Financials: Financial Statements and Supplementary Data: Notes to Consolidated Financial Statements – Note 2

For the Years Ended December 31, 2011, 2010 and 2009

2. ACCOUNTING CHANGES

In 2011, the Company elected to change its method of recognizing pension expense. Previously, for its non-contributory qualified defined benefit pension plan ("Qualified Pension Plan") the Company used the market-related value of plan assets reflecting changes in the fair value of plan assets amortized over a four-year period. Under the new accounting method, the market-related value of plan assets reflects the actual change in the fair value of plan assets for the year. While the historical policy of recognizing pension expense is considered acceptable under U.S. GAAP, the Company believes that the new policy is preferable as it eliminates the delay in recognition of the change in fair value of plan assets for the calculation of market-related value of plan assets.

This change has been reported through retrospective application of the new policy to all periods presented. The impacts of all adjustments made to the financial statements are summarized below:

Consolidated Statement of Operations

For the year ended December 31, 2010
In Thousands Previously
Reported		 Revised Effect of
Change
Selling, general and administrative expenses $ 289,066 $ 293,441 $ 4,375
Earnings before income taxes $ 60,372 $ 55,997 $ (4,375)
Income tax expense $ 22,048 $ 20,386 $ (1,662)
Net earnings $ 38,324 $ 35,611 $ (2,713)
Basic net earnings per share $ 1.48 $ 1.37 $ (0.11)
Diluted net earnings per share $ 1.47 $ 1.36 $ (0.11)
For the year ended December 31, 2009
In Thousands Previously
Reported		 Revised Effect of
Change
Selling, general and administrative expenses $ 251,992 $ 264,337 $ 12,345
Earnings before income taxes $ 47,010 $ 34,665 $ (12,345)
Income tax expense $ 14,361 $ 9,670 $ (4,691)
Net earnings $ 32,649 $ 24,995 $ (7,654)
Basic net earnings per share $ 1.27 $ 0.97 $ (0.30)
Diluted net earnings per share $ 1.27 $ 0.97 $ (0.30)

Consolidated Balance Sheet
For the year ended December 31, 2010
In Thousands Previously
Reported		 Revised Effect of
Change
Retained earnings $ 325,844 $ 326,000 $ 156
Accumulated other comprehensive income (loss) $ (86,300) $ (86,456) $ (156)

Consolidated Statement of Cash Flows
For the year ended December 31, 2010
In Thousands Previously
Reported		 Revised Effect of
Change
Cash flows from operating activities:
Net earnings $ 38,324 $ 35,611 $ (2,713)
Pension liabilities $ (25,223) $ (22,510) $ 2,713
For the year ended December 31, 2009
In Thousands Previously
Reported		 Revised Effect of
Change
Cash flows from operating activities:
Net earnings $ 32,649 $ 24,995 $ (7,654)
Pension liabilities $ (1,073) $ 6,581 $ 7,654

Consolidated Statement of Shareholders' Equity
For the year ended December 31, 2010
In Thousands Previously
Reported		 Revised Effect of
Change
Retained earnings:
Beginning balance $ 302,058 $ 304,927 $ 2,869
Net earnings $ 38,324 $ 35,611 $ (2,713)
Ending balance $ 325,844 $ 326,000 $ 156
Accumulated other comprehensive income (loss):
Beginning balance $ (104,042) $ (106,911) $ (2,869)
Pension plan adjustments $ 22,439 $ 25,152 $ 2,713
Ending balance $ (86,300) $ (86,456) $ (156)
Comprehensive income:
Net earnings $ 38,324 $ 35,611 $ (2,713)
Pension plan adjustments $ 22,439 $ 25,152 $ 2,713
For the year ended December 31, 2009
In Thousands Previously
Reported		 Revised Effect of
Change
Retained earnings:
Beginning balance $ 283,789 $ 294,312 $ 10,523
Net earnings $ 32,649 $ 24,995 $ (7,654)
Ending balance $ 302,058 $ 304,927 $ 2,869
Accumulated other comprehensive income (loss):
Beginning balance $ (119,658) $ (130,181) $ (10,523)
Pension plan adjustments $ 8,008 $ 15,662 $ 7,654
Ending balance $ (104,042) $ (106,911) $ (2,869)
Comprehensive income:
Net earnings $ 32,649 $ 24,995 $ (7,654)
Pension plan adjustments $ 8,008 $ 15,662 $ 7,654

     

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Part III