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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> (in thousands, except percentages)</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Six months ended</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>June 30, 2014</strong></font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 70%"> Net income of ASC</td> <td style="WIDTH: 19%; TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $801</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Less: Return attributable to the Company's preferred holding</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 501</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income of ASC available for common ownership</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 300</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Ownership percentage of noncontrolling shareholder</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>10%</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 2.25pt double; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income attributable to noncontrolling interest</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $30</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Noncontrolling interest as of December 31, 2013</td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $3,482</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income attributable to noncontrolling interest</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 30</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Changes in other comprehensive income attributable to noncontrolling interest</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> - </strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 2.25pt double; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Noncontrolling interest as of June 30, 2014</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $3,512</strong></font> </td> </tr> </table> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The table below presents restructuring costs by reportable segment (also see Note 5):</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 48%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Restructuring expense</strong></td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$1,297</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$24,230</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$2,159</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$24,423</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 660</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 91</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 980</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 534</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Consolidated total</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$1,957</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$24,321</font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$3,139</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$24,957</font> </td> </tr> </table> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong>17. Recent Accounting Pronouncements</strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In July 2013, amended accounting guidance was issued regarding the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This guidance was adopted in the first quarter 2014 and had the effect of reducing noncurrent deferred tax assets and noncurrent deferred tax liabilities by $7.1 million.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In April 2014, an accounting update was issued regarding which disposals qualify for reporting as discontinued operations. Additionally, new disclosures will apply for discontinued operations. This accounting update is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale beginning in periods after December 15, 2014. We do not expect the adoption of this update to have a significant effect on our financial statements.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In June 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. This accounting update is effective for reporting periods beginning after December 15, 2016. We have not determined the impact of this update on our financial statements.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In June 2014, an accounting update was issued relating to accounting for share-based payments with a performance target that could be achieved after the requisite service period. The adoption of this accounting guidance will be effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a significant effect on our financial statements.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>9. Accumulated Other Comprehensive Income</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The table below presents changes in the components of Accumulated Other Comprehensive Income for the period December 31, 2013 to June 30, 2014:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 45%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 13%"> Translation<br /> adjustments</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 15%"> Pension and<br /> postretirement<br /> liability<br /> adjustments</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 11%"> Derivative<br /> valuation<br /> adjustment</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 16%"> Total Other<br /> Comprehensive<br /> Income</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Balance, December 31, 2013</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($138)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($48,383)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($977)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($49,498)</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other comprehensive income before reclassifications</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,838)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (102)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (802)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (2,742)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: left; TEXT-INDENT: -6pt; VERTICAL-ALIGN: bottom"> Interest expense related to swaps reclassified to the Statements of Income, net of tax</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 580</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 580</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: left; TEXT-INDENT: -6pt; VERTICAL-ALIGN: bottom"> Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 280</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 280</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net current period other comprehensive income</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,838)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 178</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (222)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,882)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Balance, June 30, 2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,976)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($48,205)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,199)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($51,380)</strong></td> </tr> </table> <p style="COLOR: red; FONT: 9pt Sans-Serif; MARGIN: 0px 0px 6pt 0.5in; TEXT-INDENT: 0in"> </p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The components of our Accumulated Other Comprehensive Income that are reclassified to the Statements of Income relate to our pension and postretirement plans and interest rate swaps. The table below presents the amounts reclassified, and the line items of the Statements of Income that were affected:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56%; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt"> <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0px; TEXT-INDENT: 0in"> Expense/(income)(in thousands)</p> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Payments made on interest rate swaps included in earnings</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$473</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$454</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$951</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$910</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income tax effect</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>(184)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (177)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>(371)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (354)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Effect on net income due to items reclassified from Accumulated Other Comprehensive Income</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$289</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$277</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$580</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$556</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in" colspan="2"><strong>Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of prior service cost/(credit)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,108)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($909)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($2,217)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($1,817)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of transition obligation</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 17</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 34</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of net actuarial loss</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 1,355</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,664</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 2,683</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,328</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total pretax amount reclassified (a)</td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>247</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">772</font> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>466</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">1,545</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income tax effect</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (98)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (271)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (186)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (541)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Effect on net income due to items reclassified from Accumulated Other Comprehensive Income</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$149</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$501</font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$280</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$1,004</font> </td> </tr> </table> <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; FONT-FAMILY: Arial, Helvetica, Sans-Serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).</p> <!--EndFragment--></div> </div>
223673000
118175000
234426000
120541000
0.01375
0.0125
0.01875
150000000
0.03415
0.0684
2017-10-25
2017-12-31
2021-12-31
2015-01-01
0.0313
0.031
53302000
54476000
13900000
13873000
-7100000
-7100000
300000
-1229000
-1571000
-1454000
-1757000
27000
17000
-2244000
-1834000
34000
4846000
4068000
4815000
4000000
1371000
1604000
2198000
3238000
738000
2098000
710000
1683000
1684000
157000
571000
28383000
14276000
28638000
14427000
4100000
4100000
372000
1517000
4500000
5600000
2700000
3800000
0.0204
0.01414
154000
80000
2337000
3119000
400000
700000
-575000
-575000
-224000
-224000
9868000
9868000
0.69
0.35
0.13
-0.23
0.68
0.35
0.13
-0.23
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>8. Earnings Per Share</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 55%"> (in thousands, except market price data)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 10%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 10%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income/ (loss) attributable to the Company</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$11,219</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($7,379)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$21,840 </strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$4,132</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Weighted average number of shares:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Weighted average number of shares used in</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> calculating basic net income/(loss) per share</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 31,832</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 31,628</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 31,809</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 31,562</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Effect of dilutive stock-based compensation plans:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Stock options</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 103</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 104</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 125</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Weighted average number of shares used in</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> calculating diluted net income per share</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 31,935</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 31,628</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 31,913</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 31,687</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Average market price of common stock used</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> for calculation of dilutive shares</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$36.23</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$30.59</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$35.97</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$28.53</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Net income/(loss) per share:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Basic</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$0.35</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($0.23)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$0.69</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$0.13</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Diluted</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$0.35</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($0.23)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$0.68</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$0.13</font> </td> </tr> </table> <p style="FONT-FAMILY: Arial, Helvetica, Sans-Serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> As a result of a net loss in the second quarter of 2013, the potential dilutive effect of stock-based compensation plans was not included in the computation of the diluted earnings per share because to do so would have been antidilutive.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table presents the number of shares issued and outstanding:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 23%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> Class A</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> Class B</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> Less: Treasury</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> Net shares</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> Shares</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> Shares</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> Shares</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> Outstanding</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> June 30, 2014</td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">37,064,939</font> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">3,235,048</font> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> (8,459,498)</td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">31,840,489</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> March 31, 2014</td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">37,050,389</font> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">3,235,048</font> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> (8,463,635)</td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">31,821,802</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> June 30, 2013</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">36,875,127</font> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">3,236,098</font> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> (8,463,635)</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">31,647,590</font> </td> </tr> </table> <!--EndFragment--></div> </div>
-2165000
-608000
-2193000
1278000
145000
106000
524000
172000
145000
106000
524000
172000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>14. Fair-Value Measurements</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Fair value is defined 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 at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. As of June 30, 2014 and December 31, 2013, we have no Level 3 financial assets or liabilities.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial assets and liabilities measured at fair value on a recurring basis:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="4"><strong>June 30, 2014</strong></td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="4">December 31, 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Quoted<br /> prices</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>in active</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>markets</strong></font></td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Significant<br /> other</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>observable</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>inputs</strong></font></td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Quoted<br /> prices</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">in active</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">markets</font></td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Significant<br /> other</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">observable</font><br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> inputs</font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2"><strong>(Level 1)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2"><strong>(Level 2)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">(Level 1)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">(Level 2)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Fair Value</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="FONT-SIZE: 9pt; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <em>Assets:</em></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Cash equivalents</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $33,990</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $25,073</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Prepaid expenses and other current assets:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Foreign currency instruments</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 273</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other Assets:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Common stock of foreign public company</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 817</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 952</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest rate swap</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 372</font> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><sup> (a)</sup></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,517</font> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><sup> (c)</sup></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <em>Liabilities:</em></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other noncurrent liabilities:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest rate swap</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (2,337)</td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><sup> (b)</sup></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (3,119)</td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><sup> (d)</sup></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> </td> </tr> </table> <table style="MARGIN-BOTTOM: 6pt; FONT: 11pt Calibri, Helvetica, Sans-Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 20pt"> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; WIDTH: 20pt"> (a)</td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif">Net of $4.5 million receivable floating leg and $4.1 million liability fixed leg</td> </tr> </table> <table style="MARGIN-BOTTOM: 6pt; FONT: 11pt Calibri, Helvetica, Sans-Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 20pt"> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; WIDTH: 20pt"> (b)</td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif">Net of $0.4 million receivable floating leg and $2.7 million liability fixed leg</td> </tr> </table> <table style="MARGIN-BOTTOM: 6pt; FONT: 11pt Calibri, Helvetica, Sans-Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 20pt"> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; WIDTH: 20pt"> (c)</td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif">Net of $5.6 million receivable floating leg and $4.1 million liability fixed leg</td> </tr> </table> <table style="MARGIN-BOTTOM: 6pt; FONT: 11pt Calibri, Helvetica, Sans-Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 20pt"> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; WIDTH: 20pt"> (d)</td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif">Net of $0.7 million receivable floating leg and $3.8 million liability fixed leg</td> </tr> </table> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> During the six months ended June 30, 2014, there were no transfers between levels 1, 2, and 3.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The common stock of a foreign public company is traded in an active market exchange. The shares are measured at fair value using closing stock prices and are recorded in the Consolidated Balance Sheets as Other assets. The securities are classified as available for sale, and as a result any unrealized gain or loss is recorded in the Shareholders' Equity section of the Consolidated Balance Sheets rather than in the Consolidated Statements of Income. When the security is sold or impaired, gains and losses are reported on the Consolidated Statements of Income. Investments are considered to be impaired when a decline in fair value is judged to be other than temporary.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expenses, net. Gains totaled $0.2 million for the six months ended June 30, 2014. There were no open contracts and no gains/(losses) for the six months ended June 30, 2013.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to control risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Changes in exchange rates can result in revaluation gains and losses that are recorded in Selling, General and Administrative expenses or Other (income)/expenses, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other (income)/expenses, net or third-party trade receivable or payable balances (recorded in Selling, General and Administrative expenses) in a currency other than their local reporting (or functional) currency.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Operating results can also be affected by the translation of sales and costs, for each non-U.S. subsidiary, from the local functional currency to the U.S. dollar. The translation effect on the income statement is dependent on our net income or expense position in each non-U.S. currency in which we do business. A net income position exists when sales realized in a particular currency exceed expenses paid in that currency; a net expense position exists if the opposite is true.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps are derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and Other noncurrent liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps will flow through the caption Derivative valuation adjustment in the Shareholders' equity section of the Consolidated Balance Sheets, to the extent that the hedges are highly effective. As of June 30, 2014, these interest rate swaps were determined to be 100% effective hedges of interest rate cash flow risk. Gains and losses related to the ineffective portion of the hedges will be recognized in the current period in earnings. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions) affect earnings. Interest expense related to the swaps totaled $1.0 million and $0.9 million for the six month periods ended June 30, 2014 and 2013, respectively.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Gains/ (losses) related to changes in fair value of derivative instruments that were recognized in Other (income)/expenses, net in the Statements of Income were as follows:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Three months ended</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">June 30,</font></td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Six months ended</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">June 30,</font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 56%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Derivatives not designated as hedging instruments</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Forward exchange options</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$80</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$154</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial assets and liabilities measured at fair value on a recurring basis:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="4"><strong>June 30, 2014</strong></td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="4">December 31, 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Quoted<br /> prices</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>in active</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>markets</strong></font></td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Significant<br /> other</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>observable</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>inputs</strong></font></td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Quoted<br /> prices</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">in active</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">markets</font></td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Significant<br /> other</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">observable</font><br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> inputs</font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2"><strong>(Level 1)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2"><strong>(Level 2)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">(Level 1)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">(Level 2)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Fair Value</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="FONT-SIZE: 9pt; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <em>Assets:</em></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Cash equivalents</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $33,990</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $25,073</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Prepaid expenses and other current assets:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Foreign currency instruments</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 273</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other Assets:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Common stock of foreign public company</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 817</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 952</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest rate swap</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 372</font> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><sup> (a)</sup></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,517</font> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><sup> (c)</sup></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <em>Liabilities:</em></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other noncurrent liabilities:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest rate swap</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (2,337)</td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><sup> (b)</sup></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (3,119)</td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><sup> (d)</sup></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> </td> </tr> </table> <table style="MARGIN-BOTTOM: 6pt; FONT: 11pt Calibri, Helvetica, Sans-Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 20pt"> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; WIDTH: 20pt"> (a)</td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif">Net of $4.5 million receivable floating leg and $4.1 million liability fixed leg</td> </tr> </table> <table style="MARGIN-BOTTOM: 6pt; FONT: 11pt Calibri, Helvetica, Sans-Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 20pt"> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; WIDTH: 20pt"> (b)</td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif">Net of $0.4 million receivable floating leg and $2.7 million liability fixed leg</td> </tr> </table> <table style="MARGIN-BOTTOM: 6pt; FONT: 11pt Calibri, Helvetica, Sans-Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 20pt"> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; WIDTH: 20pt"> (c)</td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif">Net of $5.6 million receivable floating leg and $4.1 million liability fixed leg</td> </tr> </table> <table style="MARGIN-BOTTOM: 6pt; FONT: 11pt Calibri, Helvetica, Sans-Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 20pt"> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; WIDTH: 20pt"> (d)</td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif">Net of $0.7 million receivable floating leg and $3.8 million liability fixed leg</td> </tr> </table> <!--EndFragment--></div> </div>
231000
29000
29000
29000
231000
31000
33000
303000
404000
167000
179000
501000
616000
273000
3600000
961000
961000
3763000
961000
961000
78635000
78890000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>12. Goodwill and Other Intangible Assets</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Our reporting units are consistent with our operating segments.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company as well as publicly available industry information to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The entire balance of goodwill on our books is attributable to the Machine Clothing business. In the second quarter of 2014, the Company applied the qualitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. In addition, there were no amounts at risk due to the large spread between the fair and carrying values.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We are continuing to amortize certain patents, trade names, customer contracts and technology assets that have finite lives. The changes in intangible assets and goodwill from December 31, 2013 to June 30, 2014, were as follows:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> <strong>Balance at</strong></td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> <strong>Amortization</strong></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 17%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Currency</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> <strong>Balance at</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>December 31, 2013</strong></td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>Translation</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>June 30, 2014</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortized intangible assets:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> AEC trade names</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$33</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($2)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$31</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> AEC customer contracts</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 404</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (101)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 303</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> AEC technology</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 179</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (12)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 167</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total amortized intangible assets</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$616</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($115)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$501</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> </font> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> </font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Unamortized intangible assets:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Goodwill</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$78,890</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($255)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$78,635</font> </td> </tr> </table> <p style="MARGIN: 0px"> </p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Estimated amortization expense of intangibles for the years ending December 31, 2014 through 2018, is as follows:</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 43%; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 8%; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 49%"> <strong>Annual amortization</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>Year</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>(in thousands)</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2014</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$231</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2015</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 231</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2016</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 29</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2017</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 29</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2018</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 29</font> </td> </tr> </table> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>7. Income Taxes</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table presents components of income tax expense/(benefit) for the three and six months ending June 30, 2014 and 2013:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 58%"> <strong>(in thousands)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 9%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 9%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income tax based on income from continuing operations, at estimated tax rates of 36.5% and 39.0%, respectively</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$6,368</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($3,616)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$12,999</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$3,310</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Provision for change in estimated tax rates</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 278</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 888</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income tax before discrete items</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 6,646</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (2,728)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 12,999</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,310</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Discrete tax expense/(benefit):</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Provision for/adjustment to beginning of year valuation allowances</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 437</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 437</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Provision for/resolution of tax audits and contingencies, net</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 99</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 425</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 979</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 425</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Adjustments to prior period tax liabilities</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 30</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (126)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 254</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 84</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Repatriation of non-U.S. prior years' earnings</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 186</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 186</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other discrete tax adjustments, net</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total income tax expense/(benefit)</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$7,216</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($2,243)</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$14,673</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$4,005</font> </td> </tr> </table> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The second quarter estimated effective tax rate on continuing operations was 36.5 percent in 2014, as compared to 39.0 percent for the same period in 2013. The change in the estimated effective tax rate was primarily attributable to the amount and distribution of income and loss among the countries in which we operate.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> At June 30, 2014 the Company reported a deferred tax liability of $0.3 million on $3.6 million of prior year non-U.S. earnings that have been targeted for future repatriation to the U.S. The Company records the residual U.S. and foreign taxes on certain amounts of current foreign earnings that have been targeted for repatriation to the U.S. As a result, such amounts are not considered to be permanently reinvested, and the Company accrued for the residual taxes on these earnings to the extent they cannot be repatriated in a tax-free manner.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We conduct business globally and, as a result, the Company or one or more of our subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including major jurisdictions such as the United States, Brazil, Canada, China, France, Germany, Italy, Mexico, and Switzerland. The open tax years in these jurisdictions range from 2000 to 2013. We are currently under audit in the U.S. and in other non-U.S. tax jurisdictions, including but not limited to Canada, Germany and Italy.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> It is reasonably possible that over the next twelve months the amount of the liability on uncertain tax positions may change within a range of a net increase of $0 million to a net decrease of $9.8 million, from the reevaluation of uncertain tax positions arising in examinations, in appeals, or in the courts, or from the closure of tax statutes. Not included in the range is $24.0 million of tax benefits in Germany related to a 1999 reorganization that have been challenged by the German tax authorities in the course of an audit, of which $18.4 million would have a direct impact on our Statements of Income if resolved unfavorably. In 2008 the German Federal Tax Court (FTC) denied tax benefits to other taxpayers in a case involving German tax laws relevant to our reorganization. One of these cases involved a non-German party, and in the ruling in that case, the FTC acknowledged that the German law in question may be violative of European Union (EU) principles and referred the issue to the European Court of Justice (ECJ) for its determination on this issue. In September 2009, the ECJ issued an opinion in this case that is generally favorable to the other taxpayer and referred the case back to the FTC for further consideration. In May 2010 the FTC released its decision, in which it resolved certain tax issues that may be relevant to our audit and remanded the case to a lower court for further development. In 2012, the lower court decided in favor of the taxpayer and the government appealed the findings to the FTC. On July 2, 2014, The FTC conducted a hearing in the aforementioned case involving the other taxpayer and a decision is expected later in the year. Although we were required to pay tax and interest of approximately $16.3 million to the German tax authorities in order to continue to pursue the position, when taking into consideration the ECJ decision, the May 2010 FTC decision and the lower court decision, we believe that it is more likely than not that the relevant German law is violative of EU principles and, accordingly, we have not accrued tax expense on this matter. As we continue to monitor developments and consider the outcome of the July 2, 2014 hearing, it may become necessary for us to accrue tax expense and related interest.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>11. Inventories</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Inventories are stated at the lower of cost or market, and are valued at average cost, net of reserves. The Company maintains reserves for possible impairment in the value of inventories. Such reserves can be specific to certain inventory, or general based on judgments about the overall condition of the inventory. General reserves are established based on percentage write-downs applied to aged inventories, or for inventories that are slow-moving. If actual results differ from estimates, additional inventory write-downs may be necessary. These general reserves for aged inventory are relieved through income only when the inventory is sold.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> As of June 30, 2014 and December 31, 2013, inventories consisted of the following:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 60%; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">(in thousands)</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 20%"> <strong>June 30, 2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 20%"> December 31, 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Raw materials</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$29,322</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$25,754</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Work in process</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 50,132</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 45,998</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Finished goods</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 44,435</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 40,987</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total inventories</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$123,889</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$112,739</font> </td> </tr> </table> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> During the second quarter of 2014, the Company identified an error in the value of Machine Clothing inventories reported in prior periods. Included in cost of goods sold for the second quarter is a charge of $1.6 million to correct the errors by reducing inventories to their proper carrying values. The error relates to intercompany transfers of inventory and originated when the Company transitioned to a new ERP system in the Americas in 2008 and Europe in 2011.</p> <!--EndFragment--></div> </div>
44435000
40987000
123889000
112739000
29322000
25754000
50132000
45998000
552000
356000
600000
300000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>15. Contingencies</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong>Asbestos Litigation</strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing products that we previously manufactured. We produced asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. Such fabrics generally had a useful life of three to twelve months.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We were defending 4,217 claims as of June 30, 2014.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 23%"> <strong>Year ended<br /> December 31,</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>Opening<br /> Number of<br /> Claims</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>Claims<br /> Dismissed,<br /> Settled, or<br /> Resolved</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>New Claims</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>Closing<br /> Number of<br /> Claims</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1.5pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 17%"> <strong>Amounts Paid<br /> (thousands) to<br /> Settle or<br /> Resolve</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2005</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 29,411</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 6,257</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,297</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 24,451</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $504</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2006</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 24,451</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 6,841</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,806</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 19,416</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,879</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2007</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 19,416</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 808</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 190</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 18,798</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 15</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2008</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 18,798</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 523</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 110</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 18,385</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 52</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2009</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 18,385</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,482</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 42</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,945</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 88</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2010</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,945</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,963</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 188</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 5,170</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 159</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2011</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 5,170</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 789</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 65</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,446</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,111</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2012</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,446</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 90</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 107</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,463</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 530</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2013</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,463</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 233</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 85</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,315</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 82</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1.5pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; FONT-SIZE: 8pt; TEXT-INDENT: 0in"> <strong>As of June 30, 2014</strong></td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4,315</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 149</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 51</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4,217</strong></font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $433</strong></font> </td> </tr> </table> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We anticipate that additional claims will be filed against the Company and related companies in the future, but are unable to predict the number and timing of such future claims.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Exposure and disease information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, and often not until a trial date is imminent and a settlement demand has been received. For these reasons, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurer, Liberty Mutual, has defended each case and funded settlements under a standard reservation of rights. As of June 30, 2014 we had resolved, by means of settlement or dismissal, 36,752 claims. The total cost of resolving all claims was $9.2 million. Of this amount, almost 100% was paid by our insurance carrier. The Company's insurer has confirmed that although the coverage limits under two (of approximately 23) primary insurance policies have been exhausted, there still remains approximately $3 million in coverage limits under other applicable primary policies, and $140 million in coverage under excess umbrella coverage policies that should be available with respect to current and future asbestos claims.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Brandon Drying Fabrics, Inc. ("Brandon"), a subsidiary of Geschmay Corp., which is a subsidiary of the Company, is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant. Brandon was defending against 7,732 claims as of June 30, 2014.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 23%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1.5pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Year ended</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>December 31,</strong></font></td> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 15%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Opening</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Number of</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Claims</strong></font></td> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 15%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Claims</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Dismissed,</strong></font><br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Settled, or</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Resolved</strong></font></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>New Claims</strong></td> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 15%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Closing</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Number of</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Claims</strong></font></td> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 17%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Amounts Paid</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>(thousands) to</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Settle or</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Resolve</strong></font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2005</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,985</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 642</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 223</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,566</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2006</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,566</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,182</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 730</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,114</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2007</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,114</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 462</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 88</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,740</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2008</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,740</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 86</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 10</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,664</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2009</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,664</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 760</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,907</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2010</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,907</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 47</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,869</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2011</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,869</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 11</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,877</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2012</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,877</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 12</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 2</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,867</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2013</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,867</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 55</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,815</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1.5pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; FONT-SIZE: 8pt; TEXT-INDENT: 0in"> <strong>As of June 30, 2014</strong></td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 7,815</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 85</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 2</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 7,732</strong></font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $-</strong></font> </td> </tr> </table> <p style="MARGIN-BOTTOM: 12pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We acquired Geschmay Corp., formerly known as Wangner Systems Corporation, in 1999. Brandon is a wholly owned subsidiary of Geschmay Corp. In 1978, Brandon acquired certain assets from Abney Mills ("Abney"), a South Carolina textile manufacturer. Among the assets acquired by Brandon from Abney were assets of Abney's wholly owned subsidiary, Brandon Sales, Inc. which had sold, among other things, dryer fabrics containing asbestos made by its parent, Abney. Although Brandon manufactured and sold dryer fabrics under its own name subsequent to the asset purchase, none of such fabrics contained asbestos. Because Brandon did not manufacture asbestos-containing products, and because it does not believe that it was the legal successor to, or otherwise responsible for obligations of Abney with respect to products manufactured by Abney, it believes it has strong defenses to the claims that have been asserted against it. As of June 30, 2014, Brandon has resolved, by means of settlement or dismissal, 9,873 claims for a total of $0.2 million. Brandon's insurance carriers initially agreed to pay 88.2% of the total indemnification and defense costs related to these proceedings, subject to the standard reservation of rights. The remaining 11.8% of the costs had been borne directly by Brandon. During 2004, Brandon's insurance carriers agreed to cover 100% of indemnification and defense costs, subject to policy limits and the standard reservation of rights, and to reimburse Brandon for all indemnity and defense costs paid directly by Brandon related to these proceedings.</p> <p style="MARGIN-BOTTOM: 12pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> For the same reasons set forth above with respect to Albany's claims, as well as the fact that no amounts have been paid to resolve any Brandon claims since 2001, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to these remaining claims.</p> <p style="MARGIN-BOTTOM: 12pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In some of these asbestos cases, the Company is named both as a direct defendant and as the "successor in interest" to Mount Vernon Mills ("Mount Vernon"). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Although we do not believe, based on currently available information and for the reasons stated above, that a meaningful estimate of a range of possible loss can be made with respect to such claims, based on our understanding of the insurance policies available, how settlement amounts have been allocated to various policies, our settlement experience, the absence of any judgments against the Company or Brandon, the ratio of paper mill claims to total claims filed, and the defenses available, we currently do not anticipate any material liability relating to the resolution of the aforementioned pending proceedings in excess of existing insurance limits.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Consequently, we currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors and the trends in claims against us to date, we do not anticipate that additional claims likely to be filed against us in the future will have a material adverse effect on our financial position, results of operations, or cash flows. We are aware that litigation is inherently uncertain, especially when the outcome is dependent primarily on determinations of factual matters to be made by juries.</p> <!--EndFragment--></div> </div>
579385000
619109000
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>10. Accounts Receivable</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Accounts receivable includes trade receivables and revenue in excess of progress billings on long-term contracts in the Albany Engineered Composites business. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company determines the allowance based on historical write-off experience, customer-specific facts and economic conditions. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The components of Accounts receivable are summarized below:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 60%; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">(in thousands)</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 20%"> <strong>June 30, 2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 20%"> December 31, 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Trade accounts receivable</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$147,304</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$154,296</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Revenue in excess of progress billings</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>11,046</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">20,525</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Less: allowance for doubtful accounts</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (9,877)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (11,274)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total Accounts Receivable</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$148,473</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$163,547</font> </td> </tr> </table> <!--EndFragment--></div> </div>
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283104000
300111000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>13. Financial Instruments</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Long-term debt, principally to banks and bondholders, consists of:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 58%"> (in thousands, except interest rates)</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 21%"> <strong>June 30, 2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 21%"> December 31, 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Private placement with a fixed interest rate of 6.84%, due 2015 through 2017</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$100,000</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $100,000</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Credit agreement with borrowings outstanding at an end of period interest rate of 2.62% in 2014 and 2.53% in 2013 (including the effect of interest rate hedging transactions, as described below), due in 2018</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>183,000</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> 200,000</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Various notes and mortgages relative to operations principally outside the United States, at an average end of period rate of 3.13% in 2014 and 3.10% in 2013, due in varying amounts through 2021</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>1,369</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> 3,875</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Long-term debt</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>284,369</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> 303,875</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Less: current portion</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>(1,265)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (3,764)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Long-term debt, net of current portion</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$283,104</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $300,111</td> </tr> </table> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> A note agreement and guaranty ("Prudential Agreement") was entered into in October 2005, and was amended and restated as of September 17, 2010 and March 26, 2013, with the Prudential Insurance Company of America, and certain other purchasers with interest at 6.84% and a maturity date of October 25, 2017. The remaining obligation under the Prudential Agreement has a mandatory payment of $50 million due on October 25, 2015, and the final payment is due October 25, 2017. At the noteholders' election, certain prepayments may also be required in connection with certain asset dispositions or financings. The notes may not otherwise be prepaid without a premium, under certain market conditions. The Prudential Agreement contains customary terms, as well as affirmative covenants, negative covenants, and events of default comparable to those in our current principal credit facility (as described below). For disclosure purposes, we are required to measure the fair value of outstanding debt on a recurring basis. As of June 30, 2014, the fair value of this debt was approximately $113.7 million, which was measured using active market interest rates, and would be considered Level 2 for fair value measurement purposes.</p> <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in"> </p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> On March 26, 2013, we entered into a $330 million, unsecured Five-Year Revolving Credit Facility Agreement ("Credit Agreement"), under which $183 million of borrowings were outstanding as of June 30, 2014. The Credit Agreement replaces the previous $390 million five-year Credit Agreement made in 2010. The applicable interest rate for borrowings under the Credit Agreement, as well as under the former agreement, is LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on June 23, 2014, the spread was 1.375%. The spread is based on a pricing grid, which ranges from 1.25% to 1.875%, based on our leverage ratio.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change. Based on our maximum leverage ratio and our consolidated EBITDA (as defined in the Credit Agreement), and without modification to any other credit agreements, as of June 30, 2014, we would have been able to borrow an additional $147 million under our agreement.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> On July 16, 2010, we entered into interest rate hedging transactions that have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $105 million of the indebtedness drawn under the Credit Agreement at the rate of 2.04% until July 16, 2015. Under the terms of these transactions, we pay the fixed rate of 2.04% and the counterparties pay a floating rate based on the three-month LIBOR rate at each quarterly calculation date, which on April 16, 2014 was 0.23%. The net effect is to fix the effective interest rate on $105 million of indebtedness at 2.04%, plus the applicable spread, until these swap agreements expire. On June 30, 2014, the all-in rate on the $105 million of debt was 3.415%.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> On May 20, 2013, we entered into interest rate hedging transactions for the period July 16, 2015 through March 16, 2018. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $110 million of indebtedness drawn under the Credit Agreement at the rate of 1.414% during this period. Under the terms of these transactions, we pay the fixed rate of 1.414% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on June 30, 2014 was 0.1552%. The net effect is to fix the effective interest rate on $110 million of indebtedness at 1.414%, plus the applicable spread, during the swap period.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 14 of the Notes to Consolidated Financial Statements. No cash collateral was received or pledged in relation to the swap agreements.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Under the Credit Agreement and Prudential Agreement, we are currently required to maintain a leverage ratio (as defined in the agreements) of not greater than 3.50 to 1.00 and minimum interest coverage (as defined) of 3.00 to 1.00.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> As of June 30, 2014, our leverage ratio was 1.56 to 1.00 and our interest coverage ratio was 10.64 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash provided our leverage ratio would not exceed 3.50 to 1.00 after giving pro forma effect to the acquisition.</p> <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in"> </p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Indebtedness under each of the Prudential Agreement and the Credit Agreement is ranked equally in right of payment to all unsecured senior debt.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We were in compliance with all debt covenants as of June 30, 2014.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>2. Noncontrolling Interest</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC (ASC). Under the terms of the transaction agreements, ASC is the exclusive supplier to Safran of advanced 3D-woven composite parts for use in aircraft and rocket engines, thrust reversers and nacelles, and aircraft landing and braking systems (the "Safran Applications"). AEC may develop and supply parts other than advanced 3D-woven composite parts for all aerospace applications, as well as advanced 3D-woven composite parts for any aerospace applications that are not Safran Applications (such as airframe applications) and any non-aerospace applications.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The agreement provides Safran an option to purchase Albany's remaining 90 percent interest upon the occurrence of certain bankruptcy or performance default events, or if Albany's Engineered Composites business is sold to a direct competitor of Safran. The purchase price is based initially on the same valuation of ASC used to determine Safran's 10% equity interest, and increases over time as LEAP production increases.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In accordance with the operating agreement, Albany received a $28 million preferred holding in ASC which includes a preferred return based on the Company's revolving credit agreement. The common shares of ASC are owned 90 percent by Albany and 10 percent by Safran.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> (in thousands, except percentages)</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Six months ended</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>June 30, 2014</strong></font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 70%"> Net income of ASC</td> <td style="WIDTH: 19%; TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $801</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Less: Return attributable to the Company's preferred holding</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 501</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income of ASC available for common ownership</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 300</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Ownership percentage of noncontrolling shareholder</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>10%</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 2.25pt double; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income attributable to noncontrolling interest</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $30</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Noncontrolling interest as of December 31, 2013</td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $3,482</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income attributable to noncontrolling interest</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 30</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Changes in other comprehensive income attributable to noncontrolling interest</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> - </strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 2.25pt double; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Noncontrolling interest as of June 30, 2014</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $3,512</strong></font> </td> </tr> </table> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>1. Basis of Presentation</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments and elimination of intercompany transactions necessary for a fair presentation of results for such periods. Albany International Corp. ("Albany") consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with "Risk Factors," " Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operation," "Quantitative and Qualitative Disclosures about Market Risk" and the Consolidated Financial Statements and Notes thereto included in Items 1A, 3, 7, 7A and 8, respectively, of the Albany International Corp. Annual Report on Form 10-K for the fiscal year ended December 31, 2013.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.'s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>6. Other (Income)/Expenses, net</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The components of Other (income)/expenses, net, are:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 52%; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> (in thousands) </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Currency transactions</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,397)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$1,894</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,903)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$1,903</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Bank fees and amortization of debt issuance costs</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>285</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">377</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>597</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">998</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Gain on insurance recovery</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (961)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">- </font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (961)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">-</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Other </font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (60)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (60)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (333)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 44</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Total </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($2,133)</strong></td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$2,211</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($2,600)</strong></td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$2,945</font> </td> </tr> </table> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In July 2013, the Company's manufacturing facility in Germany was damaged by severe weather. At that time, the Company expensed the remaining book value of the damaged property, but that value was minimal. In the second quarter of 2014, we recorded a gain equal to proceeds received.</p> <!--EndFragment--></div> </div>
100940000
106014000
333000
60000
-44000
60000
2600000
2133000
-2945000
-2211000
2600000
2133000
-2945000
-2211000
8675000
2576000
8675000
2576000
1639000
76000
9539000
4774000
4423000
4423000
27402000
12799000
27808000
14620000
315000
21000
648000
555000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>4. Pensions and Other Postretirement Benefit Plans</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <em>Pension Plans</em></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998 and, as of February 2009, benefits accrued under this plan were frozen. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009, but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <em>Other Postretirement Benefits</em></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> In addition to providing pension benefits, the Company provides various medical, dental, and life insurance benefits for certain retired United States employees. U.S. employees hired prior to 2005 may become eligible for these benefits if they reach normal retirement age while working for the Company. Benefits provided under this plan are subject to change. Retirees share in the cost of these benefits. Effective January 2005, any new employees who wish to be covered under this plan will be responsible for the full cost of such benefits. In September 2008, we changed the cost sharing arrangement under this program such that increases in health care costs are the responsibility of plan participants. In August 2013, we reduced the life insurance benefit for retirees and eliminated the benefit for active employees.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The Company also provides certain postretirement life insurance benefits to retired employees in Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plan as claims are paid.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The composition of the net periodic benefit plan cost for the six months ended June 30, 2014 and 2013 was as follows:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Pension plans</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Other postretirement benefits</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 45%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Components of net periodic benefit cost:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Service cost</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$1,683</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$1,684</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$157</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$571</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest cost</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4,815</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,000</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 1,371</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,604</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Expected return on assets</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (4,846)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (4,068)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of prior service cost/(credit)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 27</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 17</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (2,244)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,834)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of transition obligation</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 34</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of net actuarial loss</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 1,229</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,571</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 1,454</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,757</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Curtailment</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (710)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net periodic benefit cost</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$2,198</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$3,238</font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$738</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$2,098</font> </td> </tr> </table> <!--EndFragment--></div> </div>
501000
5.00
5.00
2000000
2000000
0
0
10120000
9659000
4670000
235000
51905000
5037000
961000
961000
6268000
387000
261000
2968000
1004000
21870000
11177000
4132000
-7379000
801000
21840000
30000
414758000
418830000
1600000
11046000
20525000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The components of our Accumulated Other Comprehensive Income that are reclassified to the Statements of Income relate to our pension and postretirement plans and interest rate swaps. The table below presents the amounts reclassified, and the line items of the Statements of Income that were affected:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56%; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt"> <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0px; TEXT-INDENT: 0in"> Expense/(income)(in thousands)</p> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Payments made on interest rate swaps included in earnings</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$473</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$454</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$951</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$910</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income tax effect</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>(184)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (177)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>(371)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (354)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Effect on net income due to items reclassified from Accumulated Other Comprehensive Income</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$289</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$277</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$580</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$556</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in" colspan="2"><strong>Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of prior service cost/(credit)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,108)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($909)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($2,217)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($1,817)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of transition obligation</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 17</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 34</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of net actuarial loss</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 1,355</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,664</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 2,683</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,328</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total pretax amount reclassified (a)</td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>247</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">772</font> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>466</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">1,545</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income tax effect</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (98)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (271)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (186)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (541)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Effect on net income due to items reclassified from Accumulated Other Comprehensive Income</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$149</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$501</font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$280</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$1,004</font> </td> </tr> </table> <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; FONT-FAMILY: Arial, Helvetica, Sans-Serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).</p> <!--EndFragment--></div> </div>
24109000
17593000
50659000
18476000
947000
405000
-1174000
-476000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>5. Restructuring</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> During the second quarter of 2013, the Company commenced a program to restructure operations at the Company's Machine Clothing production facilities in France. The restructuring, when completed, will have reduced employment by approximately 200 positions at these locations. As of June 30, 2014, approximately 190 positions had been eliminated.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Under the terms of the restructuring plan, the Company provides training, outplacement and other benefits, the costs of which are recorded as restructuring when they are incurred. The Company recorded a curtailment gain of $0.2 million in the second quarter of 2014 and $0.7 million for the first six months of 2014 related to the elimination of pension accruals, which reduced net restructuring expense as reflected in the table below. Such curtailment gains are recorded as employees terminate employment and, accordingly, we expect to record additional gains during 2014. Remaining costs for this program are expected to be between $1 and $3 million, most of which we expect to be incurred in 2014.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Restructuring expenses in the Albany Engineered Composites operations were principally related to organizational changes and exiting certain aerospace programs.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table summarizes charges reported in the Statements of Income under "Restructuring and other, net":</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 48%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$1,297</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,230</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$2,159</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,423</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>660</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">91</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>980</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">534</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Total </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$1,957</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,321</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$3,139</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,957</td> </tr> </table> <p style="COLOR: red; FONT: 9pt Sans-Serif; MARGIN: 0px 0px 10pt 0.5in; TEXT-INDENT: 0in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 40%" nowrap="nowrap"><strong>Six months ended June 30, 2014</strong><br /> <br /> (in thousands)</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Total<br /> restructuring<br /> costs incurred </strong></font> </td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> Termination and<br /> other costs </strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 15%"> <strong>Impairment of<br /> plant and<br /> equipment</strong></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> Benefit plan<br /> curtailment/<br /> settlement </strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing </font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $2,159</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $2,869</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $-</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($710)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites </font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">980</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">320</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">660</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">- </font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Total </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $3,139</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $3,189</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $660</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($710)</td> </tr> </table> <p style="COLOR: red; FONT: 9pt Sans-Serif; MARGIN: 0px 0px 10pt 0.5in; TEXT-INDENT: 0in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 40%" nowrap="nowrap">Six months ended June 30, 2013<br /> <br /> (in thousands)</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Total<br /> restructuring<br /> costs incurred </font> </td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Termination and<br /> other costs </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 15%"> Impairment of<br /> plant and<br /> equipment</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Benefit plan<br /> curtailment/<br /> settlement </font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing </font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,423</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,587</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $-</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($164)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites </font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">534</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">446</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">88</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">-</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Total </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,957</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $25,033</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $88</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($164)</td> </tr> </table> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We expect that substantially all Accrued liabilities for restructuring will be paid within one year. The table below presents year-to-date changes in restructuring liabilities for 2014 and 2013 all of which related to termination costs:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 27%; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 14%"> <strong>December 31,</strong></td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 16%"> <strong>Restructuring</strong></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 13%; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 16%"> <strong>Currency</strong></td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> <strong>June 30,</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>2013</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>charges accrued</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>Payments</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>translation/other</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>2014</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Termination costs</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $9,656</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $3,189</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($8,675)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($144)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$4,026</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $9,656</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $3,189</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($8,675)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($144)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$4,026</font> </td> </tr> </table> <p style="COLOR: red; FONT: 9pt Sans-Serif; MARGIN: 0px 0px 10pt 0.5in; TEXT-INDENT: 0in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 27%; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> December 31,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 17%"> Restructuring</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 13%; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 16%"> Currency</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2012</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> charges accrued</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> Payments</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> translation/other</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Termination costs</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $4,947</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,869</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($2,576)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($269)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $26,971</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $4,947</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,869</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($2,576)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($269)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $26,971</td> </tr> </table> <!--EndFragment--></div> </div>
1000000
3000000
200
3189000
24869000
3189000
24869000
190
3139000
1957000
24957000
24321000
2159000
1297000
24423000
24230000
980000
660000
534000
91000
2869000
24587000
-710000
-164000
320000
446000
660000
88000
3189000
25033000
660000
88000
-710000
-200000
-164000
4026000
9656000
26971000
4947000
4026000
9656000
26971000
4947000
-144000
-269000
-144000
-269000
446570000
434598000
373825000
193518000
384628000
197974000
336897000
172809000
344946000
177536000
36928000
20709000
39682000
20438000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The components of Accounts receivable are summarized below:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 60%; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">(in thousands)</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 20%"> <strong>June 30, 2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 20%"> December 31, 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Trade accounts receivable</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$147,304</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$154,296</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Revenue in excess of progress billings</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>11,046</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">20,525</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Less: allowance for doubtful accounts</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (9,877)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (11,274)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total Accounts Receivable</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$148,473</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$163,547</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The table below presents changes in the components of Accumulated Other Comprehensive Income for the period December 31, 2013 to June 30, 2014:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 45%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 13%"> Translation<br /> adjustments</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 15%"> Pension and<br /> postretirement<br /> liability<br /> adjustments</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 11%"> Derivative<br /> valuation<br /> adjustment</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 16%"> Total Other<br /> Comprehensive<br /> Income</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Balance, December 31, 2013</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($138)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($48,383)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($977)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($49,498)</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other comprehensive income before reclassifications</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,838)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (102)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (802)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (2,742)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: left; TEXT-INDENT: -6pt; VERTICAL-ALIGN: bottom"> Interest expense related to swaps reclassified to the Statements of Income, net of tax</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 580</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 580</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: left; TEXT-INDENT: -6pt; VERTICAL-ALIGN: bottom"> Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 280</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 280</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net current period other comprehensive income</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,838)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 178</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (222)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,882)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Balance, June 30, 2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,976)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($48,205)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,199)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($51,380)</strong></td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table presents components of income tax expense/(benefit) for the three and six months ending June 30, 2014 and 2013:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 58%"> <strong>(in thousands)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 9%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 9%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income tax based on income from continuing operations, at estimated tax rates of 36.5% and 39.0%, respectively</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$6,368</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($3,616)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$12,999</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$3,310</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Provision for change in estimated tax rates</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 278</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 888</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income tax before discrete items</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 6,646</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (2,728)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 12,999</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,310</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Discrete tax expense/(benefit):</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Provision for/adjustment to beginning of year valuation allowances</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 437</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 437</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Provision for/resolution of tax audits and contingencies, net</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 99</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 425</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 979</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 425</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Adjustments to prior period tax liabilities</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 30</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (126)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 254</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 84</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Repatriation of non-U.S. prior years' earnings</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 186</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 186</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other discrete tax adjustments, net</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: white"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total income tax expense/(benefit)</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$7,216</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($2,243)</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$14,673</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$4,005</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Long-term debt, principally to banks and bondholders, consists of:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 58%"> (in thousands, except interest rates)</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 21%"> <strong>June 30, 2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 21%"> December 31, 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Private placement with a fixed interest rate of 6.84%, due 2015 through 2017</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$100,000</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $100,000</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Credit agreement with borrowings outstanding at an end of period interest rate of 2.62% in 2014 and 2.53% in 2013 (including the effect of interest rate hedging transactions, as described below), due in 2018</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>183,000</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> 200,000</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Various notes and mortgages relative to operations principally outside the United States, at an average end of period rate of 3.13% in 2014 and 3.10% in 2013, due in varying amounts through 2021</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>1,369</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> 3,875</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Long-term debt</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>284,369</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> 303,875</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Less: current portion</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>(1,265)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (3,764)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Long-term debt, net of current portion</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$283,104</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $300,111</td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Gains/ (losses) related to changes in fair value of derivative instruments that were recognized in Other (income)/expenses, net in the Statements of Income were as follows:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Three months ended</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">June 30,</font></td> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Six months ended</font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">June 30,</font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 56%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Derivatives not designated as hedging instruments</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Forward exchange options</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$80</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$154</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 55%"> (in thousands, except market price data)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 10%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 10%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income/ (loss) attributable to the Company</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$11,219</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($7,379)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$21,840 </strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$4,132</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Weighted average number of shares:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Weighted average number of shares used in</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> calculating basic net income/(loss) per share</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 31,832</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 31,628</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 31,809</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 31,562</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Effect of dilutive stock-based compensation plans:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Stock options</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 103</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 104</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 125</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Weighted average number of shares used in</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> calculating diluted net income per share</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 31,935</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 31,628</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 31,913</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 31,687</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Average market price of common stock used</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> for calculation of dilutive shares</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$36.23</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$30.59</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$35.97</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$28.53</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Net income/(loss) per share:</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Basic</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$0.35</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($0.23)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$0.69</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$0.13</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Diluted</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$0.35</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($0.23)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$0.68</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$0.13</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Estimated amortization expense of intangibles for the years ending December 31, 2014 through 2018, is as follows:</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 43%; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 8%; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 49%"> <strong>Annual amortization</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>Year</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>(in thousands)</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2014</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$231</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2015</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 231</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2016</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 29</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2017</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 29</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2018</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 29</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We are continuing to amortize certain patents, trade names, customer contracts and technology assets that have finite lives. The changes in intangible assets and goodwill from December 31, 2013 to June 30, 2014, were as follows:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> <strong>Balance at</strong></td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> <strong>Amortization</strong></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 17%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Currency</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> <strong>Balance at</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>December 31, 2013</strong></td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>Translation</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>June 30, 2014</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortized intangible assets:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> AEC trade names</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$33</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($2)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$31</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> AEC customer contracts</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 404</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (101)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 303</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> AEC technology</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 179</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (12)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 167</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total amortized intangible assets</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$616</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($115)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$501</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> </font> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> </font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Unamortized intangible assets:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Goodwill</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$78,890</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($255)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$78,635</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> As of June 30, 2014 and December 31, 2013, inventories consisted of the following:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 60%; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">(in thousands)</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 20%"> <strong>June 30, 2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 20%"> December 31, 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Raw materials</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$29,322</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$25,754</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Work in process</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 50,132</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 45,998</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Finished goods</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 44,435</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 40,987</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total inventories</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$123,889</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$112,739</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 23%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1.5pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Year ended</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>December 31,</strong></font></td> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 15%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Opening</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Number of</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Claims</strong></font></td> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 15%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Claims</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Dismissed,</strong></font><br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Settled, or</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Resolved</strong></font></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>New Claims</strong></td> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 15%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Closing</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Number of</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Claims</strong></font></td> <td style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 17%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Amounts Paid</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>(thousands) to</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Settle or</strong></font> <br /> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Resolve</strong></font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2005</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,985</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 642</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 223</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,566</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $-</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2006</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,566</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,182</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 730</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,114</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2007</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,114</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 462</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 88</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,740</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2008</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,740</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 86</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 10</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,664</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2009</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,664</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 760</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,907</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2010</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,907</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 47</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,869</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2011</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,869</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 11</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,877</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2012</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,877</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 12</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 2</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,867</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2013</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,867</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 55</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 7,815</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1.5pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; FONT-SIZE: 8pt; TEXT-INDENT: 0in"> <strong>As of June 30, 2014</strong></td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 7,815</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 85</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 2</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 7,732</strong></font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $-</strong></font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 23%"> <strong>Year ended<br /> December 31,</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>Opening<br /> Number of<br /> Claims</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>Claims<br /> Dismissed,<br /> Settled, or<br /> Resolved</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>New Claims</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 15%"> <strong>Closing<br /> Number of<br /> Claims</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1.5pt solid; BORDER-TOP: black 1.5pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 17%"> <strong>Amounts Paid<br /> (thousands) to<br /> Settle or<br /> Resolve</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2005</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 29,411</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 6,257</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,297</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 24,451</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> $504</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2006</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 24,451</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 6,841</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,806</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 19,416</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,879</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2007</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 19,416</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 808</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 190</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 18,798</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 15</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2008</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 18,798</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 523</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 110</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 18,385</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 52</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2009</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 18,385</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 9,482</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 42</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,945</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 88</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2010</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,945</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,963</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 188</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 5,170</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 159</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2011</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 5,170</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 789</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 65</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,446</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,111</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2012</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,446</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 90</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 107</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,463</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 530</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> 2013</td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,463</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 233</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 85</font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,315</font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 82</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1.5pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-RIGHT: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; FONT-SIZE: 8pt; TEXT-INDENT: 0in"> <strong>As of June 30, 2014</strong></td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4,315</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 149</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 51</strong></font> </td> <td style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4,217</strong></font> </td> <td style="BORDER-RIGHT: black 1.5pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> $433</strong></font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The composition of the net periodic benefit plan cost for the six months ended June 30, 2014 and 2013 was as follows:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Pension plans</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Other postretirement benefits</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 45%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Components of net periodic benefit cost:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Service cost</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$1,683</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$1,684</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$157</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$571</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest cost</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 4,815</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 4,000</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 1,371</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,604</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Expected return on assets</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (4,846)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (4,068)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of prior service cost/(credit)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 27</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 17</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (2,244)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,834)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of transition obligation</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 34</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Amortization of net actuarial loss</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 1,229</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,571</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 1,454</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 1,757</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Curtailment</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (710)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> -</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> -</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net periodic benefit cost</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$2,198</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$3,238</font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$738</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$2,098</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The components of Other (income)/expenses, net, are:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 52%; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> (in thousands) </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 12%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Currency transactions</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,397)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$1,894</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($1,903)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$1,903</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Bank fees and amortization of debt issuance costs</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>285</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">377</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>597</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">998</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Gain on insurance recovery</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (961)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">- </font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (961)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">-</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Other </font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (60)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (60)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (333)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 44</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Total </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($2,133)</strong></td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$2,211</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($2,600)</strong></td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$2,945</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table summarizes charges reported in the Statements of Income under "Restructuring and other, net":</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 48%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$1,297</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,230</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$2,159</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,423</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>660</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">91</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>980</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">534</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Total </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$1,957</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,321</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>$3,139</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,957</td> </tr> </table> <p style="COLOR: red; FONT: 9pt Sans-Serif; MARGIN: 0px 0px 10pt 0.5in; TEXT-INDENT: 0in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 40%" nowrap="nowrap"><strong>Six months ended June 30, 2014</strong><br /> <br /> (in thousands)</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>Total<br /> restructuring<br /> costs incurred </strong></font> </td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> Termination and<br /> other costs </strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 15%"> <strong>Impairment of<br /> plant and<br /> equipment</strong></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> Benefit plan<br /> curtailment/<br /> settlement </strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing </font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $2,159</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $2,869</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $-</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($710)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites </font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">980</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">320</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">660</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">- </font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Total </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $3,139</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $3,189</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $660</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($710)</td> </tr> </table> <p style="COLOR: red; FONT: 9pt Sans-Serif; MARGIN: 0px 0px 10pt 0.5in; TEXT-INDENT: 0in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 40%" nowrap="nowrap">Six months ended June 30, 2013<br /> <br /> (in thousands)</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Total<br /> restructuring<br /> costs incurred </font> </td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Termination and<br /> other costs </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 15%"> Impairment of<br /> plant and<br /> equipment</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> Benefit plan<br /> curtailment/<br /> settlement </font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing </font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,423</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,587</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $-</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($164)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites </font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">534</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">446</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">88</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">-</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Total </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,957</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $25,033</td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $88</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($164)</td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> We expect that substantially all accrued liabilities for restructuring will be paid within one year. The table below presents year-to-date changes in restructuring liabilities for 2014 and 2013 all of which related to termination costs:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 27%; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 14%"> <strong>December 31,</strong></td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 16%"> <strong>Restructuring</strong></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 13%; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 16%"> <strong>Currency</strong></td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> <strong>June 30,</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>2013</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>charges accrued</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>Payments</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>translation/other</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <strong>2014</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Termination costs</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $9,656</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $3,189</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($8,675)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($144)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$4,026</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $9,656</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $3,189</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($8,675)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($144)</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$4,026</font> </td> </tr> </table> <p style="COLOR: red; FONT: 9pt Sans-Serif; MARGIN: 0px 0px 10pt 0.5in; TEXT-INDENT: 0in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 27%; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in; WIDTH: 13%"> December 31,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 17%"> Restructuring</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 13%; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 16%"> Currency</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 14%"> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2012</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> charges accrued</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> Payments</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> translation/other</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Termination costs</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $4,947</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,869</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($2,576)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($269)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $26,971</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Total</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $4,947</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $24,869</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($2,576)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($269)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> $26,971</td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 52%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Net sales</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Machine Clothing</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$172,809</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$177,536</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$336,897</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$344,946</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Albany Engineered Composites</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 20,709</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 20,438</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 36,928</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 39,682</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Consolidated total</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$193,518</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$197,974</font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$373,825</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$384,628</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Operating income/(loss)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$33,879</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$14,821</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$70,022</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$52,377</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (3,545)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (4,678)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (7,021)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (9,081)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Corporate expenses</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (11,357)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (13,656)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (23,423)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (24,291)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Operating income/(loss) before reconciling items</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>18,977</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (3,513)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>39,578</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">19,005</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Reconciling items:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest income</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (356)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (300)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (552)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (600)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest expense</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 3,073</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,847</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 6,187</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,172</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other expense/ (income), net</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (2,133)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 2,211</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (2,600)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 2,945</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income/(loss) before income taxes</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$18,393</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($9,271)</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$36,543</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$8,488</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table presents the number of shares issued and outstanding:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; WIDTH: 23%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> Class A</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> Class B</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> Less: Treasury</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom; WIDTH: 17%"> Net shares</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> Shares</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> Shares</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> Shares</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> Outstanding</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> June 30, 2014</td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">37,064,939</font> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">3,235,048</font> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> (8,459,498)</td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">31,840,489</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> March 31, 2014</td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">37,050,389</font> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">3,235,048</font> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> (8,463,635)</td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">31,821,802</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> June 30, 2013</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">36,875,127</font> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">3,236,098</font> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; VERTICAL-ALIGN: bottom"> (8,463,635)</td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">31,647,590</font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table summarizes changes in Shareholders' Equity:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: middle; WIDTH: 27%"> (in thousands)</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Class A</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Common</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Stock</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Class B</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Common</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Stock</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Additional</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">paid</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">in capital</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Retained</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">earnings</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Accumulated</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">items of other</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">comprehensive</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">income</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Treasury</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">stock</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Noncontrolling</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Interest</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 6pt; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Total</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Shareholders'</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Equity</font></font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>December 31, 2013</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$37</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$3</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$416,728</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$434,598</strong></font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($49,498)</strong></td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($257,571)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$3,482</strong></font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$547,779</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 21,840</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 30</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 21,870</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Dividends declared</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (9,868)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (9,868)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Compensation and benefits paid or payable in Class A Common Stock</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 798</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 798</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Options exercised</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 531</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 531</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Shares issued to Directors'</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 60</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 90</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 150</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Cumulative translation adjustment</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,838)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,838)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Change in pension liability adjustment</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 178</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 178</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in" nowrap="nowrap">Change in derivative valuation adjustment</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (222)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (222)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>June 30, 2014</strong></td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$37</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$3</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$418,117</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$446,570</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($51,380)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($257,481)</strong></td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$3,512</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$559,378</strong></font> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>3. Reportable Segments</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Effective January 1, 2014, Albany International Corp. (the "Company") changed its business segment reporting by recasting, for all prior periods, certain expenses previously identified as Research and Unallocated expenses to existing segments. The Company has two reportable segments: Machine Clothing (MC) and Albany Engineered Composites (AEC), and had Research and Unallocated expenses that were not allocated to these segments. Substantially all research and development expenses are now included in segment operating expenses. Prior to this change, Unallocated expenses included long-term incentive compensation for all Company employees. To the extent such programs are related to MC and AEC employees, such expenses are now included in segment operating expenses. Additionally, the amounts previously referred to as "Unallocated expenses," is now referred to as "Corporate expenses." These changes are being made to be consistent with how the chief operating decision-maker assesses Company performance. On April 10, 2014, we filed a Form 8-K to show the effect of these changes on previously reported results and, accordingly, the 2013 segment results in this report reflect the effect of this change.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 52%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 11%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Net sales</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Machine Clothing</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$172,809</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$177,536</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$336,897</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$344,946</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Albany Engineered Composites</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 20,709</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 20,438</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 36,928</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 39,682</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Consolidated total</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$193,518</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$197,974</font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$373,825</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$384,628</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Operating income/(loss)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$33,879</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$14,821</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$70,022</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$52,377</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (3,545)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (4,678)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (7,021)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (9,081)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Corporate expenses</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (11,357)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (13,656)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (23,423)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (24,291)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Operating income/(loss) before reconciling items</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>18,977</strong></font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (3,513)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>39,578</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">19,005</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Reconciling items:</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest income</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (356)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (300)</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (552)</strong></td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (600)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Interest expense</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 3,073</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 3,847</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 6,187</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 8,172</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Other expense/ (income), net</td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (2,133)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 2,211</font> </td> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong> (2,600)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 2,945</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Income/(loss) before income taxes</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$18,393</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> ($9,271)</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$36,543</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$8,488</font> </td> </tr> </table> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The table below presents restructuring costs by reportable segment (also see Note 5):</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-TOP: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> </td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Three months ended<br /> June 30,</td> <td style="BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in" colspan="2">Six months ended<br /> June 30,</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in; WIDTH: 48%"> (in thousands)</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> <strong>2014</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: center; TEXT-INDENT: 0in; WIDTH: 13%"> 2013</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>Restructuring expense</strong></td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> <td style="TEXT-ALIGN: center; TEXT-INDENT: 0in"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Machine Clothing</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$1,297</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$24,230</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$2,159</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$24,423</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif">Albany Engineered Composites</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 660</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 91</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong> 980</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 10pt Arial, Helvetica, Sans-Serif"> 534</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 10pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Consolidated total</td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$1,957</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$24,321</font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif"><strong>$3,139</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 10pt Arial, Helvetica, Sans-Serif">$24,957</font> </td> </tr> </table> <p style="COLOR: red; FONT: 9pt Sans-Serif; MARGIN: 0px 0px 10pt 0.5in; TEXT-INDENT: 0in"> </p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> Machine Clothing restructuring expense was principally related to the reduction in manufacturing capacity at the production facilities in France. Restructuring expenses in the Albany Engineered Composites operations were principally related to organizational changes and exiting certain aerospace programs.</p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> There were no material changes in the total assets of the reportable segments during this period.</p> <!--EndFragment--></div> </div>
79169000
40012000
78547000
41994000
-9800000
0
555866000
544297000
559378000
547779000
37000
37000
3000
3000
418117000
416728000
446570000
434598000
-51380000
-49498000
-257571000
-257571000
3512000
3482000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 0px"> <strong><em>16. Changes in Shareholders' Equity</em></strong></p> <p style="MARGIN-BOTTOM: 6pt; FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 20pt"> The following table summarizes changes in Shareholders' Equity:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Calibri, Helvetica, Sans-Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: left; TEXT-INDENT: 0in; VERTICAL-ALIGN: middle; WIDTH: 27%"> (in thousands)</td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Class A</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Common</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Stock</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Class B</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Common</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Stock</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Additional</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">paid</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">in capital</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Retained</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">earnings</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Accumulated</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">items of other</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">comprehensive</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">income</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Treasury</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">stock</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Noncontrolling</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Interest</font></font></td> <td style="BORDER-TOP: black 1pt solid; WIDTH: 9%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 6pt; TEXT-INDENT: 0in" nowrap="nowrap"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif">Total</font> <font style="FONT-SIZE: 8pt"><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Shareholders'</font><br /> <font style="FONT-FAMILY: Arial, Helvetica, Sans-Serif">Equity</font></font></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>December 31, 2013</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$37</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$3</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$416,728</strong></font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$434,598</strong></font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($49,498)</strong></td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($257,571)</strong></td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$3,482</strong></font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$547,779</strong></font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Net income</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 21,840</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 30</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 21,870</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Dividends declared</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (9,868)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (9,868)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Compensation and benefits paid or payable in Class A Common Stock</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 798</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 798</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Options exercised</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 531</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 531</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Shares issued to Directors'</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 60</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 90</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 150</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Cumulative translation adjustment</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,838)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (1,838)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> Change in pension liability adjustment</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 178</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> 178</font> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in" nowrap="nowrap">Change in derivative valuation adjustment</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (222)</td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="TEXT-ALIGN: right; TEXT-INDENT: 0in"><font style="FONT: 8pt Arial, Helvetica, Sans-Serif"> -</font> </td> <td style="FONT: 8pt Arial, Helvetica, Sans-Serif; PADDING-LEFT: 6pt; TEXT-ALIGN: right; TEXT-INDENT: 0in"> (222)</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-INDENT: 0in"> <strong>June 30, 2014</strong></td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$37</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$3</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$418,117</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$446,570</strong></font> </td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($51,380)</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: black 1pt solid; FONT: 8pt Arial, Helvetica, Sans-Serif; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <strong>($257,481)</strong></td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$3,512</strong></font> </td> <td style="BORDER-TOP: black 1pt solid; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; TEXT-INDENT: 0in"> <font style="FONT: 8pt Arial, Helvetica, Sans-Serif"><strong>$559,378</strong></font> </td> </tr> </table> <!--EndFragment--></div> </div>
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These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).
Net of $4.5 million receivable floating leg and $4.1 million liability fixed leg
Net of $5.6 million receivable floating leg and $4.1 million liability fixed leg
Net of $0.4 million receivable floating leg and $2.7 million liability fixed leg
Net of $0.7 million receivable floating leg and $3.8 million liability fixed leg