Nevada
|
88-0173041
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
GLOSSARY
OF TERMS AND ABBREVIATIONS (as used in this
document)
|
iii
|
PART
I – FINANCIAL INFORMATION
|
1
|
Item 1. Unaudited
Condensed Consolidated Financial Statements
|
1
|
CONSOLIDATED
INCOME STATEMENTS
|
1
|
CONSOLIDATED
BALANCE SHEETS
|
2
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
3
|
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
5
|
Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
26
|
FORWARD
LOOKING STATEMENTS
|
26
|
OVERVIEW
|
26
|
RECENTLY
ISSUED ACCOUNTING STANDARDS
|
28
|
CRITICAL
ACCOUNTING ESTIMATES
|
29
|
CONSOLIDATED
OPERATING RESULTS – A Year Over Year Comparative Analysis
|
30
|
BUSINESS
SEGMENT RESULTS – A Year Over Year Comparative Analysis
|
33
|
LIQUIDITY
AND CAPITAL RESOURCES
|
35
|
Item 3. Quantitative
and Qualitative Disclosures about Market
Risk
|
37
|
Item 4. Controls
and Procedures
|
37
|
PART
II – OTHER INFORMATION
|
38
|
Item
1. Legal Proceedings
|
38
|
Item
1A. Risk Factors
|
38
|
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
43
|
Item
3. Defaults Upon Senior Securities
|
43
|
Item
4. Submission of Matters to a Vote of Security Holders
|
43
|
Item
5. Other Information
|
43
|
Item
6. Exhibits
|
44
|
Fiscal
dates as presented:
|
Fiscal
dates -- actual:
|
December
31, 2009
|
January
2, 2010
|
December
31, 2008
|
January
3, 2009
|
September
30, 2009
|
October
3, 2009
|
Abbreviation/term as
presented
|
Definition
|
Anchor
|
Anchor
Gaming
|
ARS
|
auction
rate securities
|
AVP®
|
Advanced
Video Platform®
|
Bonds
|
7.5%
Notes due 2019
|
bps
|
basis
points
|
CAD
|
Canadian
dollars
|
CCSC
|
Colorado
Central Station Casino
|
CEO
|
Chief
Executive Officer
|
CFO
|
Chief
Financial Officer
|
CLS
|
China
LotSynergy Holdings, Ltd.
|
DCF
|
Discounted
cash flow
|
Debentures
|
2.6%
Convertible Debentures
|
EBITDA
|
earnings
before interest, tax, depreciation, and amortization
|
EPA
|
Environmental
Protection Agency
|
EPS
|
earnings
per share
|
ESP
|
estimated
selling price
|
FASB
|
Financial
Accounting Standards Board
|
GAAP
|
generally
accepted accounting principles
|
GSA
|
Gaming
Standards Association
|
ICR
|
Interest
coverage ratio
|
IGT
|
International
Game Technology
|
IP
|
intellectual
property
|
IRS
|
Internal
Revenue Service
|
LIBOR
|
London
Inter-Bank Offering Rate
|
MDA
|
management’s
discussion and analysis
|
MLD®
|
3-D
Multi-Layer Display
|
Notes
|
3.25%
Convertible Notes due 2014
|
OSHA
|
Occupational
Safety & Health Administration
|
pp
|
percentage
points
|
SEC
|
Securities
and Exchange Commission
|
SIP
|
Stock
Incentive Plan
|
TLR
|
Total
leverage ratio
|
TPE
|
Third-party
evidence
|
UK
|
United
Kingdom
|
US
|
United
States
|
VIE
|
variable
interest entity
|
VSOE
|
vendor
specific other evidence
|
WAP
|
wide
area progressive
|
*
|
not
meaningful (in table)
|
Item
1.
|
Unaudited
Condensed Consolidated Financial
Statements
|
Quarters
Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions, except per share amounts)
|
||||||||
Revenues
|
||||||||
Gaming
operations
|
$ | 277.3 | $ | 313.3 | ||||
Product
sales
|
238.4 | 288.3 | ||||||
Total
revenues
|
515.7 | 601.6 | ||||||
Costs
and operating expenses
|
||||||||
Cost
of gaming operations
|
104.1 | 151.9 | ||||||
Cost
of product sales
|
115.0 | 143.8 | ||||||
Selling,
general and administrative
|
90.0 | 114.9 | ||||||
Research
and development
|
46.7 | 53.5 | ||||||
Depreciation
and amortization
|
19.6 | 20.0 | ||||||
Restructuring
charges
|
0 | 17.4 | ||||||
Total
costs and operating expenses
|
375.4 | 501.5 | ||||||
Operating
income
|
140.3 | 100.1 | ||||||
Other
income (expense)
|
||||||||
Interest
income
|
16.0 | 16.5 | ||||||
Interest
expense
|
(43.2 | ) | (35.5 | ) | ||||
Other
|
(1.0 | ) | (8.0 | ) | ||||
Total
other income (expense)
|
(28.2 | ) | (27.0 | ) | ||||
Income
before tax
|
112.1 | 73.1 | ||||||
Income
tax provision
|
38.8 | 11.9 | ||||||
Net
income
|
$ | 73.3 | $ | 61.2 | ||||
Basic
earnings per share
|
$ | 0.25 | $ | 0.21 | ||||
Diluted
earnings per share
|
$ | 0.25 | $ | 0.21 | ||||
Cash
dividends declared per share
|
$ | 0.06 | $ | 0.15 | ||||
Weighted
average shares outstanding
|
||||||||
Basic
|
295.1 | 293.3 | ||||||
Diluted
|
297.4 | 293.4 |
December
31,
|
September
30,
|
|||||||
2009
|
2009
|
|||||||
(In
millions, except par value)
|
||||||||
Assets
|
||||||||
Current
assets
|
||||||||
Cash
and equivalents
|
$ | 173.0 | $ | 146.7 | ||||
Investment
securities
|
19.6 | 21.3 | ||||||
Restricted
cash and investments
|
84.4 | 79.4 | ||||||
Jackpot
annuity investments
|
67.0 | 67.2 | ||||||
Accounts
receivable, net
|
301.1 | 334.3 | ||||||
Current
maturities of notes and contracts receivable, net
|
170.0 | 154.8 | ||||||
Inventories
|
150.8 | 157.8 | ||||||
Deferred
income taxes
|
87.0 | 82.8 | ||||||
Other
assets and deferred costs
|
158.3 | 189.4 | ||||||
Total
current assets
|
1,211.2 | 1,233.7 | ||||||
Property,
plant and equipment, net
|
558.0 | 558.8 | ||||||
Jackpot
annuity investments
|
392.7 | 396.9 | ||||||
Notes
and contracts receivable, net
|
258.8 | 249.4 | ||||||
Goodwill
|
1,152.3 | 1,151.5 | ||||||
Other
intangible assets, net
|
247.2 | 259.2 | ||||||
Deferred
income taxes
|
161.2 | 172.2 | ||||||
Other
assets and deferred costs
|
292.4 | 306.4 | ||||||
Total Assets | $ | 4,273.8 | $ | 4,328.1 | ||||
Liabilities
and Stockholders' Equity
|
||||||||
Liabilities
|
||||||||
Current
liabilities
|
||||||||
Short-term
debt
|
$ | 12.5 | $ | 5.3 | ||||
Accounts
payable
|
99.8 | 90.5 | ||||||
Jackpot
liabilities, current portion
|
159.8 | 155.5 | ||||||
Accrued
employee benefits
|
11.7 | 32.8 | ||||||
Accrued
income taxes
|
7.4 | 9.4 | ||||||
Dividends
payable
|
17.8 | 17.8 | ||||||
Other
accrued liabilities
|
259.3 | 313.2 | ||||||
Total
current liabilities
|
568.3 | 624.5 | ||||||
Long-term
debt
|
1,943.3 | 2,014.7 | ||||||
Jackpot
liabilities
|
425.8 | 432.6 | ||||||
Other
liabilities
|
201.0 | 192.7 | ||||||
Total
Liabilities
|
3,138.4 | 3,264.5 | ||||||
Commitments
and Contingencies
|
||||||||
Stockholders'
Equity
|
||||||||
Common
stock: $.00015625 par value; 1,280.0 shares authorized; 337.4 and
337.2 issued; 296.6 outstanding
|
0.1 | 0.1 | ||||||
Additional
paid-in capital
|
1,418.2 | 1,407.5 | ||||||
Treasury
stock at cost: 40.8 and 40.6 shares
|
(801.0 | ) | (799.3 | ) | ||||
Retained
earnings
|
503.1 | 447.6 | ||||||
Accumulated
other comprehensive income
|
15.2 | 6.1 | ||||||
Total
IGT Stockholders' Equity
|
1,135.6 | 1,062.0 | ||||||
Non-Controlling
Interests
|
(0.2 | ) | 1.6 | |||||
Total
Equity
|
1,135.4 | 1,063.6 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,273.8 | $ | 4,328.1 |
Three
Months Ended December 31,
|
2009
|
2008
|
||||||
(In
millions)
|
||||||||
Operations
|
|
|
||||||
Net
income
|
$ | 73.3 | $ | 61.2 | ||||
Adjustments:
|
||||||||
Depreciation,
amortization, and asset charges
|
62.7 | 79.1 | ||||||
Discounts
and deferred issuance costs
|
13.8 | 5.9 | ||||||
Inventory
obsolescence
|
2.3 | 3.4 | ||||||
Bad
debt provisions
|
2.7 | 11.3 | ||||||
Share-based
compensation
|
9.0 | 10.8 | ||||||
Loss
on investments
|
(0.1 | ) | 5.3 | |||||
Gain
on redemption of debt
|
0 | (2.3 | ) | |||||
Other
non-cash items
|
(0.4 | ) | (2.6 | ) | ||||
Excess
tax benefits from employee stock plans
|
(2.7 | ) | 0 | |||||
Changes
in operating assets and liabilities, excluding
acquisitions:
|
||||||||
Receivables
|
23.3 | 47.3 | ||||||
Inventories
|
8.8 | 3.4 | ||||||
Other
assets and deferred costs
|
15.7 | 20.6 | ||||||
Income
taxes, net of employee stock plans
|
27.4 | (3.6 | ) | |||||
Accounts
payable and accrued liabilities
|
(58.3 | ) | (103.3 | ) | ||||
Jackpot
liabilities
|
(8.8 | ) | 13.0 | |||||
Cash
from operations
|
168.7 | 149.5 | ||||||
Investing
|
||||||||
Capital
expenditures
|
(53.3 | ) | (76.0 | ) | ||||
Proceeds
from assets sold
|
0.8 | 1.3 | ||||||
Proceeds
from investment securities
|
1.9 | 0 | ||||||
Jackpot
annuity investments, net
|
10.8 | 7.2 | ||||||
Changes
in restricted cash
|
(5.0 | ) | (11.6 | ) | ||||
Loans
receivable cash advanced
|
(17.7 | ) | (41.5 | ) | ||||
Loans
receivable payments received
|
2.1 | 2.0 | ||||||
Investments
in unconsolidated affiliates
|
(4.9 | ) | (10.3 | ) | ||||
Business
acquisitions/VIE deconsolidation
|
(1.4 | ) | (0.2 | ) | ||||
Cash
from investing
|
(66.7 | ) | (129.1 | ) | ||||
Financing
|
||||||||
Debt
proceeds
|
946.6 | 440.0 | ||||||
Debt
repayments
|
(1,009.2 | ) | (417.8 | ) | ||||
Employee
stock plan proceeds
|
2.4 | 0.1 | ||||||
Excess
tax benefits from employee stock plans
|
2.7 | 0 | ||||||
Dividends
paid
|
(17.8 | ) | (42.9 | ) | ||||
Cash
from financing
|
(75.3 | ) | (20.6 | ) | ||||
Foreign
exchange rates effect on cash
|
(0.4 | ) | (5.1 | ) | ||||
Net
change in cash and equivalents
|
26.3 | (5.3 | ) | |||||
Beginning
cash and equivalents
|
146.7 | 266.4 | ||||||
Ending
cash and equivalents
|
$ | 173.0 | $ | 261.1 |
Three
Months Ended December 31,
|
2009
|
2008
|
||||||
(In
millions)
|
||||||||
Jackpot
funding
|
|
|
||||||
Change
in jackpot liabilities
|
$ | (8.8 | ) | $ | 13.0 | |||
Jackpot
annuity purchases
|
(2.4 | ) | (5.8 | ) | ||||
Jackpot
annuity proceeds
|
13.2 | 13.0 | ||||||
Net
change in jackpot annuity investments
|
10.8 | 7.2 | ||||||
Net
jackpot funding
|
$ | 2.0 | $ | 20.2 | ||||
Capital
expenditures
|
||||||||
Property,
plant and equipment
|
$ | (5.5 | ) | $ | (17.1 | ) | ||
Gaming
operations equipment
|
(46.3 | ) | (57.3 | ) | ||||
Intellectual
property
|
(1.5 | ) | (1.6 | ) | ||||
Total
|
$ | (53.3 | ) | $ | (76.0 | ) | ||
Payments
|
||||||||
Interest
|
$ | 41.1 | $ | 28.0 | ||||
Income
taxes
|
11.7 | 25.1 | ||||||
Non-cash
investing and financing items:
|
||||||||
Accrued
capital asset additions
|
$ | 2.7 | $ | 5.0 | ||||
Interest
accretion for jackpot annuity investments
|
6.3 | 7.3 | ||||||
Business
acquisitions/purchase price adjustments and
|
||||||||
VIE
deconsolidations
|
||||||||
Fair
value of assets
|
$ | (0.8 | ) | $ | 0.2 | |||
Fair
value of liabilities
|
(2.2 | ) | 0 |
Period
End
|
|||
Presented as
|
Actual
|
||
Current
quarter
|
December
31, 2009
|
January
2, 2010
|
|
Prior
year quarter
|
December
31, 2008
|
January
3, 2009
|
|
Prior
fiscal year end
|
September
30, 2009
|
October
3, 2009
|
Quarter Ended | ||||||||
December 31, 2009 | ||||||||
As
Reported
|
Pro
Forma
|
|||||||
(In
millions)
|
||||||||
Revenues:
|
||||||||
Gaming
operations
|
$ | 277.3 | $ | 270.4 | ||||
Product
Sales
|
238.4 | 234.9 | ||||||
Total
|
$ | 515.7 | $ | 505.3 |
Adjustments
|
||||||||||||||||||||
As
Previously
Reported
|
Convertible
Debt
|
Non-
controlling
Interests
|
Partici-
pating
Securities
|
As
Currently
Presented
|
||||||||||||||||
(In
millions, except per share amounts)
|
||||||||||||||||||||
INCOME
STATEMENT
|
||||||||||||||||||||
For
the Three Months Ended December 31, 2008
|
||||||||||||||||||||
Interest
expense
|
$ | (30.4 | ) | $ | (5.1 | ) | $ | - | $ | - | $ | (35.5 | ) | |||||||
Other
income (expense), net
|
(5.9 | ) | (2.1 | ) | - | - | (8.0 | ) | ||||||||||||
Income
before tax
|
80.3 | (7.2 | ) | - | - | 73.1 | ||||||||||||||
Income
tax provision
|
14.6 | (2.7 | ) | - | - | 11.9 | ||||||||||||||
Net
income
|
65.7 | (4.5 | ) | - | - | 61.2 | ||||||||||||||
Basic
EPS
|
$ | 0.22 | $ | (0.01 | ) | - | - | $ | 0.21 | |||||||||||
Diluted
EPS
|
0.22 | (0.01 | ) | - | - | 0.21 | ||||||||||||||
Diluted
weighted average shares outstanding
|
293.7 | - | - | (0.3 | ) | 293.4 | ||||||||||||||
BALANCE
SHEET
|
||||||||||||||||||||
At
September 30, 2009
|
||||||||||||||||||||
Deferred
income taxes (noncurrent)
|
$ | 227.3 | $ | (55.1 | ) | $ | - | $ | - | $ | 172.2 | |||||||||
Other
assets and deferred costs (noncurrent)
|
311.4 | (5.0 | ) | - | - | 306.4 | ||||||||||||||
Total
assets
|
4,388.2 | (60.1 | ) | - | - | 4,328.1 | ||||||||||||||
Long-term
debt
|
2,169.5 | (154.8 | ) | - | - | 2,014.7 | ||||||||||||||
Other
liabilities
|
194.3 | - | (1.6 | ) | - | 192.7 | ||||||||||||||
Total
liabilities
|
3,420.9 | (154.8 | ) | (1.6 | ) | - | 3,264.5 | |||||||||||||
Paid-in
capital
|
1,264.1 | 143.4 | - | - | 1,407.5 | |||||||||||||||
Retained
earnings
|
496.3 | (48.7 | ) | - | - | 447.6 | ||||||||||||||
Total
equity
|
967.3 | 94.7 | 1.6 | - | 1,063.6 | |||||||||||||||
STATEMENT
OF CASH FLOWS
|
||||||||||||||||||||
For
the Three Months Ended December 31, 2008
|
||||||||||||||||||||
Operations
|
||||||||||||||||||||
Net
income
|
$ | 65.7 | $ | (4.5 | ) | $ | - | $ | - | $ | 61.2 | |||||||||
Adjustments:
|
||||||||||||||||||||
Other
non-cash items
|
(0.8 | ) | - | (1.8 | ) | - | (2.6 | ) | ||||||||||||
Discounts
and deferred issuance costs
|
0.8 | 5.1 | - | - | 5.9 | |||||||||||||||
Gain
on redemption of debt
|
(4.4 | ) | 2.1 | - | - | (2.3 | ) | |||||||||||||
Changes
in operating assets and liabilities:
|
||||||||||||||||||||
Accounts
payable and accrued liabilities
|
(105.1 | ) | - | 1.8 | - | (103.3 | ) | |||||||||||||
Income
taxes, net of employee stock plans
|
(0.9 | ) | (2.7 | ) | - | - | (3.6 | ) |
December
31, 2009
|
Adjusted
Cost
|
Unrealized
gain
(loss)
|
Fair
Value
|
|||||||||
(In
millions)
|
||||||||||||
CLS
Stock
|
$ | 12.2 | $ | 4.4 | $ | 16.6 | ||||||
CLS
Convertible Note
|
78.6 | 5.6 | 84.2 | |||||||||
Total
|
$ | 90.8 | $ | 10.0 | $ | 100.8 |
December
31,
|
September
30,
|
|||||||
2009
|
2009
|
|||||||
(In
millions)
|
||||||||
Raw
materials
|
$ | 80.1 | $ | 74.9 | ||||
Work-in-process
|
7.4 | 6.7 | ||||||
Finished
goods
|
63.3 | 76.2 | ||||||
Total
|
$ | 150.8 | $ | 157.8 |
December
31,
|
September
30,
|
|||||||
2009
|
2009
|
|||||||
(In
millions)
|
||||||||
Land
|
$ | 62.7 | $ | 62.7 | ||||
Buildings
|
230.4 | 230.0 | ||||||
Leasehold
improvements
|
15.0 | 14.5 | ||||||
Machinery,
furniture and equipment
|
295.1 | 300.2 | ||||||
Gaming
operations equipment
|
847.9 | 832.4 | ||||||
Total
|
1,451.1 | 1,439.8 | ||||||
Less
accumulated depreciation
|
(893.1 | ) | (881.0 | ) | ||||
Property,
plant and equipment, net
|
$ | 558.0 | $ | 558.8 |
|
Weighted
Average
|
|||||||||||||||
Remaining
|
Aggregate
|
|||||||||||||||
Exercise
|
Contractual
|
Intrinsic
|
||||||||||||||
Options |
Shares
|
Price
|
Term
|
Value
|
||||||||||||
(thousands)
|
(per
share)
|
(years)
|
(millions)
|
|||||||||||||
Outstanding
at beginning of fiscal year
|
18,022 | $ | 26.88 | |||||||||||||
Granted
|
3,570 | 18.97 | ||||||||||||||
Exercised
|
(202 | ) | 12.03 | |||||||||||||
Forfeited
|
(217 | ) | 35.53 | |||||||||||||
Expired
|
(177 | ) | 19.51 | |||||||||||||
Stock
options exchange:
|
||||||||||||||||
Granted
|
2,653 | 18.60 | ||||||||||||||
Cancelled
|
(5,306 | ) | 36.35 | |||||||||||||
Outstanding
at end of period
|
18,343 | $ | 21.53 | 6.7 | $ | 39.0 | ||||||||||
Vested
and expected to vest
|
18,077 | $ | 21.59 | 6.7 | $ | 38.4 | ||||||||||
Exercisable
at end of period
|
7,585 | $ | 26.72 | 4.5 | $ | 9.8 |
|
Weighted
Average
|
|||||||||||||||
Grant
|
Remaining
|
Aggregate
|
||||||||||||||
Date
|
Vesting
|
Intrinsic
|
||||||||||||||
Restricted Shares/Units |
Shares
|
Fair
Value
|
Period
|
Value
|
||||||||||||
(thousands)
|
(per
share)
|
(years)
|
(millions)
|
|||||||||||||
Outstanding
at beginning of fiscal year
|
2,000 | $ | 22.60 | |||||||||||||
Granted
|
1,332 | 18.38 | ||||||||||||||
Vested
|
(464 | ) | 25.12 | |||||||||||||
Forfeited
|
(123 | ) | 36.85 | |||||||||||||
Outstanding
at end of period
|
2,745 | $ | 19.57 | 1.9 | $ | 51.5 | ||||||||||
Expected
to vest
|
2,691 | $ | 19.60 | 2.0 | $ | 50.5 |
December
31,
|
September
30,
|
|||||||
2009
|
2009
|
|||||||
(In
millions)
|
||||||||
Allowance
for doubtful accounts
|
$ | 24.0 | $ | 23.4 | ||||
Allowance
for doubtful notes and contracts
|
||||||||
Current
|
$ | 23.8 | $ | 22.6 | ||||
Non-current
|
10.8 | 10.6 | ||||||
$ | 34.6 | $ | 33.2 |
North
America
|
International
|
|||||
Alabama
|
12
|
%
|
Argentina
|
22
|
%
|
|
Nevada
|
9
|
Europe
|
7
|
|||
Oklahoma
|
6
|
Other
Latin America
|
6
|
|||
Pennsylvania
|
5
|
Other
(less than 5% individually)
|
8
|
|||
Other
(less than 5% individually)
|
25
|
43
|
%
|
|||
57
|
%
|
ª
|
$0.1 million net gain ($0.4 million ARS gain and $0.3 million put loss) for the quarter ended December 31, 2009 |
ª
|
$1.5 million net loss ($6.2 million ARS loss and $4.7 million put gain) for the quarter ended December 31, 2008 |
Activity
by Segment
|
North
|
|||||||||||
Three
Months Ended December 31, 2009
|
America
|
International
|
Total
|
|||||||||
(In
millions)
|
||||||||||||
Beginning
balance
|
$ | 1,042.8 | $ | 108.7 | $ | 1,151.5 | ||||||
Foreign
currency adjustments
|
- | 0.8 | 0.8 | |||||||||
Ending
balance
|
$ | 1,042.8 | $ | 109.5 | $ | 1,152.3 |
December
31, 2009
|
September
30, 2009
|
|||||||||||||||||||||||
Accumulated | Accumulated | |||||||||||||||||||||||
Balances
|
Cost
|
Amortization
|
Net
|
Cost
|
Amortization
|
Net
|
||||||||||||||||||
(In
millions)
|
||||||||||||||||||||||||
Finite
lived intangible assets
|
||||||||||||||||||||||||
Patents
|
$ | 396.4 | $ | 214.3 | $ | 182.1 | $ | 396.3 | $ | 205.7 | $ | 190.6 | ||||||||||||
Developed
technology
|
76.7 | 39.7 | 37.0 | 76.7 | 37.3 | 39.4 | ||||||||||||||||||
Contracts
|
26.5 | 16.3 | 10.2 | 26.4 | 15.7 | 10.7 | ||||||||||||||||||
Reacquired
rights
|
13.4 | 0.3 | 13.1 | 13.4 | 0.1 | 13.3 | ||||||||||||||||||
Customer
relationships
|
8.8 | 5.0 | 3.8 | 8.8 | 4.8 | 4.0 | ||||||||||||||||||
Trademarks
|
3.6 | 2.6 | 1.0 | 3.6 | 2.4 | 1.2 | ||||||||||||||||||
Total
|
$ | 525.4 | $ | 278.2 | $ | 247.2 | $ | 525.2 | $ | 266.0 | $ | 259.2 |
2010
|
2011
|
2012
|
2013
|
2014
|
|
(In
millions)
|
|||||
Estimated
annual amortization
|
$50.8
|
$44.5
|
$39.5
|
$36.0
|
$32.0
|
Outstanding
Debt
|
December
31, 2009 |
September
30, 2009 |
||||||
(In
millions)
|
||||||||
Domestic
credit facility
|
$ | 737.0 | $ | 100.0 | ||||
Foreign
credit facilities
|
6.7 | 5.3 | ||||||
Debentures
|
5.8 | 707.0 | ||||||
Notes
|
850.0 | 850.0 | ||||||
Bonds
|
500.0 | 500.0 | ||||||
Total
principal
|
$ | 2,099.5 | $ | 2,162.3 | ||||
Debentures
discount
|
- | (2.7 | ) | |||||
Notes
discount
|
(145.2 | ) | (152.1 | ) | ||||
Bonds
discount
|
(2.6 | ) | (2.6 | ) | ||||
Swap
fair value adjustment (see Note 15)
|
4.1 | 15.1 | ||||||
Total
long-term debt, net
|
$ | 1,955.8 | $ | 2,020.0 |
Three
Months Ended December 31,
|
2009
|
2008
|
||||||
(In
millions)
|
||||||||
Balance
at beginning of year
|
$ | 7.9 | $ | 8.4 | ||||
Reduction
for payments made
|
(2.1 | ) | (2.2 | ) | ||||
Accrual
for new warranties issued
|
3.1 | 3.0 | ||||||
Adjustments
for pre-existing warranties
|
(1.8 | ) | (0.9 | ) | ||||
Balance
at end of period
|
$ | 7.1 | $ | 8.3 |
2009
|
2008
|
|||||||
(In
millions, except per share amounts)
|
||||||||
Net
income available to common shares (1)
|
$ | 73.3 | $ | 61.2 | ||||
Basic
weighted average shares outstanding
|
295.1 | 293.3 | ||||||
Dilutive
effect of non-participating share-based awards
|
2.3 | 0.1 | ||||||
Diluted
weighted average common shares outstanding
|
297.4 | 293.4 | ||||||
Basic
earnings per share
|
$0.25 | $0.21 | ||||||
Diluted
earnings per share
|
$0.25 | $0.21 | ||||||
Weighted
average antidilutive share-based awards
shares
excluded from diluted EPS
|
9.8 | 19.3 | ||||||
(1)
Net Income available to participating securities was not
significant
|
Quarters
Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions)
|
||||||||
Net
income
|
$ | 73.3 | $ | 61.2 | ||||
Currency
translation adjustments
|
3.1 | (28.9 | ) | |||||
Investment
unrealized gains (losses)
|
6.0 | (5.2 | ) | |||||
Comprehensive
income
|
$ | 82.4 | $ | 27.1 |
Balance
Sheet Location and Fair Value
|
December
31,
2009
|
September
30,
2009
|
|||
(In
millions)
|
|||||
Non-designated
Hedges
|
|||||
Foreign
currency contracts: Other assets (current)
|
$
0.3
|
$
0.2
|
|||
Foreign
currency contracts: Other liabilities (current)
|
0.5
|
0.8
|
|||
Designated
Hedges
|
|||||
Foreign
currency contracts: Other liabilities (current)
|
$
0.1
|
$
0.1
|
|||
Interest
rate swaps: Other assets (noncurrent)
|
3.3
|
14.8
|
|||
Interest
rate swaps: Long-term debt
|
4.1
|
15.1
|
|
Quarter
Ended
|
|
Income
Statement Location and Gain (loss)
|
December
31, 2009*
|
|
(In
millions)
|
||
Non-designated
Hedges
|
||
Foreign
currency contracts: Other income (expense)
|
$ 0.4
|
|
Designated
Hedges
|
||
Foreign
currency contracts: Other income (expense)
|
$ 0.1
|
|
Interest
rate swap - ineffectiveness: Other income
(expense)
|
0.5
|
|
Interest
rate swap - effectiveness: Interest expense
|
2.3
|
|
*The
prior year quarter not presented was prior to our adoption of revised
disclosure requirements.
|
Fair
Value
|
Level
1
|
Level
2
|
Level
3
|
|||||||||||||
(In
millions)
|
||||||||||||||||
December
31, 2009
|
||||||||||||||||
Money
market funds
|
$ | 82.8 | $ | 82.8 | $ | - | $ | - | ||||||||
Investments
in unconsolidated affiliates
|
100.8 | 16.6 | - | 84.2 | ||||||||||||
Investments
in ARS and put rights
|
19.6 | - | - | 19.6 | ||||||||||||
Derivative
assets
|
3.6 | - | 3.6 | - | ||||||||||||
Derivative
liabilities
|
(4.7 | ) | - | (4.7 | ) | - | ||||||||||
September
30, 2009
|
||||||||||||||||
Money
market funds
|
$ | 82.6 | $ | 82.6 | $ | - | $ | - | ||||||||
Investments
in unconsolidated affiliates
|
94.1 | 15.7 | - | 78.4 | ||||||||||||
Investments
in ARS and put rights
|
21.3 | - | - | 21.3 | ||||||||||||
Derivative
assets
|
15.0 | - | 15.0 | - | ||||||||||||
Derivative
liabilities
|
(16.0 | ) | - | (16.0 | ) | - |
December
31, 2009
|
December
31, 2008
|
|||||||||||||||
Quarter
Ended
|
Investments
in Unconsolidated
Affiliates
|
Investments
in
ARS
|
Investments
in Unconsolidated
Affiliates
|
Investments
in
ARS
|
||||||||||||
(In
millions)
|
||||||||||||||||
Beginning
balance
|
$ | 78.4 | $ | 21.3 | $ | 80.4 | $ | 19.6 | ||||||||
Total
gain (loss):
|
||||||||||||||||
Included
in other income (expense) - other
|
- | 0.1 | (3.9 | ) | (1.5 | ) | ||||||||||
Included
in other comprehensive income
|
5.0 | - | (6.6 | ) | 2.0 | |||||||||||
Purchases,
issuances, accretion, settlements
|
0.8 | (1.8 | ) | 1.2 | - | |||||||||||
Ending
balance
|
$ | 84.2 | $ | 19.6 | $ | 71.1 | $ | 20.1 | ||||||||
Net
change in unrealized gain (loss) included
|
||||||||||||||||
in
earnings related to instruments still held
|
$ | - | $ | 0.1 | $ | (3.9 | ) | $ | (1.5 | ) |
Carrying
|
Unrealized
|
|||||||||||||||
December
31, 2009
|
Amount
|
Fair
Value
|
Gain
|
Loss
|
||||||||||||
(In
millions)
|
||||||||||||||||
Jackpot
investments
|
$ | 459.7 | $ | 501.9 | $ | 43.1 | $ | 0.9 | ||||||||
Notes
& contracts receivable
|
428.8 | 436.1 | 7.3 | - | ||||||||||||
Jackpot
liabilities
|
(585.6 | ) | (576.2 | ) | 9.4 | |||||||||||
Credit
facilities & indebtedness
|
(1,951.7 | ) | (2,343.6 | ) | - | 391.9 | ||||||||||
Carrying
|
Unrealized
|
|||||||||||||||
September
30, 2009
|
Amount
|
Fair
Value
|
Gain
|
Loss
|
||||||||||||
(In
millions)
|
||||||||||||||||
Jackpot
investments
|
$ | 464.1 | $ | 518.0 | $ | 54.1 | $ | 0.2 | ||||||||
Notes
& contracts receivable
|
404.2 | 413.8 | 9.6 | - | ||||||||||||
Jackpot
liabilities
|
(588.1 | ) | (595.5 | ) | - | 7.4 | ||||||||||
Credit
facilities & indebtedness
|
(2,004.9 | ) | (2,435.0 | ) | - | 430.1 |
ª | North America includes our operations in the US and Canada |
ª
|
International encompasses our efforts in all other jurisdictions worldwide |
Quarters
Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions)
|
||||||||
NORTH
AMERICA
|
||||||||
Revenues
|
$ | 369.6 | $ | 482.5 | ||||
Gaming
operations
|
234.3 | 267.5 | ||||||
Product
sales
|
135.3 | 215.0 | ||||||
Gross
profit
|
215.1 | 245.4 | ||||||
Gaming
operations
|
142.1 | 136.8 | ||||||
Product
sales
|
73.0 | 108.6 | ||||||
Operating
income
|
116.3 | 106.9 | ||||||
Income
before tax
|
121.1 | 113.6 | ||||||
INTERNATIONAL
|
||||||||
Revenues
|
$ | 146.1 | $ | 119.1 | ||||
Gaming
operations
|
43.0 | 45.8 | ||||||
Product
sales
|
103.1 | 73.3 | ||||||
Gross
profit
|
81.5 | 60.5 | ||||||
Gaming
operations
|
31.1 | 24.6 | ||||||
Product
sales
|
50.4 | 35.9 | ||||||
Operating
income
|
45.1 | 22.3 | ||||||
Income
before tax
|
49.0 | 20.7 | ||||||
CORPORATE
(net unaollocated costs)
|
||||||||
Operating
loss
|
$ | (21.1 | ) | $ | (29.1 | ) | ||
Loss
before tax
|
(58.0 | ) | (61.2 | ) | ||||
CONSOLIDATED
|
||||||||
Revenues
|
$ | 515.7 | $ | 601.6 | ||||
Gaming
operations
|
277.3 | 313.3 | ||||||
Product
sales
|
238.4 | 288.3 | ||||||
Gross
profit
|
296.6 | 305.9 | ||||||
Gaming
operations
|
173.2 | 161.4 | ||||||
Product
sales
|
123.4 | 144.5 | ||||||
Operating
income
|
140.3 | 100.1 | ||||||
Income
before tax
|
112.1 | 73.1 |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
ª
|
our
ability to introduce new products and their impact on replacement
demand
|
|
ª
|
the
timing, features, benefits, and expected success of new product
introductions
|
|
ª
|
growth
of our business through technology and IP
acquisition
|
|
ª
|
our
leadership position in the market
|
|
ª
|
the
advantages offered to customers by our anticipated products and product
features
|
|
ª
|
gaming
growth, expansion, and new market
opportunities
|
|
ª
|
fluctuations
in future gross margins and tax
rates
|
|
ª
|
increasing
product sales or machine placements
|
|
ª
|
legislative
or regulatory developments and related market
opportunities
|
|
ª
|
available
capital resources to fund future operating requirements, capital
expenditures, payment obligations, and share
repurchases
|
|
ª
|
the
timing and amount of future share repurchases and
dividends
|
|
ª
|
losses
from off-balance sheet arrangements
|
|
ª
|
financial
returns to shareholders related to management of our
costs
|
|
ª
|
the
outcome and expense of litigation
|
|
ª
|
anticipated
increased revenue yields if general economic conditions
improve
|
Quarter
Ended
December
31, 2009
|
||||||||
As
Reported
|
Pro
Forma
|
|||||||
(In
millions)
|
||||||||
Revenues:
|
||||||||
Gaming
operations
|
$ | 277.3 | $ | 270.4 | ||||
Product
Sales
|
238.4 | 234.9 | ||||||
Total
|
$ | 515.7 | $ | 505.3 |
|
ª
|
revenue
recognition
|
|
ª
|
goodwill,
other intangible assets, royalties, and affiliate
investments
|
|
ª
|
jackpot
liabilities and expenses
|
|
ª
|
inventory
and gaming operations equipment
|
|
ª
|
income
taxes
|
|
Quarters
Ended
|
Favorable
|
||||||||||||||
December
31,
|
(Unfavorable)
|
|||||||||||||||
2009
|
2008
|
Amount
|
%
|
|||||||||||||
(In
millions except units & EPS)
|
||||||||||||||||
Revenues
|
$ | 515.7 | $ | 601.6 | $ | (85.9 | ) | -14 | % | |||||||
Gaming
operations
|
277.3 | 313.3 | (36.0 | ) | -11 | % | ||||||||||
Product
sales
|
238.4 | 288.3 | (49.9 | ) | -17 | % | ||||||||||
Machines
|
161.2 | 190.9 | (29.7 | ) | -16 | % | ||||||||||
Non-machine
|
77.2 | 97.4 | (20.2 | ) | -21 | % | ||||||||||
Gross
profit
|
$ | 296.6 | $ | 305.9 | $ | (9.3 | ) | -3 | % | |||||||
Gaming
operations
|
173.2 | 161.4 | 11.8 | 7 | % | |||||||||||
Product
sales
|
123.4 | 144.5 | (21.1 | ) | -15 | % | ||||||||||
Gross
margin
|
58 | % | 51 | % | 7 | pp | 14 | % | ||||||||
Gaming
operations
|
62 | % | 52 | % | 10 | pp | 19 | % | ||||||||
Product
sales
|
52 | % | 50 | % | 2 | pp | 4 | % | ||||||||
Units
|
||||||||||||||||
Gaming
operations installed base
|
62,200 | 60,900 | 1,300 | 2 | % | |||||||||||
Fixed
|
9,700 | 15,700 | (6,000 | ) | -38 | % | ||||||||||
Variable
|
52,500 | 45,200 | 7,300 | 16 | % | |||||||||||
Revenue
Recognition units*
|
11,900 | 15,500 | (3,600 | ) | -23 | % | ||||||||||
Operating
income
|
$ | 140.3 | $ | 100.1 | $ | 40.2 | 40 | % | ||||||||
Operating
margin
|
27 | % | 17 | % | 10 | pp | 59 | % | ||||||||
Net
income
|
$ | 73.3 | $ | 61.2 | $ | 12.1 | 20 | % | ||||||||
Diluted
EPS
|
$ | 0.25 | $ | 0.21 | $ | 0.04 | 19 | % | ||||||||
* Represents
units recognized in revenues, irrespective of the timing of
shipment.
Certain units associated with a systems lease are prorated based on
revenues recognized.
|
Quarters
Ended
|
Favorable
|
|||||||||||||||
December
31,
|
(Unfavorable)
|
|||||||||||||||
2009
|
2008
|
Amount
|
%
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Selling,
general and administrative
|
$ | 90.0 | $ | 114.9 | $ | 24.9 | 22 | % | ||||||||
Research
and development
|
46.7 | 53.5 | 6.8 | 13 | % | |||||||||||
Depreciation
and amortization
|
19.6 | 20.0 | 0.4 | 2 | % | |||||||||||
Restructuring
charges
|
- | 17.4 | 17.4 | 100 | % | |||||||||||
Total
|
$ | 156.3 | $ | 205.8 | $ | 49.5 | 24 | % | ||||||||
Percent
of revenues
|
30 | % | 34 | % |
Quarters
Ended
|
Favorable
|
|||||||||||||||
December
31,
|
(Unfavorable)
|
|||||||||||||||
2009
|
2008
|
Amount
|
%
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Interest
Income
|
$ | 16.0 | $ | 16.5 | $ | (0.5 | ) | -3 | % | |||||||
WAP
|
6.4 | 7.5 | (1.1 | ) | -15 | % | ||||||||||
Other
|
9.6 | 9.0 | 0.6 | 7 | % | |||||||||||
Interest
Expense
|
(43.2 | ) | (35.5 | ) | (7.7 | ) | -22 | % | ||||||||
WAP
|
(6.3 | ) | (7.3 | ) | 1.0 | 14 | % | |||||||||
Other
|
(36.9 | ) | (28.2 | ) | (8.7 | ) | -31 | % | ||||||||
Other
|
(1.0 | ) | (8.0 | ) | 7.0 | 88 | % | |||||||||
Total
other income (expense)
|
$ | (28.2 | ) | $ | (27.0 | ) | $ | (1.2 | ) | -4 | % | |||||
Income
tax provision
|
$ | 38.8 | $ | 11.9 | $ | (26.9 | ) | |||||||||
Effective
tax rate
|
34.6 | % | 16.3 | % | (18.3 | ) |
pp
|
Quarters
Ended
|
Favorable
|
|||||||||||||||
December
31,
|
(Unfavorable)
|
|||||||||||||||
2009
|
2008
|
Amount
|
%
|
|||||||||||||
(In
millions except units)
|
||||||||||||||||
Revenues
|
$ | 369.6 | $ | 482.5 | $ | (112.9 | ) | -23 | % | |||||||
Gaming
operations
|
234.3 | 267.5 | (33.2 | ) | -12 | % | ||||||||||
Product
sales
|
135.3 | 215.0 | (79.7 | ) | -37 | % | ||||||||||
Machines
|
83.7 | 137.4 | (53.7 | ) | -39 | % | ||||||||||
Non-machine
|
51.6 | 77.6 | (26.0 | ) | -34 | % | ||||||||||
Gross
profit
|
$ | 215.1 | $ | 245.4 | $ | (30.3 | ) | -12 | % | |||||||
Gaming
operations
|
142.1 | 136.8 | 5.3 | 4 | % | |||||||||||
Product
sales
|
73.0 | 108.6 | (35.6 | ) | -33 | % | ||||||||||
Gross
margin
|
58 | % | 51 | % | 7 | pp | 14 | % | ||||||||
Gaming
operations
|
61 | % | 51 | % | 10 | pp | 20 | % | ||||||||
Product
sales
|
54 | % | 51 | % | 3 | pp | 6 | % | ||||||||
Units
|
||||||||||||||||
Gaming
operations installed base
|
45,800 | 46,900 | (1,100 | ) | -2 | % | ||||||||||
Fixed
|
6,600 | 6,700 | (100 | ) | -1 | % | ||||||||||
Variable
|
39,200 | 40,200 | (1,000 | ) | -2 | % | ||||||||||
Revenue
Recognition units
|
5,500 | 9,500 | (4,000 | ) | -42 | % | ||||||||||
Operating
income
|
$ | 116.3 | $ | 106.9 | $ | 9.4 | 9 | % | ||||||||
Operating
margin
|
31 | % | 22 | % | 9 | pp | 41 | % |
Quarters
Ended
|
Favorable
|
|||||||||||||||
December
31,
|
(Unfavorable)
|
|||||||||||||||
2009
|
2008
|
Amount
|
%
|
|||||||||||||
(In
millions except units)
|
||||||||||||||||
Revenues
|
$ | 146.1 | $ | 119.1 | $ | 27.0 | 23 | % | ||||||||
Gaming
operations
|
43.0 | 45.8 | (2.8 | ) | -6 | % | ||||||||||
Product
sales
|
103.1 | 73.3 | 29.8 | 41 | % | |||||||||||
Machines
|
77.5 | 53.5 | 24.0 | 45 | % | |||||||||||
Non-machine
|
25.6 | 19.8 | 5.8 | 29 | % | |||||||||||
Gross
profit
|
$ | 81.5 | $ | 60.5 | $ | 21.0 | 35 | % | ||||||||
Gaming
operations
|
31.1 | 24.6 | 6.5 | 26 | % | |||||||||||
Product
sales
|
50.4 | 35.9 | 14.5 | 40 | % | |||||||||||
Gross
margin
|
56 | % | 51 | % | 5 | pp | 10 | % | ||||||||
Gaming
operations
|
72 | % | 54 | % | 18 | pp | 33 | % | ||||||||
Product
sales
|
49 | % | 49 | % | - | pp | - | |||||||||
Units
|
||||||||||||||||
Gaming
operations installed base
|
16,400 | 14,000 | 2,400 | 17 | % | |||||||||||
Fixed
|
3,100 | 9,000 | (5,900 | ) | -66 | % | ||||||||||
Variable
|
13,300 | 5,000 | 8,300 | 166 | % | |||||||||||
Revenue
Recognition units
|
6,400 | 6,000 | 400 | 7 | % | |||||||||||
Operating
income
|
$ | 45.1 | $ | 22.3 | $ | 22.8 | 102 | % | ||||||||
Operating
margin
|
31 | % | 19 | % | 12 | pp | 63 | % |
Favorable
|
||||||||||||
Three
Months Ended December 31,
|
2009
|
2008
|
(Unfavorable)
|
|||||||||
(In
millions)
|
||||||||||||
Operations
|
$ | 168.7 | $ | 149.5 | $ | 19.2 | ||||||
Investing
|
(66.7 | ) | (129.1 | ) | 62.4 | |||||||
Financing
|
(75.3 | ) | (20.6 | ) | (54.7 | ) | ||||||
Effects
of exchange rates
|
(0.4 | ) | (5.1 | ) | 4.7 | |||||||
Net
Change
|
$ | 26.3 | $ | (5.3 | ) | $ | 31.6 |
Increase
|
||||||||||||
Three
Months Ended December 31,
|
2009
|
2008
|
(Decrease)
|
|||||||||
(In
millions)
|
||||||||||||
Property,
plant and equipment
|
$ | 5.5 | $ | 17.1 | $ | (11.6 | ) | |||||
Gaming
operations equipment
|
46.3 | 57.3 | (11.0 | ) | ||||||||
Intellectual
property
|
1.5 | 1.6 | (0.1 | ) | ||||||||
Total
capital expenditures
|
$ | 53.3 | $ | 76.0 | $ | (22.7 | ) |
December
31,
|
September
30,
|
Increase
|
||||||||||
2009
|
2009
|
(Decrease)
|
||||||||||
(In
millions)
|
||||||||||||
Assets
|
$ | 4,273.8 | $ | 4,328.1 | $ | (54.3 | ) | |||||
Liabilities
|
3,138.4 | 3,264.5 | (126.1 | ) | ||||||||
Stockholders'
equity
|
1,135.4 | 1,063.6 | 71.8 |
|
ª
|
out
of our breach of agreements with those
parties
|
|
ª
|
from
services to be provided by us
|
|
ª
|
from
IP infringement claims made by third
parties
|
Item
3.
|
Quantitative
and Qualitative Disclosures about Market
Risk
|
Item
4.
|
Controls
and Procedures
|
|
ª
|
licenses
and/or permits
|
|
ª
|
findings
of suitability
|
|
ª
|
documentation
of qualifications, including evidence of financial
stability
|
|
ª
|
other
required approvals for companies who manufacture or distribute gaming
equipment and services
|
|
ª
|
individual
suitability of officers, directors, major stockholders and key
employees
|
|
ª
|
social,
political or economic instability
|
|
ª
|
additional
costs of compliance
|
|
ª
|
tariffs
and other trade barriers
|
|
ª
|
fluctuations
in foreign exchange rates outside the
US
|
|
ª
|
adverse
changes in the creditworthiness of parties with whom we have significant
receivables or forward currency exchange
contracts
|
|
ª
|
expropriation,
nationalization and restrictions on repatriation of funds or
assets
|
|
ª
|
difficulty
protecting our intellectual
property.
|
10.1*
|
Amended
and Restated Employment Agreement, dated December 1, 2009, between
International Game Technology and Thomas J. Matthews (incorporated by
reference to Exhibit 10.1 to Registrant’s Report on Form 8-K filed
December 7, 2009).
|
10.2*
|
Executive
Transition Agreement, dated to be effective October 23, 2009, between
International Game Technology and Patrick W. Cavanaugh (incorporated by
reference to Exhibit 10.1 to Registrant’s Report on Form 8-K filed
December 23, 2009).
|
10.3*
|
Executive
Transition Agreement, dated to be effective October 23, 2009, between
International Game Technology and David D. Johnson (incorporated by
reference to Exhibit 10.2 to Registrant’s Report on Form 8-K filed
December 23, 2009).
|
10.4*
|
Summary
of Named Executive Officer and Director Compensation Arrangements at
January 31, 2010
|
10.5*
|
Executive
Transition Agreement, dated to be effective October 23, 2009, between
International Game Technology and Anthony
Ciorciari.
|
10.6*
|
Employment
Agreement, dated November 30, 1993, between International Game Technology
and Paulus Karskens.
|
10.7
|
Second
Amended and Restated Credit Agreement, dated as of June 8, 2009, with
Wells Fargo Bank, N.A. as Administrative Agent, Bank of America, N.A., as
Syndication Agent, The Royal Bank of Scotland PLC, the Bank of
Tokyo-Mitsubishi UFJ, Ltd./Union Bank of California, N.A., and Mizuho
Corporate Bank, Ltd., as Co-Documentation Agents, and Banc of America
Securities LLC, Wells Fargo Bank, N.A. and RBS Securities, Inc., as Joint
Lead Arrangers and Joint Book Managers, and a syndicate of other
lenders.
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a–14(a) of the Exchange Act,
as adopted pursuant to section 302 of the Sarbanes-Oxley Act of
2002
|
31.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a–14(a) of the Exchange Act,
as adopted pursuant to section 302 of the Sarbanes-Oxley Act of
2002
|
32.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a–14(b) of the Exchange Act
and section 18 U.S.C. Section 1350, as adopted pursuant to section 906 of
the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a–14(b) of the Exchange Act
and section 18 U.S.C. Section 1350, as adopted pursuant to section 906 of
the Sarbanes-Oxley Act of 2002
|
101.INS**
|
XBRL
Instance
|
101.SCH**
|
XBRL
Taxonomy Extension Schema
|
101.CAL**
|
XBRL
Taxonomy Extension Calculation
|
101.LAB**
|
XBRL
Taxonomy Extension Labels
|
101.PRE**
|
XBRL
Taxonomy Extension Presentation
|
/s/Patrick
W. Cavanaugh
|
||||
Patrick
W. Cavanaugh
|
||||
Executive
Vice President and Chief Financial Officer, and Treasurer
|