus. In addition to Annual Base Salary, during the Employment Period, the Executive shall be entitled to receive such annual bonus as may be determined by the Board of Directors, but in no event shall the target bonus opportunity, expressed as a percentage of Annual Base Salary, be less than the target bonus opportunity in respect of the full fiscal year immediately preceding the Effective Date.

(iii) Incentive Plans. During the Employment Period, the Executive shall be entitled to participate in all incentive plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

(iv) Welfare Benefit, Savings and Retirement Plans. During the Employment Period, the Executive and/or the Executive's family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit, savings and retirement plans, practices, policies and programs provided by the Company and its affiliated companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, split-dollar life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

(v) Expenses. During the Employment Period, the Executive shall be entitled to receive reimbursement for all reasonable expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company in effect immediately prior to the Effective Date.

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(vi) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

(c) Equity Awards. Immediately prior to the consummation of a Change of Control each then outstanding award for common stock of the Company, including without limitation any stock option, stock appreciation right, restricted stock unit award, restricted stock award or other stock-based award (an “Award”), held by the Executive shall become immediately exercisable, vested, realizable, or deliverable, or free from restrictions applicable to the Award as to twenty-five percent (25%) of the number of shares as to which each such Award would otherwise be subject to restrictions or not then be exercisable, vested, realizable, or deliverable (rounded down to the nearest whole share), and the number of shares as to which each such Award shall become exercisable, vested, realizable, deliverable and free from restrictions on each vesting date set forth in the Executive’s applicable Award agreement shall be reduced by 25%. In addition, all such Awards held by the Executive shall immediately become fully exercisable, vested, realizable, deliverable and free from restrictions if and when, within 24 months after a Change of Control, the Executive’s employment with the Company (or the acquiring or succeeding entity) is involuntarily terminated by the Company (or such acquiring or succeeding entity) other than for Cause or is terminated by the Executive for Good Reason. Notwithstanding the provisions of this Section 4(c), if any such outstanding Award is terminated in connection with a Change of Control, such Award shall become fully exercisable, vested, realizable, deliverable and free from restrictions immediately before the occurrence of the Change of Control.

5. Termination of Employment.

(a) Death or Disability. The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 13(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, “Disability” shall mean the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months as determined by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

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(b) Cause. Subject to Section 5(d), the Company may terminate the Executive's employment during the Employment Period for Cause. For purposes of this Agreement, “Cause” shall mean:

i. the willful failure of the Executive to perform substantially the Executive's duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness), which failure is not cured within 30 days after a written demand for substantial performance is delivered to the Executive by the Board which specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive's duties, or

ii. the willful engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company.

For purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive's action or omission was in the best interests of the Company.

(c) Good Reason. The Executive's employment may be terminated by the Executive with or without Good Reason. For purposes of this Agreement, “Good Reason” shall mean one or more of the following conditions arising without the consent of the Executive:

i. A material diminution in the Executive’s Base Salary;

ii. A material diminution in the Executive’s authority, duties, or responsibilities; provided that, for the avoidance of doubt, if at any time, the Executive shall cease to be the CFO of the Company, the entity surviving any Business Combination (if not the Company) or the Person that ultimately controls the Company or such surviving entity, then a material diminution of the Executive’s authority, duties, or responsibilities shall be deemed to have occurred;

iii. A material diminution in the budget over which the Executive retains authority;

iv. A material change in the geographic location at which the Executive must perform services; or

v. Any other action or inaction that constitutes a material breach by the Company of the agreement under which the Executive provides services.

(d) Notice of Termination.

(i) Any termination by the Company for Cause, or by the Executive for Good Reason, shall be effected by Notice of Termination to the other party hereto given in accordance with Section 13(b) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstances in enforcing the Executive's or the Company's rights hereunder.

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(ii) Any Notice of Termination for Cause must be given within sixty (60) days of the Board learning of the event(s) or circumstance(s) which the Board believes constitute(s) Cause. Prior to any Notice of Termination for Cause being given (and prior to any termination for Cause being effective), the Executive shall be entitled to a hearing before the Board at which he may, at his election, be represented by counsel and at which he shall have a reasonable opportunity to be heard. Such hearing shall be held on not less than fifteen days prior written notice to the Executive stating the Board's intention to terminate the Executive for Cause and stating in detail the particular event(s) or circumstance(s) which the Board believes constitute(s) Cause for termination.

(iii) Any Notice of Termination for Good Reason must be given to the Company within sixty (60) days of the initial existence of one or more conditions described in Section 5(c)(i) through (vi) which the Executive believes constitute(s) Good Reason. Upon such Notice of Termination for Good Reason, the Company shall be entitled to a period of thirty (30) days during which it may remedy the condition (s) and not be required to pay benefits under this Agreement. It is intended that termination of employment by an Executive due to one or more of the conditions described in Section 5(c)(i) through (vi), pursuant to notice given in accordance with this Section 5(d)(iii), shall be treated as an involuntary separation from service pursuant to the good reason safe harbor set forth in Treasury Regulation Section 1.409A-1(n)(2)(ii).

(e) Date of Termination. “Date of Termination” means (i) if the Executive's employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, subject, in the case of termination by the Company, for Cause, to the Company's compliance with Section 5(d)(ii); (ii) if the Executive's employment is terminated by the Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination; and (iii) if the Executive's employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. A termination of employment occurs upon a termination of employment with the Company and any affiliate of the Company in all capacities, including as a common law employee and independent contractor. Whether a Participant has had a termination of employment shall be determined by the Company on the basis of all relevant facts and circumstances with reference to Treasury Regulations Section 1.409A-1(h) regarding a “separation from service” and the default provisions set forth in Sections 1.409A-1(h)(1)(ii) and 1.409A-1(n).

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6. Obligations of the Company Upon Termination.

(a) Good Reason; Other Than for Cause, Death or Disability. If, during the Employment Period, the Company shall terminate the Executive's employment other than for Cause, Death or Disability or the Executive shall terminate employment for Good Reason:

(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of the following amounts:

A. the sum of (1) the Executive's Annual Base Salary through the Date of Termination to the extent not theretofore paid, (2) the product of (x) the target bonus for the then current fiscal year and (y) a fraction, the numerator of which is the number of days in the then current fiscal year through the Date of Termination, and the denominator of which is 365 and (3) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) and any accrued vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2), and (3) shall be hereinafter referred to as the “Accrued Obligations”); and

B. the amount equal to the product of (1) two and (2) the sum of (x) the Executive's Annual Base Salary and (y) the Average Annual Bonus. The Average Annual Bonus is equal to the average of the bonus paid (or payable) to the Executive for the three prior full fiscal years (or, if fewer, the number of full fiscal years the Executive was employed by the Company prior to the Effective Date); provided that if the Executive was not eligible to participate in an annual bonus program for at least one full fiscal year, the Average Annual Bonus shall be the Executive’s target bonus for the year in which termination of employment occurs.

(ii) for 24 months after the Executive's Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement (excluding any savings and/or retirement plans) if the Executive's employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 24 months after the Date of Termination and to have retired on the last day of such period;

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(iii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”); and

(iv) the Company shall timely reimburse the Executive up to $12,500 each year (an aggregate of $25,000) for expenses incurred in connection with outplacement services and relocation costs incurred in connection with obtaining new employment outside the State of Maine until the earlier of (i) 24 months following the termination of Executive’s employment or (ii) the date the Executive secures full time employment.

(v) Reimbursements. Any reimbursements made under this Agreement shall be subject to the following conditions:

i. the amount of expenses eligible for reimbursement provided in any one taxable year of Executive shall not affect the amount of expenses eligible for reimbursement or in-kind benefits provided in any other taxable year of Executive;

ii. the reimbursement of any expense shall be made no later than the last day of Executive’s taxable year following Executive’s taxable year in which the expense was incurred (unless this Agreement specifically provides for reimbursement by an earlier date); and

iii. the right to reimbursement of an expense shall not be subject to liquidation or exchange for another benefit.

(b) Death. If the Executive's employment is terminated by reason of the Executive's death during the Employment Period, this Agreement shall terminate without further obligations to the Executive's legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive's estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination.

(c) Disability. If the Executive's employment is terminated by reason of the Executive's Disability during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.

(d) Cause; Other than for Good Reason. If the Executive's employment shall be terminated for Cause during the Employment Period, this Agreement shall terminate without further obligations to the Executive other than the obligation to pay to the Executive (x) his Annual Base Salary through the Date of Termination, (y) the amount of any compensation previously deferred by the Executive, and (z) Other Benefits, in each case to the extent theretofore unpaid or not yet provided. If the Executive voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, this Agreement shall terminate without further obligations to the Executive, other than for Accrued Obligations and the timely payment or provision of Other Benefits. In such case, all Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.

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(e) Time of Payment. Amounts payable under this Section 6 following an Executive’s termination of employment, other than those expressly payable on a deferred basis, will be paid in the payroll period next following the payroll period in which termination of employment occurs except as otherwise provided in Sections 11 or 12. Payment of any amount by reason of Executive’s termination of employment shall be made no later than the last day of Executive’s second taxable year following Executive’s taxable year in which the termination occurs.

7. Nonexclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive's continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Executive may qualify, nor, subject to Section 13(f), shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.

8. Full Settlement. The Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive (under this Agreement or otherwise) or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment.

9. Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by the Executive during the Executive's employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive's employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 9 constitute a basis for deferring or withholding any amounts or benefits otherwise payable or to be provided to the Executive under this Agreement.

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10. Successors.

(a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

(c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid.

11. Section 409A Compliance.

(a) If any payment, compensation or other benefit provided to the Executive in connection with his employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the Executive is a Specified Employee as defined in Section 409A(2)(B)(i), no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Executive during the period between the date of termination and the New Payment Date shall be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

(b) For purposes of this Agreement, a “Specified Employee” shall mean an employee of the Company who satisfies the requirements for being designated a “key employee” under Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code at any time during a calendar year, in which case such employee shall be considered a Specified Employee for the twelve-month period beginning on the first day of the fourth month immediately following the end of such calendar year. Notwithstanding the foregoing, all employees who are nonresident aliens during an entire calendar year are excluded for purposes of determining which employees meet the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code for such calendar year. The term “nonresident alien” as used herein shall have the meaning set forth in Regulations Section 1.409A-1(j). In the event of any corporate spinoff or merger, the determination of which employees meet the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code for any calendar year shall be determined in accordance with Regulations Section 1.409A-1(i)(6).

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(c) The parties acknowledge and agree that the interpretation of Section 409A and its application to the terms of this Agreement is uncertain and may be subject to change as additional guidance and interpretations become available. Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to the Executive that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A are intended to comply with Section 409A. If, however, any such benefit or payment is deemed to not comply with Section 409A, the Company and the Executive agree to renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing of any severance payments payable hereunder) so that either (i) Section 409A will not apply or (ii) compliance with Section 409A will be achieved; provided, however, that any resulting renegotiated terms shall provide to the Executive the after-tax economic equivalent of what otherwise has been provided to the Executive pursuant to the terms of this Agreement, and provided further, that any deferral of payments or other benefits shall be only for such time period as may be required to comply with Section 409A.

12. Release. As a condition of receipt of any benefits under this Agreement, the Executive shall be required to sign a customary release prepared by and provided by the Company (the “Release”) and to abide by the provisions thereof. The Release shall contain a release and waiver of any claims the Executive or his or her representatives may have against the Company and its officers, directors, affiliates and/or representatives, and shall release those entities and persons from any liability for such claims including, but not limited to, all employment discrimination claims. Benefits under this Agreement will be paid as of the 90th day following the Executive’s termination of employment provided the Executive has executed and submitted the Release and the statutory period during which the Executive is entitled to revoke the Release has expired on or before that 90th day. If the Executive fails to so execute the Release, receipt of any benefits under this Agreement is forfeited.

13. Miscellaneous.

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

(b) All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Executive:

Merilee Raines

c/o IDEXX Laboratories, Inc.
One Idexx Drive
Westbrook, ME 04092

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If to the Company:

IDEXX Laboratories, Inc.
One Idexx Drive
Westbrook, ME 04092
Attention: Chairman of Compensation Committee

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

(c) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

(d) The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

(e) The Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation the right of the Executive to terminate employment for Good Reason pursuant to Section 5(c) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

(f) The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the employment of the Executive by the Company is “at will” and, subject to Section 1(a) hereof, prior to the Effective Date, the Executive's employment and/or this Agreement may be terminated by either the Executive or the Company, by written notice to the other, at any time prior to the Effective Date, in which case the Executive shall have no further rights or obligations under this Agreement. From and after the Effective Date this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof.

(g) Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators in Portland, Maine, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court of competent jurisdiction. The Company and the Employee shall separately pay for their respective counsel fees and expenses and the arbitration panel shall allocate the costs and expenses of the arbitration between the Executive and the Company; provided, however, if the Executive substantially prevails on a material item that was subject to arbitration, the Company shall bear all expenses and other costs of the arbitration and all reasonable attorneys’ fees and expenses borne by the Executive.

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(h) This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and, except as otherwise provided herein, supersedes all prior communications, agreements and understandings, written or oral, with the Company or any of its affiliates or predecessors with respect to the terms and conditions of the Executive’s employment. Notwithstanding the provisions of the preceding sentence, this Agreement does not supersede any agreement between the Executive and the Company regarding non-disclosure and developments or any non-competition agreement between the Executive and the Company. In addition, the Executive shall remain subject to the post-termination non-compete obligations under any non-compete agreement with the Company notwithstanding any terms of such agreement that would relieve the Executive of such obligations upon termination of the Executive’s employment with the Company other than for Cause.

 

 

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

  EXECUTIVE:
   
  /s/ Merilee Raines
  Merilee Raines

 

  COMPANY:
   
  IDEXX Laboratories, Inc.
   
   
  By:  /s/ Jonathan W. Ayers
  Name: Jonathan W. Ayers
  Title: Chairman, President and Chief Executive Officer

 

 

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 EX-10.15 6 v302204_ex10-15.htm EXHIBIT 10.15

Exhibit 10.15

 

FORM OF EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT is made as of February 13, 2012 (this “Agreement”) by and between IDEXX Laboratories, Inc., a Delaware corporation (the “Company”), and _________________________________ (the “Executive”).

The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage the Executive's full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the Executive with compensation and benefits arrangements upon a Change of Control which ensure that the compensation and benefits expectations of the Executive will be satisfied and which are competitive with those of other corporations. Therefore, in order to accomplish these objectives and in consideration of the mutual covenants and promises contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties to this Agreement, the Company and Executive agree as follows:

1. Certain Definitions.

(a) The “Effective Date” shall mean the first date during the Change of Control Period (as defined in Section 1(b)) on which a Change of Control (as defined in Section 2) occurs. Anything in this Agreement to the contrary notwithstanding, if a Change of Control occurs and if the Executive's employment with the Company is terminated prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or anticipation of a Change of Control, then for all purposes of this Agreement the “Effective Date” shall mean the date immediately prior to the date of such termination of employment.

(b) The “Change of Control Period” shall mean the period commencing on the date hereof and ending on September 30, 2012; provided, however, that on each annual anniversary of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate one year from such Renewal Date, unless at least 120 days prior to the Renewal Date the Company shall give notice to the Executive that the Change of Control Period shall not be so extended.

2. Change of Control. For the purpose of this Agreement, a “Change of Control” shall mean:

1
 

 

(a) The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any acquisition by any corporation pursuant to a transaction which satisfies the criteria set forth in clauses (i), (ii) and (iii) of subsection (c) of this Section 2; or

(b) A change in the composition of the Board, as a result of which fewer than one-half of the incumbent directors are directors who either (i) had been directors of the Company 24 months prior to such change or (ii) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the directors who had been directors of the Company 24 months prior to such change and who were still in office at the time of the election or nomination, but excluding, for purposes of this clause (ii), any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

(c) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, immediately following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than a majority of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, of the corporation resulting from such Business Combination (which as used in this Section 2(c) shall include, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such corporation and (iii) at least half of the members of the board of directors of the corporation resulting from such Business Combination were members of the Company’s Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

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(d) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company or the sale of substantially all of the assets of the Company.

3. Employment Period. The Company hereby agrees to continue the Executive in its employ, and the Executive hereby agrees to remain in the employ of the Company subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the earlier of (i) the second anniversary of such date or (ii) the termination of the Executive’s employment pursuant to Section 5 hereof (the “Employment Period”). Except as provided in Section 1(a), nothing in this Agreement shall, prior to the Effective Date, impose upon the Company any obligation to retain the Executive as an employee. In addition, nothing in this Agreement shall restrict the Executive from terminating his employment with the Company, and no such termination by the Executive shall be deemed a breach of this Agreement.

4. Terms of Employment.

(a) Position and Duties.

(i) During the Employment Period, (A) the Executive's position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 120-day period immediately preceding the Effective Date and (B) the Executive's services shall be performed at the location where the Executive was employed immediately preceding the Effective Date or any office or location less than 35 miles from such location.

(ii) During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive's reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions, and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive's responsibilities as an employee of the Company or the terms of this Agreement. It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive's responsibilities to the Company.

(b) Compensation.

(i) Base Salary. During the Employment Period, the Executive shall receive an annual base salary (“Annual Base Salary”), which shall be paid at a monthly rate, at least equal to twelve times the highest monthly base salary paid or payable, including any base salary which has been earned but deferred, to the Executive by the Company and its affiliated companies in respect of the twelve-month period immediately preceding the month in which the Effective Date occurs. During the Employment Period, the Annual Base Salary shall be reviewed no more than 12 months after the last salary increase awarded to the Executive prior to the Effective Date and thereafter at least annually. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement, the term “affiliated companies” shall include any company controlled by, controlling or under common control with the Company.

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(ii) Annual Bonus. In addition to Annual Base Salary, during the Employment Period, the Executive shall be entitled to receive such annual bonus as may be determined by the Board of Directors, but in no event shall the target bonus opportunity, expressed as a percentage of Annual Base Salary, be less than the target bonus opportunity in respect of the full fiscal year immediately preceding the Effective Date.

(iii) Incentive Plans. During the Employment Period, the Executive shall be entitled to participate in all incentive plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

(iv) Welfare Benefit, Savings and Retirement Plans. During the Employment Period, the Executive and/or the Executive's family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit, savings and retirement plans, practices, policies and programs provided by the Company and its affiliated companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, split-dollar life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

(v) Expenses. During the Employment Period, the Executive shall be entitled to receive reimbursement for all reasonable expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company in effect immediately prior to the Effective Date.

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(vi) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

(c) Equity Awards. Immediately prior to the consummation of a Change of Control each then outstanding award for common stock of the Company, including without limitation any stock option, stock appreciation right, restricted stock unit award, restricted stock award or other stock-based award (an “Award”), held by the Executive shall become immediately exercisable, vested, realizable, or deliverable, or free from restrictions applicable to the Award as to twenty-five percent (25%) of the number of shares as to which each such Award would otherwise be subject to restrictions or not then be exercisable, vested, realizable, or deliverable (rounded down to the nearest whole share), and the number of shares as to which each such Award shall become exercisable, vested, realizable, deliverable and free from restrictions on each vesting date set forth in the Executive’s applicable Award agreement shall be reduced by 25%. In addition, all such Awards held by the Executive shall immediately become fully exercisable, vested, realizable, deliverable and free from restrictions if and when, within 24 months after a Change of Control, the Executive’s employment with the Company (or the acquiring or succeeding entity) is involuntarily terminated by the Company (or such acquiring or succeeding entity) other than for Cause or is terminated by the Executive for Good Reason. Notwithstanding the provisions of this Section 4(c), if any such outstanding Award is terminated in connection with a Change of Control, such Award shall become fully exercisable, vested, realizable, deliverable and free from restrictions immediately before the occurrence of the Change of Control.

5. Termination of Employment.

(a) Death or Disability. The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 13(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, “Disability” shall mean the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months as determined by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

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(b) Cause. Subject to Section 5(d), the Company may terminate the Executive's employment during the Employment Period for Cause. For purposes of this Agreement, “Cause” shall mean:

i. the willful failure of the Executive to perform substantially the Executive's duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness), which failure is not cured within 30 days after a written demand for substantial performance is delivered to the Executive by the Board which specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive's duties, or

ii. the willful engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company.

For purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive's action or omission was in the best interests of the Company.

(c) Good Reason. The Executive's employment may be terminated by the Executive with or without Good Reason. For purposes of this Agreement, “Good Reason” shall mean one or more of the following conditions arising without the consent of the Executive:

i. A material diminution in the Executive’s Base Salary;

ii. A material diminution in the Executive’s authority, duties, or responsibilities;

iii. A material diminution in the budget over which the Executive retains authority;

iv. A material change in the geographic location at which the Executive must perform services; or

v. Any other action or inaction that constitutes a material breach by the Company of the agreement under which the Executive provides services.

(d) Notice of Termination.

(i) Any termination by the Company for Cause, or by the Executive for Good Reason, shall be effected by Notice of Termination to the other party hereto given in accordance with Section 13(b) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstances in enforcing the Executive's or the Company's rights hereunder.

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(ii) Any Notice of Termination for Cause must be given within sixty (60) days of the Board learning of the event(s) or circumstance(s) which the Board believes constitute(s) Cause. Prior to any Notice of Termination for Cause being given (and prior to any termination for Cause being effective), the Executive shall be entitled to a hearing before the Board at which he may, at his election, be represented by counsel and at which he shall have a reasonable opportunity to be heard. Such hearing shall be held on not less than fifteen days prior written notice to the Executive stating the Board's intention to terminate the Executive for Cause and stating in detail the particular event(s) or circumstance(s) which the Board believes constitute(s) Cause for termination.

(iii) Any Notice of Termination for Good Reason must be given to the Company within sixty (60) days of the initial existence of one or more conditions described in Section 5(c)(i) through (vi) which the Executive believes constitute(s) Good Reason. Upon such Notice of Termination for Good Reason, the Company shall be entitled to a period of thirty (30) days during which it may remedy the condition (s) and not be required to pay benefits under this Agreement. It is intended that termination of employment by an Executive due to one or more of the conditions described in Section 5(c)(i) through (vi), pursuant to notice given in accordance with this Section 5(d)(iii), shall be treated as an involuntary separation from service pursuant to the good reason safe harbor set forth in Treasury Regulation Section 1.409A-1(n)(2)(ii).

(e) Date of Termination. “Date of Termination” means (i) if the Executive's employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, subject, in the case of termination by the Company, for Cause, to the Company's compliance with Section 5(d)(ii); (ii) if the Executive's employment is terminated by the Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination; and (iii) if the Executive's employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. A termination of employment occurs upon a termination of employment with the Company and any affiliate of the Company in all capacities, including as a common law employee and independent contractor. Whether a Participant has had a termination of employment shall be determined by the Company on the basis of all relevant facts and circumstances with reference to Treasury Regulations Section 1.409A-1(h) regarding a “separation from service” and the default provisions set forth in Sections 1.409A-1(h)(1)(ii) and 1.409A-1(n).

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6. Obligations of the Company Upon Termination.

(a) Good Reason; Other Than for Cause, Death or Disability. If, during the Employment Period, the Company shall terminate the Executive's employment other than for Cause, Death or Disability or the Executive shall terminate employment for Good Reason:

(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of the following amounts:

A. the sum of (1) the Executive's Annual Base Salary through the Date of Termination to the extent not theretofore paid, (2) the product of (x) the target bonus for the then current fiscal year and (y) a fraction, the numerator of which is the number of days in the then current fiscal year through the Date of Termination, and the denominator of which is 365 and (3) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) and any accrued vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2), and (3) shall be hereinafter referred to as the “Accrued Obligations”); and

B. the amount equal to the product of (1) two and (2) the sum of (x) the Executive's Annual Base Salary and (y) the Average Annual Bonus. The Average Annual Bonus is equal to the average of the bonus paid (or payable) to the Executive for the three prior full fiscal years (or, if fewer, the number of full fiscal years the Executive was employed by the Company prior to the Effective Date); provided that if the Executive was not eligible to participate in an annual bonus program for at least one full fiscal year, the Average Annual Bonus shall be the Executive’s target bonus for the year in which termination of employment occurs.

(ii) for 24 months after the Executive's Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement (excluding any savings and/or retirement plans) if the Executive's employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 24 months after the Date of Termination and to have retired on the last day of such period;

(iii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”); and

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(iv) the Company shall timely reimburse the Executive up to $12,500 each year (an aggregate of $25,000) for expenses incurred in connection with outplacement services and relocation costs incurred in connection with obtaining new employment outside the State of Maine until the earlier of (i) 24 months following the termination of Executive’s employment or (ii) the date the Executive secures full time employment.

(v) Reimbursements. Any reimbursements made under this Agreement shall be subject to the following conditions:

i. the amount of expenses eligible for reimbursement provided in any one taxable year of Executive shall not affect the amount of expenses eligible for reimbursement or in-kind benefits provided in any other taxable year of Executive;

ii. the reimbursement of any expense shall be made no later than the last day of Executive’s taxable year following Executive’s taxable year in which the expense was incurred (unless this Agreement specifically provides for reimbursement by an earlier date); and

iii. the right to reimbursement of an expense shall not be subject to liquidation or exchange for another benefit.

(b) Death. If the Executive's employment is terminated by reason of the Executive's death during the Employment Period, this Agreement shall terminate without further obligations to the Executive's legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive's estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination.

(c) Disability. If the Executive's employment is terminated by reason of the Executive's Disability during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.

(d) Cause; Other than for Good Reason. If the Executive's employment shall be terminated for Cause during the Employment Period, this Agreement shall terminate without further obligations to the Executive other than the obligation to pay to the Executive (x) his Annual Base Salary through the Date of Termination, (y) the amount of any compensation previously deferred by the Executive, and (z) Other Benefits, in each case to the extent theretofore unpaid or not yet provided. If the Executive voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, this Agreement shall terminate without further obligations to the Executive, other than for Accrued Obligations and the timely payment or provision of Other Benefits. In such case, all Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.

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(e) Time of Payment. Amounts payable under this Section 6 following an Executive’s termination of employment, other than those expressly payable on a deferred basis, will be paid in the payroll period next following the payroll period in which termination of employment occurs except as otherwise provided in Sections 11 or 12. Payment of any amount by reason of Executive’s termination of employment shall be made no later than the last day of Executive’s second taxable year following Executive’s taxable year in which the termination occurs.

7. Nonexclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive's continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Executive may qualify, nor, subject to Section 13(f), shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.

8. Full Settlement. The Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive (under this Agreement or otherwise) or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment.

9. Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by the Executive during the Executive's employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive's employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 9 constitute a basis for deferring or withholding any amounts or benefits otherwise payable or to be provided to the Executive under this Agreement.

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10. Successors.

(a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

(c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid.

11. Section 409A Compliance.

(a) If any payment, compensation or other benefit provided to the Executive in connection with his employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the Executive is a Specified Employee as defined in Section 409A(2)(B)(i), no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Executive during the period between the date of termination and the New Payment Date shall be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

(b) For purposes of this Agreement, a “Specified Employee” shall mean an employee of the Company who satisfies the requirements for being designated a “key employee” under Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code at any time during a calendar year, in which case such employee shall be considered a Specified Employee for the twelve-month period beginning on the first day of the fourth month immediately following the end of such calendar year. Notwithstanding the foregoing, all employees who are nonresident aliens during an entire calendar year are excluded for purposes of determining which employees meet the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code for such calendar year. The term “nonresident alien” as used herein shall have the meaning set forth in Regulations Section 1.409A-1(j). In the event of any corporate spinoff or merger, the determination of which employees meet the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code for any calendar year shall be determined in accordance with Regulations Section 1.409A-1(i)(6).

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(c) The parties acknowledge and agree that the interpretation of Section 409A and its application to the terms of this Agreement is uncertain and may be subject to change as additional guidance and interpretations become available. Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to the Executive that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A are intended to comply with Section 409A. If, however, any such benefit or payment is deemed to not comply with Section 409A, the Company and the Executive agree to renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing of any severance payments payable hereunder) so that either (i) Section 409A will not apply or (ii) compliance with Section 409A will be achieved; provided, however, that any resulting renegotiated terms shall provide to the Executive the after-tax economic equivalent of what otherwise has been provided to the Executive pursuant to the terms of this Agreement, and provided further, that any deferral of payments or other benefits shall be only for such time period as may be required to comply with Section 409A.

12. Release. As a condition of receipt of any benefits under this Agreement, the Executive shall be required to sign a customary release prepared by and provided by the Company (the “Release”) and to abide by the provisions thereof. The Release shall contain a release and waiver of any claims the Executive or his or her representatives may have against the Company and its officers, directors, affiliates and/or representatives, and shall release those entities and persons from any liability for such claims including, but not limited to, all employment discrimination claims. Benefits under this Agreement will be paid as of the 90th day following the Executive’s termination of employment provided the Executive has executed and submitted the Release and the statutory period during which the Executive is entitled to revoke the Release has expired on or before that 90th day. If the Executive fails to so execute the Release, receipt of any benefits under this Agreement is forfeited.

13. Miscellaneous.

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

(b) All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Executive:

[NAME]

c/o IDEXX Laboratories, Inc.
One Idexx Drive
Westbrook, ME 04092

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If to the Company:

IDEXX Laboratories, Inc.
One Idexx Drive
Westbrook, ME 04092
Attention: Chairman of Compensation Committee

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

(c) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

(d) The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

(e) The Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation the right of the Executive to terminate employment for Good Reason pursuant to Section 5(c) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

(f) The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the employment of the Executive by the Company is “at will” and, subject to Section 1(a) hereof, prior to the Effective Date, the Executive's employment and/or this Agreement may be terminated by either the Executive or the Company, by written notice to the other, at any time prior to the Effective Date, in which case the Executive shall have no further rights or obligations under this Agreement. From and after the Effective Date this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof.

(g) Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators in Portland, Maine, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court of competent jurisdiction. The Company and the Employee shall separately pay for their respective counsel fees and expenses and the arbitration panel shall allocate the costs and expenses of the arbitration between the Executive and the Company; provided, however, if the Executive substantially prevails on a material item that was subject to arbitration, the Company shall bear all expenses and other costs of the arbitration and all reasonable attorneys’ fees and expenses borne by the Executive.

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(h) This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and, except as otherwise provided herein, supersedes all prior communications, agreements and understandings, written or oral, with the Company or any of its affiliates or predecessors with respect to the terms and conditions of the Executive’s employment. Notwithstanding the provisions of the preceding sentence, this Agreement does not supersede any agreement between the Executive and the Company regarding non-disclosure and developments or any non-competition agreement between the Executive and the Company. In addition, the Executive shall remain subject to the post-termination non-compete obligations under any non-compete agreement with the Company notwithstanding any terms of such agreement that would relieve the Executive of such obligations upon termination of the Executive’s employment with the Company other than for Cause.

 

 

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

 

 

  EXECUTIVE:
   
   
  [NAME]
   
   
  COMPANY:
   
  IDEXX Laboratories, Inc.
   
   
  By:   
  Name:
  Title:

 

 

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 EX-21 7 v302204_ex21.htm EXHIBIT 21

 

Exhibit 21

 

IDEXX LABORATORIES, INC.

 

SUBSIDIARIES OF THE COMPANY

(as of December 31, 2011)

 

Legal Entity Name   Jurisdiction of Incorporation
     
Beijing IDEXX-Yuanheng Laboratories Co. Ltd.   China
Diavet Labor AG   Switzerland
Genera Technologies Limited   United Kingdom
IDEXX Distribution, Inc.   Massachusetts, U.S.
IDEXX Europe B.V.   The Netherlands
IDEXX GmbH   Germany
IDEXX Holding GmbH   Germany
IDEXX Holdings, Inc.   Delaware, U.S.
IDEXX Laboratories B.V.   The Netherlands
IDEXX Laboratories Canada 1, ULC   Canada (Nova Scotia)
IDEXX Laboratories Canada 2, ULC   Canada (Nova Scotia)
IDEXX Laboratories Canada Corporation   Canada
IDEXX Laboratories Canada LP   Canada (Ontario)
IDEXX Laboratories Inc.   Taiwan R.O.C.
IDEXX Laboratories Italia S.r.l.   Italy
IDEXX Laboratories, KK   Japan
IDEXX Laboratories Limited   United Kingdom
IDEXX Laboratories Ltd.   Korea
IDEXX Laboratories (NZ) Limited   New Zealand
IDEXX Laboratories Oy   Finland
IDEXX Laboratories Pty. Limited   Australia
IDEXX Laboratories (Proprietary) Limited   South Africa
IDEXX Laboratories (Shanghai) Co. Ltd.   China
IDEXX Laboratories, S. de R.L. de C.V.   Mexico
IDEXX Laboratorios, S.L.   Spain
IDEXX Laboratories Sp. z o.o.   Poland
IDEXX Laboratories SPRL   Belgium
IDEXX Montpellier SAS   France
IDEXX Operations, Inc.   Delaware, U.S.
IDEXX Pharmaceuticals, Inc.   Delaware, U.S.
IDEXX Real Estate Holdings, LLC   Maine, U.S.
IDEXX Reference Laboratories, Inc.   Delaware, U.S.
IDEXX Reference Laboratories Ltd.   Canada
IDEXX SARL   France
IDEXX Switzerland AG   Switzerland
IDEXX UK Acquisition Limited   United Kingdom
IDEXX Vet Med Lab ApS   Denmark
IDEXX Vet Med Labor GmbH   Austria
Laboratoire IDEXX SARL   France
OPTI Medical Systems, Inc.   Delaware, U.S.
OPTI Medical Systems GmbH   Germany
Vet Med Lab (UK) Ltd   United Kingdom
Vet Med Labor GmbH   Germany

 

 

 EX-23 8 v302204_ex23.htm EXHIBIT 23

Exhibit 23

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (Nos. 333-36007 and 333-70846) and Form S-8 (Nos. 33-41806, 33-42845, 33-42846, 33-48404, 33-61494, 33-64202, 33-64204, 33-95616, 333-11201, 333-11199, 333-36009, 333-56685, 333-78765, 333-78769, 333-43172, 333-43170, 333-27733, 333-105426, 333-108905, 333-108906, 333-146479, 333-160083 and 333-160085) of IDEXX Laboratories, Inc. of our report dated February 17, 2012 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10 K.

 

 

 

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 17, 2012

 

 

 

 

 

 EX-31.1 9 v302204_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Jonathan W. Ayers, certify that:

 

1)I have reviewed this report on Form 10-K for the year ended December 31, 2011 of IDEXX Laboratories, Inc.;

 

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

Date: February 17, 2012

  /s/ Jonathan W. Ayers
Jonathan W. Ayers
  Chairman, President and Chief Executive Officer
  (Principal Executive Officer)

 

 EX-31.2 10 v302204_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Merilee Raines, certify that:

 

1)I have reviewed this report on Form 10-K for the year ended December 31, 2011 of IDEXX Laboratories, Inc.;

 

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

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

 

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

 

5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of 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 17, 2012

 

  /s/ Merilee Raines
  Merilee Raines
 

Corporate Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

 EX-32.1 11 v302204_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the report on Form 10-K of IDEXX Laboratories, Inc. (the “Company”) for the year ended December 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1)The Report 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 Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

 

  /s/ Jonathan W. Ayers
February 17, 2012

Jonathan W. Ayers

Chairman, President and Chief Executive Officer

   
   

 

 

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

 

 EX-32.2 12 v302204_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the report on Form 10-K of IDEXX Laboratories, Inc. (the “Company”) for the year ended December 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1)The Report 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 Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

 

  /s/ Merilee Raines
February 17, 2012

Merilee Raines

Corporate Vice President, Chief Financial Officer

and Treasurer

   
   

 

 

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

 

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none;">Asset&nbsp;Classification</td> <td style="width: 2%; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; width: 49%; font-weight: bold; text-decoration: none;">Estimated&nbsp;Useful&nbsp;Life</td></tr> <tr style="vertical-align: top;"><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td>Land improvements</td> <td>&nbsp;</td> <td><font class="_mt">15 </font>to&nbsp;<font class="_mt">20</font> years</td></tr> <tr style="vertical-align: top;"><td>Buildings and improvements</td> <td>&nbsp;</td> <td><font class="_mt">15 </font>to&nbsp;<font class="_mt">40</font> years</td></tr> <tr style="vertical-align: top;"><td>Leasehold improvements</td> <td>&nbsp;</td> <td>Shorter of remaining lease term or useful life of improvements</td></tr> <tr style="vertical-align: top;"><td>Machinery and equipment</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr> <tr style="vertical-align: top;"><td>Office furniture and equipment</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr> <tr style="vertical-align: top;"><td>Computer hardware and software</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr></table> </div> 9800000 8400000 6600000 270000 -270000 225000 -225000 164000 -164000 36.02 39.24 22669000 36551000 120080000 141275000 118598000 141383000 23321000 31884000 174900000 205573000 -179000 -287000 -2557000 3206000 16203000 12524000 13467000 15443000 641645000 702575000 52332000 41111000 3337000 4774000 3110000 38908000 31499000 2815000 2952000 1642000 52464000 42198000 5699000 2080000 2487000 1270000 2797000 4316000 11375000 11375000 11375000 13069000 13069000 13069000 15347000 15347000 15347000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(k)</b></td> <td><b>Advertising Costs</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Advertising costs, which are recognized as sales and marketing expense in the period in which they are incurred, were $<font class="_mt">1.2</font> million, $<font class="_mt">1.7</font> million and $<font class="_mt">1.1</font> million for the years ended December 31, 2011, 2010 and 2009, respectively.</p></div> </div> 1100000 1700000 1200000 10343000 11623000 1280000 11972000 13262000 1290000 14057000 15496000 1439000 7796000 8665000 10251000 2828000 3239000 2000 878000 501000 597000 808527000 519098000 57897000 35779000 151860000 43893000 897144000 551492000 57390000 38028000 208350000 41884000 1030814000 635461000 64727000 44641000 240506000 45479000 460591000 524227000 2222000 67025000 2222000 67025000 2056000 6841000 88525000 2056000 6841000 88525000 436553000 506587000 500000 47800000 1600000 300000 700000 2600000 3500000 18700000 14300000 2500000 2300000 23600000 1000000 <div> <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: 12%; font-weight: bold;">NOTE 3.</td> <td style="width: 88%; font-weight: bold;">ACQUISITIONS AND STRATEGIC INVESTMENTS</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We believe that our acquisitions of businesses and other assets enhance our existing businesses by either expanding our geographic range or expanding our existing product lines.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">During the year ended December 31, 2011, we paid an aggregate of $<font class="_mt">47.8</font> million in cash to acquire&nbsp;<font class="_mt">three</font> businesses, each accounted for as separate business combinations, and to acquire a customer list intangible asset unrelated to the business acquisitions. We acquired substantially all of the assets of the research and diagnostic laboratory ("RADIL") business of the College of Veterinary Medicine from the University of Missouri in November 2011 for $<font class="_mt">43.0</font> million in cash. Based in Columbia, Missouri, RADIL provides health monitoring and diagnostic testing services to bioresearch customers. As part of this business acquisition, we recognized $<font class="_mt">18.7</font> million in amortizable intangible assets other than goodwill and $<font class="_mt">23.6</font> million in goodwill. Of the amortizable intangible assets, we acquired customer relationships with a fair value of $<font class="_mt">14.3</font> million and intellectual property with a fair value of $<font class="_mt">3.5</font> million, which were assigned useful lives of&nbsp;<font class="_mt">11</font> years and&nbsp;<font class="_mt">15</font> years, respectively. The remaining assets recognized were not material. The weighted average useful life of all recognized amortizable intangible assets was&nbsp;<font class="_mt">12</font> years. Goodwill is calculated as the consideration in excess of the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. These benefits include expansion opportunities arising from our participation in the bioresearch market. The remaining business and asset acquisitions during the year ended December 31, 2011were not material.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">All assets acquired in connection with these business acquisitions and in connection with the customer list intangible asset acquisition were assigned to the CAG segment. We expect that all goodwill recognized in connection with these business acquisitions will be tax deductible. The results of operations of these acquired businesses have been included since the acquisition date. Pro forma information has not been presented for these acquisitions because such information is not material to the financial statements, both individually and in the aggregate.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In November 2010, we participated in an investment in a company that owns and operates veterinary hospitals, primarily in the eastern United States. This entity has a strategic plan that involves the continued acquisition of veterinary hospitals and margin expansion at existing and newly acquired hospitals by leveraging centralized resources, standardized processes, technology, economies of scale and best practice medical care to deliver superior customer service. We plan to leverage this relationship to further support, understand and develop the value proposition we offer to veterinary hospitals with the breadth and complementary nature of our product and service offerings within our CAG segment. While the financial terms of this investment are attractive, we do not intend, with this investment, to move into veterinary hospital ownership as a growth strategy.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In exchange for our cash investment of $<font class="_mt">4.0</font> million in this company, we received a $<font class="_mt">2.7</font> million promissory note bearing interest at <font class="_mt">14.5</font>%, maturing in <font class="_mt">November 2016</font>, and a $<font class="_mt">1.3</font> million note bearing interest at <font class="_mt">15.0</font>%, maturing in <font class="_mt">November 2017</font>. The terms of this agreement allow for the addition of interest to the outstanding principal balance under certain conditions. In addition, we received common stock warrants which were exercised without any further consideration on the closing date of the transaction, resulting in a <font class="_mt">10</font>% equity interest in the company. The value assigned to the warrants was $<font class="_mt">0.3</font> million resulting in a corresponding $<font class="_mt">0.3</font> million original issue discount on the note. This investment has been accounted for under the equity method of accounting. Related party transactions with this equity investment were not material during the years ended December 31, 2011 and 2010.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In 2009, we paid an aggregate of $<font class="_mt">7.9</font> million to acquire two businesses, the assets of which were assigned to our CAG segment, and $<font class="_mt">0.5</font> million to acquire a definite-lived intangible asset for product rights unrelated to any acquired businesses, which was assigned to our LPD segment. In August 2009, we acquired substantially all of the assets and assumed certain liabilities of VDIC, Inc. ("VDIC"). VDIC is located in Oregon and is a global provider of telemedicine and cytopathology services and also provides imaging and therapy procedures on a referral basis for clients within the Oregon area. Also in August 2009, we acquired certain assets of Pet Detect. Pet Detect engages in the marketing, distribution and sale of temporary pet identification systems based on tear- and humidity-resistant printable pet collars. The main application for these collars is in veterinary practices with boarding and overnight stay facilities, as well as in kennels. These acquisitions were accounted for as business combinations. In connection with these acquisitions, we acquired software with a fair value of $<font class="_mt">2.5</font> million, which was recorded to property and equipment and assigned a useful life of&nbsp;<font class="_mt">7</font> years; amortizable intangible assets of $<font class="_mt">2.6</font> million; and goodwill of $<font class="_mt">2.3</font> million. The amortizable intangible assets consisted of customer-related intangible assets of $<font class="_mt">1.6</font> million, product rights of $<font class="_mt">0.7</font> million, and other intangible assets of $<font class="_mt">0.3</font> million, all of which were assigned useful lives of&nbsp;<font class="_mt">12</font> years,&nbsp;<font class="_mt">7</font> years and&nbsp;<font class="_mt">5</font> years, respectively. The goodwill recognized has been, and we expect will continue to be, tax deductible. In relation to both of these business acquisitions, we recognized aggregate tangible assets of $<font class="_mt">1.0</font> million and assumed aggregate liabilities of $<font class="_mt">0.5</font> million. The results of operations of the acquired businesses have been included since their respective acquisition dates. Pro forma information has not been presented because such information is not material to the financial statements taken as a whole.</p> </div> 78868000 106728000 156915000 183895000 27860000 50187000 26980000 <div> <div class="MetaData"> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;">&nbsp;</td> <td style="width: 0.5in;">(<b>b</b>)</td> <td><b>Cash and cash equivalents</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We consider all highly liquid investments with original maturities of ninety days or less to be cash equivalents. Cash and cash equivalents consist primarily of demand deposits and money market funds.</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">As of December 31, 2011 and 2010, our reported cash and cash equivalents balances contained restricted cash in the aggregate of $<font class="_mt">1.2</font> million and $<font class="_mt">2.4</font> million, respectively, securing various obligations.</p></div> </div> 3200000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(n)</b></td> <td><b>Self-Insurance Accruals</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We self-insure costs associated with worker's compensation and health and general welfare claims incurred by our U.S. employees up to certain limits. The insurance company provides insurance for claims above these limits. Claim liabilities are recorded for estimates of the loss that we will ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. Such liabilities are based on historical loss experience, individual coverage, the average time from when a claim is incurred to the time it is paid and judgments about the present and expected levels of cost per claim. Estimated claim liabilities could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. Estimated claim liabilities are included in accrued liabilities in the accompanying consolidated balance sheets.</p></div> </div> <div> <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="text-indent: 0in; width: 12%; font-weight: bold;">NOTE 14.</td> <td style="text-indent: 0in; width: 88%; font-weight: bold;">COMMITMENTS, CONTINGENCIES AND GUARANTEES</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b>&nbsp;</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Commitments</b></p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We lease multiple facilities under operating leases with various expiration dates through 2023. In addition, we are responsible for the real estate taxes and operating expenses related to these facilities. We also have lease commitments for automobiles and office equipment. Rent expense charged to operations under operating leases was approximately $<font class="_mt">15.5</font> million, $<font class="_mt">14.3</font> million and $<font class="_mt">14.7</font> million for the years ended December 31, 2011, 2010 and 2009, respectively.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Minimum annual rental payments under these agreements are estimated as follows (<i>in thousands</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Years Ending December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 82%;">2012</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">12,813</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2013</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">10,695</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2014</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">7,442</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2015</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,025</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2016</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,147</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Thereafter</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">18,080</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">60,202</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We have various minimum royalty payments due through 2027 of $<font class="_mt">5.7</font> million.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We have contingent commitments outstanding of up to $<font class="_mt">10.3</font> million related primarily to the acquisition of an intangible asset in 2008 and due to the seller upon our achievement of certain revenue and other milestones. We have not accrued for the commitments related to this intangible asset acquisition as we do not deem them to be probable of occurring as of December 31, 2011. The remaining commitments are not material.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Contingencies</b></p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><strong> </strong>&nbsp;</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We are subject to claims that arise in the ordinary course of business, including with respect to actual and threatened litigation and other matters. We accrue for loss contingencies when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. However, our actual losses with respect to these contingencies could exceed our accruals.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Under our worker's compensation insurance policies for U.S. employees since January 1, 2003, we have retained the first $<font class="_mt">250,000</font> in claim liability per incident with aggregate maximum claim liabilities per year of $<font class="_mt">2.0</font> million in&nbsp;<font class="_mt">2011</font> and $<font class="_mt">2.9</font> million in each of 2010 and 2009. The insurance company provides for insurance claims above the individual occurrence and aggregate limits. We have recognized cumulative expenses of $<font class="_mt">0.5</font> million, $<font class="_mt">0.6</font> million, and $<font class="_mt">0.4</font> million for claims incurred during the years ended December 31, 2011, 2010 and 2009. Our estimated liability for worker's compensation as of December 31, 2011 and 2010 was $<font class="_mt">0.7</font> million and $<font class="_mt">1.1</font> million, respectively. Claims incurred during the years ended December 31, 2011 and 2010 are relatively undeveloped as of December 31, 2011. Therefore, it is possible that we could incur additional healthcare and wage indemnification costs beyond those previously recognized up to our aggregate liability for each of the respective claim years. For the seven years ended on or prior to December 31, 2009, based on our retained claim liability per incident and our aggregate claim liability per year, our maximum liability at December 31, 2011 in excess of the amounts deemed probable and previously recognized is not material. In connection with these policies, we have outstanding letters of credit totaling $<font class="_mt">1.6</font> million to the insurance companies as security for these claims.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Under our current employee health care insurance policy for U.S. employees, we retain claims liability risk up to $<font class="_mt">275,000</font> per incident per year in 2011 and up to $<font class="_mt">250,000</font> per incident per year in 2010 and 2009. We recognized employee health care claim expense of $<font class="_mt">21.0</font> million, $<font class="_mt">22.6</font> million and $<font class="_mt">19.6</font> million during the years ended December 31, 2011, 2010 and 2009, respectively, which includes actual claims paid and an estimate of our liability for the uninsured portion of employee health care obligations that have been incurred but not paid. Should employee health insurance claims exceed our estimated liability, we would have further obligations. Our estimated liability for health care claims that have been incurred but not paid as of December 31, 2011 and 2010 was $<font class="_mt">3.9</font> million and $<font class="_mt">4.3</font> million, respectively.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We have entered into an employment agreement with our chief executive officer whereby payment may be required if we terminate his employment without cause other than following a change in control. The amount payable is based upon the executive's salary at the time of termination and the cost to us of continuing to provide certain benefits. Had this officer been terminated without cause at December 31, 2011, other than following a change in control, we would have had an obligation for salaries and benefits of approximately $<font class="_mt">1.4</font> million under such agreement. In addition, the agreement provides for continued vesting of his outstanding equity awards for a period of <font class="_mt">two years</font>.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We have entered into employment agreements with each of our officers that require us to make certain payments in the event the officer's employment is terminated under certain circumstances within a certain period following a change in control. The amount payable by us under each of these agreements is based on the officer's salary and bonus history at the time of termination and the cost to us of continuing to provide certain benefits. Had all of our officers been terminated in qualifying terminations following a change in control at December 31, 2011, we would have had aggregate obligations of approximately $<font class="_mt">17.6</font> million under these agreements. These agreements also provide for the acceleration of the vesting of all stock options and restricted stock units upon any qualifying termination following a change in control. At this time, we believe the likelihood of terminations as a result of the scenarios described is remote, and therefore, we have not accrued for such loss contingencies.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">From time to time, we have received notices alleging that our products infringe third-party proprietary rights, although we are not aware of any pending litigation with respect to such claims. Patent litigation frequently is complex and expensive, and the outcome of patent litigation can be difficult to predict. There can be no assurance that we will prevail in any infringement proceedings that may be commenced against us. If we lose any such litigation, we may be stopped from selling certain products and/or we may be required to pay damages as a result of the litigation.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In January 2010, we received a letter from the U.S. Federal Trade Commission (" FTC"), stating that it was conducting an investigation to determine whether we or others have engaged in, or are engaging in, unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act ("FTC Act") through pricing or marketing policies for companion animal veterinary products and services, including but not limited to exclusive dealing or tying arrangements with distributors or end-users of those products or services. The letter stated that the FTC has not concluded that we or anyone else has violated Section 5 of the FTC Act. In April 2010 and August 2011, we received a subpoena from the FTC requesting that we provide the FTC with documents and information relevant to this investigation. We are cooperating fully with the FTC in its investigation. We believe that the FTC staff is nearing conclusion of its investigations and that the FTC is commencing its internal process to determine whether to file a complaint against IDEXX in the administrative law court within the FTC. We now understand that the FTC is considering whether IDEXX has violated Section 2 of the Sherman Antitrust Act and is not focusing on potential violations of Section 5 of the FTC Act. In an administrative action the FTC would have the power to seek prospective remedies but no financial penalties.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We believe that our marketing and sales practices for companion animal veterinary products and services do not violate applicable antitrust laws. Further, at this time, we cannot predict whether the FTC investigation will lead to enforcement proceedings, or what the outcomes of those proceedings will be. As such, we have not accrued for a loss contingency as potential losses related to this investigation are neither probable nor can they reasonably be estimated through the date of the filing of this Annual Report on Form 10-K.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In November 2010, we received notification that the United Kingdom Office of Fair Trading ("OFT") was conducting an investigation to determine whether we had engaged in, or are engaging in, practices foreclosing the supply of companion animal diagnostic testing services in violation of the United Kingdom Competition Act of 1998. We provided the OFT with documents and information relevant to this investigation as requested and have cooperated fully with the OFT on this matter. In November 2011, the OFT concluded that it had no grounds for action in relation to our conduct and that it is unlikely that we have engaged in practices that impair effective competition in the marketplace.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Guarantees</b></p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We enter into agreements with third parties in the ordinary course of business under which we are obligated to indemnify such third parties for and against various risks and losses. The precise terms of such indemnities vary with the nature of the agreement. In many cases, we limit the maximum amount of our indemnification obligations, but in some cases those obligations may be theoretically unlimited. We have not incurred material expenses in discharging any of these indemnification obligations, and based on our analysis of the nature of the risks involved, we believe that the fair value of these agreements is minimal. Accordingly, we have recorded no liabilities for these obligations at December 31, 2011 and 2010.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">When acquiring a business, we sometimes assume liability for certain events or occurrences that took place prior to the date of acquisition. However, we do not believe that we have any probable pre-acquisition liabilities or guarantees that should be recognized at December 31, 2011 and 2010.</p> </div> 0.10 0.10 0.10 120000000 120000000 95387000 96334000 97968000 97968000 99229000 99229000 9797000 9923000 126901000 126891000 10000 144446000 144410000 36000 163730000 163762000 -32000 <div> <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="text-indent: 0in; width: 12%; font-weight: bold;">NOTE 19.</td> <td style="text-indent: 0in; width: 88%; font-weight: bold;">ACCUMULATED OTHER COMPREHENSIVE INCOME</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Accumulated other comprehensive income consisted of the following as of December 31, 2011 and 2010, respectively<i> (in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.85in;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 76%;">Unrealized loss on investments, net of tax</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">(287</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">(179</td> <td style="text-align: left; width: 1%;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Unrealized gain/(loss) on derivative instruments, net of tax</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,206</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(2,557</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Cumulative translation adjustment</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">12,524</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">16,203</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">15,443</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">13,467</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> </div> <div> <div class="MetaData"> <div> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(t)</b></td> <td><b>Concentrations of Risk</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Financial Instruments.</u> Financial instruments that potentially subject us to concentrations of credit risk are principally cash, cash equivalents, accounts receivable and derivatives. To mitigate such risk with respect to cash and cash equivalents, we place our cash with highly-rated financial institutions, in non-interest bearing accounts that are insured by the U.S. government and money market funds invested in government securities. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our most significant customers and monitor the amounts owed to us, taking appropriate action when necessary. As a result, we believe that accounts receivable credit risk exposure is limited. We maintain an allowance for doubtful accounts, but historically have not experienced any material losses related to an individual customer or group of customers in any particular industry or geographic area. To mitigate concentration of credit risk with respect to derivatives we enter into transactions with highly-rated financial institutions, enter into master netting arrangements with the counterparties to our derivative transactions and frequently monitor the credit worthiness of our counterparties. Our master netting arrangements reduce our exposure in that they permit outstanding receivables and payables with the counterparties to our derivative transactions to be offset in the event of default.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Inventory.</u> If we are unable to obtain adequate quantities of the inventory we need to sell our products, we could face cost increases or delays or discontinuations in product shipments, which could have a material adverse effect on our results of operations. Many of the third parties that provide us with the instruments we sell and certain components, raw materials and consumables incorporated into, or used with, our products are obtained from sole or single source suppliers. Some of the products that we purchase from these sources are proprietary or complex in nature, and, therefore, cannot be readily or easily replaced by alternative sources.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Customers.</u> Our largest customers are our U.S. distributors of our products in the CAG segment. One of our CAG distributors, Butler Schein Animal Health Supply, LLC ("Butler"), accounted for <font class="_mt">9</font>% of our 2011 and 2010 revenue, and <font class="_mt">7</font>% and <font class="_mt">4</font>% of our net accounts receivable at December 31, 2011 and 2010, respectively. Butler was formed in December 2009 when Butler Animal Health Supply, LLC combined with the U.S. animal health business of Henry Schein, Inc. Together these organizations accounted for <font class="_mt">10</font>% of our revenue in 2009 and <font class="_mt">6</font>% of our net accounts receivable as of December 31, 2009.</p></div></div> </div> 0.06 0.10 0.04 0.09 0.07 0.09 281043000 285936000 309795000 505352000 524769000 572183000 224309000 238833000 262388000 34043000 44833000 45549000 11007000 11805000 15532000 49034000 61717000 66672000 3984000 5079000 5591000 <div> <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: 12%; font-weight: bold;">NOTE 11.</td> <td style="width: 88%; font-weight: bold;">DEBT</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In July 2011, we refinanced our existing $<font class="_mt">200</font> million unsecured revolving credit facility by entering into an amended and restated credit agreement relating to a five-year unsecured revolving credit facility in the principal amount of $<font class="_mt">300</font> million with a syndicate of multinational banks, which matures on <font class="_mt">July 25, 2016 </font>(the new credit facility and the previous credit facility are referred to collectively as the "Credit Facility") and requires no scheduled prepayments before that date. Though the Credit Facility does not mature until July 25, 2016, all amounts borrowed under the terms of the Credit Facility are reflected in the current liabilities section in the accompanying consolidated balance sheets because the Credit Facility contains a subjective material adverse event clause, which allows the debt holders to call the loans under the Credit Facility if we fail to notify the syndicate of such an event. At December 31, 2011 and 2010, we had $<font class="_mt">243.0</font> million and $<font class="_mt">129.0</font> million, respectively, outstanding under our Credit Facility with weighted average interest rates of <font class="_mt">1.7</font>% and <font class="_mt">1.9</font>%, respectively. The funds available under the Credit Facility at December 31, 2011 and December 31, 2010 reflect a further reduction due to the issuance of a letter of credit for $<font class="_mt">1.0</font> million, which was issued in connection with our workers' compensation policy covering claims for the years 2009, 2010 and 2011. Applicable interest rates on borrowings under the new Credit Facility generally range from&nbsp;<font class="_mt">0.875</font> to&nbsp;<font class="_mt">1.25</font> percentage points (the range of applicable interest rates on borrowing under the new credit facility and the previous credit facility are referred to collectively as the "Credit Spread") above the London interbank rate ("LIBOR") or the Canadian Dollar-denominated bankers' acceptance rate ("CDOR"), dependent on our leverage ratio, or the prevailing prime rate plus a maximum spread of up to <font class="_mt">0.25</font>%, dependent on our leverage ratio. We have entered into forward fixed interest rate swap agreements to manage the economic effect of this variable interest obligation. See Note 17 for a discussion of our derivative instruments and hedging activities. Under the Credit Facility, we pay quarterly commitment fees of <font class="_mt">0.15</font>% to <font class="_mt">0.30</font>%, dependent on our leverage ratio, on any unused commitment. The obligations under the Credit Facility may be accelerated upon the occurrence of an event of default under the Credit Facility, which includes customary events of default including, without limitation, payment defaults, defaults in the performance of affirmative and negative covenants, <font style="letter-spacing: 0pt; color: windowtext;" class="_mt">the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, defaults relating to judgments, certain events related to employee pension benefit plans under the Employee Retirement Income Security Act of 1974, the failure to pay specified indebtedness, and a change of control default. The Credit Facility contains affirmative, negative and financial covenants customary for financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, fundamental changes, investments, transactions with affiliates and certain restrictive agreements. The financial covenant is a consolidated leverage ratio test that</font> requires our ratio of debt to earnings before interest, taxes, depreciation and amortization, defined as the consolidated leverage ratio under the terms of the Credit Facility, not to exceed <font class="_mt">3</font>-to-1. At December 31, 2011, we were in compliance with the covenants of the Credit Facility.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In 2006, we acquired our facility located in Westbrook, Maine and assumed the related mortgage that had a face value of $<font class="_mt">6.5</font> million and stated interest rate of <font class="_mt">9.875</font>%. We recorded the mortgage at a fair market value of $<font class="_mt">7.5</font> million, based on the effective market interest rate at that time. The mortgage is payable in equal monthly installments of approximately $<font class="_mt">0.1</font> million through <font class="_mt">May 1, 2015</font>. Annual principal payments on long-term debt at December 31, 2011 are as follows <i>(in thousands</i>):</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <table style="width: 60%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Years Ending December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 81%;">2012</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 16%;">917</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2013</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,108</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2014</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,034</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">2015</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">359</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,418</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> </div> 0.0125 0.0025 0.00875 6500000 0.09875 2015-05-01 100000 0.019 0.017 5470000 21075000 4876000 958000 6823000 -1499000 -1636000 -1140000 3270000 3270000 -908000 -908000 5996000 5996000 13983000 15028000 4627000 10823000 -107000 -230000 313000 804000 1059000 758000 1338000 27418000 13318000 26761000 15129000 3415000 2900000 26969000 -18363000 23817000 -23287000 27137000 8995000 25955000 11321000 26203000 25637000 731000 4720000 611000 3753000 1228000 1361000 609000 1069000 2041000 6298000 2267000 7123000 296000 13000 188000 182000 18820000 18177000 1372000 702000 791000 281000 4323000 806000 3808000 168000 27358000 2138000 34608000 13035000 12502000 18661000 23288000 168000 21000 17000 526000 3774000 13776000 18332000 2121000 1700000 5900000 2000000 6100000 2200000 6400000 49773000 41865000 4544000 1907000 1457000 45956000 38211000 3809000 2404000 1532000 48202000 39165000 4537000 2783000 1717000 80000000 40000000 40000000 80000000 6841000 3845000 2234000 1611000 3170000 1753000 1417000 0.0164 0.0136 0.02 <div> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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: 12%; font-weight: bold;">NOTE 17.</td> <td style="width: 88%; font-weight: bold;"><font style="text-transform: uppercase;" class="_mt">Derivative Instruments and Hedging</font></td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="text-transform: uppercase;" class="_mt"><b> </b></font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Disclosure within this footnote is presented to provide transparency about how and why we use derivative instruments and how the instruments and related hedged items affect our financial position, results of operations, and cash flows. See Note 2 for a discussion surrounding our derivative instrument and hedging accounting policies, Note 16 for additional information regarding the fair value of our derivative instruments and Note 19 for additional information surrounding the impact to OCI from our derivative instruments.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We are exposed to certain risks related to our ongoing business operations. The primary risks that we manage by using derivative instruments are foreign currency exchange risk and interest rate risk. Our subsidiaries enter into foreign currency exchange contracts to manage the exchange risk associated with their forecasted intercompany inventory purchases and sales for the next year. From time to time, we may also enter into foreign currency exchange contracts to minimize the impact of foreign currency fluctuations associated with specific, significant transactions. We enter into interest rate swaps to minimize the impact of interest rate fluctuations associated with our variable-rate debt.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The primary purpose of our foreign currency hedging activities is to protect against the volatility associated with foreign currency transactions. We also utilize natural hedges to mitigate our transaction and commitment exposures. Our corporate policy prescribes the range of allowable hedging activity. We enter into foreign currency exchange contracts with large multinational financial institutions and we do not hold or engage in transactions involving derivative instruments for purposes other than risk management. Our accounting policies for these contracts are based on our designation of such instruments as hedging transactions.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Cash Flow Hedges</b></p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We have designated our foreign currency exchange contracts and variable-to-fixed interest rate swaps as cash flow hedges as these derivative instruments mitigate the exposure to variability in the cash flows of forecasted transactions attributable to foreign currency exchange and interest rates. Unless noted otherwise, we have also designated our derivative instruments as qualifying for hedge accounting treatment.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We did not de-designate any instruments from hedge accounting treatment during the years ended December 31, 2011 and 2010. The loss recognized in earnings related to de-designated instruments during the year ended December 31, 2009 was not material. Gains or losses related to hedge ineffectiveness recognized in earnings during the years ended December 31, 2011, 2010 and 2009 were not material. At December 31, 2011, the estimated net amount of gains that are expected to be reclassified out of accumulated OCI and into earnings within the next 12 months is $<font class="_mt">3.2</font> million if exchange and interest rates do not fluctuate from the levels at December 31, 2011.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We enter into foreign currency exchange contracts for amounts that are less than the full value of forecasted intercompany purchases and sales. Our hedging strategy related to intercompany inventory purchases and sales is to employ the full amount of our hedges for the succeeding year at the conclusion of our budgeting process for that year, which is complete by the end of the preceding year. We primarily utilize foreign currency exchange contracts with durations of <font class="_mt">less than 24 months</font>. Quarterly, we enter into contracts to hedge incremental portions of anticipated foreign currency transactions for the current and following year. As a result, the notional value of foreign currency exchange contracts outstanding may be higher throughout the year in comparison to the amounts outstanding at the end of the year. Accordingly, our risk with respect to foreign currency exchange rate fluctuations may vary throughout each annual cycle.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In March 2009, we entered into two forward fixed interest rate swap agreements to manage the economic effect of variable interest obligations on amounts borrowed under the terms of our Credit Facility. Under these agreements, beginning on March 31, 2010 the variable interest rate associated with $<font class="_mt">80</font> million of borrowings outstanding under the Credit Facility became effectively fixed at <font class="_mt">2</font>% plus the Credit Spread through March 30, 2012. In August 2011, we entered into two additional forward fixed interest rate swap agreements for the same purpose. Under these agreements, beginning on March 30, 2012, the variable interest rate associated with $<font class="_mt">40</font> million of borrowings outstanding under the Credit Facility will become effectively fixed at <font class="_mt">1.36</font>% plus the Credit Spread through June 30, 2016 and beginning on March 28, 2013, the variable interest rate associated with an additional $<font class="_mt">40</font> million of borrowings outstanding under the Credit Facility will become effectively fixed at <font class="_mt">1.64</font>% plus the Credit Spread through June 30, 2016.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The notional amount of foreign currency exchange contracts to hedge forecasted intercompany purchases and sales consisted of the following <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Currency Sold</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">U.S. Dollar Equivalent</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Euro</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">68,275</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">59,360</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>British pound</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">25,260</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,144</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Canadian dollar</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">19,902</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,776</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Australian dollar</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">12,417</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">7,930</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Japanese yen</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">18,005</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">10,427</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">143,859</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">120,637</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Currency Purchased</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">U.S. Dollar Equivalent</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 70%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Swiss franc</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">17,909</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">12,542</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The notional amount of forward fixed interest rate swap agreements to manage variable interest obligations consisted of the following <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">U.S. Dollar Equivalent</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">December 31,</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">December 31,</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Interest rate swaps commencing March 31, 2010 and expiring March 30, 2012</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">80,000</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">80,000</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Interest rate swaps commencing March 30, 2012 and March 28, 2013 and expiring June 30, 2016</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">80,000</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The fair values of derivative instruments and their respective classification in the consolidated balance sheets consisted of the following <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Asset Derivatives</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 40%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: center; width: 29%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="text-align: left; background-color: rgb(204,255,204); vertical-align: top;"><td><b>Derivatives designated as hedging instruments</b></td> <td>&nbsp;</td> <td style="font-weight: bold;">Balance Sheet Classification</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Foreign currency exchange contracts</td> <td>&nbsp;</td> <td style="text-align: justify; padding-bottom: 2.5pt;">Other current assets</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">6,841</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Liability Derivatives</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="text-align: left; background-color: rgb(204,255,204); vertical-align: top;"><td><b>Derivatives designated as hedging instruments</b></td> <td>&nbsp;</td> <td style="font-weight: bold;">Balance Sheet Classification</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 40%;">Foreign currency exchange contracts<font style="background-color: white;" class="_mt">&nbsp;</font>&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 29%;">Accrued expenses</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,753</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">2,234</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Interest rate swaps</td> <td>&nbsp;</td> <td style="padding-bottom: 1pt;">Accrued expenses</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,417</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,611</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Total derivative instruments&nbsp;&nbsp;</td> <td>&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,170</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,845</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The effect of derivative instruments designated as cash flow hedges on the consolidated balance sheets for the years ended December 31, 2011, 2010 and 2009 consisted of the following <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 7pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">Gain&nbsp;(Loss)&nbsp;Recognized&nbsp;in&nbsp;OCI&nbsp;on&nbsp;Derivative&nbsp;Instruments&nbsp;(Effective&nbsp;Portion)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For&nbsp;the&nbsp;Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Derivative instruments</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 9pt; width: 55%;">Foreign currency exchange contracts, net of tax</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">5,642</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,368</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">(9,730</td> <td style="text-align: left; width: 1%;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Interest rate swaps, net of tax</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">121</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(638</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(375</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; padding-left: 9pt;">Total, net of tax</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">5,763</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">730</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">(10,105</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The effect of derivative instruments designated as cash flow hedges on the consolidated statement of operations for the years ended December 31, 2011, 2010 and 2009 consisted of the following <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 7pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="13">Gain&nbsp; Loss)&nbsp;Reclassified&nbsp;from&nbsp;Accumulated&nbsp;OCI&nbsp;into&nbsp;Income&nbsp;(Effective&nbsp;Portion)</td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid;"><b>Derivative instruments</b></td> <td>&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Classification</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: justify;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 41%;"><font style="font-size: 7pt;" class="_mt">Foreign <font style="font-family: Times New Roman, Times, Serif;" class="_mt">currency exchange contracts</font></font></td> <td style="width: 2%;">&nbsp;</td> <td style="width: 21%;">Cost of revenue</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">(5,406</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">(743</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">4,813</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Interest rate swaps</td> <td>&nbsp;</td> <td style="padding-bottom: 1pt;">Interest expense</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,424</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,034</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Total</td> <td>&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(6,830</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(1,777</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">4,183</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> </div> 4183000 4813000 -1777000 -743000 -1034000 -6830000 -5406000 -1424000 -10105000 -9730000 -375000 730000 1368000 -638000 5763000 5642000 121000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(q)</b></td> <td><b>Derivative Instruments and Hedging</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We recognize all derivative instruments, including our foreign currency exchange contracts and interest rate swap agreements, on the balance sheet at fair value at the balance sheet date. Derivative instruments that do not qualify for hedge accounting must be recorded at fair value through earnings. If a derivative instrument does qualify for hedge accounting, depending on the nature of the hedging instrument, changes in the fair value of the derivative instrument are either recognized in earnings or deferred in other comprehensive income ("OCI"), net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. To qualify for hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. We immediately record in earnings the extent to which a hedge instrument is not effective in achieving offsetting changes in fair value. We de-designate derivative instruments from hedge accounting when the likelihood of the hedged transaction occurring becomes less than probable. For de-designated instruments, the gain or loss from the time of de-designation through maturity of the instrument is recognized in earnings. Any gain or loss in OCI at the time of de-designation is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We present our derivative assets and liabilities on the balance sheet on a gross basis. All cash flows related to our foreign currency exchange contracts and interest rate swaps are classified as operating cash flows, which is consistent with the cash flow treatment of the underlying items being hedged. See Note 17 for additional information regarding our derivative and hedging instruments.</p></div> </div> <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(u)</b></td> <td><b>New Accounting Pronouncements Not Yet Adopted</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In December 2011, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In September 2011, the FASB issued an amendment to the accounting guidance for goodwill in order to simplify how companies test goodwill for impairment. The amendment permits an entity to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. <font style="color: black;" class="_mt">Early adoption is permitted. We elected not to early adopt. </font>We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In June 2011, the FASB issued an amendment to the accounting guidance for presentation of comprehensive income. Under the amended guidance, an entity may present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. For public companies, the amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and shall be applied retrospectively. Early adoption is permitted. We elected not to early adopt. Other than a change in presentation, the implementation of this accounting pronouncement is not expected to have a material impact on our financial statements when implemented</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In May 2011, the FASB issued an amendment to the accounting guidance for fair value measurement and disclosure. Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholders' equity. The guidance is effective for interim and annual periods beginning after December 15, 2011. We do not expect the adoption of the guidance to have a material impact on our financial statements when implemented.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">There are no other new accounting pronouncements adopted or enacted during the twelve months ended December 31, 2011 that had, or are expected to have, a material impact on our financial statements.</p></div> </div> <div> <div style="text-indent: 0pt; display: block;"> <div> <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: 12%; font-weight: bold;">NOTE 4.</td> <td style="width: 88%; font-weight: bold;"> <p>SHARE-BASED COMPENSATION</p></td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b>&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Share-Based Awards</b></p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Our share-based compensation plans allow for the issuance of a mix of stock options, restricted stock, stock appreciation rights, employee stock purchase rights and other stock unit awards. Other stock unit awards include restricted stock units ("RSUs") and deferred stock units ("DSUs"). Stock options permit a holder to buy IDEXX stock upon vesting at the stock's price on the date the option was granted. An RSU is an agreement to issue shares of IDEXX stock at the time of vesting. DSUs are granted under our Executive Deferred Compensation Plan and non-employee Director Deferred Compensation Plan. DSUs may or may not have vesting conditions depending on the plan under which they are issued. We neither issued any restricted stock or stock appreciation rights during the years ended December 31, 2011, 2010 and 2009 nor were any restricted stock or stock appreciation rights outstanding as of those years ended. There were no modifications to the terms of outstanding options, RSUs or DSUs during 2011, 2010 or 2009.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We primarily issue shares of common stock to satisfy stock option exercises and employee stock purchase rights and to settle restricted stock units and deferred stock units. However, in 2011, we began issuing shares of treasury stock to settle certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during 2011 was not material. The number of shares of common stock and treasury stock issued are equivalent to the number of awards exercised or settled.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">With the exception of employee stock purchase rights, equity awards are issued to employees and non-employee directors under the 2009 Stock Incentive Plan (the "2009 Stock Plan"). Our board of directors has authorized the issuance of up to&nbsp;<font class="_mt">5,200,000</font> shares of our common stock under this share-based incentive plan. Any shares that are subject to awards of stock options or stock appreciation rights will be counted against the share limit as one share for every share granted. Any shares that are issued other than stock options and stock appreciation rights will be counted against the share limit as two shares for every share granted. If any shares issued under our prior plans are forfeited, settled for cash or expire, these shares, to the extent of such forfeiture, cash settlement or expiration, will again be available for issuance under the 2009 Stock Plan. As of December 31, 2011, there&nbsp;were <font class="_mt">3,003,768 </font>remaining shares available for issuance under this authorization.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Employee stock purchase rights are issued under the 1997 Employee Stock Purchase Plan, under which we reserved and may issue up to an aggregate of&nbsp;<font class="_mt">1,590,000</font> shares of Common Stock in periodic offerings. Under this plan, stock is sold to employees at a <font class="_mt">15</font>% discount off the closing price of the stock on the last day of each quarter. The fair value of purchase rights recognized as share-based compensation is equal to the dollar value of this discount. We issued <font class="_mt">58,000</font>,&nbsp;<font class="_mt">64,000</font> and&nbsp;<font class="_mt">89,000</font> shares of common stock in connection with the Employee Stock Purchase Plan during the years ended December 31, 2011, 2010 and 2009. As of December 31, 2011, there&nbsp;were&nbsp;<font class="_mt">202,219</font> remaining shares available for issuance under this authorization.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Share-Based Compensation</b></p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Share-based compensation costs are classified in our consolidated financial statements consistent with the classification of cash compensation paid to the employees receiving such share-based compensation. The following is a summary of share based compensation costs and related tax benefits recorded in our consolidated statements of income <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Share-based compensation expense included in cost of revenue</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,439</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,290</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,280</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Share-based compensation expense included in operating expenses</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,057</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,972</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">10,343</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 22pt;">Total share-based compensation expense included in consolidated statements of income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">15,496</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13,262</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">11,623</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Income tax benefit resulting from share-based compensation arrangements</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,245</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4,597</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,827</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; padding-left: 22pt;">Net impact of share-based compensation on net income</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">10,251</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">8,665</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">7,796</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Share-based compensation expense is reduced for an estimate of the number of awards that are expected to be forfeited. We use historical data and other factors to estimate employee termination behavior and to evaluate whether particular groups of employees have significantly different forfeiture behaviors.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The total unrecognized compensation expense, net of estimated forfeitures, for unvested share-based compensation awards at December 31, 2011 was $<font class="_mt">31.1</font> million, which will be recognized over a weighted average period&nbsp;of approximately&nbsp;<font class="_mt">1.7</font> years.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Stock Options</b></p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt"> </font>&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt">Option awards are granted with an exercise price equal to&nbsp;the closing market price of our common stock at the date of grant. Options granted to employees primarily vest ratably over&nbsp;<font class="_mt">five years</font> </font>on each anniversary of the date of grant<font style="color: black;" class="_mt"> and</font> options granted to non-employee directors vest fully on the first anniversary of the date of grant. Vesting as it relates to awards issued to employees is conditional based on continuous service. Options granted after January 1, 2006 have contractual terms of <font class="_mt">seven years</font>. Options granted prior to January 1, 2006 have contractual terms of <font class="_mt">ten years</font>. Upon any change in control of the company,&nbsp;<font class="_mt">25%</font> of the unvested stock options then outstanding will vest and become exercisable. However, if the acquiring entity does not assume outstanding options, then all options will vest immediately prior to the change in control.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We use the BSM option-pricing model to determine the fair value of options granted. Option-pricing models require the input of highly subjective assumptions, particularly for the expected stock price volatility and the expected term of options. Changes in the subjective input assumptions can materially affect the fair value estimate. Our expected stock price volatility assumptions are based on the historical volatility of our stock over periods that are similar to the expected terms of grants and other relevant factors. We derive the expected term based on historical experience and other relevant factors concerning expected employee behavior with regard to option exercise. The risk-free interest rate is based on U.S. Treasury yields for a maturity approximating the expected term calculated at the date of grant. We have never paid any cash dividends on our common stock and we have no present intention to pay a dividend; therefore, we assume that no dividends will be paid over the expected terms of option awards.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We determine the assumptions used in the valuation of option awards as of the date of grant. Differences in the stock price volatility, expected term or risk-free interest rates may necessitate distinct valuation assumptions at those grant dates. As such, we may use different assumptions for options granted throughout the year. The weighted averages of the valuation assumptions used to determine the fair value of each option award on the date of grant and the weighted average estimated fair values were as follows:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Expected stock price volatility</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">33</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">31</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">31</td> <td style="text-align: left; width: 1%;">%</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Expected term, in years</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4.8</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4.9</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4.8</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Risk-free interest rate</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2.3</td> <td style="text-align: left;">%</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2.3</td> <td style="text-align: left;">%</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1.6</td> <td style="text-align: left;">%</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Weighted average fair value of options granted</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">24.86</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">16.56</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">9.97</td> <td style="text-align: left;">&nbsp;</td></tr></table></div></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block;"> <div> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">A summary of the status of options granted under our share-based compensation plans at December 31, 2011, and changes during the year then ended, are presented in the table below:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Weighted</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Average</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Weighted</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Remaining</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Aggregate</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Number&nbsp;of</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Average</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Contractual</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Intrinsic&nbsp;Value</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Options&nbsp;(000)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Exercise&nbsp;Price</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Term</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">($000)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 52%;">Outstanding as of December 31, 2010</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">3,754</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">33.34</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Granted</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">546</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">77.53</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Exercised</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1,042</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">24.09</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Forfeited</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(140</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">53.18</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Expired</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13.05</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Outstanding as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,114</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">43.31</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3.4</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">105,093</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Fully vested as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,875</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">32.81</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2.4</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">82,777</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Fully vested and expected to vest as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,002</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">42.69</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3.3</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">103,174</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The total fair value of options vested during the years ended December 31, 2011, 2010 and 2009 was $<font class="_mt">6.6</font> million, $<font class="_mt">8.4</font> million and $<font class="_mt">9.8</font> million, respectively.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Intrinsic value as it related to stock options represents the amount by which the market price of the common stock exceeded the exercise price, before applicable income taxes. During the years ended December 31, 2011, 2010 and 2009 the total intrinsic value of stock options exercised was $<font class="_mt">54.7</font> million, $<font class="_mt">60.1</font> million and $<font class="_mt">22.1</font> million, respectively.</p></div><br /></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font> <div> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Restricted Stock Units</b></p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt"> </font>&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt">RSUs granted to employees vest either ratably over&nbsp;<font class="_mt">five years</font> </font>on each anniversary of the date of grant or on the third anniversary of the date of grant, depending on the employee group receiving the award. RSUs granted to non-employee directors vest fully on the first anniversary of the date of grant. Vesting as it relates to awards issued to employees is conditional based on continuous service<font style="color: black;" class="_mt">. </font>Upon any change in control of the company,&nbsp;<font class="_mt">25%</font> of the unvested&nbsp;RSUs then outstanding under the 2009 Stock Plan will vest, provided, however, that if the acquiring entity does not assume the RSUs, then all such units will vest immediately prior to the change in control.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">A summary of the status of RSUs granted under our share-based compensation plans at December 31, 2011, and changes during the period then ended, are presented in the table below:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Weighted</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">Number&nbsp;of&nbsp;Units</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Average&nbsp;Grant-</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(000)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Date&nbsp;Fair&nbsp;Value</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 74%;">Nonvested as of December 31, 2010</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">508</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">44.89</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Granted</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">141</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">77.13</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Vested</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(160</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">44.36</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(41</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">50.99</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Nonvested as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">448</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">54.66</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Expected to vest as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">410</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">54.39</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The total fair value of RSUs vested during the years ended December 31, 2011, 2010 and 2009 was $<font class="_mt">12.4</font> million, $<font class="_mt">7.9</font> million and $<font class="_mt">3.7</font> million, respectively. The aggregate intrinsic value of nonvested RSUs as of December 31, 2011 represents the fair value of IDEXX's common stock as of December 31, 2011 multiplied by the number of nonvested units as of December 31, 2011.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>Deferred Stock Units</b></p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Under our Director Deferred Compensation Plan (the "Director Plan"), non-employee directors may defer a portion of their cash fees in the form of vested DSUs and under our Executive Deferred Compensation Plan (the "Executive Plan"), certain members of our management may elect to defer a portion of their cash compensation in the form of vested deferred stock units. Each DSU represents the right to receive&nbsp;<font class="_mt">one</font> unissued share of our common stock. These recipients receive a number of DSUs equal to the amount of cash fees or compensation deferred divided by the closing sale price of the common stock on the date of deferral. Also under&nbsp;the Director&nbsp;Plan, non-employee directors are awarded annual grants of DSUs that vest fully on the first anniversary on the date of grant. Vesting for these annual DSU grants is conditional based on continuous service.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">DSUs are exchanged for a fixed number of shares of common stock, upon vesting if vesting criteria apply, subject to the limitations of the Director and Executive Plans and applicable law. Under the Director Plan, all DSUs issued prior to January 1, 2011 will be exchanged for an equivalent number of shares of common stock one year following the director's resignation or retirement, except upon a change in control or certain other limited circumstances. With respect to DSUs awarded on or after January 1, 2011, a director may elect to exchange such DSUs for an equivalent number of shares of common stock either (i) one year following the director's resignation or retirement, or (ii) on another single non-discriminatory and objectively determinable date or in four equal installments commencing on that date. Under the Executive Plan, an officer can elect to exchange DSUs for an equivalent number of shares of common stock either on a single date or in a fixed schedule. However, except upon a change in control or certain other limited circumstances, an officer cannot exchange DSUs for an equivalent number of shares of common stock sooner than one year following termination of his or her employment with the company for any reason, and in the case of an executive who has been identified by the plan administrator as a "key employee" within the meaning of Section 409A(a)(2)(B) of the Internal Revenue Code, his or her distribution may not occur sooner than six months following his or her termination of employment.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">A summary of the status of DSUs granted under our share-based compensation plans at December 31, 2011, and changes during the period then ended, are presented in the table below:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Weighted</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Number&nbsp;of&nbsp;Units</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Average&nbsp;Grant-</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(000)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Date&nbsp;Fair&nbsp;Value</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 74%;">Outstanding as of December 31, 2010</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">121</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">38.11</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 9pt;">Granted</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">77.16</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 9pt;">Settled</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36.02</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Outstanding as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">122</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">39.91</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Vested as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">119</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">39.24</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Fully vested and expected to vest as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">122</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">39.91</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The total fair value of DSUs granted during the years ended December 31, 2011, 2010 and 2009 was $<font class="_mt">0.4</font> million, $<font class="_mt">0.5</font> million and $<font class="_mt">0.7</font> million, respectively. The aggregate intrinsic value of outstanding DSUs as of December 31, 2011 represents the fair value of IDEXX's common stock as of December 31, 2011 multiplied by the number of outstanding and vested units as of December 31, 2011.</p></div></div> </div> 2000000 3000000 3000000 <div> <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="text-indent: 0in; width: 12%; font-weight: bold;">NOTE 22.</td> <td style="text-indent: 0in; width: 88%; font-weight: bold;">DISPOSITION OF PHARMACEUTICAL PRODUCT LINES AND RESTRUCTURING</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In the fourth quarter of 2008, we sold our Acarexx<sup>&#174;</sup> and SURPASS<sup>&#174;</sup> veterinary pharmaceutical products and a feline insulin product under development, which were a part of our CAG segment, for cash of $<font class="_mt">7.0</font> million, a short-term receivable of $<font class="_mt">1.4</font> million, which was received in January 2009, and up to $<font class="_mt">11.5</font> million of future payments based on the achievement of certain development and sales milestones by the acquirer of the feline insulin product. In the fourth quarter of 2009 we earned and received a milestone payment of $<font class="_mt">2.0</font> million in connection with the achievement of certain development milestones by the acquirer. In each of the third and fourth quarters of 2010 and the fourth quarter of 2011, we earned milestone payments of $<font class="_mt">3.0</font> million in connection with the achievement of certain sales milestones by the acquirer following commercialization of the feline insulin product. The 2010 aggregate milestone payments were received in the first quarter of 2011. The 2011 milestone payment is included in other current assets on the accompanying consolidated balance sheets. These milestone payments are reflected as reductions to general and administrative expenses as earned. Because we have no obligation to deliver product or services, or otherwise provide support to the third party under this agreement, and because collectability is reasonably assured, these milestone payments, and any other related milestone payments we earn in the future, are included in results of operations when earned, but are not classified as revenue because the transaction was accounted for as the sale of a business. We are eligible to earn up to $<font class="_mt">3.5</font> million in additional milestone payments based on the achievement of certain sales milestones by the acquirer related to the feline insulin product.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Additionally in the fourth quarter of 2008, in a separate transaction, we entered into an agreement to sell our raw material inventory of nitazoxanide ("NTZ"), the active ingredient associated with our Navigator<sup>&#174;</sup> product, back to the material supplier. We received from the supplier an aggregate of $<font class="_mt">1.4</font> million during the year ended December 31, 2011 and $<font class="_mt">0.3</font> million during each of the years ended December 31, 2010 and 2009 in connection with this sale. Payments were recorded in our results of operations as reductions to general and administrative expense in the period in which they were received due to uncertain collectability. The payments received during the year ended December 31, 2011 satisfied the buyer's obligation to us.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In the fourth quarter of 2008, we also entered into a separate royalty bearing license agreement related to certain intellectual property of our pharmaceutical division. Under this agreement we received $<font class="_mt">0.3</font> million up front and $<font class="_mt">0.3</font> million in the fourth quarter of 2010 in connection with the achievement of certain production milestones by the licensee. We are eligible to earn up to $<font class="_mt">1.9</font> million in additional milestone payments, related to the achievement of certain clinical field trial and regulatory milestones, and royalties based on future product sales. Because we have no obligation to deliver product or services, or otherwise provide support to the third party under this agreement, and because collectability is reasonably assured, this milestone payment, and any other related milestone payments we earn in the future,&nbsp;was and will be&nbsp;included in results of operations when earned.</p> </div> 2.08 0.57 2.45 0.64 0.60 0.63 0.64 2.85 0.85 0.68 0.68 2.01 0.55 2.37 0.62 0.59 0.62 0.62 2.78 0.83 0.66 0.67 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(o)</b></td> <td><b>Earnings per Share</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Basic earnings per share is computed by dividing net income attributable to IDEXX Laboratories, Inc. stockholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the year. Vested deferred stock units outstanding are included in shares outstanding for basic and diluted earnings per share because the associated shares of our common stock are issuable for no cash consideration, the number of shares of our common stock to be issued is fixed and issuance is not contingent. See Note 4 for additional information regarding deferred stock units. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and assumed issuance of unvested restricted stock units and unvested deferred stock units using the treasury stock method unless the effect is anti-dilutive.</p></div> </div> <div> <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="text-indent: 0in; width: 12%; font-weight: bold;">NOTE 13.</td> <td style="text-indent: 0in; width: 88%; font-weight: bold;">EARNINGS PER SHARE</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The following is a reconciliation of shares outstanding for basic and diluted earnings per share (<i>in thousands</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Shares outstanding for basic earnings per share:</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">56,790</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">57,713</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">58,809</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Shares outstanding for diluted earnings per share:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Shares outstanding for basic earnings per share</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">56,790</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">57,713</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">58,809</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Dilutive effect of share-based payment awards</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,424</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,846</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,873</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">58,214</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">59,559</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">60,682</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Certain options to acquire shares and restricted stock units have been excluded from the calculation of shares outstanding for dilutive earnings per share because they were anti-dilutive. The following table presents information concerning those anti-dilutive options and restricted stock units <i>(in thousands</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Weighted average number of shares underlying anti-dilutive options</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 7%;">597</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 7%;">501</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 7%;">878</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Weighted average number of shares underlying anti-dilutive restricted stock units</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> 0.300 0.301 0.310 0.35 0.35 0.35 -0.009 -0.016 -0.014 -0.045 -0.036 -0.036 0.001 0.001 0.002 0.014 0.014 0.016 -0.011 -0.012 -0.008 1824000 1313000 933000 47914000 51373000 31100000 1.7 3827000 4597000 5245000 0.10 5194000 18126000 16007000 5194000 18126000 16007000 <div> <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="text-indent: 0in; width: 12%; font-weight: bold;">NOTE 16.</td> <td style="text-indent: 0in; width: 88%; font-weight: bold;">FAIR VALUE MEASUREMENTS</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="text-transform: uppercase;" class="_mt"><b> </b></font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The following table sets forth our assets and liabilities that were measured at fair value on a recurring basis at December 31, 2011 and at December 31, 2010 by level within the fair value hierarchy (<i>in thousands</i>):</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Quoted&nbsp;Prices</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Significant</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">in&nbsp;Active</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Other</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Significant</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Markets&nbsp;for</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Observable</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Unobservable</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Balance&nbsp;at</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Identical&nbsp;Assets</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Inputs</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Inputs</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;1)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;2)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;3)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">Assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0.25in; width: 48%;">Money market funds<sup>(1)</sup></td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">88,525</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">88,525</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0.25in;">Equity mutual funds<sup>(2)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,056</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,056</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0.25in;">Foreign currency exchange contracts<sup>(3)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,841</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,841</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0.25in;">Foreign currency exchange contracts<sup>(3)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,753</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,753</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0.25in;">Deferred compensation<sup>(4)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,056</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,056</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0.25in;">Interest rate swaps<sup>(5)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,417</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,417</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Quoted&nbsp;Prices</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Significant</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">in&nbsp;Active</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Other</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Significant</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Markets&nbsp;for</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Observable</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Unobservable</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Balance&nbsp;at</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Identical&nbsp;Assets</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Inputs</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Inputs</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;1)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;2)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;3)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">Assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 48%;">Money market funds<sup>(1)</sup></td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">67,025</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">67,025</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Equity mutual funds<sup>(2)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,222</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,222</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="font-weight: bold;">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Foreign currency exchange contracts<sup>(3)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,234</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,234</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Deferred compensation<sup>(4)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,222</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,222</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Interest rate swaps<sup>(5)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,611</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,611</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <hr style="margin-top: 3pt; width: 25%; margin-bottom: 3pt; color: black;" align="left" size="1" noshade="noshade" /> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"> </p> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(1)</td> <td class="MetaData">Money market funds are included within cash and cash equivalents.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(2)</td> <td class="MetaData">Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other long-term assets. See number (4) below for a discussion of the related deferred compensation liability.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(3)</td> <td class="MetaData">Foreign currency exchange contracts are included within other current assets; other long-term assets, net; accrued liabilities; or other long-term liabilities depending on the gain (loss) position and anticipated settlement date.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(4)</td> <td class="MetaData">Deferred compensation plans are included within other long-term liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in number (2) above.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(5)</td> <td class="MetaData">Interest rate swaps are included within accrued liabilities.</td></tr></table></div> <p style="text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We did not have any significant nonfinancial assets or nonfinancial liabilities which required remeasurement during the years ended December 31, 2011, 2010 or 2009. We did not have any transfers between Level 1 and Level 2 measurements during the year ended December 31, 2011.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate carrying value due to their short maturity. The estimated fair value of our Credit Facility approximates carrying value as we believe that we could obtain an unsecured revolving credit facility bearing interest rates, based on current market conditions, similar to those effective under our current Credit Facility, which was refinanced in July 2011. The estimated fair value of our mortgage approximates the carrying value based on current market interest rates for similar debt issues with similar remaining maturities.</p> </div> <div> <div class="MetaData"> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">&nbsp;</td> <td style="width: 0.5in;"><b>(r)</b></td> <td><b>Fair Value Measurements</b></td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt">U.S. GAAP</font> defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. <font style="color: black;" class="_mt">U.S. GAAP</font> requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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: 16%; font-weight: bold;">Level 1</td> <td style="width: 84%;">Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.</td></tr> <tr style="vertical-align: top;"><td style="font-weight: bold;">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td style="font-weight: bold;">Level 2</td> <td>Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td></tr> <tr style="vertical-align: top;"><td style="font-weight: bold;">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td style="font-weight: bold;">Level 3</td> <td>Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2011 and 2010, we had no Level 3 assets or liabilities.</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Our foreign currency exchange contracts and interest rate swap agreements are measured at fair value on a recurring basis in our accompanying consolidated balance sheets. We measure the fair value of our foreign currency exchange contracts classified as derivative instruments using an income approach, based on prevailing market forward rates less the contract rate multiplied by the notional amount. The product of this calculation is then adjusted for counterparty risk. We measure the fair value of our interest rate swaps classified as derivative instruments using an income approach, utilizing a discounted cash flow analysis based on the terms of the contract and the interest rate curve adjusted for counterparty risk.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Our unsecured revolving credit facility and mortgage are measured at carrying value in the accompanying consolidated balance sheets though we disclose the fair value of these financial instruments in our Quarterly Reports on Form 10-Q and in our Annual Reports on Form 10-K. We determine the fair value of our unsecured revolving credit facility and mortgage using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk.</p></div></div> </div> 50156000 21655000 17974000 4702000 5825000 58837000 26293000 20414000 5331000 6799000 9400000 9000000 8700000 7 12 5 7 12 15 11 69209000 105908000 58941000 31641000 5949000 9377000 128046000 76267000 36181000 6235000 9363000 15 15 9 15 7 5 3 7 500000 -1000000 -100000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(p)</b></td> <td><b>Foreign Currency</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The functional currency of all but one of our subsidiaries is their local currency. Assets and liabilities of these foreign subsidiaries are translated to the U.S. dollar using the exchange rate in effect at the balance sheet date. Revenue and expense accounts are translated to the U.S. dollar using the exchange rate at the date which those elements are recognized, and where it is impractical to do so, an average exchange rate in effect during the period is used to translate those elements. Cumulative translation gains and losses are shown in the accompanying consolidated balance sheets as a separate component of accumulated other comprehensive income.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Revenues and expenses are recorded at the current exchange rate when the transaction is recognized. Monetary assets and liabilities denominated in a currency other than the respective subsidiary's functional currency are remeasured at each balance sheet date using the exchange rate in effect at each balance sheet date. These foreign currency gains and losses are included in general and administrative expenses. We recognized an aggregate foreign currency loss of $<font class="_mt">0.1</font> million for the year ended December 31, 2011, an aggregate loss of $<font class="_mt">1.0</font> million for the year ended December 31, 2010 and an aggregate gain of $<font class="_mt">0.5</font> million for the year ended December 31, 2009.</p></div> </div> 25839000 7608000 8180000 9993000 8395000 9194000 11500000 3500000 1900000 -2474000 -1599000 -615000 117440000 126519000 129389000 19600000 22600000 21000000 400000 600000 500000 138768000 109502000 9978000 6531000 12757000 148705000 117955000 10217000 6531000 14002000 149112000 118131000 10802000 6531000 13648000 172610000 141677000 10826000 6531000 13576000 2332000 2332000 24689000 24689000 <div> <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: 12%; font-weight: bold;">NOTE 8.</td> <td style="width: 88%; font-weight: bold;">INTANGIBLE ASSETS AND GOODWILL</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Intangible assets other than goodwill consisted of the following <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Accumulated Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Accumulated Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 48%;">Patents</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,363</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">6,799</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,377</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">5,825</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Product rights <sup>(1)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,181</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">20,414</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">31,641</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">17,974</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Customer-related intangible assets <sup>(2)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">76,267</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">26,293</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">58,941</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,655</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Noncompete agreements</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,235</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">5,331</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">5,949</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,702</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">128,046</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">58,837</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">105,908</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">50,156</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <hr style="margin-top: 3pt; width: 25%; margin-bottom: 3pt; color: black;" align="left" size="1" noshade="noshade" /> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;"> </p> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(1)</td> <td class="MetaData">Product rights comprise certain technologies, licenses and trade names acquired from third parties.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(2)</td> <td class="MetaData">Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.</td></tr></table></div> <p style="text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Intangible assets increased during the year ended December 31, 2011in connection with&nbsp;<font class="_mt">three</font> business acquisitions and the acquisition of a customer list intangible asset unrelated to acquired businesses, partly offset by continued amortization of our assets. See Note 3 for information regarding intangible assets other than goodwill recognized in connection with the acquisition of businesses and other assets during the years ended December 31, 2011, 2010 and 2009. Amortization expense of intangible assets other than goodwill was $<font class="_mt">8.7</font> million, $<font class="_mt">9.0</font> million and $<font class="_mt">9.4</font> million for the years ended December 31, 2011, 2010 and 2009, respectively. Changes in foreign currency exchange rates did not have a material impact on intangible assets other than goodwill during the year ended December 31, 2011.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">No impairment charges were recorded on our intangible assets during the years ended December 31, 2011 and 2010. During 2009, we recognized an impairment charge of $<font class="_mt">1.5</font> million reflected within general and administrative expenses to write off an acquired intangible asset, classified as a product right, associated with our equine digital radiography business, which is part of our CAG segment. Based on changes in estimated future demand and market conditions, we determined that we would not fully realize our investment and, therefore, fully expensed this asset.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The aggregate amortization expense associated with intangible assets owned at December 31, 2011 is estimated to be as follows for each of the next five years and thereafter (<i>in thousands</i>):</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 70%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Amortization</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Expense</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 82%;">2012</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">9,993</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2013</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">9,194</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2014</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">8,395</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2015</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">8,180</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2016</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">7,608</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Thereafter</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">25,839</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">69,209</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The changes in the carrying amount of goodwill for the years ended December 31, 2011, 2010, and 2009 were as follows (<i>in thousands</i>):</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Consolidated</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">CAG</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Water</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">LPD</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</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;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 50%;">Balance as of January 1, 2009</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">109,502</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">12,757</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">9,978</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">6,531</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">138,768</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 9pt;">Business Combinations</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,332</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,332</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 0.25in;">Impact of Changes in Foreign Currency Exchange Rates</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,121</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,245</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">239</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">7,605</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Balance as of December 31, 2009</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">117,955</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">14,002</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">10,217</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,531</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">148,705</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 0.25in;">Impact of Changes in Foreign Currency Exchange Rates</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">176</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(354</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">585</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">407</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Balance as of December 31, 2010</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">118,131</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13,648</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">10,802</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,531</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">149,112</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 9pt;">Business Combinations</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">24,689</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">24,689</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 0.25in;">Impact of Changes in Foreign Currency Exchange Rates</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,143</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(72</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">24</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,191</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 as of December 31, 2011</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">141,677</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">13,576</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">10,826</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">6,531</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">172,610</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">See Note 3 for information regarding the recognition of goodwill in connection with the acquisition of businesses during the years ended December 31, 2011 and 2009. We have no history of impairment charges to the carrying value of our goodwill.</p> </div> <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(e)</b></td> <td><b>Goodwill and Other Intangible Assets</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Intangible assets other than goodwill are initially valued at fair value. If a quoted price in an active market for the identical asset is not readily available at the measurement date, the fair value of the intangible asset is estimated based on discounted cash flows using market participant assumptions, which are assumptions that are not specific to IDEXX. The selection of appropriate valuation methodologies and the estimation of discounted cash flows require significant assumptions about the timing and amounts of future cash flows, risks, appropriate discount rates, and the useful lives of intangible assets.<font style="color: black;" class="_mt"> When material, we utilize independent valuation experts to advise and assist us in allocating the purchase prices for acquired businesses to the fair values of the identified intangible assets and in determining appropriate amortization methods and periods for those intangible assets. Goodwill is valued based on</font> the excess of the purchase price of a business combination over the fair values of acquired net assets, including intangible assets. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved with changes in fair value recognized in earnings.</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We provide for amortization primarily using the straight-line method by charges to income in amounts that allocate the intangible assets over their estimated useful lives as follows:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <table style="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: center; width: 80%; font-weight: bold;">&nbsp;</td> <td style="width: 2%; font-weight: bold;">&nbsp;</td> <td style="text-align: center; width: 18%; font-weight: bold; text-decoration: none;">Estimated</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold; text-decoration: none;">Asset&nbsp;Classification</td> <td style="font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold; text-decoration: none;">Useful&nbsp;Life</td></tr> <tr style="vertical-align: top;"><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td>Patents</td> <td>&nbsp;</td> <td><font class="_mt">7 </font>to&nbsp;<font class="_mt">15</font> years</td></tr> <tr style="vertical-align: top;"><td>Product rights<sup>(1)</sup></td> <td>&nbsp;</td> <td><font class="_mt">5 </font>to&nbsp;<font class="_mt">15</font> years</td></tr> <tr style="vertical-align: top;"><td>Customer-related intangible assets<sup>(2)</sup></td> <td>&nbsp;</td> <td><font class="_mt">7 </font>to&nbsp;<font class="_mt">15</font> years</td></tr> <tr style="vertical-align: top;"><td>Noncompete agreements</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">9</font> years</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <hr style="margin-top: 3pt; width: 25%; margin-bottom: 3pt; color: black;" align="left" size="1" noshade="noshade" /> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;">&nbsp;</td> <td style="width: 0.25in;">(1)</td> <td class="MetaData">Product rights comprise certain technologies, licenses and trade names acquired from third parties.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;">&nbsp;</td> <td style="width: 0.25in;">(2)</td> <td class="MetaData">Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.</td></tr></table></div> <p style="text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We assess goodwill for impairment, at the reporting unit level, annually in the fourth quarter and whenever events or circumstances indicate impairment may exist. For impairment testing, the fair values of our reporting units are estimated using an income approach based on discounted forecasted cash flows. Assumptions are based on our projections and best estimates, using appropriate and customary market participant assumptions. Changes in forecasted cash flows or the discount rate would affect the estimated fair values of reporting units and could result in a goodwill impairment charge in a future period. No goodwill impairments were identified as a result of the annual or event-driven reviews during the years ended December 31, 2011, 2010 or 2009.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We assess the realizability of intangible assets other than goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If an impairment review is triggered, we evaluate the carrying value of intangible assets based on estimated undiscounted future cash flows over the remaining useful life of the primary asset of the asset group and compare that value to the carrying value of the asset group. The cash flows that are used contain our best estimates, using appropriate and customary assumptions and projections at the time. See Note 8 for further information regarding our goodwill and intangible assets.</p></div> </div> 7605000 6121000 239000 1245000 407000 176000 585000 -354000 -1191000 -1143000 24000 -72000 526281000 142361000 578623000 149284000 142207000 144771000 154925000 646506000 174033000 158667000 158881000 1500000 1511000 150000 124974000 151660000 169365000 49565000 50469000 65057000 174539000 202129000 234422000 <div> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font> <div> <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: 12%; font-weight: bold;">NOTE 12.</td> <td style="width: 88%; font-weight: bold;"><b>INCOME TAXES</b></td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b><i> </i></b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Earnings before income taxes were as follows (<i>in thousands</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Domestic</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">169,365</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">151,660</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">124,974</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">International</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">65,057</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">50,469</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">49,565</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">234,422</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">202,129</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">174,539</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The provision (benefit) for income taxes comprised the following (<i>in thousands</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Current</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 61%;">Federal</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">45,549</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">44,833</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">34,043</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">State</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,591</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,079</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,984</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">International</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">15,532</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,805</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,007</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">66,672</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">61,717</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">49,034</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Deferred</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Federal</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,823</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">958</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,876</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">State</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">313</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(230</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(107</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">International</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,140</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,636</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,499</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: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">5,996</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(908</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,270</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">72,668</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">60,809</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">52,304</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate as follows:</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">U.S. federal statutory rate</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">35.0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">35.0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">35.0</td> <td style="text-align: left; width: 1%;">%</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>State income tax, net of federal tax benefit</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1.6</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1.4</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1.4</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>International income taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(3.6</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(3.6</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(4.5</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Domestic manufacturing exclusions</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1.4</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1.6</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(0.9</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Research and&nbsp;development credit</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(0.8</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1.2</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1.1</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other, net</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.2</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.1</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.1</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 11pt;">Effective tax rate</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">31.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">30.1</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">30.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font>&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt">Our effective income tax rate was <font class="_mt">31.0</font>% for the year ended December 31, 2011 and <font class="_mt">30.1</font>% for the year ended December 31, 2010. The increase in the tax rate&nbsp;was due&nbsp;primarily to lower tax benefits recognized related to the federal research and development tax incentives, lower benefits recognized in connection with the expiration of certain statutes of limitations and increased state tax.</font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Our effective income tax rate was 30.1% for the year ended December 31, 2010 and <font class="_mt">30.0</font>% for the year ended December 31, 2009<font style="font-family: Times New Roman, Times, Serif;" class="_mt">. The slight increase in the tax rate is due primarily to an increase in earnings taxed at domestic rates that are higher than international rates, partly offset by tax benefits related to U.S. manufacturing activities that were fully phased in effective January 1, 2010.</font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We benefit from tax holidays in the Netherlands and Switzerland, which are set to expire <font class="_mt">December 31, 2015</font>. As a result of the tax holidays, our net income was higher by $<font class="_mt">5.3</font> million for the year ended December 31, 2011 and higher by $<font class="_mt">3.9</font> million for each of the years ended December 31, 2010 and 2009. The benefit from these tax holidays is reflected within the overall benefit received from international income taxes in the table above.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We consider the majority of the operating earnings of non-United States subsidiaries to be indefinitely invested outside the United States. The cumulative earnings of these subsidiaries were $<font class="_mt">275.2</font> million at December 31, 2011. No provision has been made for United States federal and state, or international taxes that may result from future remittances of the undistributed earnings of non-United States subsidiaries. Should we repatriate these earnings in the future, we would have to adjust the income tax provision in the period in which the decision to repatriate earnings is made. <font style="color: black;" class="_mt">For the operating earnings not considered to be indefinitely invested outside the United States, we have accounted for the tax impact on a current basis.</font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The components of the net deferred tax assets (liabilities) included in the accompanying consolidated balance sheets are as follows (<i>in thousands</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31, 2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Current</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Long-Term</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Current</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Long-Term</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Assets:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 52%;">Accrued expenses</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">18,177</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">1,372</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">18,820</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Accounts receivable reserves</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">791</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">702</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">758</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,338</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">804</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,059</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Inventory basis differences</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,900</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,415</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Property-based differences</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,361</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,228</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Share-based compensation</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,267</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">7,123</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,041</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,298</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Other</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">188</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">182</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">296</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Net operating loss carryforwards</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">611</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,753</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">731</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,720</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 22pt;">Unrealized losses on foreign currency exchange contracts, interest rate swaps and investments</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,069</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">609</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 22pt;">Total assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">26,761</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">15,129</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">27,418</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13,318</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Valuation allowance</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(806</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,808</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(281</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4,323</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-left: 22pt;">Total assets, net of valuation allowance</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">25,955</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">11,321</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">27,137</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">8,995</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Liabilities:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Deferred Instrument Costs</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(3,774</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(526</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Property-based differences</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(18,332</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(13,776</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Intangible asset basis differences</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(12,502</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(13,035</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Other</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(17</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(168</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(21</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 22pt;">Unrealized gains on foreign currency exchange contracts, interest rate swaps and investments</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,121</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 22pt;">Total liabilities</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,138</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(34,608</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(168</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(27,358</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Net deferred tax assets (liabilities)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">23,817</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(23,287</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">26,969</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">(18,363</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. <font style="color: black;" class="_mt">Unrecognized tax benefits are the differences between tax positions taken, or expected to be taken, in tax returns, and the benefits recognized for accounting purposes. </font>We classify certain uncertain tax positions as long-term liabilities.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The total amount of unrecognized tax benefits at December 31, 2011 and December 31, 2010 was $<font class="_mt">5.2</font> million and $5.0 million, respectively. Of the total unrecognized tax benefits at December 31, 2011 and 2010, $<font class="_mt">4.8</font> million and $<font class="_mt">4.5</font> million, respectively, comprise unrecognized tax positions that would, if recognized, affect our effective tax rate. The ultimate deductibility of the remaining unrecognized tax positions is highly certain but there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">During each of the years ended December 31, 2011, 2010 and 2009, we recorded interest expense and penalties of $<font class="_mt">0.3</font> million as income tax expense in our consolidated statement of income. At both December 31, 2011 and 2010, we had $<font class="_mt">0.6</font> million of estimated interest expense and penalties accrued in our consolidated balance sheets.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The following table summarizes the changes in unrecognized tax benefits during the years ended December 31, 2011, 2010 and 2009 (<i>in thousands</i>):</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Total amounts of unrecognized tax benefits, beginning of period</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,976</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">5,429</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">5,850</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 22pt;">Gross decreases in unrecognized tax benefits as a result of tax positions taken during a prior period</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 22pt;">Gross increases in unrecognized tax benefits as a result of tax positions taken in the current period</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,241</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">972</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,233</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 22pt;">Decreases in unrecognized tax benefits relating to settlements with taxing authorities</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(513</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 22pt;">Decreases in unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,068</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,425</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,141</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 0pt;">Total amounts of unrecognized tax benefits, end of period</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">5,149</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">4,976</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">5,429</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In 2012, it is reasonably possible that we could recognize up to $<font class="_mt">1.3</font> million of income tax benefits that have not been recognized at December 31, 2011. The income tax benefits are due primarily to the lapse in the statutes of limitations for various U.S. and international tax jurisdictions.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt">In the ordinary course of our business, our income tax filings are regularly under audit by tax authorities. While we believe we have appropriately provided for all uncertain tax positions, amounts asserted by taxing authorities could be greater or less than our accrued position. Accordingly, additional provisions on income tax matters, or reductions of previously accrued provisions, could be recorded in the future as we revise our estimates due to changing facts and circumstances or the underlying matters are settled or otherwise resolved. We are currently undergoing tax examinations by various state tax authorities and we anticipate that these examinations will be concluded within the next year. </font>We are no longer subject to U.S. federal examinations for tax years before 2007. With few exceptions, we are no longer subject to income tax examinations in any state and local, or international jurisdictions in which we conduct significant taxable activities for years before 2003.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">At December 31, 2011, we had net operating loss carryforwards in certain state and international jurisdictions of approximately $<font class="_mt">47.1</font> million available to offset future taxable income. Most of these net operating loss carryforwards will expire at various dates through 2018 and the remainder have indefinite lives. We have recorded a valuation allowance of $<font class="_mt">3.8</font> million against certain deferred tax assets related to net operating loss carryforwards, as it is more likely that not that they will not be utilized within the carryforward period.</p></div></div> </div> 45731000 48113000 44347000 52304000 60809000 72668000 3900000 3900000 5300000 December 31, 2015 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(g)</b></td> <td><b>Income Taxes</b></td></tr></table><b> </b> <div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We recognize a current tax liability or asset for current taxes payable or refundable, respectively, and a deferred tax liability or asset, as the case may be, for the estimated future tax effects of temporary differences between book and tax treatment of assets and liabilities and carryforwards to the extent they are realizable. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. While we consider future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance, in the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net recorded amount, a reduction of the valuation allowance would increase income in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our net deferred tax asset in the future, a reduction to the deferred tax asset would be charged to income in the period such determination was made.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"> </p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. Unrecognized tax benefits are the differences between tax positions taken, or expected to be taken, in tax returns, and the benefits recognized for accounting purposes.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Significant judgment is required in determining our worldwide provision for income taxes and our income tax filings are regularly under audit by tax authorities. Any audit result differing from amounts recorded would increase or decrease income in the period that we determine such adjustment is likely. Interest expense and penalties associated with the underpayment of income taxes are included in income tax expense. See Note 12 for additional information regarding income taxes.</p></div></div> </div> -9156000 3482000 13884000 1155000 6914000 24809000 705000 30604000 17564000 484000 290000 -171000 925000 2370000 7341000 -6223000 19469000 6310000 7842000 13208000 1339000 1873000 1846000 1424000 55752000 69209000 1916000 2415000 3547000 486000 663000 1744000 1430000 1752000 1803000 2773000 2598000 3763000 <div> <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: 12%; font-weight: bold;">NOTE 5.</td> <td style="width: 88%; font-weight: bold;">INVENTORIES</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The components of inventories are as follows <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Raw materials</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">28,338</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">26,758</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Work-in-process</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">14,892</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13,790</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Finished goods</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">89,869</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">87,337</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">133,099</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">127,885</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> </div> 87337000 89869000 127885000 133099000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(c)</b></td> <td><b>Inventories</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Inventories include material, labor and overhead, and are stated at the lower of cost (first-in, first-out) or market. We write down inventory for estimated obsolescence when warranted based on estimates of future demand, market conditions, remaining shelf life, or product functionality. If actual market conditions or results of estimated functionality are less favorable than those we estimated, additional inventory write-downs may be required, which would have a negative effect on results of operations.</p></div> </div> 26758000 28338000 13790000 14892000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(l)</b></td> <td><b>Legal Costs</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Legal costs are considered period costs and accordingly are expensed in the period services are provided.</p></div> </div> 1600000 322863000 491221000 897144000 1030814000 285112000 436879000 2222000 2234000 1611000 2222000 2234000 1611000 2056000 1753000 1417000 2056000 1753000 1417000 37751000 54342000 1000000 1000000 July 25, 2016 300000000 200000000 0.0030 0.0015 128999000 243000000 3418000 7500000 917000 359000 1034000 1108000 2900000 2900000 2000000 less than 24 months 46000 14000 -95295000 -86769000 -97657000 -53621000 -43190000 -96996000 174952000 178833000 220700000 122225000 33026000 141284000 37193000 34694000 36371000 36612000 161786000 48657000 38507000 38010000 10000 36000 -32000 3000000 3000000 1300000 2700000 12542000 17909000 120637000 7930000 21144000 21776000 59360000 10427000 143859000 12417000 25260000 19902000 68275000 18005000 80000000 80000000 80000000 175969000 131738000 17351000 3179000 -7142000 30843000 48428000 203881000 165213000 19603000 4125000 -16673000 31613000 54835000 49814000 50804000 53532000 236225000 189834000 23739000 2556000 -13748000 33844000 71298000 56096000 55299000 60202000 12813000 5147000 6025000 7442000 10695000 18080000 14700000 14300000 15500000 47100000 3800000 <div> <table style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 12%; font-size: 10pt; font-weight: bold;">NOTE 1.</td> <td style="width: 88%; font-size: 10pt; font-weight: bold;">NATURE OF BUSINESS, BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION</td></tr></table> <p style="text-indent: -0.75in; margin: 0px 0px 0px 0.75in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <div> <p style="text-align: justify; text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">IDEXX Laboratories, Inc. ("IDEXX," the "Company," "we" or "our") develops, manufactures and distributes products and provides services for the veterinary, livestock and poultry, water and dairy markets. We also sell a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market. Our principal line of business is diagnostic and information technology-based products and services for the veterinary market, which we refer to as our Companion Animal Group ("CAG") operating segment. Our principal markets for these products and services are the United States ("U.S.") and Europe, but we also sell to customers and distributors in other international markets, including Australia, Canada and Japan. Our Water operating segment tests for the quality and safety of water in many countries around the world. Our Livestock and Poultry Diagnostics ("LPD") operating segment provides diagnostic tests and health-monitoring products for livestock and poultry health. Our principal markets for these tests and products during the year ended December 31, 2011 were Europe and the U.S. We also operate two smaller operating segments that comprise tests for the quality and safety of milk ("Dairy") and products for the human point-of-care medical diagnostics market ("OPTI Medical"). Financial information about the Dairy and OPTI Medical operating segments is combined and presented with one of our product lines and out-licensing arrangements remaining from our pharmaceutical business in an "Other" category because they do not meet the quantitative or qualitative thresholds for reportable segments. See Note 15 for additional information regarding our reportable operating segments, products and services and geographical areas.</p> <p style="text-align: justify; text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The accompanying consolidated financial statements of IDEXX have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the requirements of Regulation S-X. These statements include the accounts of IDEXX and our wholly-owned and majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Certain reclassifications have been made to the prior year consolidated financial statements to conform to the current year presentation. Reclassifications had no material impact on previously reported results of operations, financial position or cash flows.</p></div> </div> 4000000 35043000 40472000 29508000 40321000 <div> <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: 12%; font-weight: bold;">NOTE 7.</td> <td style="width: 88%; font-weight: bold;">OTHER NONCURRENT ASSETS</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Other noncurrent assets consisted of the following <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Description</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Investment in long-term product supply arrangements</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$&nbsp;</td> <td style="text-align: right; width: 12%;">12,091</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$&nbsp;</td> <td style="text-align: right; width: 12%;">12,120</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Customer acquisition costs, net</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,075</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,470</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other assets</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,825</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">12,374</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">47,991</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">29,964</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> </div> 12374000 14825000 29964000 47991000 14370000 14370000 14370000 2220000 2220000 2220000 -3679000 -3679000 -3679000 -10105000 -10105000 -10105000 730000 730000 730000 5763000 5763000 5763000 4607000 240000 2339000 401000 401000 401000 176000 176000 176000 -108000 -108000 -108000 224000 108000 64000 39200000 35100000 37500000 <div> <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: 12%; font-weight: bold;">NOTE 9.</td> <td style="width: 88%; font-weight: bold;">ACCRUED LIABILITIES</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Accrued liabilities consisted of the following (<i>in thousands</i>):</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Accrued expenses</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">40,472</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">35,043</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Accrued employee compensation and related expenses</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">51,373</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">47,914</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Accrued taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">17,654</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">12,320</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Accrued customer programs</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">31,884</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">23,321</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">141,383</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">118,598</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> 11045000 17730000 10300000 83099000 143090000 255505000 7914000 46757000 43000000 500000 394000 1000000 300000 50663000 38908000 52464000 <div> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 21. IDEXX RETIREMENT AND INCENTIVE SAVINGS PLAN</b></p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><strong> </strong>&nbsp;</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We have established the IDEXX Retirement and Incentive Savings Plan (the "401(k) Plan"). Employees eligible to participate in the 401(k) Plan may contribute specified percentages of their salaries, a portion of which will be matched by us. We matched $<font class="_mt">6.4</font> million, $<font class="_mt">6.1</font> million and $<font class="_mt">5.9</font> million for the years ended December 31, 2011, 2010 and 2009, respectively. In addition, we may make contributions to the 401(k) Plan at the discretion of the board of directors. There were no discretionary contributions in 2011, 2010 or 2009.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We also have established defined contribution plans for regional employees in Europe and in Canada. With respect to these plans, we contributed $<font class="_mt">2.2</font> million, $<font class="_mt">2.0</font> million and $<font class="_mt">1.7</font> million for the years ended December 31, 2011, 2010 and 2009.</p> </div> 1.00 500000 <div> <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="text-indent: 0in; width: 12%; font-weight: bold;">NOTE 20.</td> <td style="text-indent: 0in; width: 88%; font-weight: bold;">PREFERRED STOCK</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Our board of directors is authorized, subject to any limitations prescribed by law, without further stockholder approval, to issue from time to time up to&nbsp;<font class="_mt">500,000</font> shares of Preferred Stock, $<font class="_mt">1.00</font> par value per share ("Preferred Stock"), in one or more series. Each such series of Preferred Stock shall have such number of shares, designations, preferences, voting powers, qualifications and special or relative rights or privileges as shall be determined by the board of directors, which may include, among others, dividend rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive rights. There are no shares of Preferred Stock outstanding as of December 31, 2011.</p> </div> 12120000 12091000 16366000 28865000 28801000 300000 300000 1400000 -32830000 10143000 113903000 7000000 300000 1400000 3377000 3000000 2079000 112000 225000 <div> <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: 12%; font-weight: bold;">NOTE 10.</td> <td style="width: 88%; font-weight: bold;">WARRANTY RESERVES</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Following is a summary of changes in accrued warranty reserve for the years ended December 31, 2011 and 2010 <i>(in thousands)</i>:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Balance, beginning of year</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">2,196</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">3,104</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Provision for warranty expense</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,507</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,113</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Change in estimate, balance beginning of year</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(395</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1,298</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Settlement of warranty liability</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,615</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,723</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Balance, end of year</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,693</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">2,196</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> </div> 122235000 122225000 10000 122225000 141320000 141284000 36000 141284000 161754000 161786000 -32000 161786000 10600000 7800000 7900000 3400000 5700000 <div> <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: 12%; font-weight: bold;">NOTE 6.</td> <td style="width: 88%; font-weight: bold;">PROPERTY AND EQUIPMENT</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Property and equipment, net, consisted of the following (<i>in thousands</i>):</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Land and improvements</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">7,439</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">7,446</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Buildings and improvements</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">115,482</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">109,090</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Leasehold improvements</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">27,447</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">20,080</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Machinery and equipment</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">128,257</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">110,406</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Office furniture and equipment</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">28,791</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">26,806</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Computer hardware and software</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">93,272</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">81,971</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Construction in progress</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">21,662</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">20,826</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">422,350</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">376,625</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Less accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">205,573</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">174,900</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Total property and equipment, net</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">216,777</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">201,725</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Depreciation and amortization expense of property and equipment was $<font class="_mt">37.5</font> million, $<font class="_mt">35.1</font> million, and $<font class="_mt">39.2</font> million for the years ended December 31, 2011, 2010 and 2009, respectively.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In 2007, we began the renovation and expansion of our primary facility in Westbrook, Maine, which was substantially complete as of December 31, 2011. We capitalized $<font class="_mt">7.9</font> million related to this project during the year ended December 31, 2011 and $<font class="_mt">80.2</font> million since the project's inception. In 2011, we began the construction of a new administrative building adjacent to our primary facility in Westbrook, Maine. We capitalized $<font class="_mt">3.4</font> million related to this project during the year ended December 31, 2011.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">During the years ended December 31, 2011, 2010 and 2009, we capitalized $<font class="_mt">5.7</font> million, $<font class="_mt">7.8</font> million and $<font class="_mt">10.6</font> million, respectively, related to <font style="color: black;" class="_mt">computer software developed for internal use.</font></p> </div> Shorter of remaining lease term or useful life of improvements 376625000 81971000 109090000 20826000 7446000 20080000 110406000 26806000 422350000 93272000 80200000 115482000 21662000 7439000 27447000 128257000 28791000 199946000 174306000 2730000 22910000 4373000 169933000 1650000 709000 371000 2813000 3210000 3532000 965000 2870000 9520000 201725000 176698000 3255000 21772000 3628000 173070000 1704000 737000 814000 2270000 2670000 3525000 802000 2164000 10341000 216777000 190144000 3846000 22787000 2523000 187621000 1495000 1142000 1209000 2270000 2360000 3400000 1210000 2547000 11000000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(d)</b></td> <td><b>Property and Equipment</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Property and equipment are stated at cost, net of accumulated depreciation and amortization. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in the consolidated statements of income. We provide for depreciation and amortization primarily using the straight-line method by charges to income in amounts that allocate the cost of property and equipment over their estimated useful lives as follows:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 80%; 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="border-bottom: black 1pt solid; text-align: left; width: 49%; font-weight: bold; text-decoration: none;">Asset&nbsp;Classification</td> <td style="width: 2%; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; width: 49%; font-weight: bold; text-decoration: none;">Estimated&nbsp;Useful&nbsp;Life</td></tr> <tr style="vertical-align: top;"><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td>Land improvements</td> <td>&nbsp;</td> <td><font class="_mt">15 </font>to&nbsp;<font class="_mt">20</font> years</td></tr> <tr style="vertical-align: top;"><td>Buildings and improvements</td> <td>&nbsp;</td> <td><font class="_mt">15 </font>to&nbsp;<font class="_mt">40</font> years</td></tr> <tr style="vertical-align: top;"><td>Leasehold improvements</td> <td>&nbsp;</td> <td>Shorter of remaining lease term or useful life of improvements</td></tr> <tr style="vertical-align: top;"><td>Machinery and equipment</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr> <tr style="vertical-align: top;"><td>Office furniture and equipment</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr> <tr style="vertical-align: top;"><td>Computer hardware and software</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We capitalize interest on the acquisition and construction of significant assets that require a substantial period of time to be made ready for use. The capitalized interest is included in the cost of the completed asset and depreciated over the asset's estimated useful life. The amount of interest capitalized during the years ended December 31, 2011 and 2010 was not material.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We capitalize certain costs incurred in connection with developing or obtaining software designated for internal use based on three distinct stages of development. Qualifying costs incurred during the application development stage, which consist primarily of internal payroll and direct fringe benefits and external direct project costs, including labor and travel, are capitalized and amortized on a straight-line basis over the estimated useful life of the asset. Costs incurred during the preliminary project and post-implementation and operation phases are expensed as incurred. These costs are general and administrative in nature and relate primarily to the determination of performance requirements, data conversion and training.</p></div> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Land and improvements</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">7,439</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">7,446</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Buildings and improvements</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">115,482</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">109,090</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Leasehold improvements</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">27,447</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">20,080</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Machinery and equipment</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">128,257</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">110,406</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Office furniture and equipment</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">28,791</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">26,806</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Computer hardware and software</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">93,272</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">81,971</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Construction in progress</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">21,662</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">20,826</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">422,350</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">376,625</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Less accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">205,573</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">174,900</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Total property and equipment, net</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">216,777</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">201,725</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> 7 7 40 20 7 3 3 15 15 3 926000 1575000 1484000 <div> <div> <div> <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="text-indent: 0in; width: 12%; font-weight: bold;">NOTE 23.</td> <td style="text-indent: 0in; width: 88%; font-weight: bold;">SUMMARY OF QUARTERLY DATA (UNAUDITED)</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">A summary of quarterly data follows (<i>in thousands, except per share data</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="14">For the Three Months Ended</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">March&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">June&nbsp;30,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">September&nbsp;30,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt; width: 52%;">Revenue</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">292,672</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">317,862</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">300,954</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">307,201</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Gross profit</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">154,925</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">174,033</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">158,667</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">158,881</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt;">Operating income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">53,532</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">71,298</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">56,096</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">55,299</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Net income attributable to stockholders</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,612</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">48,657</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">38,507</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">38,010</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt;">Earnings per share:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Basic</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.64</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.85</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.68</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.68</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Diluted</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.62</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.83</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.66</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.67</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="font-weight: bold;">2010</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Revenue</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">268,525</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">281,482</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">269,628</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">283,757</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt;">Gross profit</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">142,361</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">149,284</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">142,207</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">144,771</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Operating income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">48,428</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">54,835</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">49,814</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">50,804</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt;">Net income attributable to stockholders</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">33,026</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">37,193</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">34,694</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,371</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Earnings per share:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Basic</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.57</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.64</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.60</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.63</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Diluted</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.55</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.62</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.59</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.62</td> <td style="text-align: left;">&nbsp;</td></tr></table></div></div> </div> 300000 0.150 0.145 926000 813000 863000 65124000 68597000 76042000 <div> <div class="MetaData"> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">&nbsp;</td> <td style="width: 0.5in;"><b>(j)</b></td> <td><b>Research and Development Costs</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Research and development costs, which consist of salaries, employee benefits, materials and external consulting and product development costs, are expensed as incurred. We evaluate our software research and development costs for capitalization after the technological feasibility of software and products containing software has been established. No costs were capitalized during the years ended December 31, 2011, 2010 and 2009.</p></div> </div> 2400000 1200000 965540000 1127326000 <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(h)</b></td> <td><b>Taxes Remitted to Governmental Authorities by IDEXX on Behalf of Customer</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We calculate, collect from our customers, and remit to governmental authorities sales, value added and excise taxes assessed by governmental authorities in connection with revenue-producing transactions with our customers. We report these taxes on a net basis and do not include these tax amounts in revenue or cost of product or service revenue.</p></div> 2000000 3000000 300000 <div> one to five </div> <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(i)</b></td> <td><b>Revenue Recognition</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We recognize revenue when four criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured. Revenue-generating transactions generally fall into one of the following categories of revenue recognition:</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td>We recognize revenue at the time of shipment to U.S. distributors for substantially all products sold through distributors because title and risk of loss pass to the distributors on delivery to the common carrier. Our distributors do not have the right to return products. We recognize revenue for the remainder of our customers, including distributors outside of the U.S., when the product is delivered to the customer, except as noted below.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize revenue from the sales of instruments, non-cancelable software licenses and hardware systems upon installation (and completion of training if applicable) and the customer's acceptance of the instrument or system as we have no significant further obligations after this point in time.</font></td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize service revenue at the time the service is performed.</font></td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize revenue associated with extended maintenance agreements ("EMAs") over the life of the contracts using the straight-line method, which approximates the expected timing in which applicable services are performed. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.</font></td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize revenue on certain instrument systems under rental programs over the life of the rental agreement using the straight-line method. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.</font></td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize revenue on practice management systems sales, where the system includes software that is considered more than incidental, either by allocating the revenue to each element of the sale based on relative fair values of the elements, including post-contract support when fair value for all elements is available, or by use of the residual method when only the fair value of the post-contract support is available. We recognize revenue for the system upon installation and customer acceptance and recognize revenue equal to the fair value of the post-contract support over the support period.</font></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: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td>Shipping costs reimbursed by the customer are included in revenue. These same costs are also included in cost of product revenue.</td></tr></table> <p style="text-indent: -0.25in; margin: 0px 0px 0px 0.75in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Multiple element arrangements ("MEAs")</u>. Arrangements to sell products to customers frequently include multiple deliverables. Our most significant MEAs include the sale of one or more of the instruments from the IDEXX VetLab<sup>&#174;</sup> suite of analyzers or digital radiography systems, combined with one or more of the following products: EMAs; consumables; reference laboratory diagnostic and consulting services; and practice management software. Practice management software is frequently sold with post-contract customer support and implementation services. Delivery of the various products or performance of services within the arrangement may or may not coincide. Delivery of our IDEXX VetLab<sup>&#174;</sup> instruments, digital radiography systems, and practice management software generally occurs at the onset of the arrangement. EMAs, consumables, and reference laboratory diagnostic and consulting services typically are delivered over future periods, generally&nbsp;<font class="_mt">one to five&nbsp;</font><font class="_mt">years</font>. In certain arrangements revenue recognized is limited to the amount invoiced or received that is not contingent on the delivery of future products and services.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">On January 1, 2010, we adopted amendments to authoritative guidance that modified the revenue recognition guidance for establishing separate units of accounting in arrangements outside of the scope of software that contain multiple elements. W<font style="font-family: Times New Roman, Times, Serif;" class="_mt">e allocate revenue to each element based on the relative selling price and recognize revenue when the elements have standalone value and the four criteria for revenue recognition have been met for each element. We establish the selling price of each element based on vendor-specific objective evidence ("VSOE") if available, third-party evidence ("TPE") if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE is available. We generally determine selling price based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements. </font>When these arrangements include a separately-priced EMA, we recognize revenue related to the EMA at the stated contractual price on a straight-line basis over the life of the agreement to the extent the separately stated price is substantive. If there is no stated contractual price for an EMA, or the separately stated price is not substantive, we recognize revenue according to the MEA policy stated above. We elected prospective adoption of these amendments. The impact of adopting these amendments to authoritative guidance did not have a material impact on our financial position, results of operations or cash flows.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">When arrangements within the scope of software revenue recognition guidance include multiple elements, we allocate revenue to each element based on relative fair value when VSOE exists for all elements or by using the residual method when there is VSOE for the undelivered elements but no such evidence for the delivered elements. Under the residual method, the fair value of the undelivered elements is deferred and the residual revenue is allocated to the delivered elements. Revenue is recognized on any delivered elements when the four criteria for revenue recognition have been met for each element. If VSOE does not exist for the undelivered element, all revenue from the arrangement is deferred until the earlier of the point at which such sufficient VSOE does exist or all elements of the arrangement have been delivered. We determine fair value based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Certain arrangements with customers include discounts on future sales of products and services. When the future discount offered is not considered significant and incremental, we do not account for the discount as an element of the original arrangement. If the future discount is significant and incremental, we recognize that discount as an element of the original arrangement and allocate the discount to the elements of the arrangement based on relative selling price.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Customer programs</u>. We record reductions to revenue related to customer marketing and incentive programs, which include end-user rebates and other volume based incentives. Incentives may be provided in the form of IDEXX Points, credits or cash and are earned by end-users upon achieving defined volume purchase or utilization levels or upon entering an agreement to purchase products or services in future periods. Our most significant customer programs are categorized as follows:</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><u>Customer Loyalty Programs</u>. Our customer loyalty programs offer customers the opportunity to earn incentives on a variety of IDEXX products and services as those products and services are purchased and utilized. Revenue reductions related to customer loyalty programs are recorded based on the actual issuance of incentives, incentives earned but not yet issued, and estimates of incentives to be earned in the future based on applicable product inventories held by distributors at the end of the period.</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><u>Up-Front Customer Loyalty Programs</u>. Our up-front loyalty programs provide incentives to customers upon entering agreements to purchase products or services in future periods. These incentives are considered to be customer acquisition costs and are capitalized and recognized as a reduction to revenue over the term of the customer agreement. If these up-front incentives are subsequently utilized to purchase IDEXX VetLab<sup>&#174; </sup>instruments, digital radiography systems or Cornerstone<sup>&#174;</sup> practice management systems, product revenue and cost is deferred and recognized over the term of the customer agreement as products and services are provided to the customer. We monitor customer purchases over the term of their agreement to assess the realizability of our capitalized customer acquisition costs. For the years ended December 31, 2011, 2010 and 2009, we did not have any impaired customer acquisition costs.</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><u>IDEXX VetLab<sup>&#174;</sup> Instrument Marketing Programs</u>. Our instrument marketing programs require the customer to enroll at the time of instrument purchase and offer customers the opportunity to earn incentives in future periods based on the volume of the products they purchase and utilize over the term of the program. These arrangements are considered MEAs in accordance with our revenue recognition policy stated above. Revenue reductions related to instrument marketing programs are recorded based on an estimate of customer purchase and utilization levels and the incentive the customer will earn over the term of the program. Our estimates are based on historical experience and the specific terms and conditions of the marketing program and require us to apply judgment to approximate future product purchases and utilization. Differences between our estimates and actual incentives earned are accounted for as a change in estimate. These differences were not material for the years ended December 31, 2011, 2010 and 2009.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">IDEXX Points may be applied against the purchase price for IDEXX products and services purchased in the future or applied to trade receivables due to us. IDEXX Points that have not yet been used by customers are classified as a liability until use or expiration occurs. We estimate the amount of points expected to expire, or breakage, based on historical expirations and we recognize the benefit of breakage as IDEXX Points are redeemed. On November 30 of each year, unused points earned before January 1 of the prior year generally expire and any variance from the breakage estimate is accounted for as a change in estimate. This variance was not material for the years ended December 31, 2011, 2010 and 2009.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Future market conditions and changes in product offerings may cause us to change marketing strategies to increase or decrease customer incentive offerings, possibly resulting in incremental reductions of revenue in future periods as compared to reductions in the current or prior periods. Additionally, certain customer programs require us to estimate, based on historical experience, and apply judgment to approximate the number of customers who will actually redeem the incentive. In determining estimated revenue reductions we utilize data supplied from distributors and collected directly from end-users, which includes the volume of qualifying products purchased and the number of qualifying tests run as reported to us by end-users via IDEXX SmartService<sup>TM</sup>. Differences between estimated and actual customer participation in programs may impact the amount and timing of revenue recognition.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Doubtful accounts receivable</u>. We recognize revenue only in those situations where collection from the customer is reasonably assured. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We base our estimates on a detailed analysis of specific customer situations and a percentage of our accounts receivable by aging category. If the financial condition of our customers were to deteriorate, resulting in their inability to make payments, additional allowances might be required. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance sheet credit exposure related to customers.</p></div> </div> 5700000 687010000 718107000 782654000 1031633000 682038000 85160000 843303000 264435000 77208000 37908000 73214000 55105000 12416000 614517000 29177000 31794000 24189000 41756000 62480000 104364000 55835000 332706000 54000 65055000 147078000 298410000 268525000 1103392000 728175000 101325000 905655000 273892000 81177000 40046000 76514000 59806000 16343000 652026000 36296000 36260000 28769000 42895000 68318000 106186000 56493000 354239000 75212000 146538000 329666000 281482000 269628000 283757000 292672000 1218689000 785839000 121213000 999722000 311637000 94112000 42730000 82125000 65318000 20431000 700090000 44023000 43445000 33745000 48164000 78806000 123651000 61016000 394586000 76875000 154342000 373919000 317862000 300954000 307201000 344623000 385285000 436035000 <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Accrued expenses</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">40,472</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">35,043</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Accrued employee compensation and related expenses</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">51,373</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">47,914</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Accrued taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">17,654</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">12,320</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Accrued customer programs</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">31,884</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">23,321</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">141,383</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">118,598</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.85in;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 76%;">Unrealized loss on investments, net of tax</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">(287</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">(179</td> <td style="text-align: left; width: 1%;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Unrealized gain/(loss) on derivative instruments, net of tax</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,206</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(2,557</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Cumulative translation adjustment</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">12,524</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">16,203</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">15,443</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">13,467</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Weighted average number of shares underlying anti-dilutive options</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 7%;">597</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 7%;">501</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 7%;">878</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Weighted average number of shares underlying anti-dilutive restricted stock units</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Current</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 61%;">Federal</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">45,549</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">44,833</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">34,043</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">State</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,591</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,079</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,984</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">International</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">15,532</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,805</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,007</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">66,672</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">61,717</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">49,034</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Deferred</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Federal</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,823</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">958</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,876</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">State</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">313</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(230</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(107</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">International</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,140</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,636</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,499</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: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">5,996</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(908</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,270</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">72,668</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">60,809</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">52,304</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31, 2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Current</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Long-Term</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Current</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Long-Term</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Assets:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 52%;">Accrued expenses</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">18,177</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">1,372</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">18,820</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Accounts receivable reserves</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">791</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">702</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">758</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,338</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">804</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,059</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Inventory basis differences</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,900</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,415</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Property-based differences</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,361</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,228</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Share-based compensation</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,267</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">7,123</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,041</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,298</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Other</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">188</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">182</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">296</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Net operating loss carryforwards</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">611</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,753</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">731</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,720</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 22pt;">Unrealized losses on foreign currency exchange contracts, interest rate swaps and investments</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,069</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">609</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 22pt;">Total assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">26,761</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">15,129</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">27,418</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13,318</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Valuation allowance</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(806</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,808</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(281</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4,323</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-left: 22pt;">Total assets, net of valuation allowance</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">25,955</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">11,321</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">27,137</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">8,995</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Liabilities:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Deferred Instrument Costs</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(3,774</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(526</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Property-based differences</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(18,332</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(13,776</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Intangible asset basis differences</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(12,502</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(13,035</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Other</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(17</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(168</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(21</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 22pt;">Unrealized gains on foreign currency exchange contracts, interest rate swaps and investments</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,121</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 22pt;">Total liabilities</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,138</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(34,608</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(168</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(27,358</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Net deferred tax assets (liabilities)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">23,817</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(23,287</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">26,969</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">(18,363</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table> </div> <div> <table style="width: 100%; font: 7pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">Gain&nbsp;(Loss)&nbsp;Recognized&nbsp;in&nbsp;OCI&nbsp;on&nbsp;Derivative&nbsp;Instruments&nbsp;(Effective&nbsp;Portion)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For&nbsp;the&nbsp;Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Derivative instruments</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 9pt; width: 55%;">Foreign currency exchange contracts, net of tax</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">5,642</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,368</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">(9,730</td> <td style="text-align: left; width: 1%;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Interest rate swaps, net of tax</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">121</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(638</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(375</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 9pt;">Total, net of tax</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">5,763</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">730</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">(10,105</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table> </div> <div> <table style="width: 100%; font: 7pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="13">Gain&nbsp; Loss)&nbsp;Reclassified&nbsp;from&nbsp;Accumulated&nbsp;OCI&nbsp;into&nbsp;Income&nbsp;(Effective&nbsp;Portion)</td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid;"><b>Derivative instruments</b></td> <td>&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Classification</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: justify;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 41%;"><font style="font-size: 7pt;" class="_mt">Foreign <font style="font-family: Times New Roman, Times, Serif;" class="_mt">currency exchange contracts</font></font></td> <td style="width: 2%;">&nbsp;</td> <td style="width: 21%;">Cost of revenue</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">(5,406</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">(743</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">4,813</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Interest rate swaps</td> <td>&nbsp;</td> <td style="padding-bottom: 1pt;">Interest expense</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,424</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,034</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Total</td> <td>&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(6,830</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(1,777</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">4,183</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Asset Derivatives</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 40%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: center; width: 29%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="text-align: left; background-color: rgb(204,255,204); vertical-align: top;"><td><b>Derivatives designated as hedging instruments</b></td> <td>&nbsp;</td> <td style="font-weight: bold;">Balance Sheet Classification</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Foreign currency exchange contracts</td> <td>&nbsp;</td> <td style="text-align: justify; padding-bottom: 2.5pt;">Other current assets</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">6,841</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Liability Derivatives</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="text-align: left; background-color: rgb(204,255,204); vertical-align: top;"><td><b>Derivatives designated as hedging instruments</b></td> <td>&nbsp;</td> <td style="font-weight: bold;">Balance Sheet Classification</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 40%;">Foreign currency exchange contracts<font style="background-color: white;" class="_mt">&nbsp;</font>&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 29%;">Accrued expenses</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,753</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">2,234</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Interest rate swaps</td> <td>&nbsp;</td> <td style="padding-bottom: 1pt;">Accrued expenses</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,417</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,611</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Total derivative instruments&nbsp;&nbsp;</td> <td>&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,170</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,845</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">U.S. federal statutory rate</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">35.0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">35.0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">35.0</td> <td style="text-align: left; width: 1%;">%</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>State income tax, net of federal tax benefit</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1.6</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1.4</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1.4</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>International income taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(3.6</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(3.6</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(4.5</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Domestic manufacturing exclusions</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1.4</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1.6</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(0.9</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Research and&nbsp;development credit</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(0.8</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1.2</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1.1</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other, net</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.2</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.1</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.1</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 11pt;">Effective tax rate</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">31.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">30.1</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">30.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Share-based compensation expense included in cost of revenue</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,439</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,290</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,280</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Share-based compensation expense included in operating expenses</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,057</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,972</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">10,343</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 22pt;">Total share-based compensation expense included in consolidated statements of income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">15,496</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13,262</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">11,623</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Income tax benefit resulting from share-based compensation arrangements</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,245</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4,597</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,827</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; padding-left: 22pt;">Net impact of share-based compensation on net income</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">10,251</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">8,665</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">7,796</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Americas</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 61%;">United States</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">187,621</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">173,070</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">169,933</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Canada</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,523</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,628</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,373</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">190,144</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">176,698</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">174,306</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Europe, the Middle East and Africa</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">United Kingdom</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">11,000</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">10,341</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">9,520</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Germany</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,360</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,670</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,210</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Switzerland</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,547</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,164</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,870</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">France</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,270</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,270</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,813</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Netherlands</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,400</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,525</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,532</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,210</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">802</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">965</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">22,787</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,772</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">22,910</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Asia Pacific Region</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Japan</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,142</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">737</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">709</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Australia</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,495</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,704</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,650</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,209</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">814</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">371</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,846</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,255</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,730</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">216,777</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">201,725</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">199,946</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 95%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>CAG segment revenue:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 61%;">Instruments and consumables</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">394,586</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">354,239</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">332,706</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Rapid assay products</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">154,342</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">146,538</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">147,078</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Reference laboratory diagnostic and consulting services</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">373,919</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">329,666</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">298,410</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Practice management systems and digital radiography</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">76,875</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">75,212</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">65,055</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Pharmaceutical products</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">54</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 22pt;">CAG segment revenue</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">999,722</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">905,655</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">843,303</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Water segment revenue</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">82,125</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">76,514</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">73,214</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Livestock and poultry diagnostics segment revenue</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">94,112</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">81,177</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">77,208</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other segment revenue</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">42,730</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">40,046</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">37,908</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Total revenue</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,218,689</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,103,392</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,031,633</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 70%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Amortization</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Expense</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 82%;">2012</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">9,993</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2013</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">9,194</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2014</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">8,395</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2015</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">8,180</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2016</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">7,608</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Thereafter</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">25,839</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">69,209</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <div class="MetaData"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Quoted&nbsp;Prices</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Significant</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">in&nbsp;Active</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Other</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Significant</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Markets&nbsp;for</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Observable</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Unobservable</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Balance&nbsp;at</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Identical&nbsp;Assets</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Inputs</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Inputs</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;1)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;2)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;3)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">Assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0.25in; width: 48%;">Money market funds<sup>(1)</sup></td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">88,525</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">88,525</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0.25in;">Equity mutual funds<sup>(2)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,056</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,056</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0.25in;">Foreign currency exchange contracts<sup>(3)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,841</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,841</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0.25in;">Foreign currency exchange contracts<sup>(3)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,753</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,753</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0.25in;">Deferred compensation<sup>(4)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,056</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,056</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0.25in;">Interest rate swaps<sup>(5)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,417</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,417</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Quoted&nbsp;Prices</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Significant</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">in&nbsp;Active</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Other</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Significant</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Markets&nbsp;for</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Observable</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Unobservable</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Balance&nbsp;at</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Identical&nbsp;Assets</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Inputs</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Inputs</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;1)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;2)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(Level&nbsp;3)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">Assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 48%;">Money market funds<sup>(1)</sup></td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">67,025</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">67,025</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Equity mutual funds<sup>(2)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,222</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,222</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="font-weight: bold;">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Foreign currency exchange contracts<sup>(3)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,234</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,234</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Deferred compensation<sup>(4)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,222</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,222</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Interest rate swaps<sup>(5)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,611</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,611</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <hr style="margin-top: 3pt; width: 25%; margin-bottom: 3pt; color: black;" align="left" size="1" noshade="noshade" /> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"> </p> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(1)</td> <td class="MetaData">Money market funds are included within cash and cash equivalents.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(2)</td> <td class="MetaData">Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other long-term assets. See number (4) below for a discussion of the related deferred compensation liability.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(3)</td> <td class="MetaData">Foreign currency exchange contracts are included within other current assets; other long-term assets, net; accrued liabilities; or other long-term liabilities depending on the gain (loss) position and anticipated settlement date.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(4)</td> <td class="MetaData">Deferred compensation plans are included within other long-term liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in number (2) above.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(5)</td> <td class="MetaData">Interest rate swaps are included within accrued liabilities.</td></tr></table></div> </div> <div> <div class="MetaData"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Accumulated Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Accumulated Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 48%;">Patents</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,363</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">6,799</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,377</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">5,825</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Product rights <sup>(1)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,181</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">20,414</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">31,641</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">17,974</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Customer-related intangible assets <sup>(2)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">76,267</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">26,293</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">58,941</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,655</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Noncompete agreements</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,235</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">5,331</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">5,949</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,702</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">128,046</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">58,837</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">105,908</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">50,156</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <hr style="margin-top: 3pt; width: 25%; margin-bottom: 3pt; color: black;" align="left" size="1" noshade="noshade" /> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;"> </p> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(1)</td> <td class="MetaData">Product rights comprise certain technologies, licenses and trade names acquired from third parties.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(2)</td> <td class="MetaData">Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.</td></tr></table></div> </div> <div> <table style="width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Years Ending December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 82%;">2012</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">12,813</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2013</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">10,695</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2014</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">7,442</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2015</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,025</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2016</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,147</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Thereafter</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">18,080</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">60,202</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Consolidated</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">CAG</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Water</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">LPD</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</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;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 50%;">Balance as of January 1, 2009</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">109,502</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">12,757</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">9,978</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">6,531</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">138,768</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 9pt;">Business Combinations</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,332</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,332</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 0.25in;">Impact of Changes in Foreign Currency Exchange Rates</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,121</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,245</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">239</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">7,605</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Balance as of December 31, 2009</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">117,955</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">14,002</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">10,217</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,531</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">148,705</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 0.25in;">Impact of Changes in Foreign Currency Exchange Rates</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">176</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(354</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">585</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">407</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Balance as of December 31, 2010</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">118,131</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13,648</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">10,802</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">6,531</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">149,112</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 9pt;">Business Combinations</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">24,689</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">24,689</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 0.25in;">Impact of Changes in Foreign Currency Exchange Rates</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,143</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(72</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">24</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,191</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 as of December 31, 2011</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">141,677</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">13,576</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">10,826</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">6,531</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">172,610</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Domestic</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">169,365</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">151,660</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">124,974</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">International</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">65,057</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">50,469</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">49,565</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">234,422</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">202,129</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">174,539</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Raw materials</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">28,338</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">26,758</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Work-in-process</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">14,892</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13,790</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Finished goods</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">89,869</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">87,337</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">133,099</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">127,885</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 60%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Years Ending December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 81%;">2012</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 16%;">917</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2013</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,108</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>2014</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,034</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">2015</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">359</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,418</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Currency Purchased</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">U.S. Dollar Equivalent</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 70%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Swiss franc</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">17,909</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">12,542</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Currency Sold</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">U.S. Dollar Equivalent</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,&nbsp;2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Euro</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">68,275</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">59,360</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>British pound</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">25,260</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,144</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Canadian dollar</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">19,902</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,776</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Australian dollar</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">12,417</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">7,930</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Japanese yen</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">18,005</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">10,427</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">143,859</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">120,637</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">U.S. Dollar Equivalent</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">December 31,</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">December 31,</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Interest rate swaps commencing March 31, 2010 and expiring March 30, 2012</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">80,000</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">80,000</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Interest rate swaps commencing March 30, 2012 and March 28, 2013 and expiring June 30, 2016</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">80,000</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Description</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Investment in long-term product supply arrangements</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$&nbsp;</td> <td style="text-align: right; width: 12%;">12,091</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$&nbsp;</td> <td style="text-align: right; width: 12%;">12,120</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Customer acquisition costs, net</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,075</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,470</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other assets</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,825</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">12,374</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">47,991</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">29,964</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 70%;">Balance, beginning of year</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">2,196</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">3,104</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Provision for warranty expense</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,507</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,113</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Change in estimate, balance beginning of year</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(395</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1,298</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Settlement of warranty liability</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,615</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,723</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Balance, end of year</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,693</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">2,196</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="14">For the Three Months Ended</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">March&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">June&nbsp;30,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">September&nbsp;30,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt; width: 52%;">Revenue</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">292,672</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">317,862</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">300,954</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">307,201</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Gross profit</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">154,925</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">174,033</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">158,667</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">158,881</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt;">Operating income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">53,532</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">71,298</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">56,096</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">55,299</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Net income attributable to stockholders</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,612</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">48,657</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">38,507</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">38,010</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt;">Earnings per share:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Basic</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.64</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.85</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.68</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.68</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Diluted</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.62</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.83</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.66</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.67</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="font-weight: bold;">2010</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Revenue</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">268,525</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">281,482</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">269,628</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">283,757</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt;">Gross profit</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">142,361</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">149,284</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">142,207</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">144,771</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Operating income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">48,428</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">54,835</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">49,814</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">50,804</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 0pt;">Net income attributable to stockholders</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">33,026</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">37,193</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">34,694</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,371</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Earnings per share:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Basic</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.57</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.64</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.60</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.63</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Diluted</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.55</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.62</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.59</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.62</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <table style="width: 95%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Americas</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 61%;">United States</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">700,090</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">652,026</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">614,517</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Canada</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">65,318</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">59,806</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">55,105</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">20,431</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">16,343</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">12,416</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">785,839</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">728,175</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">682,038</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Europe, the Middle East and Africa</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">United Kingdom</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">61,016</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">56,493</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">55,835</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Germany</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">78,806</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">68,318</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">62,480</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">France</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">48,164</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">42,895</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">41,756</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">123,651</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">106,186</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">104,364</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">311,637</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">273,892</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">264,435</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Asia Pacific Region</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Japan</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">43,445</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,260</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">31,794</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Australia</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">44,023</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,296</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">29,177</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">33,745</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">28,769</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">24,189</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">121,213</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">101,325</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">85,160</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</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;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,218,689</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,103,392</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,031,633</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> <div> <div class="MetaData"> <table style="width: 100%; font: 7pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left; font-weight: bold;">For the Years Ended December 31,</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">CAG</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Water</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">LPD</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Unallocated Amounts</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Consolidated Total</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; font-weight: bold;">2011</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; width: 40%;">Revenue</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">999,722</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">82,125</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">94,112</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">42,730</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">1,218,689</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Income (loss) from operations</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">189,834</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">33,844</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">23,739</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">2,556</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(13,748</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">236,225</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Interest expense, net</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,803</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Income before provision for income taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">234,422</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Provision for income taxes</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">72,668</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Net income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">161,754</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 12pt;">Net income attributable to noncontrolling interest</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(32</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 12pt;">Net income attributable to IDEXX Laboratories' stockholders</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">161,786</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Depreciation and amortization</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">39,165</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,717</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,537</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,783</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">48,202</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Segment assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">635,461</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">45,479</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">64,727</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">44,641</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">240,506</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,030,814</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Expenditures for long-lived assets (1)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">42,198</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,487</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,699</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,080</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">52,464</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="font-weight: bold;">2010</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Revenue</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">905,655</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">76,514</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">81,177</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">40,046</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,103,392</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Income (loss) from operations</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">165,213</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">31,613</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">19,603</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">4,125</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">(16,673</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">203,881</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Interest expense, net</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,752</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Income before provision for income taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">202,129</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Provision for income taxes</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">60,809</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Net income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">141,320</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 12pt;">Net income attributable to noncontrolling interest</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">36</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 12pt;">Net income attributable to IDEXX Laboratories' stockholders</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">141,284</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Depreciation and amortization</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">38,211</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,532</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">3,809</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,404</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">45,956</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Segment assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">551,492</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">41,884</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">57,390</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">38,028</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">208,350</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">897,144</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Expenditures for long-lived assets (1)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">31,499</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,642</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,815</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,952</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">38,908</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">2009</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Revenue</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">843,303</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">73,214</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">77,208</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">37,908</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,031,633</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Income (loss) from operations</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">131,738</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">30,843</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">17,351</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">3,179</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(7,142</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">175,969</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Interest expense, net</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,430</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Income before provision for income taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">174,539</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Provision for income taxes</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">52,304</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Net income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">122,235</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 12pt;">Net income attributable to noncontrolling interest</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">10</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 12pt;">Net income attributable to IDEXX Laboratories' stockholders</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">122,225</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Depreciation and amortization</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">41,865</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,457</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">4,544</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,907</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">49,773</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Segment assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">519,098</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">43,893</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">57,897</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">35,779</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">151,860</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">808,527</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Expenditures for long-lived assets <sup>(1)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">41,111</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,110</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,337</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,774</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">52,332</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <hr style="margin-top: 3pt; width: 25%; margin-bottom: 3pt; color: black;" align="left" size="1" noshade="noshade" /> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"> </p> <table style="margin-top: 0px; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(1)</td> <td class="MetaData">Expenditures for long-lived assets exclude expenditures for intangible assets. See Note 3 for information regarding acquisitions of intangible assets during the years ended December 31, 2011, 2010 and 2009.</td></tr></table></div> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Weighted</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Number&nbsp;of&nbsp;Units</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Average&nbsp;Grant-</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(000)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Date&nbsp;Fair&nbsp;Value</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 74%;">Outstanding as of December 31, 2010</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">121</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">38.11</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 9pt;">Granted</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">77.16</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 9pt;">Settled</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36.02</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Outstanding as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">122</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">39.91</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Vested as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">119</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">39.24</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Fully vested and expected to vest as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">122</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">39.91</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Weighted</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">Number&nbsp;of&nbsp;Units</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Average&nbsp;Grant-</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">(000)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Date&nbsp;Fair&nbsp;Value</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 74%;">Nonvested as of December 31, 2010</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">508</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">44.89</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Granted</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">141</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">77.13</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Vested</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(160</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">44.36</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(41</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">50.99</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 0pt;">Nonvested as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">448</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">54.66</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Expected to vest as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">410</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">54.39</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Weighted</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Average</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Weighted</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Remaining</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Aggregate</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Number&nbsp;of</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Average</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Contractual</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Intrinsic&nbsp;Value</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Options&nbsp;(000)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Exercise&nbsp;Price</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Term</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">($000)</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 52%;">Outstanding as of December 31, 2010</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">3,754</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">33.34</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Granted</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">546</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">77.53</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Exercised</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1,042</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">24.09</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Forfeited</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(140</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">53.18</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Expired</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">13.05</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Outstanding as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,114</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">43.31</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3.4</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">105,093</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Fully vested as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,875</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">32.81</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2.4</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">82,777</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Fully vested and expected to vest as of December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,002</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">42.69</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3.3</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">103,174</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Expected stock price volatility</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">33</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">31</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">31</td> <td style="text-align: left; width: 1%;">%</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Expected term, in years</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4.8</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4.9</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4.8</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Risk-free interest rate</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2.3</td> <td style="text-align: left;">%</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2.3</td> <td style="text-align: left;">%</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1.6</td> <td style="text-align: left;">%</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Weighted average fair value of options granted</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">24.86</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">16.56</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">9.97</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 64%;">Shares repurchased</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">3,419</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">2,487</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">1,919</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Total cost of shares repurchased</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">255,505</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">143,090</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">83,099</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Average cost per share</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">74.74</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">57.53</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">43.30</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <p style="text-align: center; text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">SCHEDULE II</p> <p style="text-align: center; text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>IDEXX LABORATORIES, INC. AND SUBSIDIARIES</b></p> <p style="text-align: center; text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-align: center; text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b>VALUATION AND QUALIFYING ACCOUNTS</b></p> <p style="text-align: center; text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">(<i>in thousands</i>)</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Balance&nbsp;at</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Charges&nbsp;to</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Write-Offs/</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Foreign</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Beginning</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Costs&nbsp;and</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Cash</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Currency</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: right; font-weight: bold;" colspan="2">Balance&nbsp;at&nbsp;End</td> <td style="font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">of&nbsp;Year</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Expenses</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Payments</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Translation</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">of&nbsp;Year</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Reserves for doubtful accounts receivable:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="width: 45%;">December 31, 2009</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">2,093</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 7%;">926</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 12%;">(783</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 7%;">95</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 7%;">2,331</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>December 31, 2010</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,331</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,575</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1,024</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(54</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,828</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,828</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,484</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(1,011</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(62</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,239</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Valuation allowance for deferred tax assets:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>December 31, 2009</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">4,591</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">904</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(400</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">5,131</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>December 31, 2010</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,131</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">278</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(847</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">42</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,604</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>December 31, 2011</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,604</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">837</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(741</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(86</td> <td style="text-align: left;">)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,614</td> <td style="text-align: left;">&nbsp;</td></tr></table> </div> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Shares outstanding for basic earnings per share:</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">56,790</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">57,713</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 10%;">58,809</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Shares outstanding for diluted earnings per share:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Shares outstanding for basic earnings per share</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">56,790</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">57,713</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">58,809</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Dilutive effect of share-based payment awards</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,424</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,846</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,873</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">58,214</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">59,559</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">60,682</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> 863000 917000 3418000 2501000 <div> <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: 12%; font-weight: bold;">NOTE 15.</td> <td style="width: 88%; font-weight: bold;">SEGMENT REPORTING</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision-maker is our Chief Executive Officer. Our reportable segments include: CAG, Water, LPD, and Other. The Other segment is comprised of our Dairy and OPTI Medical operating segments and a product line and out-licensing arrangements remaining from our pharmaceutical business.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">CAG develops, designs, manufactures, and distributes products and performs services for veterinarians, primarily related to diagnostics and information management. Water develops, designs, manufactures and distributes a range of products used in the detection of various microbiological parameters in water. LPD develops, designs, manufactures and distributes diagnostic tests and related instrumentation that are used to detect a wide range of diseases and to monitor health status in livestock and poultry. Dairy develops, designs, manufactures and distributes products to detect contaminants in milk. OPTI Medical develops, designs, manufactures, and distributes point-of-care electrolyte and blood gas analyzers and related consumable products for the human medical diagnostics market. Further, OPTI Medical manufactures our VetStat<sup>&#174;</sup> Electrolyte and Blood Gas Analyzer and electrolyte consumables used with our Catalyst Dx<sup>&#174;</sup> analyzer.</p> <p style="text-indent: 0px; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0px; margin: 0px; font: 10pt Times New Roman, Times, Serif;"> </p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The accounting policies of our segments are the same as those described in the summary of significant accounting policies in Note 2 except for inventories, as discussed below. Intersegment revenues, which are not included in the table below, were not material for the years ended December 31, 2011, 2010, and 2009.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">On January 1, 2011, we changed the measure of profitability for our reportable segments. As a result of this change, a portion of corporate support function expenses and personnel-related expenses, certain manufacturing costs and certain foreign currency exchange gains and losses are no longer allocated to our reportable segments and, instead, are reported under the caption "Unallocated Amounts" in addition to those amounts already reported under the caption "Unallocated Amounts." Prior to January 1, 2011, items not allocated to our operating segments consisted primarily of corporate research and development expenses that did not align with one of our existing business or service categories and the difference between estimated and actual share-based compensation expense. Similar to our treatment of share-based compensation expense, we estimate corporate support function expenses and certain personnel-related costs and allocate the estimated expense to the operating segments. This allocation differs from the actual expense and consequently yields a difference that is now reported under the caption "Unallocated Amounts." With respect to manufacturing costs, the costs reported in our operating segments include our standard cost for products sold and any variances from standard cost for products purchased or manufactured within the period. We capitalize these variances for inventory on hand at the end of the period to record inventory in accordance with U.S. GAAP. We then record these costs as cost of product revenue as that inventory is sold. The impact to cost of product revenue resulting from this variance capitalization and subsequent expense recognition is now reported within the caption "Unallocated Amounts." The segment income (loss) from operations discussed within this report for the years ended December 31, 2010 and 2009 have been restated to conform to our new measure of segment profitability. This change in measure of segment profitability did not have a material impact on the results of operations for any of our individual segments. There was no change to the business composition of our reportable segments or to our consolidated results of operations.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Below is our segment information (<i>in thousand</i>s):</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <table style="width: 100%; font: 7pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left; font-weight: bold;">For the Years Ended December 31,</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td> <td style="font-weight: bold;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">CAG</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Water</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">LPD</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Unallocated Amounts</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">Consolidated Total</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; font-weight: bold;">2011</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; width: 40%;">Revenue</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">999,722</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">82,125</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">94,112</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">42,730</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="padding-bottom: 2.5pt; width: 1%;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 3px double; text-align: right; width: 7%;">1,218,689</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Income (loss) from operations</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">189,834</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">33,844</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">23,739</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">2,556</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(13,748</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">236,225</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Interest expense, net</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,803</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Income before provision for income taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">234,422</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Provision for income taxes</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">72,668</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Net income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">161,754</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 12pt;">Net income attributable to noncontrolling interest</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(32</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 12pt;">Net income attributable to IDEXX Laboratories' stockholders</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">161,786</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Depreciation and amortization</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">39,165</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,717</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,537</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,783</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">48,202</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Segment assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">635,461</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">45,479</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">64,727</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">44,641</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">240,506</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,030,814</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Expenditures for long-lived assets (1)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">42,198</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,487</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">5,699</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,080</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">52,464</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="font-weight: bold;">2010</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Revenue</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">905,655</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">76,514</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">81,177</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">40,046</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,103,392</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Income (loss) from operations</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">165,213</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">31,613</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">19,603</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">4,125</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">(16,673</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">203,881</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Interest expense, net</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,752</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Income before provision for income taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">202,129</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Provision for income taxes</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">60,809</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Net income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">141,320</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 12pt;">Net income attributable to noncontrolling interest</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">36</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 12pt;">Net income attributable to IDEXX Laboratories' stockholders</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">141,284</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Depreciation and amortization</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">38,211</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,532</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">3,809</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,404</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">45,956</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Segment assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">551,492</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">41,884</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">57,390</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">38,028</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">208,350</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">897,144</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Expenditures for long-lived assets (1)</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">31,499</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,642</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,815</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,952</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">38,908</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;">2009</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Revenue</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">843,303</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">73,214</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">77,208</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">37,908</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,031,633</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Income (loss) from operations</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">131,738</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">30,843</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">17,351</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">3,179</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: right;">(7,142</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">175,969</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Interest expense, net</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,430</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Income before provision for income taxes</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">174,539</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Provision for income taxes</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">52,304</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Net income</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">122,235</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 12pt;">Net income attributable to noncontrolling interest</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">10</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 12pt;">Net income attributable to IDEXX Laboratories' stockholders</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">122,225</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Depreciation and amortization</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">41,865</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,457</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">4,544</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,907</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">49,773</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Segment assets</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">519,098</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">43,893</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">57,897</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">35,779</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">151,860</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">808,527</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Expenditures for long-lived assets <sup>(1)</sup></td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">41,111</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,110</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,337</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">4,774</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">52,332</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <hr style="margin-top: 3pt; width: 25%; margin-bottom: 3pt; color: black;" align="left" size="1" noshade="noshade" /> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"> </p> <table style="margin-top: 0px; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 0.25in;">(1)</td> <td class="MetaData">Expenditures for long-lived assets exclude expenditures for intangible assets. See Note 3 for information regarding acquisitions of intangible assets during the years ended December 31, 2011, 2010 and 2009.</td></tr></table></div> <p style="margin: 0px;">&nbsp;</p> <p style="text-indent: 0px; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">Revenue by product and service categories was as follows (<i>in thousands</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 95%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>CAG segment revenue:</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 61%;">Instruments and consumables</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">394,586</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">354,239</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">332,706</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Rapid assay products</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">154,342</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">146,538</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">147,078</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Reference laboratory diagnostic and consulting services</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">373,919</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">329,666</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">298,410</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Practice management systems and digital radiography</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">76,875</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">75,212</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">65,055</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Pharmaceutical products</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">54</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 22pt;">CAG segment revenue</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">999,722</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">905,655</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">843,303</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Water segment revenue</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">82,125</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">76,514</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">73,214</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Livestock and poultry diagnostics segment revenue</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">94,112</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">81,177</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">77,208</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other segment revenue</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">42,730</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">40,046</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">37,908</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Total revenue</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,218,689</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,103,392</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,031,633</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Revenue by principal geographic area, based on customers' domiciles, was as follows (<i>in thousands</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 95%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Americas</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 61%;">United States</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">700,090</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">652,026</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">614,517</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Canada</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">65,318</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">59,806</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">55,105</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">20,431</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">16,343</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">12,416</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">785,839</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">728,175</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">682,038</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Europe, the Middle East and Africa</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">United Kingdom</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">61,016</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">56,493</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">55,835</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Germany</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">78,806</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">68,318</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">62,480</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">France</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">48,164</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">42,895</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">41,756</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">123,651</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">106,186</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">104,364</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">311,637</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">273,892</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">264,435</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Asia Pacific Region</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Japan</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">43,445</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,260</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">31,794</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Australia</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">44,023</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">36,296</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">29,177</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">33,745</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">28,769</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">24,189</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">121,213</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">101,325</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">85,160</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</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;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,218,689</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,103,392</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,031,633</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt">Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net long-lived assets by principal geographic areas were as follows <i>(in thousands)</i>:</font></p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="background-color: white;" class="_mt"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Americas</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt; width: 61%;">United States</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">187,621</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">173,070</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">169,933</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Canada</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,523</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,628</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,373</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">190,144</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">176,698</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">174,306</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Europe, the Middle East and Africa</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">United Kingdom</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">11,000</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">10,341</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">9,520</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Germany</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,360</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,670</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,210</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Switzerland</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,547</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,164</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,870</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">France</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,270</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,270</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">2,813</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Netherlands</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,400</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,525</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">3,532</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,210</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">802</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">965</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">22,787</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">21,772</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">22,910</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Asia Pacific Region</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">&nbsp;</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 11pt;">Japan</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,142</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">737</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">709</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 11pt;">Australia</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,495</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,704</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,650</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 11pt;">Other</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,209</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">814</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">371</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,846</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,255</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,730</td> <td style="text-align: left; padding-bottom: 1pt;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">216,777</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">201,725</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">199,946</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> </div> 4300000 1100000 3900000 700000 167748000 179626000 204850000 11623000 13262000 15496000 seven years ten years <font class="_mt">one to five </font> one year three years five years one year five years one year 25% 25% 0.15 4000 41000 50.99 5000 141000 77.16 77.13 121000 508000 122000 122000 410000 448000 38.11 44.89 39.91 39.91 54.39 54.66 160000 700000 3700000 500000 7900000 400000 12400000 44.36 4.8 4.9 4.8 0.016 0.023 0.023 0.31 0.31 0.33 1590000 5200000 202219 3003768 82777000 1875000 32.81 2.4 22100000 60100000 54700000 24.09 4000 13.05 140000 53.18 546000 77.53 9.97 16.56 24.86 105093000 3754000 3114000 33.34 43.31 3.4 103174000 3002000 42.69 3.3 two years <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(m)</b></td> <td><b>Share-Based Compensation</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We provide for various forms of share-based compensation awards to our employees and non-employee directors. We measure share-based compensation expense based on the fair value on the date of grant net of estimated forfeitures. With the exception of stock options, the fair value of our awards is equal to the closing stock price of IDEXX common stock on the date of grant. We calculate the fair value of our stock option awards using the Black-Scholes-Merton ("BSM") option-pricing model. Share-based compensation expense is recognized on a straight-line basis over the requisite service period, which ranges from <font class="_mt"><font class="_mt"><font class="_mt">one to five </font></font>years</font>, depending on the award. Effective January 1, 2006, under the modified prospective method, share-based compensation expense includes expense for unvested awards at December 31, 2005 and all awards granted subsequent to December 31, 2005. Share-based compensation expense for the unvested awards outstanding at December 31, 2005 is based on the grant-date fair value previously calculated in developing the pro forma disclosures required prior to January 1, 2006. The graded vesting, or accelerated, method has been used to record the expense for stock options granted prior to January 1, 2006. The straight-line method is used to record the expense for stock options and awards granted subsequent to December 31, 2005. See Note 4 for additional information regarding share-based compensation.</p></div> </div> 35241 52022 55721 <div> <table style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 12%; font-size: 10pt; font-weight: bold;">NOTE 2.</td> <td style="width: 88%; font-size: 10pt; font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(a)</b></td> <td><b>Estimates</b></td></tr></table><b> </b> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The preparation of these financial statements in accordance with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an ongoing basis, we evaluate these estimates, including those related to bad debts; goodwill and other intangible assets; income taxes; inventory; revenue recognition, product returns, customer programs and multiple element arrangements; share-based compensation; warranty reserves; self-insurance reserves; fair value measurements and contingencies. We accrue contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.</p></div> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <div class="MetaData"> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;">&nbsp;</td> <td style="width: 0.5in;">(<b>b</b>)</td> <td><b>Cash and cash equivalents</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We consider all highly liquid investments with original maturities of ninety days or less to be cash equivalents. Cash and cash equivalents consist primarily of demand deposits and money market funds.</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">As of December 31, 2011 and 2010, our reported cash and cash equivalents balances contained restricted cash in the aggregate of $<font class="_mt">1.2</font> million and $<font class="_mt">2.4</font> million, respectively, securing various obligations.</p></div> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(c)</b></td> <td><b>Inventories</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Inventories include material, labor and overhead, and are stated at the lower of cost (first-in, first-out) or market. We write down inventory for estimated obsolescence when warranted based on estimates of future demand, market conditions, remaining shelf life, or product functionality. If actual market conditions or results of estimated functionality are less favorable than those we estimated, additional inventory write-downs may be required, which would have a negative effect on results of operations.</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(d)</b></td> <td><b>Property and Equipment</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Property and equipment are stated at cost, net of accumulated depreciation and amortization. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in the consolidated statements of income. We provide for depreciation and amortization primarily using the straight-line method by charges to income in amounts that allocate the cost of property and equipment over their estimated useful lives as follows:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 80%; 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="border-bottom: black 1pt solid; text-align: left; width: 49%; font-weight: bold; text-decoration: none;">Asset&nbsp;Classification</td> <td style="width: 2%; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; width: 49%; font-weight: bold; text-decoration: none;">Estimated&nbsp;Useful&nbsp;Life</td></tr> <tr style="vertical-align: top;"><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td>Land improvements</td> <td>&nbsp;</td> <td><font class="_mt">15 </font>to&nbsp;<font class="_mt">20</font> years</td></tr> <tr style="vertical-align: top;"><td>Buildings and improvements</td> <td>&nbsp;</td> <td><font class="_mt">15 </font>to&nbsp;<font class="_mt">40</font> years</td></tr> <tr style="vertical-align: top;"><td>Leasehold improvements</td> <td>&nbsp;</td> <td>Shorter of remaining lease term or useful life of improvements</td></tr> <tr style="vertical-align: top;"><td>Machinery and equipment</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr> <tr style="vertical-align: top;"><td>Office furniture and equipment</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr> <tr style="vertical-align: top;"><td>Computer hardware and software</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">7</font> years</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We capitalize interest on the acquisition and construction of significant assets that require a substantial period of time to be made ready for use. The capitalized interest is included in the cost of the completed asset and depreciated over the asset's estimated useful life. The amount of interest capitalized during the years ended December 31, 2011 and 2010 was not material.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We capitalize certain costs incurred in connection with developing or obtaining software designated for internal use based on three distinct stages of development. Qualifying costs incurred during the application development stage, which consist primarily of internal payroll and direct fringe benefits and external direct project costs, including labor and travel, are capitalized and amortized on a straight-line basis over the estimated useful life of the asset. Costs incurred during the preliminary project and post-implementation and operation phases are expensed as incurred. These costs are general and administrative in nature and relate primarily to the determination of performance requirements, data conversion and training.</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(e)</b></td> <td><b>Goodwill and Other Intangible Assets</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Intangible assets other than goodwill are initially valued at fair value. If a quoted price in an active market for the identical asset is not readily available at the measurement date, the fair value of the intangible asset is estimated based on discounted cash flows using market participant assumptions, which are assumptions that are not specific to IDEXX. The selection of appropriate valuation methodologies and the estimation of discounted cash flows require significant assumptions about the timing and amounts of future cash flows, risks, appropriate discount rates, and the useful lives of intangible assets.<font style="color: black;" class="_mt"> When material, we utilize independent valuation experts to advise and assist us in allocating the purchase prices for acquired businesses to the fair values of the identified intangible assets and in determining appropriate amortization methods and periods for those intangible assets. Goodwill is valued based on</font> the excess of the purchase price of a business combination over the fair values of acquired net assets, including intangible assets. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved with changes in fair value recognized in earnings.</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We provide for amortization primarily using the straight-line method by charges to income in amounts that allocate the intangible assets over their estimated useful lives as follows:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <table style="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: center; width: 80%; font-weight: bold;">&nbsp;</td> <td style="width: 2%; font-weight: bold;">&nbsp;</td> <td style="text-align: center; width: 18%; font-weight: bold; text-decoration: none;">Estimated</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold; text-decoration: none;">Asset&nbsp;Classification</td> <td style="font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold; text-decoration: none;">Useful&nbsp;Life</td></tr> <tr style="vertical-align: top;"><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td>Patents</td> <td>&nbsp;</td> <td><font class="_mt">7 </font>to&nbsp;<font class="_mt">15</font> years</td></tr> <tr style="vertical-align: top;"><td>Product rights<sup>(1)</sup></td> <td>&nbsp;</td> <td><font class="_mt">5 </font>to&nbsp;<font class="_mt">15</font> years</td></tr> <tr style="vertical-align: top;"><td>Customer-related intangible assets<sup>(2)</sup></td> <td>&nbsp;</td> <td><font class="_mt">7 </font>to&nbsp;<font class="_mt">15</font> years</td></tr> <tr style="vertical-align: top;"><td>Noncompete agreements</td> <td>&nbsp;</td> <td><font class="_mt">3 </font>to&nbsp;<font class="_mt">9</font> years</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <hr style="margin-top: 3pt; width: 25%; margin-bottom: 3pt; color: black;" align="left" size="1" noshade="noshade" /> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;">&nbsp;</td> <td style="width: 0.25in;">(1)</td> <td class="MetaData">Product rights comprise certain technologies, licenses and trade names acquired from third parties.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;" class="MetaData" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0px;">&nbsp;</td> <td style="width: 0.25in;">(2)</td> <td class="MetaData">Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.</td></tr></table></div> <p style="text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We assess goodwill for impairment, at the reporting unit level, annually in the fourth quarter and whenever events or circumstances indicate impairment may exist. For impairment testing, the fair values of our reporting units are estimated using an income approach based on discounted forecasted cash flows. Assumptions are based on our projections and best estimates, using appropriate and customary market participant assumptions. Changes in forecasted cash flows or the discount rate would affect the estimated fair values of reporting units and could result in a goodwill impairment charge in a future period. No goodwill impairments were identified as a result of the annual or event-driven reviews during the years ended December 31, 2011, 2010 or 2009.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We assess the realizability of intangible assets other than goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If an impairment review is triggered, we evaluate the carrying value of intangible assets based on estimated undiscounted future cash flows over the remaining useful life of the primary asset of the asset group and compare that value to the carrying value of the asset group. The cash flows that are used contain our best estimates, using appropriate and customary assumptions and projections at the time. See Note 8 for further information regarding our goodwill and intangible assets.</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(f)</b></td> <td><b>Warranty Reserves</b></td></tr></table><b> </b> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt">We provide a standard twelve months warranty on all instruments sold. We recognize the cost of instrument warranties</font> in cost of product revenue at the time revenue is recognized based on the estimated cost to repair the instrument over its warranty period. As we develop and sell new instruments, our provision for warranty expense increases. Cost of revenue reflects not only estimated warranty expense for instruments sold in the current period, but also any changes in estimated warranty expense for the portion of the aggregate installed base that is under warranty. Estimated warranty expense is based on a variety of inputs, including historical instrument performance in the customers' environment, historical costs incurred in servicing instruments and projected instrument reliability and service costs. Should actual service rates or costs differ from our estimates, which are based on historical data and projections of future costs, revisions to the estimated warranty liability would be required. We review these inputs, at a minimum, on an annual basis. The liability for warranties is included in accrued liabilities in the accompanying consolidated balance sheets. See Note 10 for further information regarding our warranty reserves.</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(g)</b></td> <td><b>Income Taxes</b></td></tr></table><b> </b> <div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We recognize a current tax liability or asset for current taxes payable or refundable, respectively, and a deferred tax liability or asset, as the case may be, for the estimated future tax effects of temporary differences between book and tax treatment of assets and liabilities and carryforwards to the extent they are realizable. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. While we consider future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance, in the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net recorded amount, a reduction of the valuation allowance would increase income in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our net deferred tax asset in the future, a reduction to the deferred tax asset would be charged to income in the period such determination was made.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"> </p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. Unrecognized tax benefits are the differences between tax positions taken, or expected to be taken, in tax returns, and the benefits recognized for accounting purposes.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Significant judgment is required in determining our worldwide provision for income taxes and our income tax filings are regularly under audit by tax authorities. Any audit result differing from amounts recorded would increase or decrease income in the period that we determine such adjustment is likely. Interest expense and penalties associated with the underpayment of income taxes are included in income tax expense. See Note 12 for additional information regarding income taxes.</p></div></div> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(h)</b></td> <td><b>Taxes Remitted to Governmental Authorities by IDEXX on Behalf of Customer</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We calculate, collect from our customers, and remit to governmental authorities sales, value added and excise taxes assessed by governmental authorities in connection with revenue-producing transactions with our customers. We report these taxes on a net basis and do not include these tax amounts in revenue or cost of product or service revenue.</p></div> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(i)</b></td> <td><b>Revenue Recognition</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We recognize revenue when four criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured. Revenue-generating transactions generally fall into one of the following categories of revenue recognition:</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td>We recognize revenue at the time of shipment to U.S. distributors for substantially all products sold through distributors because title and risk of loss pass to the distributors on delivery to the common carrier. Our distributors do not have the right to return products. We recognize revenue for the remainder of our customers, including distributors outside of the U.S., when the product is delivered to the customer, except as noted below.</td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize revenue from the sales of instruments, non-cancelable software licenses and hardware systems upon installation (and completion of training if applicable) and the customer's acceptance of the instrument or system as we have no significant further obligations after this point in time.</font></td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize service revenue at the time the service is performed.</font></td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize revenue associated with extended maintenance agreements ("EMAs") over the life of the contracts using the straight-line method, which approximates the expected timing in which applicable services are performed. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.</font></td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize revenue on certain instrument systems under rental programs over the life of the rental agreement using the straight-line method. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.</font></td></tr></table> <table style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"><td style="width: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We recognize revenue on practice management systems sales, where the system includes software that is considered more than incidental, either by allocating the revenue to each element of the sale based on relative fair values of the elements, including post-contract support when fair value for all elements is available, or by use of the residual method when only the fair value of the post-contract support is available. We recognize revenue for the system upon installation and customer acceptance and recognize revenue equal to the fair value of the post-contract support over the support period.</font></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: 0.5in;">&nbsp;</td> <td style="width: 0.25in;"><font style="font-family: Symbol;" class="_mt">&#183;</font></td> <td>Shipping costs reimbursed by the customer are included in revenue. These same costs are also included in cost of product revenue.</td></tr></table> <p style="text-indent: -0.25in; margin: 0px 0px 0px 0.75in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Multiple element arrangements ("MEAs")</u>. Arrangements to sell products to customers frequently include multiple deliverables. Our most significant MEAs include the sale of one or more of the instruments from the IDEXX VetLab<sup>&#174;</sup> suite of analyzers or digital radiography systems, combined with one or more of the following products: EMAs; consumables; reference laboratory diagnostic and consulting services; and practice management software. Practice management software is frequently sold with post-contract customer support and implementation services. Delivery of the various products or performance of services within the arrangement may or may not coincide. Delivery of our IDEXX VetLab<sup>&#174;</sup> instruments, digital radiography systems, and practice management software generally occurs at the onset of the arrangement. EMAs, consumables, and reference laboratory diagnostic and consulting services typically are delivered over future periods, generally&nbsp;<font class="_mt">one to five&nbsp;</font><font class="_mt">years</font>. In certain arrangements revenue recognized is limited to the amount invoiced or received that is not contingent on the delivery of future products and services.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">On January 1, 2010, we adopted amendments to authoritative guidance that modified the revenue recognition guidance for establishing separate units of accounting in arrangements outside of the scope of software that contain multiple elements. W<font style="font-family: Times New Roman, Times, Serif;" class="_mt">e allocate revenue to each element based on the relative selling price and recognize revenue when the elements have standalone value and the four criteria for revenue recognition have been met for each element. We establish the selling price of each element based on vendor-specific objective evidence ("VSOE") if available, third-party evidence ("TPE") if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE is available. We generally determine selling price based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements. </font>When these arrangements include a separately-priced EMA, we recognize revenue related to the EMA at the stated contractual price on a straight-line basis over the life of the agreement to the extent the separately stated price is substantive. If there is no stated contractual price for an EMA, or the separately stated price is not substantive, we recognize revenue according to the MEA policy stated above. We elected prospective adoption of these amendments. The impact of adopting these amendments to authoritative guidance did not have a material impact on our financial position, results of operations or cash flows.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">When arrangements within the scope of software revenue recognition guidance include multiple elements, we allocate revenue to each element based on relative fair value when VSOE exists for all elements or by using the residual method when there is VSOE for the undelivered elements but no such evidence for the delivered elements. Under the residual method, the fair value of the undelivered elements is deferred and the residual revenue is allocated to the delivered elements. Revenue is recognized on any delivered elements when the four criteria for revenue recognition have been met for each element. If VSOE does not exist for the undelivered element, all revenue from the arrangement is deferred until the earlier of the point at which such sufficient VSOE does exist or all elements of the arrangement have been delivered. We determine fair value based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Certain arrangements with customers include discounts on future sales of products and services. When the future discount offered is not considered significant and incremental, we do not account for the discount as an element of the original arrangement. If the future discount is significant and incremental, we recognize that discount as an element of the original arrangement and allocate the discount to the elements of the arrangement based on relative selling price.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Customer programs</u>. We record reductions to revenue related to customer marketing and incentive programs, which include end-user rebates and other volume based incentives. Incentives may be provided in the form of IDEXX Points, credits or cash and are earned by end-users upon achieving defined volume purchase or utilization levels or upon entering an agreement to purchase products or services in future periods. Our most significant customer programs are categorized as follows:</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><u>Customer Loyalty Programs</u>. Our customer loyalty programs offer customers the opportunity to earn incentives on a variety of IDEXX products and services as those products and services are purchased and utilized. Revenue reductions related to customer loyalty programs are recorded based on the actual issuance of incentives, incentives earned but not yet issued, and estimates of incentives to be earned in the future based on applicable product inventories held by distributors at the end of the period.</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><u>Up-Front Customer Loyalty Programs</u>. Our up-front loyalty programs provide incentives to customers upon entering agreements to purchase products or services in future periods. These incentives are considered to be customer acquisition costs and are capitalized and recognized as a reduction to revenue over the term of the customer agreement. If these up-front incentives are subsequently utilized to purchase IDEXX VetLab<sup>&#174; </sup>instruments, digital radiography systems or Cornerstone<sup>&#174;</sup> practice management systems, product revenue and cost is deferred and recognized over the term of the customer agreement as products and services are provided to the customer. We monitor customer purchases over the term of their agreement to assess the realizability of our capitalized customer acquisition costs. For the years ended December 31, 2011, 2010 and 2009, we did not have any impaired customer acquisition costs.</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><u>IDEXX VetLab<sup>&#174;</sup> Instrument Marketing Programs</u>. Our instrument marketing programs require the customer to enroll at the time of instrument purchase and offer customers the opportunity to earn incentives in future periods based on the volume of the products they purchase and utilize over the term of the program. These arrangements are considered MEAs in accordance with our revenue recognition policy stated above. Revenue reductions related to instrument marketing programs are recorded based on an estimate of customer purchase and utilization levels and the incentive the customer will earn over the term of the program. Our estimates are based on historical experience and the specific terms and conditions of the marketing program and require us to apply judgment to approximate future product purchases and utilization. Differences between our estimates and actual incentives earned are accounted for as a change in estimate. These differences were not material for the years ended December 31, 2011, 2010 and 2009.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">IDEXX Points may be applied against the purchase price for IDEXX products and services purchased in the future or applied to trade receivables due to us. IDEXX Points that have not yet been used by customers are classified as a liability until use or expiration occurs. We estimate the amount of points expected to expire, or breakage, based on historical expirations and we recognize the benefit of breakage as IDEXX Points are redeemed. On November 30 of each year, unused points earned before January 1 of the prior year generally expire and any variance from the breakage estimate is accounted for as a change in estimate. This variance was not material for the years ended December 31, 2011, 2010 and 2009.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Future market conditions and changes in product offerings may cause us to change marketing strategies to increase or decrease customer incentive offerings, possibly resulting in incremental reductions of revenue in future periods as compared to reductions in the current or prior periods. Additionally, certain customer programs require us to estimate, based on historical experience, and apply judgment to approximate the number of customers who will actually redeem the incentive. In determining estimated revenue reductions we utilize data supplied from distributors and collected directly from end-users, which includes the volume of qualifying products purchased and the number of qualifying tests run as reported to us by end-users via IDEXX SmartService<sup>TM</sup>. Differences between estimated and actual customer participation in programs may impact the amount and timing of revenue recognition.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Doubtful accounts receivable</u>. We recognize revenue only in those situations where collection from the customer is reasonably assured. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We base our estimates on a detailed analysis of specific customer situations and a percentage of our accounts receivable by aging category. If the financial condition of our customers were to deteriorate, resulting in their inability to make payments, additional allowances might be required. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance sheet credit exposure related to customers.</p></div> <div class="MetaData"> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">&nbsp;</td> <td style="width: 0.5in;"><b>(j)</b></td> <td><b>Research and Development Costs</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Research and development costs, which consist of salaries, employee benefits, materials and external consulting and product development costs, are expensed as incurred. We evaluate our software research and development costs for capitalization after the technological feasibility of software and products containing software has been established. No costs were capitalized during the years ended December 31, 2011, 2010 and 2009.</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(k)</b></td> <td><b>Advertising Costs</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Advertising costs, which are recognized as sales and marketing expense in the period in which they are incurred, were $<font class="_mt">1.2</font> million, $<font class="_mt">1.7</font> million and $<font class="_mt">1.1</font> million for the years ended December 31, 2011, 2010 and 2009, respectively.</p></div> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(l)</b></td> <td><b>Legal Costs</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Legal costs are considered period costs and accordingly are expensed in the period services are provided.</p></div> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(m)</b></td> <td><b>Share-Based Compensation</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We provide for various forms of share-based compensation awards to our employees and non-employee directors. We measure share-based compensation expense based on the fair value on the date of grant net of estimated forfeitures. With the exception of stock options, the fair value of our awards is equal to the closing stock price of IDEXX common stock on the date of grant. We calculate the fair value of our stock option awards using the Black-Scholes-Merton ("BSM") option-pricing model. Share-based compensation expense is recognized on a straight-line basis over the requisite service period, which ranges from <font class="_mt"><font class="_mt"><font class="_mt">one to five </font></font>years</font>, depending on the award. Effective January 1, 2006, under the modified prospective method, share-based compensation expense includes expense for unvested awards at December 31, 2005 and all awards granted subsequent to December 31, 2005. Share-based compensation expense for the unvested awards outstanding at December 31, 2005 is based on the grant-date fair value previously calculated in developing the pro forma disclosures required prior to January 1, 2006. The graded vesting, or accelerated, method has been used to record the expense for stock options granted prior to January 1, 2006. The straight-line method is used to record the expense for stock options and awards granted subsequent to December 31, 2005. See Note 4 for additional information regarding share-based compensation.</p></div> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(n)</b></td> <td><b>Self-Insurance Accruals</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We self-insure costs associated with worker's compensation and health and general welfare claims incurred by our U.S. employees up to certain limits. The insurance company provides insurance for claims above these limits. Claim liabilities are recorded for estimates of the loss that we will ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. Such liabilities are based on historical loss experience, individual coverage, the average time from when a claim is incurred to the time it is paid and judgments about the present and expected levels of cost per claim. Estimated claim liabilities could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. Estimated claim liabilities are included in accrued liabilities in the accompanying consolidated balance sheets.</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(o)</b></td> <td><b>Earnings per Share</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Basic earnings per share is computed by dividing net income attributable to IDEXX Laboratories, Inc. stockholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the year. Vested deferred stock units outstanding are included in shares outstanding for basic and diluted earnings per share because the associated shares of our common stock are issuable for no cash consideration, the number of shares of our common stock to be issued is fixed and issuance is not contingent. See Note 4 for additional information regarding deferred stock units. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and assumed issuance of unvested restricted stock units and unvested deferred stock units using the treasury stock method unless the effect is anti-dilutive.</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(p)</b></td> <td><b>Foreign Currency</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The functional currency of all but one of our subsidiaries is their local currency. Assets and liabilities of these foreign subsidiaries are translated to the U.S. dollar using the exchange rate in effect at the balance sheet date. Revenue and expense accounts are translated to the U.S. dollar using the exchange rate at the date which those elements are recognized, and where it is impractical to do so, an average exchange rate in effect during the period is used to translate those elements. Cumulative translation gains and losses are shown in the accompanying consolidated balance sheets as a separate component of accumulated other comprehensive income.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Revenues and expenses are recorded at the current exchange rate when the transaction is recognized. Monetary assets and liabilities denominated in a currency other than the respective subsidiary's functional currency are remeasured at each balance sheet date using the exchange rate in effect at each balance sheet date. These foreign currency gains and losses are included in general and administrative expenses. We recognized an aggregate foreign currency loss of $<font class="_mt">0.1</font> million for the year ended December 31, 2011, an aggregate loss of $<font class="_mt">1.0</font> million for the year ended December 31, 2010 and an aggregate gain of $<font class="_mt">0.5</font> million for the year ended December 31, 2009.</p></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(q)</b></td> <td><b>Derivative Instruments and Hedging</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We recognize all derivative instruments, including our foreign currency exchange contracts and interest rate swap agreements, on the balance sheet at fair value at the balance sheet date. Derivative instruments that do not qualify for hedge accounting must be recorded at fair value through earnings. If a derivative instrument does qualify for hedge accounting, depending on the nature of the hedging instrument, changes in the fair value of the derivative instrument are either recognized in earnings or deferred in other comprehensive income ("OCI"), net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. To qualify for hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. We immediately record in earnings the extent to which a hedge instrument is not effective in achieving offsetting changes in fair value. We de-designate derivative instruments from hedge accounting when the likelihood of the hedged transaction occurring becomes less than probable. For de-designated instruments, the gain or loss from the time of de-designation through maturity of the instrument is recognized in earnings. Any gain or loss in OCI at the time of de-designation is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We present our derivative assets and liabilities on the balance sheet on a gross basis. All cash flows related to our foreign currency exchange contracts and interest rate swaps are classified as operating cash flows, which is consistent with the cash flow treatment of the underlying items being hedged. See Note 17 for additional information regarding our derivative and hedging instruments.</p></div> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <div class="MetaData"> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">&nbsp;</td> <td style="width: 0.5in;"><b>(r)</b></td> <td><b>Fair Value Measurements</b></td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt">U.S. GAAP</font> defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. <font style="color: black;" class="_mt">U.S. GAAP</font> requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows:</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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: 16%; font-weight: bold;">Level 1</td> <td style="width: 84%;">Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.</td></tr> <tr style="vertical-align: top;"><td style="font-weight: bold;">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td style="font-weight: bold;">Level 2</td> <td>Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td></tr> <tr style="vertical-align: top;"><td style="font-weight: bold;">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: top;"><td style="font-weight: bold;">Level 3</td> <td>Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2011 and 2010, we had no Level 3 assets or liabilities.</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Our foreign currency exchange contracts and interest rate swap agreements are measured at fair value on a recurring basis in our accompanying consolidated balance sheets. We measure the fair value of our foreign currency exchange contracts classified as derivative instruments using an income approach, based on prevailing market forward rates less the contract rate multiplied by the notional amount. The product of this calculation is then adjusted for counterparty risk. We measure the fair value of our interest rate swaps classified as derivative instruments using an income approach, utilizing a discounted cash flow analysis based on the terms of the contract and the interest rate curve adjusted for counterparty risk.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Our unsecured revolving credit facility and mortgage are measured at carrying value in the accompanying consolidated balance sheets though we disclose the fair value of these financial instruments in our Quarterly Reports on Form 10-Q and in our Annual Reports on Form 10-K. We determine the fair value of our unsecured revolving credit facility and mortgage using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk.</p></div></div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(s)</b></td> <td><b>Comprehensive Income</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif; color: red;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We report all changes in equity during a period, resulting from net income and transactions or other events and circumstances from non-owner sources, in a financial statement for the period in which they are recognized. We have chosen to disclose comprehensive income, which encompasses net income, foreign currency translation adjustments and the difference between the cost and the fair market value of investments in debt and equity securities, forward currency exchange contracts and interest rate swap agreements, in the consolidated statement of stockholders' equity. We consider the foreign currency cumulative translation adjustment to be permanently invested and, therefore, have not provided income taxes on those amounts.</p></div> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <div class="MetaData"> <div> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(t)</b></td> <td><b>Concentrations of Risk</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Financial Instruments.</u> Financial instruments that potentially subject us to concentrations of credit risk are principally cash, cash equivalents, accounts receivable and derivatives. To mitigate such risk with respect to cash and cash equivalents, we place our cash with highly-rated financial institutions, in non-interest bearing accounts that are insured by the U.S. government and money market funds invested in government securities. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our most significant customers and monitor the amounts owed to us, taking appropriate action when necessary. As a result, we believe that accounts receivable credit risk exposure is limited. We maintain an allowance for doubtful accounts, but historically have not experienced any material losses related to an individual customer or group of customers in any particular industry or geographic area. To mitigate concentration of credit risk with respect to derivatives we enter into transactions with highly-rated financial institutions, enter into master netting arrangements with the counterparties to our derivative transactions and frequently monitor the credit worthiness of our counterparties. Our master netting arrangements reduce our exposure in that they permit outstanding receivables and payables with the counterparties to our derivative transactions to be offset in the event of default.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Inventory.</u> If we are unable to obtain adequate quantities of the inventory we need to sell our products, we could face cost increases or delays or discontinuations in product shipments, which could have a material adverse effect on our results of operations. Many of the third parties that provide us with the instruments we sell and certain components, raw materials and consumables incorporated into, or used with, our products are obtained from sole or single source suppliers. Some of the products that we purchase from these sources are proprietary or complex in nature, and, therefore, cannot be readily or easily replaced by alternative sources.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><u>Customers.</u> Our largest customers are our U.S. distributors of our products in the CAG segment. One of our CAG distributors, Butler Schein Animal Health Supply, LLC ("Butler"), accounted for <font class="_mt">9</font>% of our 2011 and 2010 revenue, and <font class="_mt">7</font>% and <font class="_mt">4</font>% of our net accounts receivable at December 31, 2011 and 2010, respectively. Butler was formed in December 2009 when Butler Animal Health Supply, LLC combined with the U.S. animal health business of Henry Schein, Inc. Together these organizations accounted for <font class="_mt">10</font>% of our revenue in 2009 and <font class="_mt">6</font>% of our net accounts receivable as of December 31, 2009.</p></div></div> <div>&nbsp;</div> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(u)</b></td> <td><b>New Accounting Pronouncements Not Yet Adopted</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In December 2011, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In September 2011, the FASB issued an amendment to the accounting guidance for goodwill in order to simplify how companies test goodwill for impairment. The amendment permits an entity to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. <font style="color: black;" class="_mt">Early adoption is permitted. We elected not to early adopt. </font>We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.</p> <p style="text-align: left; margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px;">&nbsp;</p> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In June 2011, the FASB issued an amendment to the accounting guidance for presentation of comprehensive income. Under the amended guidance, an entity may present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. For public companies, the amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and shall be applied retrospectively. Early adoption is permitted. We elected not to early adopt. Other than a change in presentation, the implementation of this accounting pronouncement is not expected to have a material impact on our financial statements when implemented</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In May 2011, the FASB issued an amendment to the accounting guidance for fair value measurement and disclosure. Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholders' equity. The guidance is effective for interim and annual periods beginning after December 15, 2011. We do not expect the adoption of the guidance to have a material impact on our financial statements when implemented.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">There are no other new accounting pronouncements adopted or enacted during the twelve months ended December 31, 2011 that had, or are expected to have, a material impact on our financial statements.</p></div> </div> 1300000 3104000 2196000 1693000 2723000 2615000 -1298000 -395000 3113000 2507000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(f)</b></td> <td><b>Warranty Reserves</b></td></tr></table><b> </b> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: black;" class="_mt">We provide a standard twelve months warranty on all instruments sold. We recognize the cost of instrument warranties</font> in cost of product revenue at the time revenue is recognized based on the estimated cost to repair the instrument over its warranty period. As we develop and sell new instruments, our provision for warranty expense increases. Cost of revenue reflects not only estimated warranty expense for instruments sold in the current period, but also any changes in estimated warranty expense for the portion of the aggregate installed base that is under warranty. Estimated warranty expense is based on a variety of inputs, including historical instrument performance in the customers' environment, historical costs incurred in servicing instruments and projected instrument reliability and service costs. Should actual service rates or costs differ from our estimates, which are based on historical data and projections of future costs, revisions to the estimated warranty liability would be required. We review these inputs, at a minimum, on an annual basis. The liability for warranties is included in accrued liabilities in the accompanying consolidated balance sheets. See Note 10 for further information regarding our warranty reserves.</p></div> </div> 574235000 539579000 438194000 3647000 438194000 5675000 547692000 9539000 702031000 -830390000 514579000 4301000 514569000 10341000 580797000 9633000 10000 824256000 -914759000 574281000 4433000 574235000 13467000 641645000 9797000 46000 965540000 -1060647000 539593000 4688000 539579000 15443000 702575000 9923000 14000 1127326000 -1320376000 84369000 84369000 84369000 145888000 145888000 145888000 259729000 259729000 259729000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(s)</b></td> <td><b>Comprehensive Income</b></td></tr></table> <p style="text-indent: -0.5in; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif; color: red;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">We report all changes in equity during a period, resulting from net income and transactions or other events and circumstances from non-owner sources, in a financial statement for the period in which they are recognized. We have chosen to disclose comprehensive income, which encompasses net income, foreign currency translation adjustments and the difference between the cost and the fair market value of investments in debt and equity securities, forward currency exchange contracts and interest rate swap agreements, in the consolidated statement of stockholders' equity. We consider the foreign currency cumulative translation adjustment to be permanently invested and, therefore, have not provided income taxes on those amounts.</p></div> </div> 89000 64000 58000 947000 1634000 1261000 1042000 22060000 -34000 22060000 22000000 94000 47713000 -455000 47713000 48004000 164000 45873000 45873000 45747000 126000 48000000 4387707 <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Total amounts of unrecognized tax benefits, beginning of period</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,976</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">5,429</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">5,850</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 22pt;">Gross decreases in unrecognized tax benefits as a result of tax positions taken during a prior period</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 22pt;">Gross increases in unrecognized tax benefits as a result of tax positions taken in the current period</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,241</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">972</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">1,233</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 22pt;">Decreases in unrecognized tax benefits relating to settlements with taxing authorities</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">&nbsp;</td> <td style="text-align: right;">(513</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 22pt;">Decreases in unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,068</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,425</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,141</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; padding-left: 0pt;">Total amounts of unrecognized tax benefits, end of period</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">5,149</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">4,976</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td> <td style="padding-bottom: 2.5pt;">&nbsp;</td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">5,429</td> <td style="text-align: left; padding-bottom: 2.5pt;">&nbsp;</td></tr></table> </div> 1400000 17600000 12320000 17654000 43.30 57.53 74.74 40657000 44128000 1919000 2487000 3419000 <div> <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="text-indent: 0in; width: 12%; font-weight: bold;">NOTE 18.</td> <td style="text-indent: 0in; width: 88%; font-weight: bold;">REPURCHASES OF COMMON STOCK</td></tr></table> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><b> </b></p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">Our board of directors has authorized the repurchase of up to&nbsp;<font class="_mt">48,000,000</font> shares of our common stock in the open market or in negotiated transactions. We believe that the repurchase of our common stock is a favorable investment and we also repurchase to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing and financing activities and the share price. As of December 31, 2011, there are&nbsp;<font class="_mt">4,387,707</font> remaining shares available for repurchase under this authorization.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif;" class="_mt">The following is a summary of our open market common stock repurchases for the twelve months ended December 31, 2011, 2010 and 2009 </font>(<i>in thousands, except per share amounts</i>):</p> <p style="text-indent: 0in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10">For the Years Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2010</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2">2009</td> <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center;" colspan="2">&nbsp;</td> <td>&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 64%;">Shares repurchased</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">3,419</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">2,487</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="text-align: left; width: 1%;">&nbsp;</td> <td style="text-align: right; width: 9%;">1,919</td> <td style="text-align: left; width: 1%;">&nbsp;</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Total cost of shares repurchased</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">255,505</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">143,090</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">83,099</td> <td style="text-align: left;">&nbsp;</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Average cost per share</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">74.74</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">57.53</td> <td style="text-align: left;">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">43.30</td> <td style="text-align: left;">&nbsp;</td></tr></table> <p style="margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif;" class="_mt">We primarily acquire shares by means of repurchases in the open market. However, we also acquire shares that are surrendered by employees in payment for the minimum required withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. </font>We acquired&nbsp;<font class="_mt">55,721</font> shares at a total cost of $<font class="_mt">4.3</font> million in connection with employee surrenders for the twelve months ended December 31, 2011 compared to&nbsp;<font class="_mt">52,022</font> shares at a total cost of $2.8 million for the twelve months ended December 31, 2010 and&nbsp;<font class="_mt">35,241</font> shares at a total cost of $1.3 million for the twelve months ended December 31, 2009.</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">In 2011, we began issuing shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the twelve months ended December 31, 2011 was not material.</p> </div> 1060647000 1320376000 83099000 143090000 255505000 5850000 5429000 4976000 5149000 513000 600000 600000 300000 300000 300000 1233000 972000 1241000 1141000 1425000 1068000 4500000 4800000 <div> <div class="MetaData"> <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;">&nbsp;</td> <td style="width: 0.5in;"><b>(a)</b></td> <td><b>Estimates</b></td></tr></table><b> </b> <p style="text-indent: 0.5in; margin: 0px; font: 10pt Times New Roman, Times, Serif;">The preparation of these financial statements in accordance with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an ongoing basis, we evaluate these estimates, including those related to bad debts; goodwill and other intangible assets; income taxes; inventory; revenue recognition, product returns, customer programs and multiple element arrangements; share-based compensation; warranty reserves; self-insurance reserves; fair value measurements and contingencies. We accrue contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.</p></div> </div> 95000 36000 -54000 42000 -62000 -86000 2093000 4591000 2331000 5131000 2828000 4604000 3239000 4614000 926000 904000 1575000 278000 1484000 837000 783000 400000 1024000 847000 1011000 741000 60682000 59559000 58214000 58809000 57713000 56790000 Expenditures for long-lived assets exclude expenditures for intangible assets. See Note 3 for information regarding acquisitions of intangible assets during the years ended December 31, 2011, 2010 and 2009. Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other long-term assets. See number (4) below for a discussion of the related deferred compensation liability. Money market funds are included within cash and cash equivalents. Foreign currency exchange contracts are included within other current assets; other long-term assets, net; accrued liabilities; or other long-term liabilities depending on the gain (loss) position and anticipated settlement date. Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties. Product rights comprise certain technologies, licenses and trade names acquired from third parties. Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties. Product rights comprise certain technologies, licenses and trade names acquired from third parties. Deferred compensation plans are included within other long-term liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in number (2) above. Interest rate swaps are included within accrued liabilities. 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Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2011
Accrued Liabilities [Abstract]  
Schedule Of Accrued Liabilities
    December 31,     December 31,  
    2011     2010  
             
Accrued expenses   $ 40,472     $ 35,043  
Accrued employee compensation and related expenses     51,373       47,914  
Accrued taxes     17,654       12,320  
Accrued customer programs     31,884       23,321  
    $ 141,383     $ 118,598  
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Acquisitions And Strategic Investments (Details) (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Acquisitions And Strategic Investments [Line Items]      
Business acquisition purchase price $ 47,800,000    
Cash paid for business acquisitions 46,757,000   7,914,000
Goodwill arising as result of business combination     2,300,000
Cash paid for equity method investment   4,000,000  
Equity interest acquired from November 2010 investment   10.00%  
Common stock warrants from November 2010 investment   300,000  
Original issue discount on promissory note resulting from November 2010 investment   300,000  
Intangible assets acquisitions unrelated to acquired businesses 1,000,000 394,000 500,000
Aggregate software acquired as result of 2009 business acquisitions     2,500,000
Useful life assigned to intangible asset, years 12    
Tangible assets recognized as result of 2009 business acquisitions     1,000,000
Liabilities assumed as result of 2009 business acquisitions     500,000
2009 Acquisitions [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Intangibles acquired as result of business combination     2,600,000
RADIL [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Cash paid for business acquisitions 43,000,000    
Intangibles acquired as result of business combination 18,700,000    
Goodwill arising as result of business combination 23,600,000    
Aggregate Software Acquired As Result Of 2009 Business Acquisitions [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Useful life assigned to intangible asset, years     7
Customer-Related Intangible Assets In Aggregate Resulting From 2009 Business Acquisitions [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Intangibles acquired as result of business combination     1,600,000
Useful life assigned to intangible asset, years     12
Product Rights In Aggregate Resulting From 2009 Business Acquisitions [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Intangibles acquired as result of business combination     700,000
Useful life assigned to intangible asset, years     7
Other Intangible Assets In Aggregate Resulting From 2009 Business Acquisitions [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Intangibles acquired as result of business combination     300,000
Useful life assigned to intangible asset, years     5
November 2016 Maturity Date [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Promissory note resulting from November 2010 investment   2,700,000  
Interest rate on promissory note resulting from November 2010 investment   14.50%  
November 2017 Maturity Date [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Promissory note resulting from November 2010 investment   1,300,000  
Interest rate on promissory note resulting from November 2010 investment   15.00%  
Customer Relationships [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Intangibles acquired as result of business combination 14,300,000    
Useful life assigned to intangible asset, years 11    
Intellectual Property [Member]
      
Acquisitions And Strategic Investments [Line Items]      
Intangibles acquired as result of business combination $ 3,500,000    
Useful life assigned to intangible asset, years 15    
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Repurchases Of Common Stock (Tables)
 12 Months Ended
Dec. 31, 2011
Repurchases Of Common Stock [Abstract]  
Schedule Of Common Stock Repurchases
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Shares repurchased     3,419       2,487       1,919  
Total cost of shares repurchased   $ 255,505     $ 143,090     $ 83,099  
Average cost per share   $ 74.74     $ 57.53     $ 43.30  
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Warranty Reserves (Schedule Of Changes In Accrued Warranty Reserves) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Warranty Reserves [Abstract]    
Balance, beginning of year $ 2,196 $ 3,104
Provision for warranty expense 2,507 3,113
Change in estimate, balance beginning of year (395) (1,298)
Settlement of warranty liability (2,615) (2,723)
Balance, end of year $ 1,693 $ 2,196
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Share-Based Compensation (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock issued in connection with the Employee Stock Purchase Plan 58,000 64,000 89,000
Total unrecognized compensation expense, net of estimated forfeitures, for unvested share-based compensation awards outstanding $ 31.1    
Weighted average recognition period for unrecognized compensation expense, in years 1.7    
Intrinsic value of stock options exercised 54.7 60.1 22.1
Fair value of options vested during period 6.6 8.4 9.8
2009 Stock Incentive Plan [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized for grant under share-based incentive plans 5,200,000    
Shares available for grant under share-based incentive plans 3,003,768    
1997 Employee Stock Purchase Plan [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized for grant under share-based incentive plans 1,590,000    
Shares available for grant under share-based incentive plans 202,219    
Discount from market value for employee stock purchase rights 15.00%    
Stock Options Granted To Non-Employee Directors [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period one year    
Restricted Stock Units Granted To Employees With Ratable Vesting [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period five years    
Restricted Stock Units Granted To Employees With Cliff Vesting [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period three years    
Restricted Stock Units Granted To Non-Employee Directors [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period one year    
Restricted Stock Units [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of unvested share-based awards to vest upon change in control 25%    
Fair value of awards vested during period 12.4 7.9 3.7
Deferred Stock Units With Vesting Conditions [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period one year    
Deferred Stock Units [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of unissued shares of common stock each DSU represents right to receive 1    
Fair value of awards vested during period $ 0.4 $ 0.5 $ 0.7
Stock Options And Stock Appreciation Rights [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Ratio of shares issued under share-based awards to shares authorized under stock plans 1 to 1    
Awards Other Than Stock Options And Stock Appreciation Rights [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Ratio of shares issued under share-based awards to shares authorized under stock plans 2 to 1    
Stock Options Granted To Employees With Ratable Vesting [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period five years    
Stock Options [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of unvested share-based awards to vest upon change in control 25%    
Options Granted After January 1 2006 [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options maximum contractual term seven years    
Options Granted Prior To January 1 2006 [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options maximum contractual term ten years    
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Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income Taxes [Abstract]      
Total amounts of unrecognized tax benefits, beginning of period $ 4,976 $ 5,429 $ 5,850
Gross increases in unrecognized tax benefits as a result of tax positions taken in the current period 1,241 972 1,233
Decreases in unrecognized tax benefits relating to settlements with taxing authorities     (513)
Decreases in unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations (1,068) (1,425) (1,141)
Total amounts of unrecognized tax benefits, end of period $ 5,149 $ 4,976 $ 5,429
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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2011
Fair Value Measurements [Abstract]  
Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis
    Quoted Prices     Significant              
    in Active     Other     Significant        
    Markets for     Observable     Unobservable     Balance at  
    Identical Assets     Inputs     Inputs     December 31,  
As of December 31, 2011   (Level 1)     (Level 2)     (Level 3)     2011  
                                 
Assets                                
Money market funds(1)   $ 88,525     $ -     $ -     $ 88,525  
Equity mutual funds(2)     2,056       -       -       2,056  
Foreign currency exchange contracts(3)     -       6,841       -       6,841  
Liabilities                                
Foreign currency exchange contracts(3)     -       1,753       -       1,753  
Deferred compensation(4)     2,056       -       -       2,056  
Interest rate swaps(5)     -       1,417       -       1,417  

 

    Quoted Prices     Significant              
    in Active     Other     Significant        
    Markets for     Observable     Unobservable     Balance at  
    Identical Assets     Inputs     Inputs     December 31,  
As of December 31, 2010   (Level 1)     (Level 2)     (Level 3)     2010  
                                 
Assets                                
Money market funds(1)   $ 67,025     $ -     $ -     $ 67,025  
Equity mutual funds(2)     2,222       -       -       2,222  
Liabilities                                
Foreign currency exchange contracts(3)     -       2,234       -       2,234  
Deferred compensation(4)     2,222       -       -       2,222  
Interest rate swaps(5)     -       1,611       -       1,611  

 

(1) Money market funds are included within cash and cash equivalents.
(2) Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other long-term assets. See number (4) below for a discussion of the related deferred compensation liability.
(3) Foreign currency exchange contracts are included within other current assets; other long-term assets, net; accrued liabilities; or other long-term liabilities depending on the gain (loss) position and anticipated settlement date.
(4) Deferred compensation plans are included within other long-term liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in number (2) above.
(5) Interest rate swaps are included within accrued liabilities.
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Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2011
Summary Of Significant Accounting Policies [Abstract]  
Schedule Of Estimated Useful Lives For Property And Equipment
Asset Classification   Estimated Useful Life
     
Land improvements   15 to 20 years
Buildings and improvements   15 to 40 years
Leasehold improvements   Shorter of remaining lease term or useful life of improvements
Machinery and equipment   3 to 7 years
Office furniture and equipment   3 to 7 years
Computer hardware and software   3 to 7 years
Schedule Of Estimated Useful Lives For Intangible Assets
    Estimated
Asset Classification   Useful Life
     
Patents   7 to 15 years
Product rights(1)   5 to 15 years
Customer-related intangible assets(2)   7 to 15 years
Noncompete agreements   3 to 9 years

 

 

  (1) Product rights comprise certain technologies, licenses and trade names acquired from third parties.
  (2) Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.
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Earnings Per Share (Schedule Of Reconciliation Of Shares Outstanding For Basic And Diluted Earnings Per Share) (Details)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Earnings Per Share [Abstract]      
Shares outstanding for basic earnings per share: 56,790 57,713 58,809
Dilutive effect of share-based payment awards 1,424 1,846 1,873
Shares outstanding for diluted earnings per share 58,214 59,559 60,682
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Income Taxes (Narrative) (Details) (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Income Taxes [Abstract]        
Effective Tax Rate 31.00% 30.10% 30.00%  
Expiration date for tax holidays December 31, 2015      
Income tax holiday exemption $ 5,300,000 $ 3,900,000 $ 3,900,000  
Cumulative earnings of non-united states subsidiaries considered to be indefinitely invested outside united states 275,200,000      
Unrecognized tax benefits 5,149,000 4,976,000 5,429,000 5,850,000
Unrecognized tax benefits that would impact effective tax rate if recognized 4,800,000 4,500,000    
Interest expense and penalties related to unrecognized tax benefits 300,000 300,000 300,000  
Interest expense and penalties accrued 600,000 600,000    
Positions for which it is reasonably possible that total amount of unrecognized tax benefits will significantly increase or decrease within 12 months of reporting date 1,300,000      
Net operating loss carryforwards in certain state and international jurisdictions 47,100,000      
Valuation allowance against certain deferred tax assets related to net operating loss carryforwards $ 3,800,000      
XML 1031 R89.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments And Hedging (Schedule Of Notional Amounts Of Foreign Currency Exchange Contracts) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Derivative [Line Items]    
Currency Sold $ 143,859 $ 120,637
Euro [Member]
    
Derivative [Line Items]    
Currency Sold 68,275 59,360
British Pound [Member]
    
Derivative [Line Items]    
Currency Sold 25,260 21,144
Canadian Dollar [Member]
    
Derivative [Line Items]    
Currency Sold 19,902 21,776
Australian Dollar [Member]
    
Derivative [Line Items]    
Currency Sold 12,417 7,930
Japanese Yen [Member]
    
Derivative [Line Items]    
Currency Sold 18,005 10,427
Swiss Franc [Member]
    
Derivative [Line Items]    
Currency Purchased $ 17,909 $ 12,542
XML 1032 R57.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Compensation (Schedule Of Weighted Averages Of The Assumptions Used In Estimating The Fair Value Of Stock Option Awards)(Details) (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Share-Based Compensation [Abstract]      
Expected stock price volatility 33.00% 31.00% 31.00%
Expected term, in years 4.8 4.9 4.8
Risk-free interest rate 2.30% 2.30% 1.60%
Weighted average fair value of options granted $ 24.86 $ 16.56 $ 9.97
XML 1033 R76.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income Taxes [Abstract]      
U.S. federal statutory rate 35.00% 35.00% 35.00%
State income tax, net of federal tax benefit 1.60% 1.40% 1.40%
International income taxes (3.60%) (3.60%) (4.50%)
Domestic manufacturing exclusions (1.40%) (1.60%) (0.90%)
Research and experiment credit (0.80%) (1.20%) (1.10%)
Other, net 0.20% 0.10% 0.10%
Effective tax rate 31.00% 30.10% 30.00%
XML 1034 R86.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting (Schedule Of Net Long-Lived Assets By Principal Geographic Areas) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets $ 216,777 $ 201,725 $ 199,946
Americas [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 190,144 176,698 174,306
Americas [Member] | United States [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 187,621 173,070 169,933
Americas [Member] | Canada [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 2,523 3,628 4,373
Europe, The Middle East And Africa [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 22,787 21,772 22,910
Europe, The Middle East And Africa [Member] | United Kingdom [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 11,000 10,341 9,520
Europe, The Middle East And Africa [Member] | Germany [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 2,360 2,670 3,210
Europe, The Middle East And Africa [Member] | Switzerland [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 2,547 2,164 2,870
Europe, The Middle East And Africa [Member] | France [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 2,270 2,270 2,813
Europe, The Middle East And Africa [Member] | Netherlands [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 3,400 3,525 3,532
Europe, The Middle East And Africa [Member] | Other Europe [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 1,210 802 965
Asia Pacific Region [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 3,846 3,255 2,730
Asia Pacific Region [Member] | Japan [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 1,142 737 709
Asia Pacific Region [Member] | Australia [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets 1,495 1,704 1,650
Asia Pacific Region [Member] | Other Asia Pacific [Member]
      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net Assets $ 1,209 $ 814 $ 371
XML 1035 R81.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments, Contingencies And Guarantees (Narrative) (Details) (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Payment Required Upon Termination Of Employment [Line Items]      
Rent expense charged to operations $ 15,500,000 $ 14,300,000 $ 14,700,000
Minimum royalty payments due through 2027 5,700,000    
Commitments outstanding for additional purchase price payments 10,300,000    
Outstanding letters of credit to insurance company as security for workers' compensation claims 1,600,000    
Period for continued vesting of outstanding equity awards upon termination of CEO without cause other than following a change in control, years two years    
Payment Required To CEO Upon Termination Of Employment Without Cause Other Than Following Change In Control [Member]
      
Payment Required Upon Termination Of Employment [Line Items]      
Employee agreement contingencies 1,400,000    
Payment Required To Officers Upon Termination Of Employment Following Change Of Control [Member]
      
Payment Required Upon Termination Of Employment [Line Items]      
Employee agreement contingencies 17,600,000    
Workers Compensation Insurance Policies [Member]
      
Payment Required Upon Termination Of Employment [Line Items]      
Retained claim liability per incident 250,000    
Loss contingency, range of possible loss, maximum 2,000,000 2,900,000 2,900,000
Self Insurance Reserve 700,000 1,100,000  
Workers Compensation Insurance Policies [Member] | Cumulative Expense For Claims Incurred In 2011 [Member]
      
Payment Required Upon Termination Of Employment [Line Items]      
General insurance expense 500,000    
Workers Compensation Insurance Policies [Member] | Cumulative Expense For Claims Incurred In 2010 [Member]
      
Payment Required Upon Termination Of Employment [Line Items]      
General insurance expense 600,000    
Workers Compensation Insurance Policies [Member] | Cumulative Expense For Claims Incurred In 2009 [Member]
      
Payment Required Upon Termination Of Employment [Line Items]      
General insurance expense 400,000    
Employee Health Care Insurance Policy [Member]
      
Payment Required Upon Termination Of Employment [Line Items]      
Retained claim liability per incident 275,000 250,000 250,000
General insurance expense 21,000,000 22,600,000 19,600,000
Self Insurance Reserve $ 3,900,000 $ 4,300,000  
XML 1036 R87.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Money Market Funds [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets $ 88,525 [1] $ 67,025 [1]
Money Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets 88,525 [1] 67,025 [1]
Money Market Funds [Member] | Significant Other Observable Inputs (Level 2)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets    [1]    [1]
Money Market Funds [Member] | Significant Unobservable Inputs (Level 3)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets    [1]    [1]
Equity Mutual Funds [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets 2,056 [2] 2,222 [2]
Equity Mutual Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets 2,056 [2] 2,222 [2]
Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets    [2]    [2]
Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets    [2]    [2]
Foreign Currency Exchange Contracts [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets 6,841 [3]  
Fair value of liabilities 1,753 [3] 2,234 [3]
Foreign Currency Exchange Contracts [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets    [3]  
Fair value of liabilities    [3]    [3]
Foreign Currency Exchange Contracts [Member] | Significant Other Observable Inputs (Level 2)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets 6,841 [3]  
Fair value of liabilities 1,753 [3] 2,234 [3]
Foreign Currency Exchange Contracts [Member] | Significant Unobservable Inputs (Level 3)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of assets    [3]  
Fair value of liabilities    [3]    [3]
Deferred Compensation [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of liabilities 2,056 [4] 2,222 [4]
Deferred Compensation [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of liabilities 2,056 [4] 2,222 [4]
Deferred Compensation [Member] | Significant Other Observable Inputs (Level 2)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of liabilities    [4]    [4]
Deferred Compensation [Member] | Significant Unobservable Inputs (Level 3)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of liabilities    [4]    [4]
Interest Rate Swaps [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of liabilities 1,417 [5] 1,611 [5]
Interest Rate Swaps [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of liabilities    [5]    [5]
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of liabilities 1,417 [5] 1,611 [5]
Interest Rate Swaps [Member] | Significant Unobservable Inputs (Level 3)
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of liabilities    [5]    [5]
[1] Money market funds are included within cash and cash equivalents.
[2] Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other long-term assets. See number (4) below for a discussion of the related deferred compensation liability.
[3] Foreign currency exchange contracts are included within other current assets; other long-term assets, net; accrued liabilities; or other long-term liabilities depending on the gain (loss) position and anticipated settlement date.
[4] Deferred compensation plans are included within other long-term liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in number (2) above.
[5] Interest rate swaps are included within accrued liabilities.
XML 1037 R77.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Schedule Of Components Of Net Deferred Tax Assets And Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current [Member]
    
Assets:    
Accrued expenses $ 18,177 $ 18,820
Accounts receivable reserves 791 702
Deferred revenue 758 804
Inventory basis differences 2,900 3,415
Share-based compensation 2,267 2,041
Other 188 296
Net operating loss carryforwards 611 731
Unrealized losses on foreign currency exchange contracts, interest rate swaps and investments 1,069 609
Total assets 26,761 27,418
Valuation allowance (806) (281)
Total assets, net of valuation allowance 25,955 27,137
Liabilities:    
Other (17) (168)
Unrealized gains on foreign currency exchange contracts, interest rate swaps and investments (2,121)  
Total liabilities (2,138) (168)
Net deferred tax assets (liabilities) 23,817 26,969
Long-Term [Member]
    
Assets:    
Accrued expenses 1,372  
Deferred revenue 1,338 1,059
Share-based compensation 7,123 6,298
Other 182 13
Net operating loss carryforwards 3,753 4,720
Total assets 15,129 13,318
Valuation allowance (3,808) (4,323)
Total assets, net of valuation allowance 11,321 8,995
Liabilities:    
Deferred Instrument Costs (3,774) (526)
Property-based differences (18,332) (13,776)
Intangible asset basis differences (12,502) (13,035)
Other   (21)
Total liabilities (34,608) (27,358)
Net deferred tax assets (liabilities) (23,287) (18,363)
Property-Based Differences [Member] | Long-Term [Member]
    
Assets:    
Deferred tax asset $ 1,361 $ 1,228
XML 1038 R71.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt (Narrative) (Details) (USD $)
 12 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2006
Dec. 31, 2011
Maximum [Member]
Dec. 31, 2011
Minimum [Member]
Jul. 31, 2011
Outdated Unsecured Short Term Revolving Credit Facility [Member]
Jul. 31, 2011
Amended And Restated Unsecured Short Term Revolving Credit Facility [Member]
Dec. 31, 2011
Minimum Credit Spread On LIBOR Or CDOR Borrowings [Member]
Dec. 31, 2011
Maximum Credit Spread On LIBOR Or CDOR Borrowings [Member]
Dec. 31, 2011
Maximum Credit Spread On Prime Rate Borrowings [Member]
Dec. 31, 2011
Interest Rate Swap Effective On March 30, 2012 [Member]
Dec. 31, 2011
Interest Rate Swap Effective On March 31 2010 [Member]
Dec. 31, 2010
Interest Rate Swap Effective On March 31 2010 [Member]
Dec. 31, 2011
Interest Rate Swap Effective On March 28, 2013 [Member]
Line of Credit Facility [Line Items]                            
Borrowing capacity           $ 200,000,000 $ 300,000,000              
Credit Facility maturity date             July 25, 2016              
Outstanding Credit Facility balance 243,000,000 128,999,000                        
Credit Facility weighted average interest rates on outstanding balance 1.70% 1.90%                        
Credit spread during period               0.875% 1.25% 0.25%        
Reduction of Credit Facility Availability 1,000,000 1,000,000                        
Commitment fees       0.30% 0.15%                  
Credit Facility borrowings hedged                     40,000,000 80,000,000 80,000,000 40,000,000
Fixed portion of interest rate associated with interest rate swap                     1.36% 2.00%   1.64%
Consolidated leverage ratio under credit facility, maximum 3                          
Face value of mortgage at inception     6,500,000                      
Fair value of mortgage at inception     7,500,000                      
Mortgage stated interest rate     9.875%                      
Equal monthly installments due on mortgage $ 100,000                          
Mortgage maturity date May 01, 2015                          
XML 1039 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Repurchases Of Common Stock
 12 Months Ended
Dec. 31, 2011
Repurchases Of Common Stock [Abstract]  
Repurchases Of Common Stock
NOTE 18. REPURCHASES OF COMMON STOCK

Our board of directors has authorized the repurchase of up to 48,000,000 shares of our common stock in the open market or in negotiated transactions. We believe that the repurchase of our common stock is a favorable investment and we also repurchase to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing and financing activities and the share price. As of December 31, 2011, there are 4,387,707 remaining shares available for repurchase under this authorization.

 

The following is a summary of our open market common stock repurchases for the twelve months ended December 31, 2011, 2010 and 2009 (in thousands, except per share amounts):

 

    For the Years Ended December 31,  
    2011     2010     2009  
                   
Shares repurchased     3,419       2,487       1,919  
Total cost of shares repurchased   $ 255,505     $ 143,090     $ 83,099  
Average cost per share   $ 74.74     $ 57.53     $ 43.30  

 

We primarily acquire shares by means of repurchases in the open market. However, we also acquire shares that are surrendered by employees in payment for the minimum required withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We acquired 55,721 shares at a total cost of $4.3 million in connection with employee surrenders for the twelve months ended December 31, 2011 compared to 52,022 shares at a total cost of $2.8 million for the twelve months ended December 31, 2010 and 35,241 shares at a total cost of $1.3 million for the twelve months ended December 31, 2009.

 

In 2011, we began issuing shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the twelve months ended December 31, 2011 was not material.
XML 1040 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary Of Quarterly Data (Tables)
 12 Months Ended
Dec. 31, 2011
Summary Of Quarterly Data [Abstract]  
Schedule Of Quarterly Data
    For the Three Months Ended  
    March 31,     June 30,     September 30,     December 31,  
                         
2011                                
Revenue   $ 292,672     $ 317,862     $ 300,954     $ 307,201  
Gross profit     154,925       174,033       158,667       158,881  
Operating income     53,532       71,298       56,096       55,299  
Net income attributable to stockholders     36,612       48,657       38,507       38,010  
Earnings per share:                                
Basic   $ 0.64     $ 0.85     $ 0.68     $ 0.68  
Diluted   $ 0.62     $ 0.83     $ 0.66     $ 0.67  
                                 
2010                                
Revenue   $ 268,525     $ 281,482     $ 269,628     $ 283,757  
Gross profit     142,361       149,284       142,207       144,771  
Operating income     48,428       54,835       49,814       50,804  
Net income attributable to stockholders     33,026       37,193       34,694       36,371  
Earnings per share:                                
Basic   $ 0.57     $ 0.64     $ 0.60     $ 0.63  
Diluted   $ 0.55     $ 0.62     $ 0.59     $ 0.62  
XML 1041 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Schedule Of Earnings Before Income Taxes
                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Domestic   $ 169,365     $ 151,660     $ 124,974  
International     65,057       50,469       49,565  
    $ 234,422     $ 202,129     $ 174,539  
Schedule Of Components Of Provision (Benefit) For Income Taxes
                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Current                        
Federal   $ 45,549     $ 44,833     $ 34,043  
State     5,591       5,079       3,984  
International     15,532       11,805       11,007  
      66,672       61,717       49,034  
                         
Deferred                        
Federal     6,823       958       4,876  
State     313       (230 )     (107 )
International     (1,140 )     (1,636 )     (1,499 )
      5,996       (908 )     3,270  
    $ 72,668     $ 60,809     $ 52,304  
Schedule Of Effective Income Tax Rate Reconciliation
                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
U.S. federal statutory rate     35.0 %     35.0 %     35.0 %
State income tax, net of federal tax benefit     1.6       1.4       1.4  
International income taxes     (3.6 )     (3.6 )     (4.5 )
Domestic manufacturing exclusions     (1.4 )     (1.6 )     (0.9 )
Research and development credit     (0.8 )     (1.2 )     (1.1 )
Other, net     0.2       0.1       0.1  
Effective tax rate     31.0 %     30.1 %     30.0 %
Schedule Of Components Of Net Deferred Tax Assets And Liabilities
                                 
    December 31, 2011     December 31, 2010  
    Current     Long-Term     Current     Long-Term  
                         
Assets:                                
Accrued expenses   $ 18,177     $ 1,372     $ 18,820     $ -  
Accounts receivable reserves     791       -       702       -  
Deferred revenue     758       1,338       804       1,059  
Inventory basis differences     2,900       -       3,415       -  
Property-based differences     -       1,361       -       1,228  
Share-based compensation     2,267       7,123       2,041       6,298  
Other     188       182       296       13  
Net operating loss carryforwards     611       3,753       731       4,720  
Unrealized losses on foreign currency exchange contracts, interest rate swaps and investments     1,069       -       609       -  
Total assets     26,761       15,129       27,418       13,318  
Valuation allowance     (806 )     (3,808 )     (281 )     (4,323 )
Total assets, net of valuation allowance     25,955       11,321       27,137       8,995  
                                 
Liabilities:                                
Deferred Instrument Costs     -       (3,774 )     -       (526 )
Property-based differences     -       (18,332 )     -       (13,776 )
Intangible asset basis differences     -       (12,502 )     -       (13,035 )
Other     (17 )     -       (168 )     (21 )
Unrealized gains on foreign currency exchange contracts, interest rate swaps and investments     (2,121 )     -       -       -  
Total liabilities     (2,138 )     (34,608 )     (168 )     (27,358 )
Net deferred tax assets (liabilities)   $ 23,817       (23,287 )   $ 26,969     $ (18,363 )
Schedule Of Changes In Unrecognized Tax Benefits
                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Total amounts of unrecognized tax benefits, beginning of period   $ 4,976     $ 5,429     $ 5,850  
Gross decreases in unrecognized tax benefits as a result of tax positions taken during a prior period     -       -       -  
Gross increases in unrecognized tax benefits as a result of tax positions taken in the current period     1,241       972       1,233  
Decreases in unrecognized tax benefits relating to settlements with taxing authorities     -       -       (513 )
Decreases in unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations     (1,068 )     (1,425 )     (1,141 )
Total amounts of unrecognized tax benefits, end of period   $ 5,149     $ 4,976     $ 5,429  
XML 1042 R75.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Schedule Of Components Of Provision (Benefit) For Income Taxes) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Provision Benefit For Income Taxes [Line Items]      
Provision (benefit) for deferred income taxes $ 5,996 $ (908) $ 3,270
Provision for income taxes 72,668 60,809 52,304
Current [Member]
      
Provision Benefit For Income Taxes [Line Items]      
Federal 45,549 44,833 34,043
State 5,591 5,079 3,984
International 15,532 11,805 11,007
Provision (benefit) for current income taxes 66,672 61,717 49,034
Deferred [Member]
      
Provision Benefit For Income Taxes [Line Items]      
Federal 6,823 958 4,876
State 313 (230) (107)
International (1,140) (1,636) (1,499)
Provision (benefit) for deferred income taxes $ 5,996 $ (908) $ 3,270
XML 1043 R97.htm IDEA: XBRL DOCUMENT v2.4.0.6
Disposition Of Pharmaceutical Product Lines And Restructuring (Details) (USD $)
 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Jan. 31, 2009
Acarexx And SURPASS Products And Feline Insulin Product Under Development [Member]
Dec. 31, 2008
Acarexx And SURPASS Products And Feline Insulin Product Under Development [Member]
Dec. 31, 2010
Royalty Bearing License Agreement [Member]
Dec. 31, 2008
Royalty Bearing License Agreement [Member]
Dec. 31, 2010
Feline Insulin Product [Member]
Dec. 31, 2009
Feline Insulin Product [Member]
Dec. 31, 2011
Feline Insulin Product Total Potential Milestone Payments [Member]
Dec. 31, 2011
Feline Insulin Product Total Remaining Potential Milestone Payments [Member]
Dec. 31, 2011
Royalty Bearing License Agreement Total Remaining Potential Milestone Payments [Member]
Disposition Of Pharmaceutical Product Lines And Restructuring [Line Items]                        
Proceeds from disposition of pharmaceutical product lines $ 3,000,000   $ 3,377,000 $ 1,400,000 $ 7,000,000   $ 300,000          
Potential milestone payments                   11,500,000 3,500,000 1,900,000
Milestone payment earned           300,000   3,000,000 2,000,000      
Proceeds from sale of inventory back to material supplier $ 1,400,000 $ 300,000 $ 300,000                  
XML 1044 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Noncurrent Assets (Tables)
 12 Months Ended
Dec. 31, 2011
Other Noncurrent Assets [Abstract]  
Schedule Of Other Noncurrent Assets
                 
    December 31,  
Description   2011     2010  
             
Investment in long-term product supply arrangements   $  12,091     $  12,120  
Customer acquisition costs, net     21,075       5,470  
Other assets     14,825       12,374  
    $ 47,991     $ 29,964  
XML 1045 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives For Property And Equipment) (Details)
 12 Months Ended
Dec. 31, 2011
Land Improvements [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful life, minimum years 15
Estimated useful life, maximum years 20
Buildings And Improvements [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful life, minimum years 15
Estimated useful life, maximum years 40
Leasehold Improvements [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful life Shorter of remaining lease term or useful life of improvements
Machinery And Equipment [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful life, minimum years 3
Estimated useful life, maximum years 7
Office Furniture And Equipment [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful life, minimum years 3
Estimated useful life, maximum years 7
Computer Hardware And Software [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful life, minimum years 3
Estimated useful life, maximum years 7
XML 1046 R67.htm IDEA: XBRL DOCUMENT v2.4.0.6
Intangible Assets And Goodwill (Schedule Of Expected Amortization Expense) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Intangible Assets And Goodwill [Abstract]  
2012 $ 9,993
2013 9,194
2014 8,395
2015 8,180
2016 7,608
Thereafter 25,839
Total estimated amortization expense to be incurred after December 31, 2011 $ 69,209
XML 1047 R61.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Schedule Of Major Classes Of Inventories) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Inventories [Abstract]    
Raw materials $ 28,338 $ 26,758
Work-in-process 14,892 13,790
Finished goods 89,869 87,337
Inventories, net $ 133,099 $ 127,885
XML 1048 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments And Hedging (Tables)
 12 Months Ended
Dec. 31, 2011
Derivative [Line Items]  
Gain/(Loss) Recognized In Other Comprehensive Income On Derivative Instruments (Effective Portion)
    Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion)  
    For the Years Ended December 31,  
Derivative instruments   2011     2010     2009  
                   
Foreign currency exchange contracts, net of tax   $ 5,642     $ 1,368     $ (9,730 )
Interest rate swaps, net of tax     121       (638 )     (375 )
Total, net of tax   $ 5,763     $ 730     $ (10,105 )
Gain (Loss) Reclassified From Accumulated Other Comprehensive Income Into Income (Effective Portion)
    Gain  Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
        For the Years Ended December 31,  
Derivative instruments   Classification   2011     2010     2009  
                             
Foreign currency exchange contracts   Cost of revenue   $ (5,406 )   $ (743 )   $ 4,813  
Interest rate swaps   Interest expense     (1,424 )     (1,034 )     -  
Total         (6,830 )     (1,777 )     4,183  
Interest Rate Swaps [Member]
  
Derivative [Line Items]  
Schedule Of Notional Amounts Of Foreign Currency Exchange Contracts And Interest Rate Swap Agreements
    U.S. Dollar Equivalent  
    December 31,     December 31,  
    2011     2010  
                 
Interest rate swaps commencing March 31, 2010 and expiring March 30, 2012   $ 80,000     $ 80,000  
Interest rate swaps commencing March 30, 2012 and March 28, 2013 and expiring June 30, 2016   $ 80,000     $ -  
Assets [Member]
  
Derivative [Line Items]  
Schedule Of Fair Values And Balance Sheet Classifications Of Derivatives Designated As Hedging Instruments
        Asset Derivatives  
        December 31, 2011     December 31, 2010  
                     
Derivatives designated as hedging instruments   Balance Sheet Classification                
Foreign currency exchange contracts   Other current assets   $ 6,841     $          -  
Currency Sold [Member]
  
Derivative [Line Items]  
Schedule Of Notional Amounts Of Foreign Currency Exchange Contracts And Interest Rate Swap Agreements
Currency Sold   U.S. Dollar Equivalent  
    December 31, 2011     December 31, 2010  
                 
Euro   $ 68,275     $ 59,360  
British pound     25,260       21,144  
Canadian dollar     19,902       21,776  
Australian dollar     12,417       7,930  
Japanese yen     18,005       10,427  
    $ 143,859     $ 120,637  
Currency Purchased [Member]
  
Derivative [Line Items]  
Schedule Of Notional Amounts Of Foreign Currency Exchange Contracts And Interest Rate Swap Agreements
Currency Purchased   U.S. Dollar Equivalent  
    December 31, 2011     December 31, 2010  
                 
Swiss franc   $ 17,909     $ 12,542  
Liabilities [Member]
  
Derivative [Line Items]  
Schedule Of Fair Values And Balance Sheet Classifications Of Derivatives Designated As Hedging Instruments
        Liability Derivatives  
        December 31, 2011     December 31, 2010  
                     
Derivatives designated as hedging instruments   Balance Sheet Classification                
Foreign currency exchange contracts     Accrued expenses   $ 1,753     $ 2,234  
Interest rate swaps   Accrued expenses     1,417       1,611  
Total derivative instruments         $ 3,170     $ 3,845  
XML 1049 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 [Abstract]  
Summary Of Significant Accounting Policies
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  (a) Estimates

The preparation of these financial statements in accordance with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an ongoing basis, we evaluate these estimates, including those related to bad debts; goodwill and other intangible assets; income taxes; inventory; revenue recognition, product returns, customer programs and multiple element arrangements; share-based compensation; warranty reserves; self-insurance reserves; fair value measurements and contingencies. We accrue contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

 

  (b) Cash and cash equivalents

 

We consider all highly liquid investments with original maturities of ninety days or less to be cash equivalents. Cash and cash equivalents consist primarily of demand deposits and money market funds.

 

As of December 31, 2011 and 2010, our reported cash and cash equivalents balances contained restricted cash in the aggregate of $1.2 million and $2.4 million, respectively, securing various obligations.

 

  (c) Inventories

Inventories include material, labor and overhead, and are stated at the lower of cost (first-in, first-out) or market. We write down inventory for estimated obsolescence when warranted based on estimates of future demand, market conditions, remaining shelf life, or product functionality. If actual market conditions or results of estimated functionality are less favorable than those we estimated, additional inventory write-downs may be required, which would have a negative effect on results of operations.

 

  (d) Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in the consolidated statements of income. We provide for depreciation and amortization primarily using the straight-line method by charges to income in amounts that allocate the cost of property and equipment over their estimated useful lives as follows:

 

Asset Classification   Estimated Useful Life
     
Land improvements   15 to 20 years
Buildings and improvements   15 to 40 years
Leasehold improvements   Shorter of remaining lease term or useful life of improvements
Machinery and equipment   3 to 7 years
Office furniture and equipment   3 to 7 years
Computer hardware and software   3 to 7 years

 

We capitalize interest on the acquisition and construction of significant assets that require a substantial period of time to be made ready for use. The capitalized interest is included in the cost of the completed asset and depreciated over the asset's estimated useful life. The amount of interest capitalized during the years ended December 31, 2011 and 2010 was not material.

 

We capitalize certain costs incurred in connection with developing or obtaining software designated for internal use based on three distinct stages of development. Qualifying costs incurred during the application development stage, which consist primarily of internal payroll and direct fringe benefits and external direct project costs, including labor and travel, are capitalized and amortized on a straight-line basis over the estimated useful life of the asset. Costs incurred during the preliminary project and post-implementation and operation phases are expensed as incurred. These costs are general and administrative in nature and relate primarily to the determination of performance requirements, data conversion and training.

 

  (e) Goodwill and Other Intangible Assets

Intangible assets other than goodwill are initially valued at fair value. If a quoted price in an active market for the identical asset is not readily available at the measurement date, the fair value of the intangible asset is estimated based on discounted cash flows using market participant assumptions, which are assumptions that are not specific to IDEXX. The selection of appropriate valuation methodologies and the estimation of discounted cash flows require significant assumptions about the timing and amounts of future cash flows, risks, appropriate discount rates, and the useful lives of intangible assets. When material, we utilize independent valuation experts to advise and assist us in allocating the purchase prices for acquired businesses to the fair values of the identified intangible assets and in determining appropriate amortization methods and periods for those intangible assets. Goodwill is valued based on the excess of the purchase price of a business combination over the fair values of acquired net assets, including intangible assets. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved with changes in fair value recognized in earnings.

 

We provide for amortization primarily using the straight-line method by charges to income in amounts that allocate the intangible assets over their estimated useful lives as follows:

 

    Estimated
Asset Classification   Useful Life
     
Patents   7 to 15 years
Product rights(1)   5 to 15 years
Customer-related intangible assets(2)   7 to 15 years
Noncompete agreements   3 to 9 years

 

 

  (1) Product rights comprise certain technologies, licenses and trade names acquired from third parties.
  (2) Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.

 

We assess goodwill for impairment, at the reporting unit level, annually in the fourth quarter and whenever events or circumstances indicate impairment may exist. For impairment testing, the fair values of our reporting units are estimated using an income approach based on discounted forecasted cash flows. Assumptions are based on our projections and best estimates, using appropriate and customary market participant assumptions. Changes in forecasted cash flows or the discount rate would affect the estimated fair values of reporting units and could result in a goodwill impairment charge in a future period. No goodwill impairments were identified as a result of the annual or event-driven reviews during the years ended December 31, 2011, 2010 or 2009.

 

We assess the realizability of intangible assets other than goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If an impairment review is triggered, we evaluate the carrying value of intangible assets based on estimated undiscounted future cash flows over the remaining useful life of the primary asset of the asset group and compare that value to the carrying value of the asset group. The cash flows that are used contain our best estimates, using appropriate and customary assumptions and projections at the time. See Note 8 for further information regarding our goodwill and intangible assets.

 

  (f) Warranty Reserves

We provide a standard twelve months warranty on all instruments sold. We recognize the cost of instrument warranties in cost of product revenue at the time revenue is recognized based on the estimated cost to repair the instrument over its warranty period. As we develop and sell new instruments, our provision for warranty expense increases. Cost of revenue reflects not only estimated warranty expense for instruments sold in the current period, but also any changes in estimated warranty expense for the portion of the aggregate installed base that is under warranty. Estimated warranty expense is based on a variety of inputs, including historical instrument performance in the customers' environment, historical costs incurred in servicing instruments and projected instrument reliability and service costs. Should actual service rates or costs differ from our estimates, which are based on historical data and projections of future costs, revisions to the estimated warranty liability would be required. We review these inputs, at a minimum, on an annual basis. The liability for warranties is included in accrued liabilities in the accompanying consolidated balance sheets. See Note 10 for further information regarding our warranty reserves.

 

  (g) Income Taxes

We recognize a current tax liability or asset for current taxes payable or refundable, respectively, and a deferred tax liability or asset, as the case may be, for the estimated future tax effects of temporary differences between book and tax treatment of assets and liabilities and carryforwards to the extent they are realizable. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. While we consider future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance, in the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net recorded amount, a reduction of the valuation allowance would increase income in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our net deferred tax asset in the future, a reduction to the deferred tax asset would be charged to income in the period such determination was made.

 

We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. Unrecognized tax benefits are the differences between tax positions taken, or expected to be taken, in tax returns, and the benefits recognized for accounting purposes.

 

Significant judgment is required in determining our worldwide provision for income taxes and our income tax filings are regularly under audit by tax authorities. Any audit result differing from amounts recorded would increase or decrease income in the period that we determine such adjustment is likely. Interest expense and penalties associated with the underpayment of income taxes are included in income tax expense. See Note 12 for additional information regarding income taxes.

 

  (h) Taxes Remitted to Governmental Authorities by IDEXX on Behalf of Customer

We calculate, collect from our customers, and remit to governmental authorities sales, value added and excise taxes assessed by governmental authorities in connection with revenue-producing transactions with our customers. We report these taxes on a net basis and do not include these tax amounts in revenue or cost of product or service revenue.

 

  (i) Revenue Recognition

We recognize revenue when four criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured. Revenue-generating transactions generally fall into one of the following categories of revenue recognition:

 

  · We recognize revenue at the time of shipment to U.S. distributors for substantially all products sold through distributors because title and risk of loss pass to the distributors on delivery to the common carrier. Our distributors do not have the right to return products. We recognize revenue for the remainder of our customers, including distributors outside of the U.S., when the product is delivered to the customer, except as noted below.
  · We recognize revenue from the sales of instruments, non-cancelable software licenses and hardware systems upon installation (and completion of training if applicable) and the customer's acceptance of the instrument or system as we have no significant further obligations after this point in time.
  · We recognize service revenue at the time the service is performed.
  · We recognize revenue associated with extended maintenance agreements ("EMAs") over the life of the contracts using the straight-line method, which approximates the expected timing in which applicable services are performed. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.
  · We recognize revenue on certain instrument systems under rental programs over the life of the rental agreement using the straight-line method. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.
  · We recognize revenue on practice management systems sales, where the system includes software that is considered more than incidental, either by allocating the revenue to each element of the sale based on relative fair values of the elements, including post-contract support when fair value for all elements is available, or by use of the residual method when only the fair value of the post-contract support is available. We recognize revenue for the system upon installation and customer acceptance and recognize revenue equal to the fair value of the post-contract support over the support period.
  · Shipping costs reimbursed by the customer are included in revenue. These same costs are also included in cost of product revenue.

 

Multiple element arrangements ("MEAs"). Arrangements to sell products to customers frequently include multiple deliverables. Our most significant MEAs include the sale of one or more of the instruments from the IDEXX VetLab® suite of analyzers or digital radiography systems, combined with one or more of the following products: EMAs; consumables; reference laboratory diagnostic and consulting services; and practice management software. Practice management software is frequently sold with post-contract customer support and implementation services. Delivery of the various products or performance of services within the arrangement may or may not coincide. Delivery of our IDEXX VetLab® instruments, digital radiography systems, and practice management software generally occurs at the onset of the arrangement. EMAs, consumables, and reference laboratory diagnostic and consulting services typically are delivered over future periods, generally one to five years. In certain arrangements revenue recognized is limited to the amount invoiced or received that is not contingent on the delivery of future products and services.

 

 

On January 1, 2010, we adopted amendments to authoritative guidance that modified the revenue recognition guidance for establishing separate units of accounting in arrangements outside of the scope of software that contain multiple elements. We allocate revenue to each element based on the relative selling price and recognize revenue when the elements have standalone value and the four criteria for revenue recognition have been met for each element. We establish the selling price of each element based on vendor-specific objective evidence ("VSOE") if available, third-party evidence ("TPE") if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE is available. We generally determine selling price based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements. When these arrangements include a separately-priced EMA, we recognize revenue related to the EMA at the stated contractual price on a straight-line basis over the life of the agreement to the extent the separately stated price is substantive. If there is no stated contractual price for an EMA, or the separately stated price is not substantive, we recognize revenue according to the MEA policy stated above. We elected prospective adoption of these amendments. The impact of adopting these amendments to authoritative guidance did not have a material impact on our financial position, results of operations or cash flows.

 

When arrangements within the scope of software revenue recognition guidance include multiple elements, we allocate revenue to each element based on relative fair value when VSOE exists for all elements or by using the residual method when there is VSOE for the undelivered elements but no such evidence for the delivered elements. Under the residual method, the fair value of the undelivered elements is deferred and the residual revenue is allocated to the delivered elements. Revenue is recognized on any delivered elements when the four criteria for revenue recognition have been met for each element. If VSOE does not exist for the undelivered element, all revenue from the arrangement is deferred until the earlier of the point at which such sufficient VSOE does exist or all elements of the arrangement have been delivered. We determine fair value based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements.

 

Certain arrangements with customers include discounts on future sales of products and services. When the future discount offered is not considered significant and incremental, we do not account for the discount as an element of the original arrangement. If the future discount is significant and incremental, we recognize that discount as an element of the original arrangement and allocate the discount to the elements of the arrangement based on relative selling price.

 

Customer programs. We record reductions to revenue related to customer marketing and incentive programs, which include end-user rebates and other volume based incentives. Incentives may be provided in the form of IDEXX Points, credits or cash and are earned by end-users upon achieving defined volume purchase or utilization levels or upon entering an agreement to purchase products or services in future periods. Our most significant customer programs are categorized as follows:

 

Customer Loyalty Programs. Our customer loyalty programs offer customers the opportunity to earn incentives on a variety of IDEXX products and services as those products and services are purchased and utilized. Revenue reductions related to customer loyalty programs are recorded based on the actual issuance of incentives, incentives earned but not yet issued, and estimates of incentives to be earned in the future based on applicable product inventories held by distributors at the end of the period.

 

Up-Front Customer Loyalty Programs. Our up-front loyalty programs provide incentives to customers upon entering agreements to purchase products or services in future periods. These incentives are considered to be customer acquisition costs and are capitalized and recognized as a reduction to revenue over the term of the customer agreement. If these up-front incentives are subsequently utilized to purchase IDEXX VetLab® instruments, digital radiography systems or Cornerstone® practice management systems, product revenue and cost is deferred and recognized over the term of the customer agreement as products and services are provided to the customer. We monitor customer purchases over the term of their agreement to assess the realizability of our capitalized customer acquisition costs. For the years ended December 31, 2011, 2010 and 2009, we did not have any impaired customer acquisition costs.

 

IDEXX VetLab® Instrument Marketing Programs. Our instrument marketing programs require the customer to enroll at the time of instrument purchase and offer customers the opportunity to earn incentives in future periods based on the volume of the products they purchase and utilize over the term of the program. These arrangements are considered MEAs in accordance with our revenue recognition policy stated above. Revenue reductions related to instrument marketing programs are recorded based on an estimate of customer purchase and utilization levels and the incentive the customer will earn over the term of the program. Our estimates are based on historical experience and the specific terms and conditions of the marketing program and require us to apply judgment to approximate future product purchases and utilization. Differences between our estimates and actual incentives earned are accounted for as a change in estimate. These differences were not material for the years ended December 31, 2011, 2010 and 2009.

 

 

IDEXX Points may be applied against the purchase price for IDEXX products and services purchased in the future or applied to trade receivables due to us. IDEXX Points that have not yet been used by customers are classified as a liability until use or expiration occurs. We estimate the amount of points expected to expire, or breakage, based on historical expirations and we recognize the benefit of breakage as IDEXX Points are redeemed. On November 30 of each year, unused points earned before January 1 of the prior year generally expire and any variance from the breakage estimate is accounted for as a change in estimate. This variance was not material for the years ended December 31, 2011, 2010 and 2009.

 

Future market conditions and changes in product offerings may cause us to change marketing strategies to increase or decrease customer incentive offerings, possibly resulting in incremental reductions of revenue in future periods as compared to reductions in the current or prior periods. Additionally, certain customer programs require us to estimate, based on historical experience, and apply judgment to approximate the number of customers who will actually redeem the incentive. In determining estimated revenue reductions we utilize data supplied from distributors and collected directly from end-users, which includes the volume of qualifying products purchased and the number of qualifying tests run as reported to us by end-users via IDEXX SmartServiceTM. Differences between estimated and actual customer participation in programs may impact the amount and timing of revenue recognition.

 

Doubtful accounts receivable. We recognize revenue only in those situations where collection from the customer is reasonably assured. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We base our estimates on a detailed analysis of specific customer situations and a percentage of our accounts receivable by aging category. If the financial condition of our customers were to deteriorate, resulting in their inability to make payments, additional allowances might be required. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance sheet credit exposure related to customers.

 

  (j) Research and Development Costs

Research and development costs, which consist of salaries, employee benefits, materials and external consulting and product development costs, are expensed as incurred. We evaluate our software research and development costs for capitalization after the technological feasibility of software and products containing software has been established. No costs were capitalized during the years ended December 31, 2011, 2010 and 2009.

 

  (k) Advertising Costs

Advertising costs, which are recognized as sales and marketing expense in the period in which they are incurred, were $1.2 million, $1.7 million and $1.1 million for the years ended December 31, 2011, 2010 and 2009, respectively.

 

  (l) Legal Costs

Legal costs are considered period costs and accordingly are expensed in the period services are provided.

 

  (m) Share-Based Compensation

We provide for various forms of share-based compensation awards to our employees and non-employee directors. We measure share-based compensation expense based on the fair value on the date of grant net of estimated forfeitures. With the exception of stock options, the fair value of our awards is equal to the closing stock price of IDEXX common stock on the date of grant. We calculate the fair value of our stock option awards using the Black-Scholes-Merton ("BSM") option-pricing model. Share-based compensation expense is recognized on a straight-line basis over the requisite service period, which ranges from one to five years, depending on the award. Effective January 1, 2006, under the modified prospective method, share-based compensation expense includes expense for unvested awards at December 31, 2005 and all awards granted subsequent to December 31, 2005. Share-based compensation expense for the unvested awards outstanding at December 31, 2005 is based on the grant-date fair value previously calculated in developing the pro forma disclosures required prior to January 1, 2006. The graded vesting, or accelerated, method has been used to record the expense for stock options granted prior to January 1, 2006. The straight-line method is used to record the expense for stock options and awards granted subsequent to December 31, 2005. See Note 4 for additional information regarding share-based compensation.

 

  (n) Self-Insurance Accruals

We self-insure costs associated with worker's compensation and health and general welfare claims incurred by our U.S. employees up to certain limits. The insurance company provides insurance for claims above these limits. Claim liabilities are recorded for estimates of the loss that we will ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. Such liabilities are based on historical loss experience, individual coverage, the average time from when a claim is incurred to the time it is paid and judgments about the present and expected levels of cost per claim. Estimated claim liabilities could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. Estimated claim liabilities are included in accrued liabilities in the accompanying consolidated balance sheets.

 

  (o) Earnings per Share

Basic earnings per share is computed by dividing net income attributable to IDEXX Laboratories, Inc. stockholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the year. Vested deferred stock units outstanding are included in shares outstanding for basic and diluted earnings per share because the associated shares of our common stock are issuable for no cash consideration, the number of shares of our common stock to be issued is fixed and issuance is not contingent. See Note 4 for additional information regarding deferred stock units. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and assumed issuance of unvested restricted stock units and unvested deferred stock units using the treasury stock method unless the effect is anti-dilutive.

 

  (p) Foreign Currency

The functional currency of all but one of our subsidiaries is their local currency. Assets and liabilities of these foreign subsidiaries are translated to the U.S. dollar using the exchange rate in effect at the balance sheet date. Revenue and expense accounts are translated to the U.S. dollar using the exchange rate at the date which those elements are recognized, and where it is impractical to do so, an average exchange rate in effect during the period is used to translate those elements. Cumulative translation gains and losses are shown in the accompanying consolidated balance sheets as a separate component of accumulated other comprehensive income.

 

Revenues and expenses are recorded at the current exchange rate when the transaction is recognized. Monetary assets and liabilities denominated in a currency other than the respective subsidiary's functional currency are remeasured at each balance sheet date using the exchange rate in effect at each balance sheet date. These foreign currency gains and losses are included in general and administrative expenses. We recognized an aggregate foreign currency loss of $0.1 million for the year ended December 31, 2011, an aggregate loss of $1.0 million for the year ended December 31, 2010 and an aggregate gain of $0.5 million for the year ended December 31, 2009.

 

  (q) Derivative Instruments and Hedging

We recognize all derivative instruments, including our foreign currency exchange contracts and interest rate swap agreements, on the balance sheet at fair value at the balance sheet date. Derivative instruments that do not qualify for hedge accounting must be recorded at fair value through earnings. If a derivative instrument does qualify for hedge accounting, depending on the nature of the hedging instrument, changes in the fair value of the derivative instrument are either recognized in earnings or deferred in other comprehensive income ("OCI"), net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. To qualify for hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. We immediately record in earnings the extent to which a hedge instrument is not effective in achieving offsetting changes in fair value. We de-designate derivative instruments from hedge accounting when the likelihood of the hedged transaction occurring becomes less than probable. For de-designated instruments, the gain or loss from the time of de-designation through maturity of the instrument is recognized in earnings. Any gain or loss in OCI at the time of de-designation is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We present our derivative assets and liabilities on the balance sheet on a gross basis. All cash flows related to our foreign currency exchange contracts and interest rate swaps are classified as operating cash flows, which is consistent with the cash flow treatment of the underlying items being hedged. See Note 17 for additional information regarding our derivative and hedging instruments.

 

 

 

  (r) Fair Value Measurements

 

U.S. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

 

The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows:

 

Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.
   
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
   
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2011 and 2010, we had no Level 3 assets or liabilities.

 

Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

 

Our foreign currency exchange contracts and interest rate swap agreements are measured at fair value on a recurring basis in our accompanying consolidated balance sheets. We measure the fair value of our foreign currency exchange contracts classified as derivative instruments using an income approach, based on prevailing market forward rates less the contract rate multiplied by the notional amount. The product of this calculation is then adjusted for counterparty risk. We measure the fair value of our interest rate swaps classified as derivative instruments using an income approach, utilizing a discounted cash flow analysis based on the terms of the contract and the interest rate curve adjusted for counterparty risk.

 

Our unsecured revolving credit facility and mortgage are measured at carrying value in the accompanying consolidated balance sheets though we disclose the fair value of these financial instruments in our Quarterly Reports on Form 10-Q and in our Annual Reports on Form 10-K. We determine the fair value of our unsecured revolving credit facility and mortgage using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk.

 

  (s) Comprehensive Income

We report all changes in equity during a period, resulting from net income and transactions or other events and circumstances from non-owner sources, in a financial statement for the period in which they are recognized. We have chosen to disclose comprehensive income, which encompasses net income, foreign currency translation adjustments and the difference between the cost and the fair market value of investments in debt and equity securities, forward currency exchange contracts and interest rate swap agreements, in the consolidated statement of stockholders' equity. We consider the foreign currency cumulative translation adjustment to be permanently invested and, therefore, have not provided income taxes on those amounts.

 

  (t) Concentrations of Risk

Financial Instruments. Financial instruments that potentially subject us to concentrations of credit risk are principally cash, cash equivalents, accounts receivable and derivatives. To mitigate such risk with respect to cash and cash equivalents, we place our cash with highly-rated financial institutions, in non-interest bearing accounts that are insured by the U.S. government and money market funds invested in government securities. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our most significant customers and monitor the amounts owed to us, taking appropriate action when necessary. As a result, we believe that accounts receivable credit risk exposure is limited. We maintain an allowance for doubtful accounts, but historically have not experienced any material losses related to an individual customer or group of customers in any particular industry or geographic area. To mitigate concentration of credit risk with respect to derivatives we enter into transactions with highly-rated financial institutions, enter into master netting arrangements with the counterparties to our derivative transactions and frequently monitor the credit worthiness of our counterparties. Our master netting arrangements reduce our exposure in that they permit outstanding receivables and payables with the counterparties to our derivative transactions to be offset in the event of default.

 

Inventory. If we are unable to obtain adequate quantities of the inventory we need to sell our products, we could face cost increases or delays or discontinuations in product shipments, which could have a material adverse effect on our results of operations. Many of the third parties that provide us with the instruments we sell and certain components, raw materials and consumables incorporated into, or used with, our products are obtained from sole or single source suppliers. Some of the products that we purchase from these sources are proprietary or complex in nature, and, therefore, cannot be readily or easily replaced by alternative sources.

 

Customers. Our largest customers are our U.S. distributors of our products in the CAG segment. One of our CAG distributors, Butler Schein Animal Health Supply, LLC ("Butler"), accounted for 9% of our 2011 and 2010 revenue, and 7% and 4% of our net accounts receivable at December 31, 2011 and 2010, respectively. Butler was formed in December 2009 when Butler Animal Health Supply, LLC combined with the U.S. animal health business of Henry Schein, Inc. Together these organizations accounted for 10% of our revenue in 2009 and 6% of our net accounts receivable as of December 31, 2009.

 

 

  (u) New Accounting Pronouncements Not Yet Adopted

In December 2011, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.

 

In September 2011, the FASB issued an amendment to the accounting guidance for goodwill in order to simplify how companies test goodwill for impairment. The amendment permits an entity to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. We elected not to early adopt. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.

 

 

In June 2011, the FASB issued an amendment to the accounting guidance for presentation of comprehensive income. Under the amended guidance, an entity may present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. For public companies, the amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and shall be applied retrospectively. Early adoption is permitted. We elected not to early adopt. Other than a change in presentation, the implementation of this accounting pronouncement is not expected to have a material impact on our financial statements when implemented

 

In May 2011, the FASB issued an amendment to the accounting guidance for fair value measurement and disclosure. Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholders' equity. The guidance is effective for interim and annual periods beginning after December 15, 2011. We do not expect the adoption of the guidance to have a material impact on our financial statements when implemented.

 

There are no other new accounting pronouncements adopted or enacted during the twelve months ended December 31, 2011 that had, or are expected to have, a material impact on our financial statements.
XML 1050 R62.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property And Equipment (Narrative) (Details) (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense of property and equipment $ 37,500,000 $ 35,100,000 $ 39,200,000
Asset balance, gross 422,350,000 376,625,000  
Existing Westbrook Facility [Member]
      
Property, Plant and Equipment [Line Items]      
Current year additions 7,900,000    
Asset balance, gross 80,200,000    
New Westbrook Administrative Facility [Member]
      
Property, Plant and Equipment [Line Items]      
Current year additions 3,400,000    
Software Developed For Internal Use [Member]
      
Property, Plant and Equipment [Line Items]      
Current year additions $ 5,700,000 $ 7,800,000 $ 10,600,000
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1052 R43.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Schedule Of Reconciliation Of Shares Outstanding For Basic And Diluted Earnings Per Share
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Shares outstanding for basic earnings per share:     56,790       57,713       58,809  
                         
Shares outstanding for diluted earnings per share:                        
Shares outstanding for basic earnings per share     56,790       57,713       58,809  
Dilutive effect of share-based payment awards     1,424       1,846       1,873  
      58,214       59,559       60,682  
Schedule Of Number Of Anti-Dilutive Stock Options And Restricted Stock Units
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Weighted average number of shares underlying anti-dilutive options     597       501       878  
                         
Weighted average number of shares underlying anti-dilutive restricted stock units     -       -       2  
XML 1053 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Disposition Of Pharmaceutical Product Lines And Restructuring
 12 Months Ended
Dec. 31, 2011
Disposition Of Pharmaceutical Product Lines And Restructuring [Abstract]  
Disposition Of Pharmaceutical Product Lines And Restructuring
NOTE 22. DISPOSITION OF PHARMACEUTICAL PRODUCT LINES AND RESTRUCTURING

In the fourth quarter of 2008, we sold our Acarexx® and SURPASS® veterinary pharmaceutical products and a feline insulin product under development, which were a part of our CAG segment, for cash of $7.0 million, a short-term receivable of $1.4 million, which was received in January 2009, and up to $11.5 million of future payments based on the achievement of certain development and sales milestones by the acquirer of the feline insulin product. In the fourth quarter of 2009 we earned and received a milestone payment of $2.0 million in connection with the achievement of certain development milestones by the acquirer. In each of the third and fourth quarters of 2010 and the fourth quarter of 2011, we earned milestone payments of $3.0 million in connection with the achievement of certain sales milestones by the acquirer following commercialization of the feline insulin product. The 2010 aggregate milestone payments were received in the first quarter of 2011. The 2011 milestone payment is included in other current assets on the accompanying consolidated balance sheets. These milestone payments are reflected as reductions to general and administrative expenses as earned. Because we have no obligation to deliver product or services, or otherwise provide support to the third party under this agreement, and because collectability is reasonably assured, these milestone payments, and any other related milestone payments we earn in the future, are included in results of operations when earned, but are not classified as revenue because the transaction was accounted for as the sale of a business. We are eligible to earn up to $3.5 million in additional milestone payments based on the achievement of certain sales milestones by the acquirer related to the feline insulin product.

 

Additionally in the fourth quarter of 2008, in a separate transaction, we entered into an agreement to sell our raw material inventory of nitazoxanide ("NTZ"), the active ingredient associated with our Navigator® product, back to the material supplier. We received from the supplier an aggregate of $1.4 million during the year ended December 31, 2011 and $0.3 million during each of the years ended December 31, 2010 and 2009 in connection with this sale. Payments were recorded in our results of operations as reductions to general and administrative expense in the period in which they were received due to uncertain collectability. The payments received during the year ended December 31, 2011 satisfied the buyer's obligation to us.

 

In the fourth quarter of 2008, we also entered into a separate royalty bearing license agreement related to certain intellectual property of our pharmaceutical division. Under this agreement we received $0.3 million up front and $0.3 million in the fourth quarter of 2010 in connection with the achievement of certain production milestones by the licensee. We are eligible to earn up to $1.9 million in additional milestone payments, related to the achievement of certain clinical field trial and regulatory milestones, and royalties based on future product sales. Because we have no obligation to deliver product or services, or otherwise provide support to the third party under this agreement, and because collectability is reasonably assured, this milestone payment, and any other related milestone payments we earn in the future, was and will be included in results of operations when earned.
XML 1054 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Idexx Retirement And Incentive Savings Plan
 12 Months Ended
Dec. 31, 2011
Idexx Retirement And Incentive Savings Plan [Abstract]  
Idexx Retirement And Incentive Savings Plan

NOTE 21. IDEXX RETIREMENT AND INCENTIVE SAVINGS PLAN

 

We have established the IDEXX Retirement and Incentive Savings Plan (the "401(k) Plan"). Employees eligible to participate in the 401(k) Plan may contribute specified percentages of their salaries, a portion of which will be matched by us. We matched $6.4 million, $6.1 million and $5.9 million for the years ended December 31, 2011, 2010 and 2009, respectively. In addition, we may make contributions to the 401(k) Plan at the discretion of the board of directors. There were no discretionary contributions in 2011, 2010 or 2009.

 

We also have established defined contribution plans for regional employees in Europe and in Canada. With respect to these plans, we contributed $2.2 million, $2.0 million and $1.7 million for the years ended December 31, 2011, 2010 and 2009.
XML 1055 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Compensation (Schedule Of Selected Financial Impact Of Share-Based Compensation) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Income tax benefit resulting from share-based compensation arrangements $ (5,245) $ (4,597) $ (3,827)
Net impact of share-based compensation on net income 10,251 8,665 7,796
Cost Of Revenue [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 1,439 1,290 1,280
Operating Expenses [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 14,057 11,972 10,343
Total Share-Based Compensation Expense Included In Consolidated Statements Of Income [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 15,496 $ 13,262 $ 11,623
XML 1056 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments, Contingencies And Guarantees (Tables)
 12 Months Ended
Dec. 31, 2011
Commitments, Contingencies And Guarantees [Abstract]  
Schedule Of Minimum Annual Rental Payments
Years Ending December 31,   Amount  
         
2012   $ 12,813  
2013     10,695  
2014     7,442  
2015     6,025  
2016     5,147  
Thereafter     18,080  
    $ 60,202  
XML 1057 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary Of Quarterly Data
 12 Months Ended
Dec. 31, 2011
Summary Of Quarterly Data [Abstract]  
Summary Of Quarterly Data
NOTE 23. SUMMARY OF QUARTERLY DATA (UNAUDITED)

A summary of quarterly data follows (in thousands, except per share data):

 

    For the Three Months Ended  
    March 31,     June 30,     September 30,     December 31,  
                         
2011                                
Revenue   $ 292,672     $ 317,862     $ 300,954     $ 307,201  
Gross profit     154,925       174,033       158,667       158,881  
Operating income     53,532       71,298       56,096       55,299  
Net income attributable to stockholders     36,612       48,657       38,507       38,010  
Earnings per share:                                
Basic   $ 0.64     $ 0.85     $ 0.68     $ 0.68  
Diluted   $ 0.62     $ 0.83     $ 0.66     $ 0.67  
                                 
2010                                
Revenue   $ 268,525     $ 281,482     $ 269,628     $ 283,757  
Gross profit     142,361       149,284       142,207       144,771  
Operating income     48,428       54,835       49,814       50,804  
Net income attributable to stockholders     33,026       37,193       34,694       36,371  
Earnings per share:                                
Basic   $ 0.57     $ 0.64     $ 0.60     $ 0.63  
Diluted   $ 0.55     $ 0.62     $ 0.59     $ 0.62  
XML 1058 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Valuation And Qualifying Accounts
 12 Months Ended
Dec. 31, 2011
Valuation And Qualifying Accounts [Abstract]  
Schedule Of Valuation And Qualifying Accounts

SCHEDULE II

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)

 

    Balance at     Charges to     Write-Offs/     Foreign        
    Beginning     Costs and     Cash     Currency     Balance at End  
    of Year     Expenses     Payments     Translation     of Year  
                                         
Reserves for doubtful accounts receivable:                                        
December 31, 2009   $ 2,093       926       (783 )     95     $ 2,331  
December 31, 2010     2,331       1,575       (1,024 )     (54 )     2,828  
December 31, 2011     2,828       1,484       (1,011 )     (62 )     3,239  
                                         
Valuation allowance for deferred tax assets:                                        
December 31, 2009   $ 4,591       904       (400 )     36     $ 5,131  
December 31, 2010     5,131       278       (847 )     42       4,604  
December 31, 2011     4,604       837       (741 )     (86 )     4,614  
XML 1059 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature Of Business, Basis Of Presentation And Principles Of Consolidation
 12 Months Ended
Dec. 31, 2011
Nature Of Business, Basis Of Presentation And Principles Of Consolidation [Abstract]  
Nature Of Business, Basis Of Presentation And Principles Of Consolidation
NOTE 1. NATURE OF BUSINESS, BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

IDEXX Laboratories, Inc. ("IDEXX," the "Company," "we" or "our") develops, manufactures and distributes products and provides services for the veterinary, livestock and poultry, water and dairy markets. We also sell a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market. Our principal line of business is diagnostic and information technology-based products and services for the veterinary market, which we refer to as our Companion Animal Group ("CAG") operating segment. Our principal markets for these products and services are the United States ("U.S.") and Europe, but we also sell to customers and distributors in other international markets, including Australia, Canada and Japan. Our Water operating segment tests for the quality and safety of water in many countries around the world. Our Livestock and Poultry Diagnostics ("LPD") operating segment provides diagnostic tests and health-monitoring products for livestock and poultry health. Our principal markets for these tests and products during the year ended December 31, 2011 were Europe and the U.S. We also operate two smaller operating segments that comprise tests for the quality and safety of milk ("Dairy") and products for the human point-of-care medical diagnostics market ("OPTI Medical"). Financial information about the Dairy and OPTI Medical operating segments is combined and presented with one of our product lines and out-licensing arrangements remaining from our pharmaceutical business in an "Other" category because they do not meet the quantitative or qualitative thresholds for reportable segments. See Note 15 for additional information regarding our reportable operating segments, products and services and geographical areas.

 

The accompanying consolidated financial statements of IDEXX have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the requirements of Regulation S-X. These statements include the accounts of IDEXX and our wholly-owned and majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

 

Certain reclassifications have been made to the prior year consolidated financial statements to conform to the current year presentation. Reclassifications had no material impact on previously reported results of operations, financial position or cash flows.
XML 1060 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary Of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2011
Summary Of Significant Accounting Policies [Abstract]  
Estimates
  (a) Estimates

The preparation of these financial statements in accordance with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an ongoing basis, we evaluate these estimates, including those related to bad debts; goodwill and other intangible assets; income taxes; inventory; revenue recognition, product returns, customer programs and multiple element arrangements; share-based compensation; warranty reserves; self-insurance reserves; fair value measurements and contingencies. We accrue contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Cash And Cash Equivalents
  (b) Cash and cash equivalents

 

We consider all highly liquid investments with original maturities of ninety days or less to be cash equivalents. Cash and cash equivalents consist primarily of demand deposits and money market funds.

 

As of December 31, 2011 and 2010, our reported cash and cash equivalents balances contained restricted cash in the aggregate of $1.2 million and $2.4 million, respectively, securing various obligations.
Inventories
  (c) Inventories

Inventories include material, labor and overhead, and are stated at the lower of cost (first-in, first-out) or market. We write down inventory for estimated obsolescence when warranted based on estimates of future demand, market conditions, remaining shelf life, or product functionality. If actual market conditions or results of estimated functionality are less favorable than those we estimated, additional inventory write-downs may be required, which would have a negative effect on results of operations.
Property And Equipment
  (d) Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in the consolidated statements of income. We provide for depreciation and amortization primarily using the straight-line method by charges to income in amounts that allocate the cost of property and equipment over their estimated useful lives as follows:

 

Asset Classification   Estimated Useful Life
     
Land improvements   15 to 20 years
Buildings and improvements   15 to 40 years
Leasehold improvements   Shorter of remaining lease term or useful life of improvements
Machinery and equipment   3 to 7 years
Office furniture and equipment   3 to 7 years
Computer hardware and software   3 to 7 years

 

We capitalize interest on the acquisition and construction of significant assets that require a substantial period of time to be made ready for use. The capitalized interest is included in the cost of the completed asset and depreciated over the asset's estimated useful life. The amount of interest capitalized during the years ended December 31, 2011 and 2010 was not material.

 

We capitalize certain costs incurred in connection with developing or obtaining software designated for internal use based on three distinct stages of development. Qualifying costs incurred during the application development stage, which consist primarily of internal payroll and direct fringe benefits and external direct project costs, including labor and travel, are capitalized and amortized on a straight-line basis over the estimated useful life of the asset. Costs incurred during the preliminary project and post-implementation and operation phases are expensed as incurred. These costs are general and administrative in nature and relate primarily to the determination of performance requirements, data conversion and training.
Goodwill And Other Intangible Assets
  (e) Goodwill and Other Intangible Assets

Intangible assets other than goodwill are initially valued at fair value. If a quoted price in an active market for the identical asset is not readily available at the measurement date, the fair value of the intangible asset is estimated based on discounted cash flows using market participant assumptions, which are assumptions that are not specific to IDEXX. The selection of appropriate valuation methodologies and the estimation of discounted cash flows require significant assumptions about the timing and amounts of future cash flows, risks, appropriate discount rates, and the useful lives of intangible assets. When material, we utilize independent valuation experts to advise and assist us in allocating the purchase prices for acquired businesses to the fair values of the identified intangible assets and in determining appropriate amortization methods and periods for those intangible assets. Goodwill is valued based on the excess of the purchase price of a business combination over the fair values of acquired net assets, including intangible assets. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved with changes in fair value recognized in earnings.

 

We provide for amortization primarily using the straight-line method by charges to income in amounts that allocate the intangible assets over their estimated useful lives as follows:

 

    Estimated
Asset Classification   Useful Life
     
Patents   7 to 15 years
Product rights(1)   5 to 15 years
Customer-related intangible assets(2)   7 to 15 years
Noncompete agreements   3 to 9 years

 

 

  (1) Product rights comprise certain technologies, licenses and trade names acquired from third parties.
  (2) Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.

 

We assess goodwill for impairment, at the reporting unit level, annually in the fourth quarter and whenever events or circumstances indicate impairment may exist. For impairment testing, the fair values of our reporting units are estimated using an income approach based on discounted forecasted cash flows. Assumptions are based on our projections and best estimates, using appropriate and customary market participant assumptions. Changes in forecasted cash flows or the discount rate would affect the estimated fair values of reporting units and could result in a goodwill impairment charge in a future period. No goodwill impairments were identified as a result of the annual or event-driven reviews during the years ended December 31, 2011, 2010 or 2009.

 

We assess the realizability of intangible assets other than goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If an impairment review is triggered, we evaluate the carrying value of intangible assets based on estimated undiscounted future cash flows over the remaining useful life of the primary asset of the asset group and compare that value to the carrying value of the asset group. The cash flows that are used contain our best estimates, using appropriate and customary assumptions and projections at the time. See Note 8 for further information regarding our goodwill and intangible assets.
Warranty Reserves
  (f) Warranty Reserves

We provide a standard twelve months warranty on all instruments sold. We recognize the cost of instrument warranties in cost of product revenue at the time revenue is recognized based on the estimated cost to repair the instrument over its warranty period. As we develop and sell new instruments, our provision for warranty expense increases. Cost of revenue reflects not only estimated warranty expense for instruments sold in the current period, but also any changes in estimated warranty expense for the portion of the aggregate installed base that is under warranty. Estimated warranty expense is based on a variety of inputs, including historical instrument performance in the customers' environment, historical costs incurred in servicing instruments and projected instrument reliability and service costs. Should actual service rates or costs differ from our estimates, which are based on historical data and projections of future costs, revisions to the estimated warranty liability would be required. We review these inputs, at a minimum, on an annual basis. The liability for warranties is included in accrued liabilities in the accompanying consolidated balance sheets. See Note 10 for further information regarding our warranty reserves.
Income Taxes
  (g) Income Taxes

We recognize a current tax liability or asset for current taxes payable or refundable, respectively, and a deferred tax liability or asset, as the case may be, for the estimated future tax effects of temporary differences between book and tax treatment of assets and liabilities and carryforwards to the extent they are realizable. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. While we consider future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance, in the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net recorded amount, a reduction of the valuation allowance would increase income in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our net deferred tax asset in the future, a reduction to the deferred tax asset would be charged to income in the period such determination was made.

 

We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. Unrecognized tax benefits are the differences between tax positions taken, or expected to be taken, in tax returns, and the benefits recognized for accounting purposes.

 

Significant judgment is required in determining our worldwide provision for income taxes and our income tax filings are regularly under audit by tax authorities. Any audit result differing from amounts recorded would increase or decrease income in the period that we determine such adjustment is likely. Interest expense and penalties associated with the underpayment of income taxes are included in income tax expense. See Note 12 for additional information regarding income taxes.
Taxes Remitted To Governmental Authorities By IDEXX On Behalf Of Customer
  (h) Taxes Remitted to Governmental Authorities by IDEXX on Behalf of Customer

We calculate, collect from our customers, and remit to governmental authorities sales, value added and excise taxes assessed by governmental authorities in connection with revenue-producing transactions with our customers. We report these taxes on a net basis and do not include these tax amounts in revenue or cost of product or service revenue.
Revenue Recognition
  (i) Revenue Recognition

We recognize revenue when four criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured. Revenue-generating transactions generally fall into one of the following categories of revenue recognition:

 

  · We recognize revenue at the time of shipment to U.S. distributors for substantially all products sold through distributors because title and risk of loss pass to the distributors on delivery to the common carrier. Our distributors do not have the right to return products. We recognize revenue for the remainder of our customers, including distributors outside of the U.S., when the product is delivered to the customer, except as noted below.
  · We recognize revenue from the sales of instruments, non-cancelable software licenses and hardware systems upon installation (and completion of training if applicable) and the customer's acceptance of the instrument or system as we have no significant further obligations after this point in time.
  · We recognize service revenue at the time the service is performed.
  · We recognize revenue associated with extended maintenance agreements ("EMAs") over the life of the contracts using the straight-line method, which approximates the expected timing in which applicable services are performed. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.
  · We recognize revenue on certain instrument systems under rental programs over the life of the rental agreement using the straight-line method. Amounts collected in advance of revenue recognition are recorded as current or long-term deferred revenue based on the time from the balance sheet date to the future date of revenue recognition.
  · We recognize revenue on practice management systems sales, where the system includes software that is considered more than incidental, either by allocating the revenue to each element of the sale based on relative fair values of the elements, including post-contract support when fair value for all elements is available, or by use of the residual method when only the fair value of the post-contract support is available. We recognize revenue for the system upon installation and customer acceptance and recognize revenue equal to the fair value of the post-contract support over the support period.
  · Shipping costs reimbursed by the customer are included in revenue. These same costs are also included in cost of product revenue.

 

Multiple element arrangements ("MEAs"). Arrangements to sell products to customers frequently include multiple deliverables. Our most significant MEAs include the sale of one or more of the instruments from the IDEXX VetLab® suite of analyzers or digital radiography systems, combined with one or more of the following products: EMAs; consumables; reference laboratory diagnostic and consulting services; and practice management software. Practice management software is frequently sold with post-contract customer support and implementation services. Delivery of the various products or performance of services within the arrangement may or may not coincide. Delivery of our IDEXX VetLab® instruments, digital radiography systems, and practice management software generally occurs at the onset of the arrangement. EMAs, consumables, and reference laboratory diagnostic and consulting services typically are delivered over future periods, generally one to five years. In certain arrangements revenue recognized is limited to the amount invoiced or received that is not contingent on the delivery of future products and services.

 

 

On January 1, 2010, we adopted amendments to authoritative guidance that modified the revenue recognition guidance for establishing separate units of accounting in arrangements outside of the scope of software that contain multiple elements. We allocate revenue to each element based on the relative selling price and recognize revenue when the elements have standalone value and the four criteria for revenue recognition have been met for each element. We establish the selling price of each element based on vendor-specific objective evidence ("VSOE") if available, third-party evidence ("TPE") if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE is available. We generally determine selling price based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements. When these arrangements include a separately-priced EMA, we recognize revenue related to the EMA at the stated contractual price on a straight-line basis over the life of the agreement to the extent the separately stated price is substantive. If there is no stated contractual price for an EMA, or the separately stated price is not substantive, we recognize revenue according to the MEA policy stated above. We elected prospective adoption of these amendments. The impact of adopting these amendments to authoritative guidance did not have a material impact on our financial position, results of operations or cash flows.

 

When arrangements within the scope of software revenue recognition guidance include multiple elements, we allocate revenue to each element based on relative fair value when VSOE exists for all elements or by using the residual method when there is VSOE for the undelivered elements but no such evidence for the delivered elements. Under the residual method, the fair value of the undelivered elements is deferred and the residual revenue is allocated to the delivered elements. Revenue is recognized on any delivered elements when the four criteria for revenue recognition have been met for each element. If VSOE does not exist for the undelivered element, all revenue from the arrangement is deferred until the earlier of the point at which such sufficient VSOE does exist or all elements of the arrangement have been delivered. We determine fair value based on amounts charged separately for the delivered and undelivered elements to similar customers in standalone sales of the specific elements.

 

Certain arrangements with customers include discounts on future sales of products and services. When the future discount offered is not considered significant and incremental, we do not account for the discount as an element of the original arrangement. If the future discount is significant and incremental, we recognize that discount as an element of the original arrangement and allocate the discount to the elements of the arrangement based on relative selling price.

 

Customer programs. We record reductions to revenue related to customer marketing and incentive programs, which include end-user rebates and other volume based incentives. Incentives may be provided in the form of IDEXX Points, credits or cash and are earned by end-users upon achieving defined volume purchase or utilization levels or upon entering an agreement to purchase products or services in future periods. Our most significant customer programs are categorized as follows:

 

Customer Loyalty Programs. Our customer loyalty programs offer customers the opportunity to earn incentives on a variety of IDEXX products and services as those products and services are purchased and utilized. Revenue reductions related to customer loyalty programs are recorded based on the actual issuance of incentives, incentives earned but not yet issued, and estimates of incentives to be earned in the future based on applicable product inventories held by distributors at the end of the period.

 

Up-Front Customer Loyalty Programs. Our up-front loyalty programs provide incentives to customers upon entering agreements to purchase products or services in future periods. These incentives are considered to be customer acquisition costs and are capitalized and recognized as a reduction to revenue over the term of the customer agreement. If these up-front incentives are subsequently utilized to purchase IDEXX VetLab® instruments, digital radiography systems or Cornerstone® practice management systems, product revenue and cost is deferred and recognized over the term of the customer agreement as products and services are provided to the customer. We monitor customer purchases over the term of their agreement to assess the realizability of our capitalized customer acquisition costs. For the years ended December 31, 2011, 2010 and 2009, we did not have any impaired customer acquisition costs.

 

IDEXX VetLab® Instrument Marketing Programs. Our instrument marketing programs require the customer to enroll at the time of instrument purchase and offer customers the opportunity to earn incentives in future periods based on the volume of the products they purchase and utilize over the term of the program. These arrangements are considered MEAs in accordance with our revenue recognition policy stated above. Revenue reductions related to instrument marketing programs are recorded based on an estimate of customer purchase and utilization levels and the incentive the customer will earn over the term of the program. Our estimates are based on historical experience and the specific terms and conditions of the marketing program and require us to apply judgment to approximate future product purchases and utilization. Differences between our estimates and actual incentives earned are accounted for as a change in estimate. These differences were not material for the years ended December 31, 2011, 2010 and 2009.

 

 

IDEXX Points may be applied against the purchase price for IDEXX products and services purchased in the future or applied to trade receivables due to us. IDEXX Points that have not yet been used by customers are classified as a liability until use or expiration occurs. We estimate the amount of points expected to expire, or breakage, based on historical expirations and we recognize the benefit of breakage as IDEXX Points are redeemed. On November 30 of each year, unused points earned before January 1 of the prior year generally expire and any variance from the breakage estimate is accounted for as a change in estimate. This variance was not material for the years ended December 31, 2011, 2010 and 2009.

 

Future market conditions and changes in product offerings may cause us to change marketing strategies to increase or decrease customer incentive offerings, possibly resulting in incremental reductions of revenue in future periods as compared to reductions in the current or prior periods. Additionally, certain customer programs require us to estimate, based on historical experience, and apply judgment to approximate the number of customers who will actually redeem the incentive. In determining estimated revenue reductions we utilize data supplied from distributors and collected directly from end-users, which includes the volume of qualifying products purchased and the number of qualifying tests run as reported to us by end-users via IDEXX SmartServiceTM. Differences between estimated and actual customer participation in programs may impact the amount and timing of revenue recognition.

 

Doubtful accounts receivable. We recognize revenue only in those situations where collection from the customer is reasonably assured. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We base our estimates on a detailed analysis of specific customer situations and a percentage of our accounts receivable by aging category. If the financial condition of our customers were to deteriorate, resulting in their inability to make payments, additional allowances might be required. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance sheet credit exposure related to customers.
Research And Development Costs

 

  (j) Research and Development Costs

Research and development costs, which consist of salaries, employee benefits, materials and external consulting and product development costs, are expensed as incurred. We evaluate our software research and development costs for capitalization after the technological feasibility of software and products containing software has been established. No costs were capitalized during the years ended December 31, 2011, 2010 and 2009.
Advertising Costs
  (k) Advertising Costs

Advertising costs, which are recognized as sales and marketing expense in the period in which they are incurred, were $1.2 million, $1.7 million and $1.1 million for the years ended December 31, 2011, 2010 and 2009, respectively.
Legal Costs
  (l) Legal Costs

Legal costs are considered period costs and accordingly are expensed in the period services are provided.
Share-Based Compensation
  (m) Share-Based Compensation

We provide for various forms of share-based compensation awards to our employees and non-employee directors. We measure share-based compensation expense based on the fair value on the date of grant net of estimated forfeitures. With the exception of stock options, the fair value of our awards is equal to the closing stock price of IDEXX common stock on the date of grant. We calculate the fair value of our stock option awards using the Black-Scholes-Merton ("BSM") option-pricing model. Share-based compensation expense is recognized on a straight-line basis over the requisite service period, which ranges from one to five years, depending on the award. Effective January 1, 2006, under the modified prospective method, share-based compensation expense includes expense for unvested awards at December 31, 2005 and all awards granted subsequent to December 31, 2005. Share-based compensation expense for the unvested awards outstanding at December 31, 2005 is based on the grant-date fair value previously calculated in developing the pro forma disclosures required prior to January 1, 2006. The graded vesting, or accelerated, method has been used to record the expense for stock options granted prior to January 1, 2006. The straight-line method is used to record the expense for stock options and awards granted subsequent to December 31, 2005. See Note 4 for additional information regarding share-based compensation.
Self-Insurance Accruals
  (n) Self-Insurance Accruals

We self-insure costs associated with worker's compensation and health and general welfare claims incurred by our U.S. employees up to certain limits. The insurance company provides insurance for claims above these limits. Claim liabilities are recorded for estimates of the loss that we will ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. Such liabilities are based on historical loss experience, individual coverage, the average time from when a claim is incurred to the time it is paid and judgments about the present and expected levels of cost per claim. Estimated claim liabilities could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. Estimated claim liabilities are included in accrued liabilities in the accompanying consolidated balance sheets.
Earnings Per Share
  (o) Earnings per Share

Basic earnings per share is computed by dividing net income attributable to IDEXX Laboratories, Inc. stockholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the year. Vested deferred stock units outstanding are included in shares outstanding for basic and diluted earnings per share because the associated shares of our common stock are issuable for no cash consideration, the number of shares of our common stock to be issued is fixed and issuance is not contingent. See Note 4 for additional information regarding deferred stock units. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and assumed issuance of unvested restricted stock units and unvested deferred stock units using the treasury stock method unless the effect is anti-dilutive.
Foreign Currency
  (p) Foreign Currency

The functional currency of all but one of our subsidiaries is their local currency. Assets and liabilities of these foreign subsidiaries are translated to the U.S. dollar using the exchange rate in effect at the balance sheet date. Revenue and expense accounts are translated to the U.S. dollar using the exchange rate at the date which those elements are recognized, and where it is impractical to do so, an average exchange rate in effect during the period is used to translate those elements. Cumulative translation gains and losses are shown in the accompanying consolidated balance sheets as a separate component of accumulated other comprehensive income.

 

Revenues and expenses are recorded at the current exchange rate when the transaction is recognized. Monetary assets and liabilities denominated in a currency other than the respective subsidiary's functional currency are remeasured at each balance sheet date using the exchange rate in effect at each balance sheet date. These foreign currency gains and losses are included in general and administrative expenses. We recognized an aggregate foreign currency loss of $0.1 million for the year ended December 31, 2011, an aggregate loss of $1.0 million for the year ended December 31, 2010 and an aggregate gain of $0.5 million for the year ended December 31, 2009.
Derivative Instruments And Hedging
  (q) Derivative Instruments and Hedging

We recognize all derivative instruments, including our foreign currency exchange contracts and interest rate swap agreements, on the balance sheet at fair value at the balance sheet date. Derivative instruments that do not qualify for hedge accounting must be recorded at fair value through earnings. If a derivative instrument does qualify for hedge accounting, depending on the nature of the hedging instrument, changes in the fair value of the derivative instrument are either recognized in earnings or deferred in other comprehensive income ("OCI"), net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. To qualify for hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. We immediately record in earnings the extent to which a hedge instrument is not effective in achieving offsetting changes in fair value. We de-designate derivative instruments from hedge accounting when the likelihood of the hedged transaction occurring becomes less than probable. For de-designated instruments, the gain or loss from the time of de-designation through maturity of the instrument is recognized in earnings. Any gain or loss in OCI at the time of de-designation is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We present our derivative assets and liabilities on the balance sheet on a gross basis. All cash flows related to our foreign currency exchange contracts and interest rate swaps are classified as operating cash flows, which is consistent with the cash flow treatment of the underlying items being hedged. See Note 17 for additional information regarding our derivative and hedging instruments.
Fair Value Measurements

 

 

  (r) Fair Value Measurements

 

U.S. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

 

The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows:

 

Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.
   
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
   
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2011 and 2010, we had no Level 3 assets or liabilities.

 

Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

 

Our foreign currency exchange contracts and interest rate swap agreements are measured at fair value on a recurring basis in our accompanying consolidated balance sheets. We measure the fair value of our foreign currency exchange contracts classified as derivative instruments using an income approach, based on prevailing market forward rates less the contract rate multiplied by the notional amount. The product of this calculation is then adjusted for counterparty risk. We measure the fair value of our interest rate swaps classified as derivative instruments using an income approach, utilizing a discounted cash flow analysis based on the terms of the contract and the interest rate curve adjusted for counterparty risk.

 

Our unsecured revolving credit facility and mortgage are measured at carrying value in the accompanying consolidated balance sheets though we disclose the fair value of these financial instruments in our Quarterly Reports on Form 10-Q and in our Annual Reports on Form 10-K. We determine the fair value of our unsecured revolving credit facility and mortgage using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk.
Comprehensive Income
  (s) Comprehensive Income

We report all changes in equity during a period, resulting from net income and transactions or other events and circumstances from non-owner sources, in a financial statement for the period in which they are recognized. We have chosen to disclose comprehensive income, which encompasses net income, foreign currency translation adjustments and the difference between the cost and the fair market value of investments in debt and equity securities, forward currency exchange contracts and interest rate swap agreements, in the consolidated statement of stockholders' equity. We consider the foreign currency cumulative translation adjustment to be permanently invested and, therefore, have not provided income taxes on those amounts.
Concentrations Of Risk
  (t) Concentrations of Risk

Financial Instruments. Financial instruments that potentially subject us to concentrations of credit risk are principally cash, cash equivalents, accounts receivable and derivatives. To mitigate such risk with respect to cash and cash equivalents, we place our cash with highly-rated financial institutions, in non-interest bearing accounts that are insured by the U.S. government and money market funds invested in government securities. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our most significant customers and monitor the amounts owed to us, taking appropriate action when necessary. As a result, we believe that accounts receivable credit risk exposure is limited. We maintain an allowance for doubtful accounts, but historically have not experienced any material losses related to an individual customer or group of customers in any particular industry or geographic area. To mitigate concentration of credit risk with respect to derivatives we enter into transactions with highly-rated financial institutions, enter into master netting arrangements with the counterparties to our derivative transactions and frequently monitor the credit worthiness of our counterparties. Our master netting arrangements reduce our exposure in that they permit outstanding receivables and payables with the counterparties to our derivative transactions to be offset in the event of default.

 

Inventory. If we are unable to obtain adequate quantities of the inventory we need to sell our products, we could face cost increases or delays or discontinuations in product shipments, which could have a material adverse effect on our results of operations. Many of the third parties that provide us with the instruments we sell and certain components, raw materials and consumables incorporated into, or used with, our products are obtained from sole or single source suppliers. Some of the products that we purchase from these sources are proprietary or complex in nature, and, therefore, cannot be readily or easily replaced by alternative sources.

 

Customers. Our largest customers are our U.S. distributors of our products in the CAG segment. One of our CAG distributors, Butler Schein Animal Health Supply, LLC ("Butler"), accounted for 9% of our 2011 and 2010 revenue, and 7% and 4% of our net accounts receivable at December 31, 2011 and 2010, respectively. Butler was formed in December 2009 when Butler Animal Health Supply, LLC combined with the U.S. animal health business of Henry Schein, Inc. Together these organizations accounted for 10% of our revenue in 2009 and 6% of our net accounts receivable as of December 31, 2009.
New Accounting Pronouncements Not Yet Adopted
  (u) New Accounting Pronouncements Not Yet Adopted

In December 2011, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.

 

In September 2011, the FASB issued an amendment to the accounting guidance for goodwill in order to simplify how companies test goodwill for impairment. The amendment permits an entity to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. We elected not to early adopt. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented.

 

 

In June 2011, the FASB issued an amendment to the accounting guidance for presentation of comprehensive income. Under the amended guidance, an entity may present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. For public companies, the amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and shall be applied retrospectively. Early adoption is permitted. We elected not to early adopt. Other than a change in presentation, the implementation of this accounting pronouncement is not expected to have a material impact on our financial statements when implemented

 

In May 2011, the FASB issued an amendment to the accounting guidance for fair value measurement and disclosure. Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholders' equity. The guidance is effective for interim and annual periods beginning after December 15, 2011. We do not expect the adoption of the guidance to have a material impact on our financial statements when implemented.

 

There are no other new accounting pronouncements adopted or enacted during the twelve months ended December 31, 2011 that had, or are expected to have, a material impact on our financial statements.
XML 1061 R83.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting (Summary Of Segment Performance) (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Segment Reporting Information [Line Items]                      
Revenue $ 307,201 $ 300,954 $ 317,862 $ 292,672 $ 283,757 $ 269,628 $ 281,482 $ 268,525 $ 1,218,689 $ 1,103,392 $ 1,031,633
Income (loss) from operations 55,299 56,096 71,298 53,532 50,804 49,814 54,835 48,428 236,225 203,881 175,969
Interest expense, net                 1,803 1,752 1,430
Income before provision for income taxes                 234,422 202,129 174,539
Provision for income taxes                 72,668 60,809 52,304
Net income                 161,754 141,320 122,235
Net income attributable to noncontrolling interest                 (32) 36 10
Net income attributable to IDEXX Laboratories, Inc. stockholders 38,010 38,507 48,657 36,612 36,371 34,694 37,193 33,026 161,786 141,284 122,225
Depreciation and amortization                 48,202 45,956 49,773
Segment assets 1,030,814       897,144       1,030,814 897,144 808,527
Expenditures for long-lived assets                 52,464 [1] 38,908 [1] 52,332 [1]
Companion Animal Group [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 999,722 905,655 843,303
Income (loss) from operations                 189,834 165,213 131,738
Depreciation and amortization                 39,165 38,211 41,865
Segment assets 635,461       551,492       635,461 551,492 519,098
Expenditures for long-lived assets                 42,198 [1] 31,499 [1] 41,111 [1]
Water [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 82,125 76,514 73,214
Income (loss) from operations                 33,844 31,613 30,843
Depreciation and amortization                 1,717 1,532 1,457
Segment assets 45,479       41,884       45,479 41,884 43,893
Expenditures for long-lived assets                 2,487 [1] 1,642 [1] 3,110 [1]
Livestock And Poultry Diagnostics Segment Revenue [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 94,112 81,177 77,208
Income (loss) from operations                 23,739 19,603 17,351
Depreciation and amortization                 4,537 3,809 4,544
Segment assets 64,727       57,390       64,727 57,390 57,897
Expenditures for long-lived assets                 5,699 [1] 2,815 [1] 3,337 [1]
Other [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 42,730 40,046 37,908
Income (loss) from operations                 2,556 4,125 3,179
Depreciation and amortization                 2,783 2,404 1,907
Segment assets 44,641       38,028       44,641 38,028 35,779
Expenditures for long-lived assets                 2,080 [1] 2,952 [1] 4,774 [1]
Unallocated Amounts [Member]
                      
Segment Reporting Information [Line Items]                      
Income (loss) from operations                 (13,748) (16,673) (7,142)
Segment assets $ 240,506       $ 208,350       $ 240,506 $ 208,350 $ 151,860
[1] Expenditures for long-lived assets exclude expenditures for intangible assets. See Note 3 for information regarding acquisitions of intangible assets during the years ended December 31, 2011, 2010 and 2009.
XML 1062 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warranty Reserves (Tables)
 12 Months Ended
Dec. 31, 2011
Warranty Reserves [Abstract]  
Schedule Of Changes In Accrued Warranty Reserves
    For the Years Ended December 31,  
    2011     2010  
             
Balance, beginning of year   $ 2,196     $ 3,104  
Provision for warranty expense     2,507       3,113  
Change in estimate, balance beginning of year     (395 )     (1,298 )
Settlement of warranty liability     (2,615 )     (2,723 )
Balance, end of year   $ 1,693     $ 2,196  
XML 1063 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives For Intangible Assets) (Details)
 12 Months Ended
Dec. 31, 2011
Patents [Member]
  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life, minimum years 7
Estimated useful life, maximum years 15
Product Rights [Member]
  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life, minimum years 5 [1]
Estimated useful life, maximum years 15 [1]
Customer-Related Intangible Assets [Member]
  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life, minimum years 7 [2]
Estimated useful life, maximum years 15 [2]
Noncompete Agreements [Member]
  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life, minimum years 3
Estimated useful life, maximum years 9
[1] Product rights comprise certain technologies, licenses and trade names acquired from third parties.
[2] Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.
XML 1064 R72.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt (Schedule Of Annual Principal Payments On Long-Term Debt) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Debt Disclosure [Abstract]  
2012 $ 917
2013 1,108
2014 1,034
2015 359
Annual principal payments on long-term debt, Total $ 3,418
XML 1065 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current Assets:    
Cash and cash equivalents $ 183,895 $ 156,915
Accounts receivable, net of reserves of $3,239 in 2011 and $2,828 in 2010 141,275 120,080
Inventories 133,099 127,885
Deferred income tax assets 25,637 26,203
Other current assets 40,321 29,508
Total current assets 524,227 460,591
Long-Term Assets:    
Property and equipment, net 216,777 201,725
Goodwill 172,610 149,112
Intangible assets, net 69,209 55,752
Other long-term assets, net 47,991 29,964
Total long-term assets 506,587 436,553
Total Assets 1,030,814 897,144
Current Liabilities:    
Accounts payable 36,551 22,669
Accrued liabilities 141,383 118,598
Line of credit 243,000 128,999
Current portion of long-term debt 917 863
Current portion of deferred revenue 15,028 13,983
Total current liabilities 436,879 285,112
Long-Term Liabilities:    
Deferred income tax liabilities 23,288 18,661
Long-term debt, net of current portion 2,501 3,418
Long-term deferred revenue, net of current portion 10,823 4,627
Other long-term liabilities 17,730 11,045
Total long-term liabilities 54,342 37,751
Total liabilities 491,221 322,863
Commitments and Contingencies (Note 14)      
Stockholders' Equity:    
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 99,229 and 97,968 shares in 2011 and 2010, respectively 9,923 9,797
Additional paid-in capital 702,575 641,645
Deferred stock units: Outstanding: 119 and 118 units in 2011 and 2010, respectively 4,688 4,433
Retained earnings 1,127,326 965,540
Accumulated other comprehensive income 15,443 13,467
Treasury stock, at cost: 44,128 and 40,657 shares in 2011 and 2010, respectively (1,320,376) (1,060,647)
Total IDEXX Laboratories, Inc. stockholders' equity 539,579 574,235
Noncontrolling interest 14 46
Total stockholders' equity 539,593 574,281
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,030,814 $ 897,144
XML 1066 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2011
Segment Reporting [Abstract]  
Schedule Of Segment Performance
For the Years Ended December 31,                                    
    CAG     Water     LPD     Other     Unallocated Amounts     Consolidated Total  
2011                                    
Revenue   $ 999,722       82,125       94,112       42,730       -     $ 1,218,689  
                                                 
Income (loss) from operations   $ 189,834       33,844       23,739       2,556       (13,748 )   $ 236,225  
Interest expense, net                                             1,803  
Income before provision for income taxes                                             234,422  
Provision for income taxes                                             72,668  
Net income                                             161,754  
Net income attributable to noncontrolling interest                                             (32 )
Net income attributable to IDEXX Laboratories' stockholders                                           $ 161,786  
                                                 
Depreciation and amortization   $ 39,165       1,717       4,537       2,783       -     $ 48,202  
Segment assets     635,461       45,479       64,727       44,641       240,506       1,030,814  
Expenditures for long-lived assets (1)     42,198       2,487       5,699       2,080       -       52,464  
                                                 
2010                                                
Revenue   $ 905,655     $ 76,514     $ 81,177     $ 40,046     $ -     $ 1,103,392  
                                                 
Income (loss) from operations   $ 165,213     $ 31,613     $ 19,603     $ 4,125     $ (16,673 )   $ 203,881  
Interest expense, net                                             1,752  
Income before provision for income taxes                                             202,129  
Provision for income taxes                                             60,809  
Net income                                             141,320  
Net income attributable to noncontrolling interest                                             36  
Net income attributable to IDEXX Laboratories' stockholders                                           $ 141,284  
                                                 
Depreciation and amortization   $ 38,211     $ 1,532     $ 3,809     $ 2,404     $ -     $ 45,956  
Segment assets     551,492       41,884       57,390       38,028       208,350       897,144  
Expenditures for long-lived assets (1)     31,499       1,642       2,815       2,952       -       38,908  
                                                 
2009                                                
Revenue   $ 843,303     $ 73,214     $ 77,208     $ 37,908     $ -     $ 1,031,633  
                                                 
Income (loss) from operations   $ 131,738       30,843       17,351       3,179       (7,142 )   $ 175,969  
Interest expense, net                                             1,430  
Income before provision for income taxes                                             174,539  
Provision for income taxes                                             52,304  
Net income                                             122,235  
Net income attributable to noncontrolling interest                                             10  
Net income attributable to IDEXX Laboratories' stockholders                                           $ 122,225  
                                                 
Depreciation and amortization   $ 41,865     $ 1,457     $ 4,544     $ 1,907     $ -     $ 49,773  
Segment assets     519,098       43,893       57,897       35,779       151,860       808,527  
Expenditures for long-lived assets (1)     41,111       3,110       3,337       4,774       -       52,332  

 

(1) Expenditures for long-lived assets exclude expenditures for intangible assets. See Note 3 for information regarding acquisitions of intangible assets during the years ended December 31, 2011, 2010 and 2009.
Schedule Of Revenue By Product And Service Categories
    For the Years Ended December 31,  
    2011     2010     2009  
CAG segment revenue:                        
Instruments and consumables   $ 394,586     $ 354,239     $ 332,706  
Rapid assay products     154,342       146,538       147,078  
Reference laboratory diagnostic and consulting services     373,919       329,666       298,410  
Practice management systems and digital radiography     76,875       75,212       65,055  
Pharmaceutical products     -       -       54  
CAG segment revenue     999,722       905,655       843,303  
                         
Water segment revenue     82,125       76,514       73,214  
Livestock and poultry diagnostics segment revenue     94,112       81,177       77,208  
Other segment revenue     42,730       40,046       37,908  
                         
Total revenue   $ 1,218,689     $ 1,103,392     $ 1,031,633  
Schedule Of Revenue By Principal Geographic Area
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Americas                        
United States   $ 700,090     $ 652,026     $ 614,517  
Canada     65,318       59,806       55,105  
Other     20,431       16,343       12,416  
      785,839       728,175       682,038  
                         
Europe, the Middle East and Africa                        
United Kingdom     61,016       56,493       55,835  
Germany     78,806       68,318       62,480  
France     48,164       42,895       41,756  
Other     123,651       106,186       104,364  
      311,637       273,892       264,435  
                         
Asia Pacific Region                        
Japan     43,445       36,260       31,794  
Australia     44,023       36,296       29,177  
Other     33,745       28,769       24,189  
      121,213       101,325       85,160  
Total   $ 1,218,689     $ 1,103,392     $ 1,031,633  
Schedule Of Net Long-Lived Assets By Principal Geographic Areas
    December 31,  
    2011     2010     2009  
                   
Americas                        
United States   $ 187,621     $ 173,070     $ 169,933  
Canada     2,523       3,628       4,373  
      190,144       176,698       174,306  
                         
Europe, the Middle East and Africa                        
United Kingdom     11,000       10,341       9,520  
Germany     2,360       2,670       3,210  
Switzerland     2,547       2,164       2,870  
France     2,270       2,270       2,813  
Netherlands     3,400       3,525       3,532  
Other     1,210       802       965  
      22,787       21,772       22,910  
                         
Asia Pacific Region                        
Japan     1,142       737       709  
Australia     1,495       1,704       1,650  
Other     1,209       814       371  
      3,846       3,255       2,730  
Total   $ 216,777     $ 201,725     $ 199,946  
XML 1067 R96.htm IDEA: XBRL DOCUMENT v2.4.0.6
Idexx Retirement And Incentive Savings Plan (Details) (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
401(k) Plan [Member]
      
Retirement And Incentive Savings Plan [Line Items]      
Employer contributions $ 6.4 $ 6.1 $ 5.9
European-Based Defined Contribution Plans [Member]
      
Retirement And Incentive Savings Plan [Line Items]      
Employer contributions   2.0 1.7
European And Canadian Based Defined Contribution Plan [Member]
      
Retirement And Incentive Savings Plan [Line Items]      
Employer contributions $ 2.2    
XML 1068 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Consolidated Statements Of Stockholders' Equity [Abstract]      
Unrealized gain (loss) on investments, tax portion $ 64 $ 108 $ 224
Unrealized gain (loss) on derivative instruments, tax portion $ 2,339 $ 240 $ 4,607
Common stock, par value $ 0.10 $ 0.10 $ 0.10
XML 1069 R94.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Accumulated Other Comprehensive Income [Abstract]    
Unrealized loss on investments, net of tax $ (287) $ (179)
Unrealized gain/(loss) on derivative instruments, net of tax 3,206 (2,557)
Cumulative translation adjustment 12,524 16,203
Accumulated other comprehensive income $ 15,443 $ 13,467
XML 1070 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Compensation (Schedule Of Restricted Stock Unit Activity) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Restricted Stock Units [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding as of December 31, 2010 508
Granted 141
Vested (160)
Forfeited (41)
Outstanding as of December 31, 2011 448
Weighted Average Grant-Date Fair Value of beginning balance of outstanding awards $ 44.89
Weighted Average Grant-Date Fair Value of awards Granted $ 77.13
Weighted Average Grant-Date Fair Value of awards Vested $ 44.36
Weighted Average Grant-Date Fair Value of awards Forfeited $ 50.99
Weighted Average Grant-Date Fair Value of Ending Balance of Outstanding Awards as of December 31, 2011 $ 54.66
Restricted Stock Units Expected To Vest, Reduced For Estimated Forfeitures [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding as of December 31, 2011 410
Weighted Average Grant-Date Fair Value of Ending Balance of Outstanding Awards as of December 31, 2011 $ 54.39
XML 1071 R99.htm IDEA: XBRL DOCUMENT v2.4.0.6
Valuation And Qualifying Accounts (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Reserves For Doubtful Accounts Receivable [Member]
      
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Year $ 2,828 $ 2,331 $ 2,093
Charges to Costs and Expenses 1,484 1,575 926
Write-Offs/Cash Payments (1,011) (1,024) (783)
Foreign Currency Translation (62) (54) 95
Balance at End of Year 3,239 2,828 2,331
Valuation Allowance For Deferred Tax Assets [Member]
      
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Year 4,604 5,131 4,591
Charges to Costs and Expenses 837 278 904
Write-Offs/Cash Payments (741) (847) (400)
Foreign Currency Translation (86) 42 36
Balance at End of Year $ 4,614 $ 4,604 $ 5,131
XML 1072 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Tables)
 12 Months Ended
Dec. 31, 2011
Inventories [Abstract]  
Schedule Of Major Classes Of Inventories
    December 31,  
    2011     2010  
Raw materials   $ 28,338     $ 26,758  
Work-in-process     14,892       13,790  
Finished goods     89,869       87,337  
    $ 133,099     $ 127,885  
XML 1073 R65.htm IDEA: XBRL DOCUMENT v2.4.0.6
Intangible Assets And Goodwill (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Intangible Assets And Goodwill [Abstract]      
Aggregate amortization expense $ 8.7 $ 9.0 $ 9.4
Impairment charge     $ 1.5
XML 1074 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting
 12 Months Ended
Dec. 31, 2011
Segment Reporting [Abstract]  
Segment Reporting
NOTE 15. SEGMENT REPORTING

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision-maker is our Chief Executive Officer. Our reportable segments include: CAG, Water, LPD, and Other. The Other segment is comprised of our Dairy and OPTI Medical operating segments and a product line and out-licensing arrangements remaining from our pharmaceutical business.

 

CAG develops, designs, manufactures, and distributes products and performs services for veterinarians, primarily related to diagnostics and information management. Water develops, designs, manufactures and distributes a range of products used in the detection of various microbiological parameters in water. LPD develops, designs, manufactures and distributes diagnostic tests and related instrumentation that are used to detect a wide range of diseases and to monitor health status in livestock and poultry. Dairy develops, designs, manufactures and distributes products to detect contaminants in milk. OPTI Medical develops, designs, manufactures, and distributes point-of-care electrolyte and blood gas analyzers and related consumable products for the human medical diagnostics market. Further, OPTI Medical manufactures our VetStat® Electrolyte and Blood Gas Analyzer and electrolyte consumables used with our Catalyst Dx® analyzer.

 

The accounting policies of our segments are the same as those described in the summary of significant accounting policies in Note 2 except for inventories, as discussed below. Intersegment revenues, which are not included in the table below, were not material for the years ended December 31, 2011, 2010, and 2009.

 

On January 1, 2011, we changed the measure of profitability for our reportable segments. As a result of this change, a portion of corporate support function expenses and personnel-related expenses, certain manufacturing costs and certain foreign currency exchange gains and losses are no longer allocated to our reportable segments and, instead, are reported under the caption "Unallocated Amounts" in addition to those amounts already reported under the caption "Unallocated Amounts." Prior to January 1, 2011, items not allocated to our operating segments consisted primarily of corporate research and development expenses that did not align with one of our existing business or service categories and the difference between estimated and actual share-based compensation expense. Similar to our treatment of share-based compensation expense, we estimate corporate support function expenses and certain personnel-related costs and allocate the estimated expense to the operating segments. This allocation differs from the actual expense and consequently yields a difference that is now reported under the caption "Unallocated Amounts." With respect to manufacturing costs, the costs reported in our operating segments include our standard cost for products sold and any variances from standard cost for products purchased or manufactured within the period. We capitalize these variances for inventory on hand at the end of the period to record inventory in accordance with U.S. GAAP. We then record these costs as cost of product revenue as that inventory is sold. The impact to cost of product revenue resulting from this variance capitalization and subsequent expense recognition is now reported within the caption "Unallocated Amounts." The segment income (loss) from operations discussed within this report for the years ended December 31, 2010 and 2009 have been restated to conform to our new measure of segment profitability. This change in measure of segment profitability did not have a material impact on the results of operations for any of our individual segments. There was no change to the business composition of our reportable segments or to our consolidated results of operations.

 

 

Below is our segment information (in thousands):

 

For the Years Ended December 31,                                    
    CAG     Water     LPD     Other     Unallocated Amounts     Consolidated Total  
2011                                    
Revenue   $ 999,722       82,125       94,112       42,730       -     $ 1,218,689  
                                                 
Income (loss) from operations   $ 189,834       33,844       23,739       2,556       (13,748 )   $ 236,225  
Interest expense, net                                             1,803  
Income before provision for income taxes                                             234,422  
Provision for income taxes                                             72,668  
Net income                                             161,754  
Net income attributable to noncontrolling interest                                             (32 )
Net income attributable to IDEXX Laboratories' stockholders                                           $ 161,786  
                                                 
Depreciation and amortization   $ 39,165       1,717       4,537       2,783       -     $ 48,202  
Segment assets     635,461       45,479       64,727       44,641       240,506       1,030,814  
Expenditures for long-lived assets (1)     42,198       2,487       5,699       2,080       -       52,464  
                                                 
2010                                                
Revenue   $ 905,655     $ 76,514     $ 81,177     $ 40,046     $ -     $ 1,103,392  
                                                 
Income (loss) from operations   $ 165,213     $ 31,613     $ 19,603     $ 4,125     $ (16,673 )   $ 203,881  
Interest expense, net                                             1,752  
Income before provision for income taxes                                             202,129  
Provision for income taxes                                             60,809  
Net income                                             141,320  
Net income attributable to noncontrolling interest                                             36  
Net income attributable to IDEXX Laboratories' stockholders                                           $ 141,284  
                                                 
Depreciation and amortization   $ 38,211     $ 1,532     $ 3,809     $ 2,404     $ -     $ 45,956  
Segment assets     551,492       41,884       57,390       38,028       208,350       897,144  
Expenditures for long-lived assets (1)     31,499       1,642       2,815       2,952       -       38,908  
                                                 
2009                                                
Revenue   $ 843,303     $ 73,214     $ 77,208     $ 37,908     $ -     $ 1,031,633  
                                                 
Income (loss) from operations   $ 131,738       30,843       17,351       3,179       (7,142 )   $ 175,969  
Interest expense, net                                             1,430  
Income before provision for income taxes                                             174,539  
Provision for income taxes                                             52,304  
Net income                                             122,235  
Net income attributable to noncontrolling interest                                             10  
Net income attributable to IDEXX Laboratories' stockholders                                           $ 122,225  
                                                 
Depreciation and amortization   $ 41,865     $ 1,457     $ 4,544     $ 1,907     $ -     $ 49,773  
Segment assets     519,098       43,893       57,897       35,779       151,860       808,527  
Expenditures for long-lived assets (1)     41,111       3,110       3,337       4,774       -       52,332  

 

(1) Expenditures for long-lived assets exclude expenditures for intangible assets. See Note 3 for information regarding acquisitions of intangible assets during the years ended December 31, 2011, 2010 and 2009.

 

 

Revenue by product and service categories was as follows (in thousands):

 

    For the Years Ended December 31,  
    2011     2010     2009  
CAG segment revenue:                        
Instruments and consumables   $ 394,586     $ 354,239     $ 332,706  
Rapid assay products     154,342       146,538       147,078  
Reference laboratory diagnostic and consulting services     373,919       329,666       298,410  
Practice management systems and digital radiography     76,875       75,212       65,055  
Pharmaceutical products     -       -       54  
CAG segment revenue     999,722       905,655       843,303  
                         
Water segment revenue     82,125       76,514       73,214  
Livestock and poultry diagnostics segment revenue     94,112       81,177       77,208  
Other segment revenue     42,730       40,046       37,908  
                         
Total revenue   $ 1,218,689     $ 1,103,392     $ 1,031,633  

 

Revenue by principal geographic area, based on customers' domiciles, was as follows (in thousands):

 

    For the Years Ended December 31,  
    2011     2010     2009  
                   
Americas                        
United States   $ 700,090     $ 652,026     $ 614,517  
Canada     65,318       59,806       55,105  
Other     20,431       16,343       12,416  
      785,839       728,175       682,038  
                         
Europe, the Middle East and Africa                        
United Kingdom     61,016       56,493       55,835  
Germany     78,806       68,318       62,480  
France     48,164       42,895       41,756  
Other     123,651       106,186       104,364  
      311,637       273,892       264,435  
                         
Asia Pacific Region                        
Japan     43,445       36,260       31,794  
Australia     44,023       36,296       29,177  
Other     33,745       28,769       24,189  
      121,213       101,325       85,160  
Total   $ 1,218,689     $ 1,103,392     $ 1,031,633  

Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net long-lived assets by principal geographic areas were as follows (in thousands):

    December 31,  
    2011     2010     2009  
                   
Americas                        
United States   $ 187,621     $ 173,070     $ 169,933  
Canada     2,523       3,628       4,373  
      190,144       176,698       174,306  
                         
Europe, the Middle East and Africa                        
United Kingdom     11,000       10,341       9,520  
Germany     2,360       2,670       3,210  
Switzerland     2,547       2,164       2,870  
France     2,270       2,270       2,813  
Netherlands     3,400       3,525       3,532  
Other     1,210       802       965  
      22,787       21,772       22,910  
                         
Asia Pacific Region                        
Japan     1,142       737       709  
Australia     1,495       1,704       1,650  
Other     1,209       814       371  
      3,846       3,255       2,730  
Total   $ 216,777     $ 201,725     $ 199,946  

 
XML 1075 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property And Equipment (Tables)
 12 Months Ended
Dec. 31, 2011
Property And Equipment [Abstract]  
Schedule Of Property And Equipment
    December 31,  
    2011     2010  
             
Land and improvements   $ 7,439     $ 7,446  
Buildings and improvements     115,482       109,090  
Leasehold improvements     27,447       20,080  
Machinery and equipment     128,257       110,406  
Office furniture and equipment     28,791       26,806  
Computer hardware and software     93,272       81,971  
Construction in progress     21,662       20,826  
      422,350       376,625  
Less accumulated depreciation and amortization     205,573       174,900  
Total property and equipment, net   $ 216,777     $ 201,725  
XML 1076 R98.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary Of Quarterly Data (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Summary Of Quarterly Data [Abstract]                      
Revenue $ 307,201 $ 300,954 $ 317,862 $ 292,672 $ 283,757 $ 269,628 $ 281,482 $ 268,525 $ 1,218,689 $ 1,103,392 $ 1,031,633
Gross profit 158,881 158,667 174,033 154,925 144,771 142,207 149,284 142,361 646,506 578,623 526,281
Operating income 55,299 56,096 71,298 53,532 50,804 49,814 54,835 48,428 236,225 203,881 175,969
Net income attributable to stockholders $ 38,010 $ 38,507 $ 48,657 $ 36,612 $ 36,371 $ 34,694 $ 37,193 $ 33,026 $ 161,786 $ 141,284 $ 122,225
Earnings per share:                      
Basic $ 0.68 $ 0.68 $ 0.85 $ 0.64 $ 0.63 $ 0.60 $ 0.64 $ 0.57 $ 2.85 $ 2.45 $ 2.08
Diluted $ 0.67 $ 0.66 $ 0.83 $ 0.62 $ 0.62 $ 0.59 $ 0.62 $ 0.55 $ 2.78 $ 2.37 $ 2.01
XML 1077 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments And Hedging
 12 Months Ended
Dec. 31, 2011
Derivative Instruments And Hedging [Abstract]  
Derivative Instruments And Hedging

 

NOTE 17. Derivative Instruments and Hedging

Disclosure within this footnote is presented to provide transparency about how and why we use derivative instruments and how the instruments and related hedged items affect our financial position, results of operations, and cash flows. See Note 2 for a discussion surrounding our derivative instrument and hedging accounting policies, Note 16 for additional information regarding the fair value of our derivative instruments and Note 19 for additional information surrounding the impact to OCI from our derivative instruments.

 

We are exposed to certain risks related to our ongoing business operations. The primary risks that we manage by using derivative instruments are foreign currency exchange risk and interest rate risk. Our subsidiaries enter into foreign currency exchange contracts to manage the exchange risk associated with their forecasted intercompany inventory purchases and sales for the next year. From time to time, we may also enter into foreign currency exchange contracts to minimize the impact of foreign currency fluctuations associated with specific, significant transactions. We enter into interest rate swaps to minimize the impact of interest rate fluctuations associated with our variable-rate debt.

 

The primary purpose of our foreign currency hedging activities is to protect against the volatility associated with foreign currency transactions. We also utilize natural hedges to mitigate our transaction and commitment exposures. Our corporate policy prescribes the range of allowable hedging activity. We enter into foreign currency exchange contracts with large multinational financial institutions and we do not hold or engage in transactions involving derivative instruments for purposes other than risk management. Our accounting policies for these contracts are based on our designation of such instruments as hedging transactions.

 

Cash Flow Hedges

We have designated our foreign currency exchange contracts and variable-to-fixed interest rate swaps as cash flow hedges as these derivative instruments mitigate the exposure to variability in the cash flows of forecasted transactions attributable to foreign currency exchange and interest rates. Unless noted otherwise, we have also designated our derivative instruments as qualifying for hedge accounting treatment.

 

We did not de-designate any instruments from hedge accounting treatment during the years ended December 31, 2011 and 2010. The loss recognized in earnings related to de-designated instruments during the year ended December 31, 2009 was not material. Gains or losses related to hedge ineffectiveness recognized in earnings during the years ended December 31, 2011, 2010 and 2009 were not material. At December 31, 2011, the estimated net amount of gains that are expected to be reclassified out of accumulated OCI and into earnings within the next 12 months is $3.2 million if exchange and interest rates do not fluctuate from the levels at December 31, 2011.

We enter into foreign currency exchange contracts for amounts that are less than the full value of forecasted intercompany purchases and sales. Our hedging strategy related to intercompany inventory purchases and sales is to employ the full amount of our hedges for the succeeding year at the conclusion of our budgeting process for that year, which is complete by the end of the preceding year. We primarily utilize foreign currency exchange contracts with durations of less than 24 months. Quarterly, we enter into contracts to hedge incremental portions of anticipated foreign currency transactions for the current and following year. As a result, the notional value of foreign currency exchange contracts outstanding may be higher throughout the year in comparison to the amounts outstanding at the end of the year. Accordingly, our risk with respect to foreign currency exchange rate fluctuations may vary throughout each annual cycle.

 

In March 2009, we entered into two forward fixed interest rate swap agreements to manage the economic effect of variable interest obligations on amounts borrowed under the terms of our Credit Facility. Under these agreements, beginning on March 31, 2010 the variable interest rate associated with $80 million of borrowings outstanding under the Credit Facility became effectively fixed at 2% plus the Credit Spread through March 30, 2012. In August 2011, we entered into two additional forward fixed interest rate swap agreements for the same purpose. Under these agreements, beginning on March 30, 2012, the variable interest rate associated with $40 million of borrowings outstanding under the Credit Facility will become effectively fixed at 1.36% plus the Credit Spread through June 30, 2016 and beginning on March 28, 2013, the variable interest rate associated with an additional $40 million of borrowings outstanding under the Credit Facility will become effectively fixed at 1.64% plus the Credit Spread through June 30, 2016.

 

 

The notional amount of foreign currency exchange contracts to hedge forecasted intercompany purchases and sales consisted of the following (in thousands):

Currency Sold   U.S. Dollar Equivalent  
    December 31, 2011     December 31, 2010  
                 
Euro   $ 68,275     $ 59,360  
British pound     25,260       21,144  
Canadian dollar     19,902       21,776  
Australian dollar     12,417       7,930  
Japanese yen     18,005       10,427  
    $ 143,859     $ 120,637  

 

Currency Purchased   U.S. Dollar Equivalent  
    December 31, 2011     December 31, 2010  
                 
Swiss franc   $ 17,909     $ 12,542  

The notional amount of forward fixed interest rate swap agreements to manage variable interest obligations consisted of the following (in thousands):

 

    U.S. Dollar Equivalent  
    December 31,     December 31,  
    2011     2010  
                 
Interest rate swaps commencing March 31, 2010 and expiring March 30, 2012   $ 80,000     $ 80,000  
Interest rate swaps commencing March 30, 2012 and March 28, 2013 and expiring June 30, 2016   $ 80,000     $ -  

The fair values of derivative instruments and their respective classification in the consolidated balance sheets consisted of the following (in thousands):

        Asset Derivatives  
        December 31, 2011     December 31, 2010  
                     
Derivatives designated as hedging instruments   Balance Sheet Classification                
Foreign currency exchange contracts   Other current assets   $ 6,841     $          -  

 

        Liability Derivatives  
        December 31, 2011     December 31, 2010  
                     
Derivatives designated as hedging instruments   Balance Sheet Classification                
Foreign currency exchange contracts     Accrued expenses   $ 1,753     $ 2,234  
Interest rate swaps   Accrued expenses     1,417       1,611  
Total derivative instruments         $ 3,170     $ 3,845  

 

The effect of derivative instruments designated as cash flow hedges on the consolidated balance sheets for the years ended December 31, 2011, 2010 and 2009 consisted of the following (in thousands):

 

    Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion)  
    For the Years Ended December 31,  
Derivative instruments   2011     2010     2009  
                   
Foreign currency exchange contracts, net of tax   $ 5,642     $ 1,368     $ (9,730 )
Interest rate swaps, net of tax     121       (638 )     (375 )
Total, net of tax   $ 5,763     $ 730     $ (10,105 )

 

The effect of derivative instruments designated as cash flow hedges on the consolidated statement of operations for the years ended December 31, 2011, 2010 and 2009 consisted of the following (in thousands):

 

    Gain  Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
        For the Years Ended December 31,  
Derivative instruments   Classification   2011     2010     2009  
                             
Foreign currency exchange contracts   Cost of revenue   $ (5,406 )   $ (743 )   $ 4,813  
Interest rate swaps   Interest expense     (1,424 )     (1,034 )     -  
Total         (6,830 )     (1,777 )     4,183  

 
XML 1078 R68.htm IDEA: XBRL DOCUMENT v2.4.0.6
Intangible Assets And Goodwill (Schedule Of Goodwill) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
CAG [Member]
Dec. 31, 2010
CAG [Member]
Dec. 31, 2009
CAG [Member]
Dec. 31, 2011
Water [Member]
Dec. 31, 2010
Water [Member]
Dec. 31, 2009
Water [Member]
Dec. 31, 2011
LPD [Member]
Dec. 31, 2010
LPD [Member]
Dec. 31, 2009
LPD [Member]
Dec. 31, 2011
Other [Member]
Dec. 31, 2010
Other [Member]
Dec. 31, 2009
Other [Member]
Dec. 31, 2008
Other [Member]
Segments Of Goodwill [Line Items]                                
Beginning balance $ 149,112 $ 148,705 $ 138,768 $ 118,131 $ 117,955 $ 109,502 $ 13,648 $ 14,002 $ 12,757 $ 10,802 $ 10,217 $ 9,978 $ 6,531 $ 6,531 $ 6,531 $ 6,531
Business Combinations 24,689   2,332 24,689   2,332                    
Impact of Changes in Foreign Currency Exchange Rates (1,191) 407 7,605 (1,143) 176 6,121 (72) (354) 1,245 24 585 239        
Ending balance $ 172,610 $ 149,112 $ 148,705 $ 141,677 $ 118,131 $ 117,955 $ 13,576 $ 13,648 $ 14,002 $ 10,826 $ 10,802 $ 10,217 $ 6,531 $ 6,531 $ 6,531 $ 6,531
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Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash Flows from Operating Activities:      
Net income $ 161,754 $ 141,320 $ 122,235
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 48,202 45,956 49,773
Loss on disposal of property and equipment 615 1,599 2,474
(Decrease) increase in deferred compensation liability (171) 290 484
Gain on disposition of pharmaceutical product lines and related restructuring (3,000) (3,000) (2,000)
Write-down of equine digital radiography intangible assets     1,511
Write-down of marketable securities     150
Provision for uncollectible accounts 1,484 1,575 926
Provision for (benefit of) deferred income taxes 5,996 (908) 3,270
Share-based compensation expense 15,496 13,262 11,623
Tax benefit from share-based compensation arrangements (16,007) (18,126) (5,194)
Changes in assets and liabilities, net of acquisitions:      
Accounts receivable (24,809) (6,914) (1,155)
Inventories (6,310) (19,469) 6,223
Other assets (1,339) (13,208) (7,842)
Accounts payable 13,884 3,482 (9,156)
Accrued liabilities 17,564 30,604 705
Deferred revenue 7,341 2,370 925
Net cash provided by operating activities 220,700 178,833 174,952
Cash Flows from Investing Activities:      
Purchases of property and equipment (52,464) (38,908) (50,663)
Proceeds from disposition of pharmaceutical product lines 3,000   3,377
Proceeds from sale of property and equipment 225 112 2,079
Acquisition of intangible assets (1,000) (394) (500)
Investment in notes receivable and related business   (4,000)  
Acquisitions of businesses, net of cash acquired (46,757)   (7,914)
Net cash used by investing activities (96,996) (43,190) (53,621)
Cash Flows from Financing Activities:      
Borrowings (payments) on revolving credit facilities, net 113,903 10,143 (32,830)
Payment of other notes payable (863) (813) (926)
Repurchases of common stock (255,505) (143,090) (83,099)
Proceeds from exercises of stock options and employee stock purchase plans 28,801 28,865 16,366
Tax benefit from share-based compensation arrangements 16,007 18,126 5,194
Net cash used by financing activities (97,657) (86,769) (95,295)
Net effect of changes in exchange rates on cash 933 1,313 1,824
Net increase in cash and cash equivalents 26,980 50,187 27,860
Cash and cash equivalents at beginning of period 156,915 106,728 78,868
Cash and cash equivalents at end of period 183,895 156,915 106,728
Supplemental Disclosures of Cash Flow Information:      
Interest paid 3,763 2,598 2,773
Income taxes paid 44,347 48,113 45,731
Supplemental Disclosure of Non-Cash Information:      
Market value of common shares received from employees in connection with share-based compensation - see Note 18 4,316 2,797 1,270
Receivable on disposition of pharmaceutical product lines $ 3,000 $ 3,000  
XML 1081 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. 31, 2010
Consolidated Balance Sheets [Abstract]    
Accounts receivable, reserves $ 3,239 $ 2,828
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 120,000,000 120,000,000
Common stock, shares issued 99,229,000 97,968,000
Deferred stock units, outstanding 119,000 118,000
Treasury stock, shares 44,128,000 40,657,000
XML 1082 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warranty Reserves
 12 Months Ended
Dec. 31, 2011
Warranty Reserves [Abstract]  
Warranty Reserves
NOTE 10. WARRANTY RESERVES

Following is a summary of changes in accrued warranty reserve for the years ended December 31, 2011 and 2010 (in thousands):

 

    For the Years Ended December 31,  
    2011     2010  
             
Balance, beginning of year   $ 2,196     $ 3,104  
Provision for warranty expense     2,507       3,113  
Change in estimate, balance beginning of year     (395 )     (1,298 )
Settlement of warranty liability     (2,615 )     (2,723 )
Balance, end of year   $ 1,693     $ 2,196  

 
XML 1083 R93.htm IDEA: XBRL DOCUMENT v2.4.0.6
Repurchases Of Common Stock (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Repurchases Of Common Stock [Abstract]      
Shares of common stock repurchases authorized 48,000,000    
Remaining shares available for repurchase under authorization 4,387,707    
Shares repurchased 3,419,000 2,487,000 1,919,000
Total cost of shares repurchased $ 255,505 $ 143,090 $ 83,099
Average cost per share $ 74.74 $ 57.53 $ 43.30
Shares acquired through employee surrenders 55,721 52,022 35,241
Cost of shares acquired through employee surrenders $ 4,316 $ 2,797 $ 1,270
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Derivative Instruments And Hedging (Schedule Of Fair Values Of Derivative Instruments And Respective Classification - Assets And Liabilities) (Details) (Derivatives Designated As Hedging Instruments [Member], USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Derivatives, Fair Value [Line Items]    
Total derivative instruments, fair value of liabilities $ 3,170 $ 3,845
Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member]
    
Derivatives, Fair Value [Line Items]    
Total derivative instruments, fair value of assets 6,841  
Foreign Currency Exchange Contracts [Member] | Accrued Expenses [Member]
    
Derivatives, Fair Value [Line Items]    
Total derivative instruments, fair value of liabilities 1,753 2,234
Interest Rate Swaps [Member] | Accrued Expenses [Member]
    
Derivatives, Fair Value [Line Items]    
Total derivative instruments, fair value of liabilities $ 1,417 $ 1,611
XML 1085 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document And Entity Information (USD $)
 12 Months Ended
Dec. 31, 2011
Feb. 10, 2012
Jun. 30, 2011
Document And Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2011    
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
Entity Registrant Name IDEXX LABORATORIES INC /DE    
Entity Central Index Key 0000874716    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Current Fiscal Year End Date --12-31    
Entity Filer Category Large Accelerated Filer    
Entity Well-known Seasoned Issuer Yes    
Entity Common Stock, Shares Outstanding   55,054,045  
Entity Public Float     $ 4,365,391,151
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Debt
 12 Months Ended
Dec. 31, 2011
Debt [Abstract]  
Debt
NOTE 11. DEBT

In July 2011, we refinanced our existing $200 million unsecured revolving credit facility by entering into an amended and restated credit agreement relating to a five-year unsecured revolving credit facility in the principal amount of $300 million with a syndicate of multinational banks, which matures on July 25, 2016 (the new credit facility and the previous credit facility are referred to collectively as the "Credit Facility") and requires no scheduled prepayments before that date. Though the Credit Facility does not mature until July 25, 2016, all amounts borrowed under the terms of the Credit Facility are reflected in the current liabilities section in the accompanying consolidated balance sheets because the Credit Facility contains a subjective material adverse event clause, which allows the debt holders to call the loans under the Credit Facility if we fail to notify the syndicate of such an event. At December 31, 2011 and 2010, we had $243.0 million and $129.0 million, respectively, outstanding under our Credit Facility with weighted average interest rates of 1.7% and 1.9%, respectively. The funds available under the Credit Facility at December 31, 2011 and December 31, 2010 reflect a further reduction due to the issuance of a letter of credit for $1.0 million, which was issued in connection with our workers' compensation policy covering claims for the years 2009, 2010 and 2011. Applicable interest rates on borrowings under the new Credit Facility generally range from 0.875 to 1.25 percentage points (the range of applicable interest rates on borrowing under the new credit facility and the previous credit facility are referred to collectively as the "Credit Spread") above the London interbank rate ("LIBOR") or the Canadian Dollar-denominated bankers' acceptance rate ("CDOR"), dependent on our leverage ratio, or the prevailing prime rate plus a maximum spread of up to 0.25%, dependent on our leverage ratio. We have entered into forward fixed interest rate swap agreements to manage the economic effect of this variable interest obligation. See Note 17 for a discussion of our derivative instruments and hedging activities. Under the Credit Facility, we pay quarterly commitment fees of 0.15% to 0.30%, dependent on our leverage ratio, on any unused commitment. The obligations under the Credit Facility may be accelerated upon the occurrence of an event of default under the Credit Facility, which includes customary events of default including, without limitation, payment defaults, defaults in the performance of affirmative and negative covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, defaults relating to judgments, certain events related to employee pension benefit plans under the Employee Retirement Income Security Act of 1974, the failure to pay specified indebtedness, and a change of control default. The Credit Facility contains affirmative, negative and financial covenants customary for financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, fundamental changes, investments, transactions with affiliates and certain restrictive agreements. The financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation and amortization, defined as the consolidated leverage ratio under the terms of the Credit Facility, not to exceed 3-to-1. At December 31, 2011, we were in compliance with the covenants of the Credit Facility.

 

 

In 2006, we acquired our facility located in Westbrook, Maine and assumed the related mortgage that had a face value of $6.5 million and stated interest rate of 9.875%. We recorded the mortgage at a fair market value of $7.5 million, based on the effective market interest rate at that time. The mortgage is payable in equal monthly installments of approximately $0.1 million through May 1, 2015. Annual principal payments on long-term debt at December 31, 2011 are as follows (in thousands):

Years Ending December 31,   Amount  
         
2012   $ 917  
2013     1,108  
2014     1,034  
2015     359  
    $ 3,418  
XML 1087 R80.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share (Schedule Of Number Of Anti-Dilutive Stock Options And Restricted Stock Units) (Details)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Stock Options [Member]
      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted average number of anti-dilutive securities 597 501 878
Restricted Stock Units [Member]
      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted average number of anti-dilutive securities     2
XML 1088 R90.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments And Hedging (Schedule Of Notional Amounts Of Forward Fixed Interest Rate Swap Agreement Contracts) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Interest Rate Swaps Commencing March 31, 2010 And Expiring March 30, 2012 [Member]
    
Derivative [Line Items]    
Notional amount of forward fixed interest rate swap $ 80,000 $ 80,000
Interest Rate Swaps Commencing March 30, 2012 And March 28, 2013 And Expiring June 30, 2016 [Member]
    
Derivative [Line Items]    
Notional amount of forward fixed interest rate swap $ 80,000  
XML 1089 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. 31, 2010
Dec. 31, 2009
Revenue:      
Product revenue $ 782,654 $ 718,107 $ 687,010
Service revenue 436,035 385,285 344,623
Total revenue 1,218,689 1,103,392 1,031,633
Cost of revenue:      
Cost of product revenue 309,795 285,936 281,043
Cost of service revenue 262,388 238,833 224,309
Total cost of revenue 572,183 524,769 505,352
Gross profit 646,506 578,623 526,281
Expenses:      
Sales and marketing 204,850 179,626 167,748
General and administrative 129,389 126,519 117,440
Research and development 76,042 68,597 65,124
Income from operations 236,225 203,881 175,969
Interest expense (3,547) (2,415) (1,916)
Interest income 1,744 663 486
Income before provision for income taxes 234,422 202,129 174,539
Provision for income taxes 72,668 60,809 52,304
Net income 161,754 141,320 122,235
Less: Net (loss) income attributable to noncontrolling interest (32) 36 10
Net income attributable to IDEXX Laboratories, Inc. stockholders $ 161,786 $ 141,284 $ 122,225
Earnings per share:      
Basic $ 2.85 $ 2.45 $ 2.08
Diluted $ 2.78 $ 2.37 $ 2.01
Weighted average shares outstanding:      
Basic 56,790 57,713 58,809
Diluted 58,214 59,559 60,682
XML 1090 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
 12 Months Ended
Dec. 31, 2011
Inventories [Abstract]  
Inventories
NOTE 5. INVENTORIES

The components of inventories are as follows (in thousands):

 

    December 31,  
    2011     2010  
Raw materials   $ 28,338     $ 26,758  
Work-in-process     14,892       13,790  
Finished goods     89,869       87,337  
    $ 133,099     $ 127,885  

 
XML 1091 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Compensation
 12 Months Ended
Dec. 31, 2011
Share-Based Compensation [Abstract]  
Share-Based Compensation
NOTE 4.

SHARE-BASED COMPENSATION

 

Share-Based Awards

 

Our share-based compensation plans allow for the issuance of a mix of stock options, restricted stock, stock appreciation rights, employee stock purchase rights and other stock unit awards. Other stock unit awards include restricted stock units ("RSUs") and deferred stock units ("DSUs"). Stock options permit a holder to buy IDEXX stock upon vesting at the stock's price on the date the option was granted. An RSU is an agreement to issue shares of IDEXX stock at the time of vesting. DSUs are granted under our Executive Deferred Compensation Plan and non-employee Director Deferred Compensation Plan. DSUs may or may not have vesting conditions depending on the plan under which they are issued. We neither issued any restricted stock or stock appreciation rights during the years ended December 31, 2011, 2010 and 2009 nor were any restricted stock or stock appreciation rights outstanding as of those years ended. There were no modifications to the terms of outstanding options, RSUs or DSUs during 2011, 2010 or 2009.

 

We primarily issue shares of common stock to satisfy stock option exercises and employee stock purchase rights and to settle restricted stock units and deferred stock units. However, in 2011, we began issuing shares of treasury stock to settle certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during 2011 was not material. The number of shares of common stock and treasury stock issued are equivalent to the number of awards exercised or settled.

 

With the exception of employee stock purchase rights, equity awards are issued to employees and non-employee directors under the 2009 Stock Incentive Plan (the "2009 Stock Plan"). Our board of directors has authorized the issuance of up to 5,200,000 shares of our common stock under this share-based incentive plan. Any shares that are subject to awards of stock options or stock appreciation rights will be counted against the share limit as one share for every share granted. Any shares that are issued other than stock options and stock appreciation rights will be counted against the share limit as two shares for every share granted. If any shares issued under our prior plans are forfeited, settled for cash or expire, these shares, to the extent of such forfeiture, cash settlement or expiration, will again be available for issuance under the 2009 Stock Plan. As of December 31, 2011, there were 3,003,768 remaining shares available for issuance under this authorization.

 

Employee stock purchase rights are issued under the 1997 Employee Stock Purchase Plan, under which we reserved and may issue up to an aggregate of 1,590,000 shares of Common Stock in periodic offerings. Under this plan, stock is sold to employees at a 15% discount off the closing price of the stock on the last day of each quarter. The fair value of purchase rights recognized as share-based compensation is equal to the dollar value of this discount. We issued 58,000, 64,000 and 89,000 shares of common stock in connection with the Employee Stock Purchase Plan during the years ended December 31, 2011, 2010 and 2009. As of December 31, 2011, there were 202,219 remaining shares available for issuance under this authorization.

 

Share-Based Compensation

 

Share-based compensation costs are classified in our consolidated financial statements consistent with the classification of cash compensation paid to the employees receiving such share-based compensation. The following is a summary of share based compensation costs and related tax benefits recorded in our consolidated statements of income (in thousands):

 

                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Share-based compensation expense included in cost of revenue   $ 1,439     $ 1,290     $ 1,280  
Share-based compensation expense included in operating expenses     14,057       11,972       10,343  
Total share-based compensation expense included in consolidated statements of income     15,496       13,262       11,623  
Income tax benefit resulting from share-based compensation arrangements     (5,245 )     (4,597 )     (3,827 )
Net impact of share-based compensation on net income   $ 10,251     $ 8,665     $ 7,796  

 

Share-based compensation expense is reduced for an estimate of the number of awards that are expected to be forfeited. We use historical data and other factors to estimate employee termination behavior and to evaluate whether particular groups of employees have significantly different forfeiture behaviors.

 

The total unrecognized compensation expense, net of estimated forfeitures, for unvested share-based compensation awards at December 31, 2011 was $31.1 million, which will be recognized over a weighted average period of approximately 1.7 years.

 

Stock Options

 

Option awards are granted with an exercise price equal to the closing market price of our common stock at the date of grant. Options granted to employees primarily vest ratably over five years on each anniversary of the date of grant and options granted to non-employee directors vest fully on the first anniversary of the date of grant. Vesting as it relates to awards issued to employees is conditional based on continuous service. Options granted after January 1, 2006 have contractual terms of seven years. Options granted prior to January 1, 2006 have contractual terms of ten years. Upon any change in control of the company, 25% of the unvested stock options then outstanding will vest and become exercisable. However, if the acquiring entity does not assume outstanding options, then all options will vest immediately prior to the change in control.

 

We use the BSM option-pricing model to determine the fair value of options granted. Option-pricing models require the input of highly subjective assumptions, particularly for the expected stock price volatility and the expected term of options. Changes in the subjective input assumptions can materially affect the fair value estimate. Our expected stock price volatility assumptions are based on the historical volatility of our stock over periods that are similar to the expected terms of grants and other relevant factors. We derive the expected term based on historical experience and other relevant factors concerning expected employee behavior with regard to option exercise. The risk-free interest rate is based on U.S. Treasury yields for a maturity approximating the expected term calculated at the date of grant. We have never paid any cash dividends on our common stock and we have no present intention to pay a dividend; therefore, we assume that no dividends will be paid over the expected terms of option awards.

 

We determine the assumptions used in the valuation of option awards as of the date of grant. Differences in the stock price volatility, expected term or risk-free interest rates may necessitate distinct valuation assumptions at those grant dates. As such, we may use different assumptions for options granted throughout the year. The weighted averages of the valuation assumptions used to determine the fair value of each option award on the date of grant and the weighted average estimated fair values were as follows:

 

                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Expected stock price volatility     33 %     31 %     31 %
Expected term, in years     4.8       4.9       4.8  
Risk-free interest rate     2.3 %     2.3 %     1.6 %
                         
Weighted average fair value of options granted   $ 24.86     $ 16.56     $ 9.97  
 

 

A summary of the status of options granted under our share-based compensation plans at December 31, 2011, and changes during the year then ended, are presented in the table below:

 

                                 
                Weighted        
                Average        
          Weighted     Remaining     Aggregate  
    Number of     Average     Contractual     Intrinsic Value  
    Options (000)     Exercise Price     Term     ($000)  
                         
Outstanding as of December 31, 2010     3,754     $ 33.34                  
Granted     546       77.53                  
Exercised     (1,042 )     24.09                  
Forfeited     (140 )     53.18                  
Expired     (4 )     13.05                  
Outstanding as of December 31, 2011     3,114     $ 43.31       3.4     $ 105,093  
                                 
Fully vested as of December 31, 2011     1,875     $ 32.81       2.4     $ 82,777  
                                 
Fully vested and expected to vest as of December 31, 2011     3,002     $ 42.69       3.3     $ 103,174  

 

The total fair value of options vested during the years ended December 31, 2011, 2010 and 2009 was $6.6 million, $8.4 million and $9.8 million, respectively.

 

Intrinsic value as it related to stock options represents the amount by which the market price of the common stock exceeded the exercise price, before applicable income taxes. During the years ended December 31, 2011, 2010 and 2009 the total intrinsic value of stock options exercised was $54.7 million, $60.1 million and $22.1 million, respectively.


Restricted Stock Units

 

RSUs granted to employees vest either ratably over five years on each anniversary of the date of grant or on the third anniversary of the date of grant, depending on the employee group receiving the award. RSUs granted to non-employee directors vest fully on the first anniversary of the date of grant. Vesting as it relates to awards issued to employees is conditional based on continuous service. Upon any change in control of the company, 25% of the unvested RSUs then outstanding under the 2009 Stock Plan will vest, provided, however, that if the acquiring entity does not assume the RSUs, then all such units will vest immediately prior to the change in control.

 

A summary of the status of RSUs granted under our share-based compensation plans at December 31, 2011, and changes during the period then ended, are presented in the table below:

 

                 
          Weighted  
    Number of Units     Average Grant-  
    (000)     Date Fair Value  
             
Nonvested as of December 31, 2010     508     $ 44.89  
Granted     141       77.13  
Vested     (160 )     44.36  
Forfeited     (41 )     50.99  
Nonvested as of December 31, 2011     448     $ 54.66  
                 
Expected to vest as of December 31, 2011     410     $ 54.39  

 

 

The total fair value of RSUs vested during the years ended December 31, 2011, 2010 and 2009 was $12.4 million, $7.9 million and $3.7 million, respectively. The aggregate intrinsic value of nonvested RSUs as of December 31, 2011 represents the fair value of IDEXX's common stock as of December 31, 2011 multiplied by the number of nonvested units as of December 31, 2011.

 

Deferred Stock Units

 

Under our Director Deferred Compensation Plan (the "Director Plan"), non-employee directors may defer a portion of their cash fees in the form of vested DSUs and under our Executive Deferred Compensation Plan (the "Executive Plan"), certain members of our management may elect to defer a portion of their cash compensation in the form of vested deferred stock units. Each DSU represents the right to receive one unissued share of our common stock. These recipients receive a number of DSUs equal to the amount of cash fees or compensation deferred divided by the closing sale price of the common stock on the date of deferral. Also under the Director Plan, non-employee directors are awarded annual grants of DSUs that vest fully on the first anniversary on the date of grant. Vesting for these annual DSU grants is conditional based on continuous service.

 

DSUs are exchanged for a fixed number of shares of common stock, upon vesting if vesting criteria apply, subject to the limitations of the Director and Executive Plans and applicable law. Under the Director Plan, all DSUs issued prior to January 1, 2011 will be exchanged for an equivalent number of shares of common stock one year following the director's resignation or retirement, except upon a change in control or certain other limited circumstances. With respect to DSUs awarded on or after January 1, 2011, a director may elect to exchange such DSUs for an equivalent number of shares of common stock either (i) one year following the director's resignation or retirement, or (ii) on another single non-discriminatory and objectively determinable date or in four equal installments commencing on that date. Under the Executive Plan, an officer can elect to exchange DSUs for an equivalent number of shares of common stock either on a single date or in a fixed schedule. However, except upon a change in control or certain other limited circumstances, an officer cannot exchange DSUs for an equivalent number of shares of common stock sooner than one year following termination of his or her employment with the company for any reason, and in the case of an executive who has been identified by the plan administrator as a "key employee" within the meaning of Section 409A(a)(2)(B) of the Internal Revenue Code, his or her distribution may not occur sooner than six months following his or her termination of employment.

 

A summary of the status of DSUs granted under our share-based compensation plans at December 31, 2011, and changes during the period then ended, are presented in the table below:

                 
          Weighted  
    Number of Units     Average Grant-  
    (000)     Date Fair Value  
             
Outstanding as of December 31, 2010     121     $ 38.11  
Granted     5       77.16  
Settled     (4 )     36.02  
Outstanding as of December 31, 2011     122     $ 39.91  
                 
Vested as of December 31, 2011     119     $ 39.24  
                 
Fully vested and expected to vest as of December 31, 2011     122     $ 39.91  

 

The total fair value of DSUs granted during the years ended December 31, 2011, 2010 and 2009 was $0.4 million, $0.5 million and $0.7 million, respectively. The aggregate intrinsic value of outstanding DSUs as of December 31, 2011 represents the fair value of IDEXX's common stock as of December 31, 2011 multiplied by the number of outstanding and vested units as of December 31, 2011.
XML 1092 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements
 12 Months Ended
Dec. 31, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements
NOTE 16. FAIR VALUE MEASUREMENTS

The following table sets forth our assets and liabilities that were measured at fair value on a recurring basis at December 31, 2011 and at December 31, 2010 by level within the fair value hierarchy (in thousands):

 

    Quoted Prices     Significant              
    in Active     Other     Significant        
    Markets for     Observable     Unobservable     Balance at  
    Identical Assets     Inputs     Inputs     December 31,  
As of December 31, 2011   (Level 1)     (Level 2)     (Level 3)     2011  
                                 
Assets                                
Money market funds(1)   $ 88,525     $ -     $ -     $ 88,525  
Equity mutual funds(2)     2,056       -       -       2,056  
Foreign currency exchange contracts(3)     -       6,841       -       6,841  
Liabilities                                
Foreign currency exchange contracts(3)     -       1,753       -       1,753  
Deferred compensation(4)     2,056       -       -       2,056  
Interest rate swaps(5)     -       1,417       -       1,417  

 

    Quoted Prices     Significant              
    in Active     Other     Significant        
    Markets for     Observable     Unobservable     Balance at  
    Identical Assets     Inputs     Inputs     December 31,  
As of December 31, 2010   (Level 1)     (Level 2)     (Level 3)     2010  
                                 
Assets                                
Money market funds(1)   $ 67,025     $ -     $ -     $ 67,025  
Equity mutual funds(2)     2,222       -       -       2,222  
Liabilities                                
Foreign currency exchange contracts(3)     -       2,234       -       2,234  
Deferred compensation(4)     2,222       -       -       2,222  
Interest rate swaps(5)     -       1,611       -       1,611  

 

(1) Money market funds are included within cash and cash equivalents.
(2) Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other long-term assets. See number (4) below for a discussion of the related deferred compensation liability.
(3) Foreign currency exchange contracts are included within other current assets; other long-term assets, net; accrued liabilities; or other long-term liabilities depending on the gain (loss) position and anticipated settlement date.
(4) Deferred compensation plans are included within other long-term liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in number (2) above.
(5) Interest rate swaps are included within accrued liabilities.

 

We did not have any significant nonfinancial assets or nonfinancial liabilities which required remeasurement during the years ended December 31, 2011, 2010 or 2009. We did not have any transfers between Level 1 and Level 2 measurements during the year ended December 31, 2011.

 

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate carrying value due to their short maturity. The estimated fair value of our Credit Facility approximates carrying value as we believe that we could obtain an unsecured revolving credit facility bearing interest rates, based on current market conditions, similar to those effective under our current Credit Facility, which was refinanced in July 2011. The estimated fair value of our mortgage approximates the carrying value based on current market interest rates for similar debt issues with similar remaining maturities.
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Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Income Taxes
NOTE 12. INCOME TAXES

Earnings before income taxes were as follows (in thousands):

 

                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Domestic   $ 169,365     $ 151,660     $ 124,974  
International     65,057       50,469       49,565  
    $ 234,422     $ 202,129     $ 174,539  

 

The provision (benefit) for income taxes comprised the following (in thousands):

 

                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Current                        
Federal   $ 45,549     $ 44,833     $ 34,043  
State     5,591       5,079       3,984  
International     15,532       11,805       11,007  
      66,672       61,717       49,034  
                         
Deferred                        
Federal     6,823       958       4,876  
State     313       (230 )     (107 )
International     (1,140 )     (1,636 )     (1,499 )
      5,996       (908 )     3,270  
    $ 72,668     $ 60,809     $ 52,304  

 

The provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate as follows:

 

                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
U.S. federal statutory rate     35.0 %     35.0 %     35.0 %
State income tax, net of federal tax benefit     1.6       1.4       1.4  
International income taxes     (3.6 )     (3.6 )     (4.5 )
Domestic manufacturing exclusions     (1.4 )     (1.6 )     (0.9 )
Research and development credit     (0.8 )     (1.2 )     (1.1 )
Other, net     0.2       0.1       0.1  
Effective tax rate     31.0 %     30.1 %     30.0 %

 

Our effective income tax rate was 31.0% for the year ended December 31, 2011 and 30.1% for the year ended December 31, 2010. The increase in the tax rate was due primarily to lower tax benefits recognized related to the federal research and development tax incentives, lower benefits recognized in connection with the expiration of certain statutes of limitations and increased state tax.

 

Our effective income tax rate was 30.1% for the year ended December 31, 2010 and 30.0% for the year ended December 31, 2009. The slight increase in the tax rate is due primarily to an increase in earnings taxed at domestic rates that are higher than international rates, partly offset by tax benefits related to U.S. manufacturing activities that were fully phased in effective January 1, 2010.

 

We benefit from tax holidays in the Netherlands and Switzerland, which are set to expire December 31, 2015. As a result of the tax holidays, our net income was higher by $5.3 million for the year ended December 31, 2011 and higher by $3.9 million for each of the years ended December 31, 2010 and 2009. The benefit from these tax holidays is reflected within the overall benefit received from international income taxes in the table above.

 

We consider the majority of the operating earnings of non-United States subsidiaries to be indefinitely invested outside the United States. The cumulative earnings of these subsidiaries were $275.2 million at December 31, 2011. No provision has been made for United States federal and state, or international taxes that may result from future remittances of the undistributed earnings of non-United States subsidiaries. Should we repatriate these earnings in the future, we would have to adjust the income tax provision in the period in which the decision to repatriate earnings is made. For the operating earnings not considered to be indefinitely invested outside the United States, we have accounted for the tax impact on a current basis.

 

The components of the net deferred tax assets (liabilities) included in the accompanying consolidated balance sheets are as follows (in thousands):

 

                                 
    December 31, 2011     December 31, 2010  
    Current     Long-Term     Current     Long-Term  
                         
Assets:                                
Accrued expenses   $ 18,177     $ 1,372     $ 18,820     $ -  
Accounts receivable reserves     791       -       702       -  
Deferred revenue     758       1,338       804       1,059  
Inventory basis differences     2,900       -       3,415       -  
Property-based differences     -       1,361       -       1,228  
Share-based compensation     2,267       7,123       2,041       6,298  
Other     188       182       296       13  
Net operating loss carryforwards     611       3,753       731       4,720  
Unrealized losses on foreign currency exchange contracts, interest rate swaps and investments     1,069       -       609       -  
Total assets     26,761       15,129       27,418       13,318  
Valuation allowance     (806 )     (3,808 )     (281 )     (4,323 )
Total assets, net of valuation allowance     25,955       11,321       27,137       8,995  
                                 
Liabilities:                                
Deferred Instrument Costs     -       (3,774 )     -       (526 )
Property-based differences     -       (18,332 )     -       (13,776 )
Intangible asset basis differences     -       (12,502 )     -       (13,035 )
Other     (17 )     -       (168 )     (21 )
Unrealized gains on foreign currency exchange contracts, interest rate swaps and investments     (2,121 )     -       -       -  
Total liabilities     (2,138 )     (34,608 )     (168 )     (27,358 )
Net deferred tax assets (liabilities)   $ 23,817       (23,287 )   $ 26,969     $ (18,363 )

 

We record a liability for uncertain tax positions that do not meet the more likely than not standard as prescribed by the authoritative guidance for income tax accounting. We record tax benefits for only those positions that we believe will more likely than not be sustained. Unrecognized tax benefits are the differences between tax positions taken, or expected to be taken, in tax returns, and the benefits recognized for accounting purposes. We classify certain uncertain tax positions as long-term liabilities.

 

The total amount of unrecognized tax benefits at December 31, 2011 and December 31, 2010 was $5.2 million and $5.0 million, respectively. Of the total unrecognized tax benefits at December 31, 2011 and 2010, $4.8 million and $4.5 million, respectively, comprise unrecognized tax positions that would, if recognized, affect our effective tax rate. The ultimate deductibility of the remaining unrecognized tax positions is highly certain but there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.

 

During each of the years ended December 31, 2011, 2010 and 2009, we recorded interest expense and penalties of $0.3 million as income tax expense in our consolidated statement of income. At both December 31, 2011 and 2010, we had $0.6 million of estimated interest expense and penalties accrued in our consolidated balance sheets.

 

The following table summarizes the changes in unrecognized tax benefits during the years ended December 31, 2011, 2010 and 2009 (in thousands):

 

                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Total amounts of unrecognized tax benefits, beginning of period   $ 4,976     $ 5,429     $ 5,850  
Gross decreases in unrecognized tax benefits as a result of tax positions taken during a prior period     -       -       -  
Gross increases in unrecognized tax benefits as a result of tax positions taken in the current period     1,241       972       1,233  
Decreases in unrecognized tax benefits relating to settlements with taxing authorities     -       -       (513 )
Decreases in unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations     (1,068 )     (1,425 )     (1,141 )
Total amounts of unrecognized tax benefits, end of period   $ 5,149     $ 4,976     $ 5,429  

 

In 2012, it is reasonably possible that we could recognize up to $1.3 million of income tax benefits that have not been recognized at December 31, 2011. The income tax benefits are due primarily to the lapse in the statutes of limitations for various U.S. and international tax jurisdictions.

 

In the ordinary course of our business, our income tax filings are regularly under audit by tax authorities. While we believe we have appropriately provided for all uncertain tax positions, amounts asserted by taxing authorities could be greater or less than our accrued position. Accordingly, additional provisions on income tax matters, or reductions of previously accrued provisions, could be recorded in the future as we revise our estimates due to changing facts and circumstances or the underlying matters are settled or otherwise resolved. We are currently undergoing tax examinations by various state tax authorities and we anticipate that these examinations will be concluded within the next year. We are no longer subject to U.S. federal examinations for tax years before 2007. With few exceptions, we are no longer subject to income tax examinations in any state and local, or international jurisdictions in which we conduct significant taxable activities for years before 2003.

 

At December 31, 2011, we had net operating loss carryforwards in certain state and international jurisdictions of approximately $47.1 million available to offset future taxable income. Most of these net operating loss carryforwards will expire at various dates through 2018 and the remainder have indefinite lives. We have recorded a valuation allowance of $3.8 million against certain deferred tax assets related to net operating loss carryforwards, as it is more likely that not that they will not be utilized within the carryforward period.
XML 1094 R84.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting (Summary Of Revenue By Product And Service Categories) (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Segment Reporting Information [Line Items]                      
Revenue $ 307,201 $ 300,954 $ 317,862 $ 292,672 $ 283,757 $ 269,628 $ 281,482 $ 268,525 $ 1,218,689 $ 1,103,392 $ 1,031,633
Companion Animal Group [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 999,722 905,655 843,303
Companion Animal Group [Member] | Instruments And Consumables [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 394,586 354,239 332,706
Companion Animal Group [Member] | Rapid Assay Products [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 154,342 146,538 147,078
Companion Animal Group [Member] | Reference Laboratory Diagnostic And Consulting Services [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 373,919 329,666 298,410
Companion Animal Group [Member] | Practice Management Systems And Digital Radiography [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 76,875 75,212 65,055
Companion Animal Group [Member] | Pharmaceutical Products [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                     54
Water [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 82,125 76,514 73,214
Livestock And Poultry Diagnostics Segment Revenue [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 94,112 81,177 77,208
Other [Member]
                      
Segment Reporting Information [Line Items]                      
Revenue                 $ 42,730 $ 40,046 $ 37,908
XML 1095 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Intangible Assets And Goodwill
 12 Months Ended
Dec. 31, 2011
Intangible Assets And Goodwill [Abstract]  
Intangible Assets And Goodwill
NOTE 8. INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets other than goodwill consisted of the following (in thousands):

 

    December 31, 2011     December 31, 2010  
    Cost     Accumulated Amortization     Cost     Accumulated Amortization  
                         
Patents   $ 9,363     $ 6,799     $ 9,377     $ 5,825  
Product rights (1)     36,181       20,414       31,641       17,974  
Customer-related intangible assets (2)     76,267       26,293       58,941       21,655  
Noncompete agreements     6,235       5,331       5,949       4,702  
    $ 128,046     $ 58,837     $ 105,908     $ 50,156  

 

(1) Product rights comprise certain technologies, licenses and trade names acquired from third parties.
(2) Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.

 

Intangible assets increased during the year ended December 31, 2011in connection with three business acquisitions and the acquisition of a customer list intangible asset unrelated to acquired businesses, partly offset by continued amortization of our assets. See Note 3 for information regarding intangible assets other than goodwill recognized in connection with the acquisition of businesses and other assets during the years ended December 31, 2011, 2010 and 2009. Amortization expense of intangible assets other than goodwill was $8.7 million, $9.0 million and $9.4 million for the years ended December 31, 2011, 2010 and 2009, respectively. Changes in foreign currency exchange rates did not have a material impact on intangible assets other than goodwill during the year ended December 31, 2011.

 

No impairment charges were recorded on our intangible assets during the years ended December 31, 2011 and 2010. During 2009, we recognized an impairment charge of $1.5 million reflected within general and administrative expenses to write off an acquired intangible asset, classified as a product right, associated with our equine digital radiography business, which is part of our CAG segment. Based on changes in estimated future demand and market conditions, we determined that we would not fully realize our investment and, therefore, fully expensed this asset.

 

The aggregate amortization expense associated with intangible assets owned at December 31, 2011 is estimated to be as follows for each of the next five years and thereafter (in thousands):

 

    Amortization  
    Expense  
         
2012   $ 9,993  
2013     9,194  
2014     8,395  
2015     8,180  
2016     7,608  
Thereafter     25,839  
    $ 69,209  

 

The changes in the carrying amount of goodwill for the years ended December 31, 2011, 2010, and 2009 were as follows (in thousands):

 

                            Consolidated  
    CAG     Water     LPD     Other     Total  
Balance as of January 1, 2009   $ 109,502     $ 12,757     $ 9,978     $ 6,531     $ 138,768  
Business Combinations     2,332       -       -       -       2,332  
Impact of Changes in Foreign Currency Exchange Rates     6,121       1,245       239       -       7,605  
Balance as of December 31, 2009     117,955       14,002       10,217       6,531       148,705  
Impact of Changes in Foreign Currency Exchange Rates     176       (354 )     585       -       407  
Balance as of December 31, 2010     118,131       13,648       10,802       6,531       149,112  
Business Combinations     24,689       -       -       -       24,689  
Impact of Changes in Foreign Currency Exchange Rates     (1,143 )     (72 )     24       -       (1,191 )
Balance as of December 31, 2011   $ 141,677     $ 13,576     $ 10,826     $ 6,531     $ 172,610  

 

 

See Note 3 for information regarding the recognition of goodwill in connection with the acquisition of businesses during the years ended December 31, 2011 and 2009. We have no history of impairment charges to the carrying value of our goodwill.
XML 1096 R60.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Compensation (Schedule Of Deferred Stock Unit Activity) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Deferred Stock Units [Member]
Dec. 31, 2011
Deferred Stock Units Expected To Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Outstanding as of December 31, 2010     121 122
Granted     5  
Settled     (4)  
Outstanding as of December 31, 2011     122 122
Vested as of December 31, 2011 119 118 119  
Fully vested and expected to vest as of December 31, 2011     122 122
Weighted Average Grant-Date Fair Value of beginning balance of outstanding awards     $ 38.11 $ 39.91
Weighted Average Grant-Date Fair Value of awards Granted     $ 77.16  
Weighted Average Grant-Date Fair Value, Settled     $ 36.02  
Weighted Average Grant-Date Fair Value of Ending Balance of Outstanding Awards as of December 31, 2011     $ 39.91 $ 39.91
Weighted Average Grant-Date Fair Value of Awards Vested as of December 31, 2011     $ 39.24  
XML 1097 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property And Equipment
 12 Months Ended
Dec. 31, 2011
Property And Equipment [Abstract]  
Property And Equipment
NOTE 6. PROPERTY AND EQUIPMENT

Property and equipment, net, consisted of the following (in thousands):

 

    December 31,  
    2011     2010  
             
Land and improvements   $ 7,439     $ 7,446  
Buildings and improvements     115,482       109,090  
Leasehold improvements     27,447       20,080  
Machinery and equipment     128,257       110,406  
Office furniture and equipment     28,791       26,806  
Computer hardware and software     93,272       81,971  
Construction in progress     21,662       20,826  
      422,350       376,625  
Less accumulated depreciation and amortization     205,573       174,900  
Total property and equipment, net   $ 216,777     $ 201,725  

 

Depreciation and amortization expense of property and equipment was $37.5 million, $35.1 million, and $39.2 million for the years ended December 31, 2011, 2010 and 2009, respectively.

 

In 2007, we began the renovation and expansion of our primary facility in Westbrook, Maine, which was substantially complete as of December 31, 2011. We capitalized $7.9 million related to this project during the year ended December 31, 2011 and $80.2 million since the project's inception. In 2011, we began the construction of a new administrative building adjacent to our primary facility in Westbrook, Maine. We capitalized $3.4 million related to this project during the year ended December 31, 2011.

 

During the years ended December 31, 2011, 2010 and 2009, we capitalized $5.7 million, $7.8 million and $10.6 million, respectively, related to computer software developed for internal use.
XML 1098 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Noncurrent Assets
 12 Months Ended
Dec. 31, 2011
Other Noncurrent Assets [Abstract]  
Other Noncurrent Assets
NOTE 7. OTHER NONCURRENT ASSETS

Other noncurrent assets consisted of the following (in thousands):

 

                 
    December 31,  
Description   2011     2010  
             
Investment in long-term product supply arrangements   $  12,091     $  12,120  
Customer acquisition costs, net     21,075       5,470  
Other assets     14,825       12,374  
    $ 47,991     $ 29,964  
XML 1099 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accrued Liabilities
 12 Months Ended
Dec. 31, 2011
Accrued Liabilities [Abstract]  
Accrued Liabilities
NOTE 9. ACCRUED LIABILITIES

Accrued liabilities consisted of the following (in thousands):

 

    December 31,     December 31,  
    2011     2010  
             
Accrued expenses   $ 40,472     $ 35,043  
Accrued employee compensation and related expenses     51,373       47,914  
Accrued taxes     17,654       12,320  
Accrued customer programs     31,884       23,321  
    $ 141,383     $ 118,598  
XML 1100 R64.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Noncurrent Assets (Schedule Of Other Noncurrent Assets) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Other Noncurrent Assets [Abstract]    
Investment in long-term product supply arrangements $ 12,091 $ 12,120
Customer acquisition costs, net 21,075 5,470
Other assets 14,825 12,374
Other noncurrent assets, net $ 47,991 $ 29,964
XML 1101 R85.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting (Schedule Of Revenue By Principal Geographic Area) (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue $ 307,201 $ 300,954 $ 317,862 $ 292,672 $ 283,757 $ 269,628 $ 281,482 $ 268,525 $ 1,218,689 $ 1,103,392 $ 1,031,633
Americas [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 785,839 728,175 682,038
Americas [Member] | United States [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 700,090 652,026 614,517
Americas [Member] | Canada [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 65,318 59,806 55,105
Americas [Member] | Other Americas [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 20,431 16,343 12,416
Europe, The Middle East And Africa [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 311,637 273,892 264,435
Europe, The Middle East And Africa [Member] | United Kingdom [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 61,016 56,493 55,835
Europe, The Middle East And Africa [Member] | Germany [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 78,806 68,318 62,480
Europe, The Middle East And Africa [Member] | France [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 48,164 42,895 41,756
Europe, The Middle East And Africa [Member] | Other Europe [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 123,651 106,186 104,364
Asia Pacific Region [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 121,213 101,325 85,160
Asia Pacific Region [Member] | Japan [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 43,445 36,260 31,794
Asia Pacific Region [Member] | Australia [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 44,023 36,296 29,177
Asia Pacific Region [Member] | Other Asia Pacific [Member]
                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenue                 $ 33,745 $ 28,769 $ 24,189
XML 1102 R66.htm IDEA: XBRL DOCUMENT v2.4.0.6
Intangible Assets And Goodwill (Schedule Of Intangible Assets Other Than Goodwill) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Finite-Lived Intangible Assets [Line Items]    
Cost $ 128,046 $ 105,908
Accumulated Amortization 58,837 50,156
Patents [Member]
    
Finite-Lived Intangible Assets [Line Items]    
Cost 9,363 9,377
Accumulated Amortization 6,799 5,825
Product Rights [Member]
    
Finite-Lived Intangible Assets [Line Items]    
Cost 36,181 [1] 31,641 [1]
Accumulated Amortization 20,414 [1] 17,974 [1]
Customer-Related Intangible Assets [Member]
    
Finite-Lived Intangible Assets [Line Items]    
Cost 76,267 [2] 58,941 [2]
Accumulated Amortization 26,293 [2] 21,655 [2]
Noncompete Agreements [Member]
    
Finite-Lived Intangible Assets [Line Items]    
Cost 6,235 5,949
Accumulated Amortization $ 5,331 $ 4,702
[1] Product rights comprise certain technologies, licenses and trade names acquired from third parties.
[2] Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.
XML 1103 R63.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Property, Plant and Equipment [Line Items]      
Gross amount $ 422,350 $ 376,625  
Less accumulated depreciation and amortization 205,573 174,900  
Total property and equipment, net 216,777 201,725 199,946
Land And Improvements [Member]
      
Property, Plant and Equipment [Line Items]      
Gross amount 7,439 7,446  
Buildings And Improvements [Member]
      
Property, Plant and Equipment [Line Items]      
Gross amount 115,482 109,090  
Leasehold Improvements [Member]
      
Property, Plant and Equipment [Line Items]      
Gross amount 27,447 20,080  
Machinery And Equipment [Member]
      
Property, Plant and Equipment [Line Items]      
Gross amount 128,257 110,406  
Office Furniture And Equipment [Member]
      
Property, Plant and Equipment [Line Items]      
Gross amount 28,791 26,806  
Computer Hardware And Software [Member]
      
Property, Plant and Equipment [Line Items]      
Gross amount 93,272 81,971  
Construction In Progress [Member]
      
Property, Plant and Equipment [Line Items]      
Gross amount $ 21,662 $ 20,826  
XML 1104 R92.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments And Hedging (Effect Of Derivative Instruments Designated As Cash Flow Hedges) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) $ 5,763 $ 730 $ (10,105)
Cash Flow Hedges [Member]
      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (6,830) (1,777) 4,183
Foreign Currency Exchange Contracts [Member]
      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) 5,642 1,368 (9,730)
Interest Rate Swaps [Member]
      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) 121 (638) (375)
Interest Expense [Member] | Interest Rate Swaps [Member] | Cash Flow Hedges [Member]
      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1,424) (1,034)  
Cost Of Revenue [Member] | Foreign Currency Exchange Contracts [Member] | Cash Flow Hedges [Member]
      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) $ (5,406) $ (743) $ 4,813
XML 1105 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2011
Share-Based Compensation [Abstract]  
Schedule Of Selected Financial Impact Of Share-Based Compensation
                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Share-based compensation expense included in cost of revenue   $ 1,439     $ 1,290     $ 1,280  
Share-based compensation expense included in operating expenses     14,057       11,972       10,343  
Total share-based compensation expense included in consolidated statements of income     15,496       13,262       11,623  
Income tax benefit resulting from share-based compensation arrangements     (5,245 )     (4,597 )     (3,827 )
Net impact of share-based compensation on net income   $ 10,251     $ 8,665     $ 7,796  
Schedule Of Weighted Averages Of The Assumptions Used In Estimating The Fair Value Of Stock Option Awards
                         
    For the Years Ended December 31,  
    2011     2010     2009  
                   
Expected stock price volatility     33 %     31 %     31 %
Expected term, in years     4.8       4.9       4.8  
Risk-free interest rate     2.3 %     2.3 %     1.6 %
                         
Weighted average fair value of options granted   $ 24.86     $ 16.56     $ 9.97  
Schedule Of Stock Option Activity
                                 
                Weighted        
                Average        
          Weighted     Remaining     Aggregate  
    Number of     Average     Contractual     Intrinsic Value  
    Options (000)     Exercise Price     Term     ($000)  
                         
Outstanding as of December 31, 2010     3,754     $ 33.34                  
Granted     546       77.53                  
Exercised     (1,042 )     24.09                  
Forfeited     (140 )     53.18                  
Expired     (4 )     13.05                  
Outstanding as of December 31, 2011     3,114     $ 43.31       3.4     $ 105,093  
                                 
Fully vested as of December 31, 2011     1,875     $ 32.81       2.4     $ 82,777  
                                 
Fully vested and expected to vest as of December 31, 2011     3,002     $ 42.69       3.3     $ 103,174  
Schedule Of Restricted Stock Unit Activity
                 
          Weighted  
    Number of Units     Average Grant-  
    (000)     Date Fair Value  
             
Nonvested as of December 31, 2010     508     $ 44.89  
Granted     141       77.13  
Vested     (160 )     44.36  
Forfeited     (41 )     50.99  
Nonvested as of December 31, 2011     448     $ 54.66  
                 
Expected to vest as of December 31, 2011     410     $ 54.39  
Schedule Of Deferred Stock Unit Activity
                 
          Weighted  
    Number of Units     Average Grant-  
    (000)     Date Fair Value  
             
Outstanding as of December 31, 2010     121     $ 38.11  
Granted     5       77.16  
Settled     (4 )     36.02  
Outstanding as of December 31, 2011     122     $ 39.91  
                 
Vested as of December 31, 2011     119     $ 39.24  
                 
Fully vested and expected to vest as of December 31, 2011     122     $ 39.91  
XML 1106 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Summary Of Significant Accounting Policies [Line Items]      
Restricted cash $ 1.2 $ 2.4  
Revenue recognition, multiple-deliverable arrangements, years
one to five
   
Advertising costs 1.2 1.7 1.1
Share-based awards requisite service period, years one to five    
Foreign currency transaction gains/(losses) $ (0.1) $ (1.0) $ 0.5
Percentage Of Revenue From Butler [Member]
      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of net accounts receivable 9.00% 9.00%  
Percentage Of Accounts Receivable From Butler [Member]
      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of net accounts receivable 7.00% 4.00%  
Percentage Of Revenue From Butler Animal Health Supply And Henry Schein [Member]
      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of net accounts receivable     10.00%
Percentage Of Accounts Receivable From Butler Animal Health Supply And Henry Schein [Member]
      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of net accounts receivable     6.00%
XML 1107 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments, Contingencies And Guarantees
 12 Months Ended
Dec. 31, 2011
Commitments, Contingencies And Guarantees [Abstract]  
Commitments, Contingencies And Guarantees
NOTE 14. COMMITMENTS, CONTINGENCIES AND GUARANTEES

 

Commitments

 

We lease multiple facilities under operating leases with various expiration dates through 2023. In addition, we are responsible for the real estate taxes and operating expenses related to these facilities. We also have lease commitments for automobiles and office equipment. Rent expense charged to operations under operating leases was approximately $15.5 million, $14.3 million and $14.7 million for the years ended December 31, 2011, 2010 and 2009, respectively.

 

Minimum annual rental payments under these agreements are estimated as follows (in thousands):

 

Years Ending December 31,   Amount  
         
2012   $ 12,813  
2013     10,695  
2014     7,442  
2015     6,025  
2016     5,147  
Thereafter     18,080  
    $ 60,202  

 

We have various minimum royalty payments due through 2027 of $5.7 million.

 

We have contingent commitments outstanding of up to $10.3 million related primarily to the acquisition of an intangible asset in 2008 and due to the seller upon our achievement of certain revenue and other milestones. We have not accrued for the commitments related to this intangible asset acquisition as we do not deem them to be probable of occurring as of December 31, 2011. The remaining commitments are not material.

 

Contingencies

 

We are subject to claims that arise in the ordinary course of business, including with respect to actual and threatened litigation and other matters. We accrue for loss contingencies when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. However, our actual losses with respect to these contingencies could exceed our accruals.

 

Under our worker's compensation insurance policies for U.S. employees since January 1, 2003, we have retained the first $250,000 in claim liability per incident with aggregate maximum claim liabilities per year of $2.0 million in 2011 and $2.9 million in each of 2010 and 2009. The insurance company provides for insurance claims above the individual occurrence and aggregate limits. We have recognized cumulative expenses of $0.5 million, $0.6 million, and $0.4 million for claims incurred during the years ended December 31, 2011, 2010 and 2009. Our estimated liability for worker's compensation as of December 31, 2011 and 2010 was $0.7 million and $1.1 million, respectively. Claims incurred during the years ended December 31, 2011 and 2010 are relatively undeveloped as of December 31, 2011. Therefore, it is possible that we could incur additional healthcare and wage indemnification costs beyond those previously recognized up to our aggregate liability for each of the respective claim years. For the seven years ended on or prior to December 31, 2009, based on our retained claim liability per incident and our aggregate claim liability per year, our maximum liability at December 31, 2011 in excess of the amounts deemed probable and previously recognized is not material. In connection with these policies, we have outstanding letters of credit totaling $1.6 million to the insurance companies as security for these claims.

 

 

Under our current employee health care insurance policy for U.S. employees, we retain claims liability risk up to $275,000 per incident per year in 2011 and up to $250,000 per incident per year in 2010 and 2009. We recognized employee health care claim expense of $21.0 million, $22.6 million and $19.6 million during the years ended December 31, 2011, 2010 and 2009, respectively, which includes actual claims paid and an estimate of our liability for the uninsured portion of employee health care obligations that have been incurred but not paid. Should employee health insurance claims exceed our estimated liability, we would have further obligations. Our estimated liability for health care claims that have been incurred but not paid as of December 31, 2011 and 2010 was $3.9 million and $4.3 million, respectively.

 

We have entered into an employment agreement with our chief executive officer whereby payment may be required if we terminate his employment without cause other than following a change in control. The amount payable is based upon the executive's salary at the time of termination and the cost to us of continuing to provide certain benefits. Had this officer been terminated without cause at December 31, 2011, other than following a change in control, we would have had an obligation for salaries and benefits of approximately $1.4 million under such agreement. In addition, the agreement provides for continued vesting of his outstanding equity awards for a period of two years.

 

We have entered into employment agreements with each of our officers that require us to make certain payments in the event the officer's employment is terminated under certain circumstances within a certain period following a change in control. The amount payable by us under each of these agreements is based on the officer's salary and bonus history at the time of termination and the cost to us of continuing to provide certain benefits. Had all of our officers been terminated in qualifying terminations following a change in control at December 31, 2011, we would have had aggregate obligations of approximately $17.6 million under these agreements. These agreements also provide for the acceleration of the vesting of all stock options and restricted stock units upon any qualifying termination following a change in control. At this time, we believe the likelihood of terminations as a result of the scenarios described is remote, and therefore, we have not accrued for such loss contingencies.

From time to time, we have received notices alleging that our products infringe third-party proprietary rights, although we are not aware of any pending litigation with respect to such claims. Patent litigation frequently is complex and expensive, and the outcome of patent litigation can be difficult to predict. There can be no assurance that we will prevail in any infringement proceedings that may be commenced against us. If we lose any such litigation, we may be stopped from selling certain products and/or we may be required to pay damages as a result of the litigation.

 

In January 2010, we received a letter from the U.S. Federal Trade Commission (" FTC"), stating that it was conducting an investigation to determine whether we or others have engaged in, or are engaging in, unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act ("FTC Act") through pricing or marketing policies for companion animal veterinary products and services, including but not limited to exclusive dealing or tying arrangements with distributors or end-users of those products or services. The letter stated that the FTC has not concluded that we or anyone else has violated Section 5 of the FTC Act. In April 2010 and August 2011, we received a subpoena from the FTC requesting that we provide the FTC with documents and information relevant to this investigation. We are cooperating fully with the FTC in its investigation. We believe that the FTC staff is nearing conclusion of its investigations and that the FTC is commencing its internal process to determine whether to file a complaint against IDEXX in the administrative law court within the FTC. We now understand that the FTC is considering whether IDEXX has violated Section 2 of the Sherman Antitrust Act and is not focusing on potential violations of Section 5 of the FTC Act. In an administrative action the FTC would have the power to seek prospective remedies but no financial penalties.

 

We believe that our marketing and sales practices for companion animal veterinary products and services do not violate applicable antitrust laws. Further, at this time, we cannot predict whether the FTC investigation will lead to enforcement proceedings, or what the outcomes of those proceedings will be. As such, we have not accrued for a loss contingency as potential losses related to this investigation are neither probable nor can they reasonably be estimated through the date of the filing of this Annual Report on Form 10-K.

 

 

In November 2010, we received notification that the United Kingdom Office of Fair Trading ("OFT") was conducting an investigation to determine whether we had engaged in, or are engaging in, practices foreclosing the supply of companion animal diagnostic testing services in violation of the United Kingdom Competition Act of 1998. We provided the OFT with documents and information relevant to this investigation as requested and have cooperated fully with the OFT on this matter. In November 2011, the OFT concluded that it had no grounds for action in relation to our conduct and that it is unlikely that we have engaged in practices that impair effective competition in the marketplace.

 

Guarantees

We enter into agreements with third parties in the ordinary course of business under which we are obligated to indemnify such third parties for and against various risks and losses. The precise terms of such indemnities vary with the nature of the agreement. In many cases, we limit the maximum amount of our indemnification obligations, but in some cases those obligations may be theoretically unlimited. We have not incurred material expenses in discharging any of these indemnification obligations, and based on our analysis of the nature of the risks involved, we believe that the fair value of these agreements is minimal. Accordingly, we have recorded no liabilities for these obligations at December 31, 2011 and 2010.

 

When acquiring a business, we sometimes assume liability for certain events or occurrences that took place prior to the date of acquisition. However, we do not believe that we have any probable pre-acquisition liabilities or guarantees that should be recognized at December 31, 2011 and 2010.
XML 1108 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2011
Accumulated Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income
NOTE 19. ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income consisted of the following as of December 31, 2011 and 2010, respectively (in thousands):

 

    December 31,  
    2011     2010  
             
Unrealized loss on investments, net of tax   $ (287 )   $ (179 )
Unrealized gain/(loss) on derivative instruments, net of tax     3,206       (2,557 )
Cumulative translation adjustment     12,524       16,203  
    $ 15,443     $ 13,467  
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Preferred Stock (Details) (USD $)
Dec. 31, 2011
Preferred Stock [Abstract]  
Shares of preferred stock authorized 500,000
Par value per share $ 1.00

XML 1111 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2011
Accumulated Other Comprehensive Income [Abstract]  
Schedule Of Accumulated Other Comprehensive Income
    December 31,  
    2011     2010  
             
Unrealized loss on investments, net of tax   $ (287 )   $ (179 )
Unrealized gain/(loss) on derivative instruments, net of tax     3,206       (2,557 )
Cumulative translation adjustment     12,524       16,203  
    $ 15,443     $ 13,467  
XML 1112 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt (Tables)
 12 Months Ended
Dec. 31, 2011
Debt [Abstract]  
Schedule Of Annual Principal Payments On Long-Term Debt
Years Ending December 31,   Amount  
         
2012   $ 917  
2013     1,108  
2014     1,034  
2015     359  
    $ 3,418  
XML 1113 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Stockholders' Equity (USD $)
In Thousands, unless otherwise specified
Common Stock [Member]
Additional Paid-In Capital [Member]
Deferred Stock Units [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income [Member]
Treasury Stock [Member]
Total IDEXX Laboratories, Inc.Stockholders' Equity [Member]
Noncontrolling Interest [Member]
Total
Balance, value at Dec. 31, 2008 $ 9,539 $ 547,692 $ 3,647 $ 702,031 $ 5,675 $ (830,390) $ 438,194   $ 438,194
Balance, shares at Dec. 31, 2008 95,387                
Comprehensive income (loss):                  
Net income       122,225     122,225 10 122,235
Unrealized gain (loss) on investments, net of tax         401   401   401
Unrealized net gain (loss) on derivative instruments, net of tax         (10,105)   (10,105)   (10,105)
Translation adjustment         14,370   14,370   14,370
Total comprehensive income             126,891 10 126,901
Repuchases of common stock, net           (84,369) (84,369)   (84,369)
Common stock issued under stock plans, including excess tax benefit, shares 947                
Common stock issued under stock plans, including excess tax benefit, value 94 22,000 (34)       22,060   22,060
Issuance of deferred stock units     418       418   418
Vesting of deferred stock units   (270) 270            
Share-based compensation cost recognized   11,375         11,375   11,375
Balance, value at Dec. 31, 2009 9,633 580,797 4,301 824,256 10,341 (914,759) 514,569 10 514,579
Balance, shares at Dec. 31, 2009 96,334                
Comprehensive income (loss):                  
Net income       141,284     141,284 36 141,320
Unrealized gain (loss) on investments, net of tax         176   176   176
Unrealized net gain (loss) on derivative instruments, net of tax         730   730   730
Translation adjustment         2,220   2,220   2,220
Total comprehensive income             144,410 36 144,446
Repuchases of common stock, net           (145,888) (145,888)   (145,888)
Common stock issued under stock plans, including excess tax benefit, shares 1,634                
Common stock issued under stock plans, including excess tax benefit, value 164 48,004 (455)       47,713   47,713
Issuance of deferred stock units     362       362   362
Vesting of deferred stock units   (225) 225            
Share-based compensation cost recognized   13,069         13,069   13,069
Balance, value at Dec. 31, 2010 9,797 641,645 4,433 965,540 13,467 (1,060,647) 574,235 46 574,281
Balance, shares at Dec. 31, 2010 97,968               97,968
Comprehensive income (loss):                  
Net income          161,786       161,786 (32) 161,754
Unrealized gain (loss) on investments, net of tax             (108)    (108)    (108)
Unrealized net gain (loss) on derivative instruments, net of tax             5,763    5,763    5,763
Translation adjustment             (3,679)    (3,679)    (3,679)
Total comprehensive income                   163,762 (32) 163,730
Repuchases of common stock, net                (259,729) (259,729)    (259,729)
Common stock issued under stock plans, including excess tax benefit, shares 1,261                
Common stock issued under stock plans, including excess tax benefit, value 126 45,747             45,873    45,873
Issuance of deferred stock units       91          91    91
Vesting of deferred stock units    (164) 164                  
Share-based compensation cost recognized    15,347             15,347    15,347
Balance, value at Dec. 31, 2011 $ 9,923 $ 702,575 $ 4,688 $ 1,127,326 $ 15,443 $ (1,320,376) $ 539,579 $ 14 $ 539,593
Balance, shares at Dec. 31, 2011 99,229               99,229
XML 1114 R88.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments And Hedging (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2011
Interest Rate Swap Effective On March 30, 2012 [Member]
Dec. 31, 2011
Interest Rate Swap Effective On March 31 2010 [Member]
Dec. 31, 2010
Interest Rate Swap Effective On March 31 2010 [Member]
Dec. 31, 2011
Interest Rate Swap Effective On March 28, 2013 [Member]
Derivative [Line Items]          
Estimated net amount of gains that are expected to be reclassified out of accumulated other comprehensive income and into earnings within the next 12 months $ 3.2        
General duration of forward currency exchange contracts less than 24 months        
Fixed portion of interest rate associated with interest rate swap   1.36% 2.00%   1.64%
Credit Facility borrowings hedged   $ 40.0 $ 80.0 $ 80.0 $ 40.0
XML 1115 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions And Strategic Investments
 12 Months Ended
Dec. 31, 2011
Acquisitions And Strategic Investments [Abstract]  
Acquisitions And Strategic Investments
NOTE 3. ACQUISITIONS AND STRATEGIC INVESTMENTS

We believe that our acquisitions of businesses and other assets enhance our existing businesses by either expanding our geographic range or expanding our existing product lines.

 

During the year ended December 31, 2011, we paid an aggregate of $47.8 million in cash to acquire three businesses, each accounted for as separate business combinations, and to acquire a customer list intangible asset unrelated to the business acquisitions. We acquired substantially all of the assets of the research and diagnostic laboratory ("RADIL") business of the College of Veterinary Medicine from the University of Missouri in November 2011 for $43.0 million in cash. Based in Columbia, Missouri, RADIL provides health monitoring and diagnostic testing services to bioresearch customers. As part of this business acquisition, we recognized $18.7 million in amortizable intangible assets other than goodwill and $23.6 million in goodwill. Of the amortizable intangible assets, we acquired customer relationships with a fair value of $14.3 million and intellectual property with a fair value of $3.5 million, which were assigned useful lives of 11 years and 15 years, respectively. The remaining assets recognized were not material. The weighted average useful life of all recognized amortizable intangible assets was 12 years. Goodwill is calculated as the consideration in excess of the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. These benefits include expansion opportunities arising from our participation in the bioresearch market. The remaining business and asset acquisitions during the year ended December 31, 2011were not material.

 

All assets acquired in connection with these business acquisitions and in connection with the customer list intangible asset acquisition were assigned to the CAG segment. We expect that all goodwill recognized in connection with these business acquisitions will be tax deductible. The results of operations of these acquired businesses have been included since the acquisition date. Pro forma information has not been presented for these acquisitions because such information is not material to the financial statements, both individually and in the aggregate.

 

In November 2010, we participated in an investment in a company that owns and operates veterinary hospitals, primarily in the eastern United States. This entity has a strategic plan that involves the continued acquisition of veterinary hospitals and margin expansion at existing and newly acquired hospitals by leveraging centralized resources, standardized processes, technology, economies of scale and best practice medical care to deliver superior customer service. We plan to leverage this relationship to further support, understand and develop the value proposition we offer to veterinary hospitals with the breadth and complementary nature of our product and service offerings within our CAG segment. While the financial terms of this investment are attractive, we do not intend, with this investment, to move into veterinary hospital ownership as a growth strategy.

 

 

In exchange for our cash investment of $4.0 million in this company, we received a $2.7 million promissory note bearing interest at 14.5%, maturing in November 2016, and a $1.3 million note bearing interest at 15.0%, maturing in November 2017. The terms of this agreement allow for the addition of interest to the outstanding principal balance under certain conditions. In addition, we received common stock warrants which were exercised without any further consideration on the closing date of the transaction, resulting in a 10% equity interest in the company. The value assigned to the warrants was $0.3 million resulting in a corresponding $0.3 million original issue discount on the note. This investment has been accounted for under the equity method of accounting. Related party transactions with this equity investment were not material during the years ended December 31, 2011 and 2010.

 

In 2009, we paid an aggregate of $7.9 million to acquire two businesses, the assets of which were assigned to our CAG segment, and $0.5 million to acquire a definite-lived intangible asset for product rights unrelated to any acquired businesses, which was assigned to our LPD segment. In August 2009, we acquired substantially all of the assets and assumed certain liabilities of VDIC, Inc. ("VDIC"). VDIC is located in Oregon and is a global provider of telemedicine and cytopathology services and also provides imaging and therapy procedures on a referral basis for clients within the Oregon area. Also in August 2009, we acquired certain assets of Pet Detect. Pet Detect engages in the marketing, distribution and sale of temporary pet identification systems based on tear- and humidity-resistant printable pet collars. The main application for these collars is in veterinary practices with boarding and overnight stay facilities, as well as in kennels. These acquisitions were accounted for as business combinations. In connection with these acquisitions, we acquired software with a fair value of $2.5 million, which was recorded to property and equipment and assigned a useful life of 7 years; amortizable intangible assets of $2.6 million; and goodwill of $2.3 million. The amortizable intangible assets consisted of customer-related intangible assets of $1.6 million, product rights of $0.7 million, and other intangible assets of $0.3 million, all of which were assigned useful lives of 12 years, 7 years and 5 years, respectively. The goodwill recognized has been, and we expect will continue to be, tax deductible. In relation to both of these business acquisitions, we recognized aggregate tangible assets of $1.0 million and assumed aggregate liabilities of $0.5 million. The results of operations of the acquired businesses have been included since their respective acquisition dates. Pro forma information has not been presented because such information is not material to the financial statements taken as a whole.
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Share-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
years
Share-Based Compensation [Abstract]  
Outstanding as of December 31, 2010 3,754
Granted 546
Exercised (1,042)
Forfeited (140)
Expired (4)
Outstanding as of December 31, 2011 3,114
Fully vested as of December 31, 2011 1,875
Fully vested and expected to vest as of December 31, 2011 3,002
Weighted average exercise price of beginning balance of options outstanding $ 33.34
Weighted average exercise price of options granted $ 77.53
Weighted average exercise price of options exercised $ 24.09
Weighted average exercise price of options forfeited $ 53.18
Weighted average exercise price of options expired $ 13.05
Weighted average exercise price of ending balance of options outstanding $ 43.31
Weighted average exercise price of options fully vested $ 32.81
Weighted average exercise price of options fully vested and expected to vest $ 42.69
Weighted average remaining contractual term of ending balance of options outstanding 3.4
Weighted average remaining contractual term of options fully vested 2.4
Weighted average remaining contractual term of options fully vested and expected to vest 3.3
Aggregate Intrinsic Value $ 105,093
Aggregate intrinsic value of options fully vested 82,777
Aggregate intrinsic value of options expected to vest $ 103,174
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Commitments, Contingencies And Guarantees (Schedule Of Minimum Annual Rental Payments) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Commitments, Contingencies And Guarantees [Abstract]  
2012 $ 12,813
2013 10,695
2014 7,442
2015 6,025
2016 5,147
Thereafter 18,080
Total minimum annual rental payments $ 60,202
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Accrued Liabilities (Schedule Of Accrued Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Accrued Liabilities [Abstract]    
Accrued expenses $ 40,472 $ 35,043
Accrued employee compensation and related expenses 51,373 47,914
Accrued taxes 17,654 12,320
Accrued customer programs 31,884 23,321
Accrued liabilities $ 141,383 $ 118,598
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Preferred Stock
 12 Months Ended
Dec. 31, 2011
Preferred Stock [Abstract]  
Preferred Stock
NOTE 20. PREFERRED STOCK

Our board of directors is authorized, subject to any limitations prescribed by law, without further stockholder approval, to issue from time to time up to 500,000 shares of Preferred Stock, $1.00 par value per share ("Preferred Stock"), in one or more series. Each such series of Preferred Stock shall have such number of shares, designations, preferences, voting powers, qualifications and special or relative rights or privileges as shall be determined by the board of directors, which may include, among others, dividend rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive rights. There are no shares of Preferred Stock outstanding as of December 31, 2011.
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Disclosure - Derivative Instruments And Hedging (Narrative) (Details) Sheet http://www.idexx.com/2010-09-30/role/DisclosureDerivativeInstrumentsAndHedgingNarrativeDetails Derivative Instruments And Hedging (Narrative) (Details) false false R89.htm 41702 - Disclosure - Derivative Instruments And Hedging (Schedule Of Notional Amounts Of Foreign Currency Exchange Contracts) (Details) Sheet http://www.idexx.com/2010-09-30/role/DisclosureDerivativeInstrumentsAndHedgingScheduleOfNotionalAmountsOfForeignCurrencyExchangeContractsDetails Derivative Instruments And Hedging (Schedule Of Notional Amounts Of Foreign Currency Exchange Contracts) (Details) false false R90.htm 41703 - Disclosure - Derivative Instruments And Hedging (Schedule Of Notional Amounts Of Forward Fixed Interest Rate Swap Agreement Contracts) (Details) Sheet http://www.idexx.com/2010-09-30/role/DisclosureDerivativeInstrumentsAndHedgingScheduleOfNotionalAmountsOfForwardFixedInterestRateSwapAgreementContractsDetails Derivative Instruments And Hedging (Schedule Of Notional Amounts Of Forward Fixed Interest Rate Swap Agreement Contracts) (Details) false false R91.htm 41704 - 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Disclosure - Summary Of Quarterly Data (Details) Sheet http://www.idexx.com/2010-09-30/role/DisclosureSummaryOfQuarterlyDataDetails Summary Of Quarterly Data (Details) false false R99.htm 42401 - Disclosure - Valuation And Qualifying Accounts (Details) Sheet http://www.idexx.com/2010-09-30/role/DisclosureValuationAndQualifyingAccountsDetails Valuation And Qualifying Accounts (Details) false false All Reports Book All Reports Element us-gaap_DebtInstrumentBasisSpreadOnVariableRate had a mix of decimals attribute values: 4 5. 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Income Taxes (Schedule Of Earnings Before Income Taxes) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income Taxes [Abstract]      
Domestic $ 169,365 $ 151,660 $ 124,974
International 65,057 50,469 49,565
Income before provision for income taxes $ 234,422 $ 202,129 $ 174,539
XML 1122 R38.htm IDEA: XBRL DOCUMENT v2.4.0.6
Intangible Assets And Goodwill (Tables)
 12 Months Ended
Dec. 31, 2011
Intangible Assets And Goodwill [Abstract]  
Schedule Of Intangible Assets Other Than Goodwill
    December 31, 2011     December 31, 2010  
    Cost     Accumulated Amortization     Cost     Accumulated Amortization  
                         
Patents   $ 9,363     $ 6,799     $ 9,377     $ 5,825  
Product rights (1)     36,181       20,414       31,641       17,974  
Customer-related intangible assets (2)     76,267       26,293       58,941       21,655  
Noncompete agreements     6,235       5,331       5,949       4,702  
    $ 128,046     $ 58,837     $ 105,908     $ 50,156  

 

(1) Product rights comprise certain technologies, licenses and trade names acquired from third parties.
(2) Customer-related intangible assets comprise customer lists and customer relationships acquired from third parties.
Schedule Of Expected Amortization Expense
    Amortization  
    Expense  
         
2012   $ 9,993  
2013     9,194  
2014     8,395  
2015     8,180  
2016     7,608  
Thereafter     25,839  
    $ 69,209  
Schedule Of Goodwill
                            Consolidated  
    CAG     Water     LPD     Other     Total  
Balance as of January 1, 2009   $ 109,502     $ 12,757     $ 9,978     $ 6,531     $ 138,768  
Business Combinations     2,332       -       -       -       2,332  
Impact of Changes in Foreign Currency Exchange Rates     6,121       1,245       239       -       7,605  
Balance as of December 31, 2009     117,955       14,002       10,217       6,531       148,705  
Impact of Changes in Foreign Currency Exchange Rates     176       (354 )     585       -       407  
Balance as of December 31, 2010     118,131       13,648       10,802       6,531       149,112  
Business Combinations     24,689       -       -       -       24,689  
Impact of Changes in Foreign Currency Exchange Rates     (1,143 )     (72 )     24       -       (1,191 )
Balance as of December 31, 2011   $ 141,677     $ 13,576     $ 10,826     $ 6,531     $ 172,610  
XML 1123 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 13. EARNINGS PER SHARE

 

The following is a reconciliation of shares outstanding for basic and diluted earnings per share (in thousands):

 

    For the Years Ended December 31,  
    2011     2010     2009  
                   
Shares outstanding for basic earnings per share:     56,790       57,713       58,809  
                         
Shares outstanding for diluted earnings per share:                        
Shares outstanding for basic earnings per share     56,790       57,713       58,809  
Dilutive effect of share-based payment awards     1,424       1,846       1,873  
      58,214       59,559       60,682  

 

 

Certain options to acquire shares and restricted stock units have been excluded from the calculation of shares outstanding for dilutive earnings per share because they were anti-dilutive. The following table presents information concerning those anti-dilutive options and restricted stock units (in thousands):

 

    For the Years Ended December 31,  
    2011     2010     2009  
                   
Weighted average number of shares underlying anti-dilutive options     597       501       878  
                         
Weighted average number of shares underlying anti-dilutive restricted stock units     -       -       2  
CORRESP 20 filename20.htm

 

 

February 17, 2012

VIA ELECTRONIC SUBMISSION

 

 

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:IDEXX Laboratories, Inc.

Commission File No. 0-19271

Annual Report on Form 10-K

Ladies and Gentlemen:

On behalf of IDEXX Laboratories, Inc. (the “Company”), transmitted herewith for filing under the reporting requirements of the Securities Exchange Act of 1934, as amended, is the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, complete with financial statement schedules and exhibits.

The Company’s financial statements filed as part of the Form 10-K do not reflect a change from the preceding year in any accounting principles or practices or in the method of applying any such principles or practices.

Please call the undersigned if you have any questions regarding this matter.

  Very truly yours,
  IDEXX Laboratories, Inc.

 

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