UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
| x | ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2010
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-11037
| A. | Full title of the Plan and the address of the Plan, if different from that of the issuer named below: |
The Savings Program for Employees of Praxair Puerto Rico B.V. and
Its Participating Subsidiary Companies
P.O. Box 307
Gurabo, Puerto Rico 00778
| B. | Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office: |
Praxair, Inc.
39 Old Ridgebury Road
Danbury, Connecticut 06810-5113
The Savings Program for Employees of Praxair Puerto Rico B.V. and
Its Participating Subsidiary Companies
Index
| Page | ||||
| 3 | ||||
| Financial Statements |
||||
| Statements of Net Assets Available for Benefits as of December 31, 2010 and 2009 |
4 | |||
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2010 |
5 | |||
| 6-12 | ||||
| Supplemental Schedule |
||||
| Schedule H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2010 |
13 | |||
| 14 | ||||
| 15 | ||||
All other schedules required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA) have been omitted because they are not applicable.
Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of
The Savings Program for Employees of Praxair Puerto Rico B.V. and
Its Participating Subsidiary Companies
Gurabo, Puerto Rico
We have audited the accompanying statements of net assets available for benefits of the Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies (the “Plan”) as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010 in conformity with accounting principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming opinions on the basic financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2010, is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ BDO USA, LLP
Philadelphia, Pennsylvania
May 27, 2011
3
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its
Participating Subsidiary Companies
Statements of Net Assets Available for Benefits
As of December 31, 2010 and 2009
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| Assets: |
||||||||
| Investments, at fair value (Note 4 and 5): |
$ | 5,197,991 | $ | 4,388,634 | ||||
| Receivables: |
||||||||
| Employer contributions |
885 | 821 | ||||||
| Participant contributions |
1,951 | 1,771 | ||||||
| Dividends & interest |
2 | 5 | ||||||
| Notes receivable from participants |
348,187 | 397,663 | ||||||
| Total receivables |
351,025 | 400,260 | ||||||
| Net Assets Available for Benefits |
$ | 5,549,016 | $ | 4,788,894 | ||||
The accompanying notes are an integral part of these financial statements.
4
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2010
| Additions to (Deductions from) Net Assets |
||||
| Contributions: |
||||
| Participants |
$ | 195,259 | ||
| Employer |
86,218 | |||
| Total contributions |
281,477 | |||
| Investment income: |
||||
| Net appreciation in fair value of investments (Note 4) |
659,798 | |||
| Interest and dividends |
116,313 | |||
| Total net investment income |
776,111 | |||
| Interest on participant notes receivable |
33,946 | |||
| Benefit payments |
(331,412 | ) | ||
| Increase in Net Assets |
760,122 | |||
| Net Assets Available for Benefits |
||||
| Beginning of year |
4,788,894 | |||
| End of year |
$ | 5,549,016 | ||
The accompanying notes are an integral part of these financial statements.
5
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Notes to Financial Statements
December 31, 2010 and 2009
Note 1 - Inception of the Plan
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies (the “Plan”) was established on March 1, 1995 by Praxair Puerto Rico B.V. (the “Company”).
Note 2 - Description of the Plan
The Plan is a tax-qualified retirement plan. The following is a general description of the Plan. Participants should refer to the Plan document for a complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan and is administered by the Administrative Committee of The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies (the “Administrator”). The Trustee and recordkeeper of the Plan’s assets is Banco Popular de Puerto Rico. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
Eligibility
An employee of the Company is eligible to participate in the Plan if he or she is a minimum of 18 years of age and has completed 90 days of service.
Contributions
Participant contributions to the Plan are made through payroll deductions. Plan participants generally may elect to contribute a percentage of their eligible compensation on either a before-tax and/or after-tax basis. Participants’ before-tax contributions are limited to an annual statutory amount, which amounted to $9,000 in 2010 and 2009.
Participants who reach age 50 by the close of the Plan year are eligible to make catch-up contributions. Catch-up contributions are limited to $1,000 per Plan year (or such other limit as may be imposed through amendment to the Puerto Rico Internal Revenue Code of 1994 (“PRIRC”)). No matching contributions will be made with respect to such catch up contributions.
The Plan provides for a Company matching contribution equal to 70% of the first 2.5% of a participant’s eligible compensation contributed to the Plan and 40% of the next 2.51% to 7.5% of the participant’s eligible compensation contributed to the Plan. Company matching contributions to the Plan are made in cash and are invested in accordance with each participant’s investment direction.
Plan participants are permitted to direct the investments of their account balance among any available investment options under the Plan.
Vesting
Employees are fully vested at all times in their own contributions, company matching contributions, and rollover contributions. In the event of termination of employment from the Company, Plan participants receive all amounts credited to their accounts.
6
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Notes to Financial Statements
December 31, 2010 and 2009
Investment Options
Plan participants may direct the investment of their Plan accounts among various investment options offered by the Plan listed below:
Mutual funds
Cash equivalents
Praxair, Inc. common stock
Participants may change the investment direction of their contributions and existing balances at any time.
Withdrawals and Distributions
Plan participants may withdraw after-tax contributions from their account balances while working and, in limited cases (as defined in the Plan’s provisions), may withdraw before-tax contributions. Mandatory distributions from the Plan are required starting no later than April 1 of the year following the year in which a participant attains age 70 1/2 or retires from service with the Company, whichever is later. Optional distributions may begin at 59 1/2.
Loans
The Plan generally permits participants to borrow from their accounts up to the lesser of $50,000 or 50% of their vested account balances. Certain other restrictions apply, as defined in the Plan’s provisions. Participants are permitted to have only one loan outstanding at any time.
Loans are repaid during fixed terms not to exceed five years (thirty years if used to purchase a primary residence). Principal and interest is paid ratably through payroll deductions. The loans are collateralized by the balance in the participant’s account and bear interest at a fixed rate since Plan inception of 9%.
Loans to participants are carried at unpaid principal balance plus accrued but unpaid interest.
Unclaimed Benefits and Forfeitures
The benefit payable on behalf of a participant who cannot be located by the Administrator is forfeited at such time as the Administrator has made the determination. However, the forfeiture will be restored to the Plan by the Administrator if such participant subsequently makes a valid claim for the benefit.
Note 3 - Summary of Significant Accounting Policies
Method of Accounting
The financial statements of the Plan are prepared under the accrual method of accounting.
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The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Notes to Financial Statements
December 31, 2010 and 2009
Recent Accounting Pronouncements
The following standards were effective for the Plan in 2010:
| • | Disclosures about Fair Value Measurements – In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2010-06, “Fair Value Measurements and Disclosures (ASC Topic 820) — Improving Disclosures about Fair Value Measurements”. The standard added new requirements for disclosures about transfers into and out of Levels 1 and 2 and clarified existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. The portion of this standard related to these items was effective for the Plan in 2010 and its adoption did not have a significant impact on the financial statements. In addition, the standard added requirements for separate disclosures about the activity relating to Level 3 fair value measurements effective for the Plan on January 1, 2011. See Note 5 for the required disclosures. |
| • | Reporting Loans to Participants – In September 2010, the FASB issued ASU No. 2010-25, “Reporting Loans to Participants by Defined Contribution Pension Plans” (ASC 962), which is effective for the Plan in 2010. This ASU requires participant loans to be classified as notes receivable from participants, which are segregated from plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. The guidance is effective for fiscal years ending after December 15, 2010. In accordance with the transition provisions, prior years’ presentation and disclosures have been retrospectively adjusted to conform to the new standard. |
Reclassification
Participant loans previously reported as a component of investments have been reclassified to a component of receivables in order to conform to the current year presentation.
Payment of Benefits
Benefits are recorded when paid.
Participants’ Account Activity
Participant accounts are credited with participant and Company contributions and an allocation of Plan earnings, which is based on participant account balances. Participant accounts are charged for withdrawals.
Investment Valuation and Income Recognition
Plan investments are reported at fair value which is determined based upon quoted market prices or using observable market based inputs, other than quoted market prices, for similar investments. Funds are valued on a daily basis. Shares of mutual funds are valued at the net asset value of shares held by the Plan at year-end.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
8
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Notes to Financial Statements
December 31, 2010 and 2009
The Plan presents in the Statement of Changes in Net Assets Available for Benefits, the net appreciation (depreciation) in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of income and expenses during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan provides for various investment options that invest in any combination of stocks, bonds, and fixed income securities and other investment securities. These investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk and uncertainty associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.
Note 4 - Investments
Individual investments held by the Plan that exceed five percent or more of the Plan’s net assets available for benefits at December 31, 2010 and 2009, respectively, are noted below:
| 2010 | 2009 | |||||||
| Praxair, Inc. common stock |
$ | 3,876,941 | $ | 3,256,811 | ||||
| Eaton Vance Large Cap Value Fund |
331,964 | 290,709 | ||||||
| PIMCO Total Return Admin Fund |
298,095 | 305,382 | ||||||
During 2010, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:
| Year ended December 31, 2010 |
||||
| Praxair, Inc. common stock |
$ | 597,526 | ||
| Mutual funds |
62,272 | |||
| $ | 659,798 | |||
Note 5 - Fair Value Measurements
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value in three broad levels as follows:
Level 1 – quoted prices in active markets for identical assets or liabilities
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable
9
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Notes to Financial Statements
December 31, 2010 and 2009
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions)
The following tables summarize investment assets measured at fair value at December 31, 2010 and 2009:
| Investment Assets at Fair Value at December 31, 2010 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Mutual funds: |
||||||||||||||||
| Large-Cap |
$ | 627,907 | $ | — | $ | — | $ | 627,907 | ||||||||
| Mid-Cap |
7,734 | — | — | 7,734 | ||||||||||||
| Small-Cap |
25,570 | — | — | 25,570 | ||||||||||||
| Balanced |
74,821 | — | — | 74,821 | ||||||||||||
| Domestic bond fund |
327,705 | — | — | 327,705 | ||||||||||||
| Praxair, Inc. common stock |
3,876,941 | — | — | 3,876,941 | ||||||||||||
| Cash and cash equivalents |
257,313 | — | — | 257,313 | ||||||||||||
| Total |
$ | 5,197,991 | $ | — | $ | — | $ | 5,197,991 | ||||||||
| Investment Assets at Fair Value at December 31, 2009 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Mutual funds: |
||||||||||||||||
| Large-Cap |
$ | 540,104 | $ | — | $ | — | $ | 540,104 | ||||||||
| Mid-Cap |
5,088 | — | — | 5,088 | ||||||||||||
| Small-Cap |
18,753 | — | — | 18,753 | ||||||||||||
| Balanced |
49,554 | — | — | 49,554 | ||||||||||||
| Domestic bond fund |
338,280 | — | — | 338,280 | ||||||||||||
| Praxair, Inc. common stock |
3,256,811 | — | — | 3,256,811 | ||||||||||||
| Cash and cash equivalents |
180,044 | — | — | 180,044 | ||||||||||||
| Total |
$ | 4,388,634 | $ | — | $ | — | $ | 4,388,634 | ||||||||
There are no plan liabilities required to be recorded at fair value at December 31, 2010 and 2009.
The following is a description of the valuation methodologies for the Plan assets measured at fair value. There have been no changes to the methodologies used at December 31, 2010 and 2009.
Mutual Funds – Large Cap – This class primarily consists of publicly traded funds of registered investment companies. The mutual funds invest primarily in marketable equity securities with companies that have large market capitalization. The fair value of these investments is determined by reference to the fair value of the underlying securities of the mutual funds. The net asset value of the mutual fund’s shares is quoted on the exchange where the fund is traded and therefore classified as Level 1 within the valuation hierarchy.
Mutual Funds – Mid-Cap – This class primarily consists of publicly traded funds of registered investment companies. The mutual funds invest primarily in marketable equity securities with companies that have moderate market capitalization. The fair value of these investments is determined by reference to the fair value of the underlying securities of the mutual funds. The net asset value of
10
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Notes to Financial Statements
December 31, 2010 and 2009
the mutual fund’s shares is quoted on the exchange where the fund is traded and therefore classified as Level 1 within the valuation hierarchy.
Mutual Funds – Small-Cap – This class primarily consists of publicly traded funds of registered investment companies. The mutual funds invest primarily in marketable equity securities with companies that have small market capitalization. The fair value of these investments is determined by reference to the fair value of the underlying securities of the mutual funds. The net asset value of the mutual fund’s shares is quoted on the exchange where the fund is traded and therefore classified as Level 1 within the valuation hierarchy.
Mutual Funds – Balanced – This class primarily consists of publicly traded funds of registered investment companies. The mutual funds invest primarily in marketable equity and fixed income securities. The fair value of these investments is determined by reference to the fair value of the underlying securities of the mutual funds. The net asset value of the mutual fund’s shares is quoted on the exchange where the fund is traded and therefore classified as Level 1 within the valuation hierarchy.
Mutual Funds – Domestic Bond Fund – This class primarily consists of publicly traded funds of registered investment companies. The mutual funds invest primarily in fixed income securities within the domestic market. The fair value of these investments is determined by reference to the fair value of the underlying securities of the mutual funds. The net asset value of the mutual fund’s shares is quoted on the exchange where the fund is traded and therefore classified as Level 1 within the valuation hierarchy.
Cash Equivalents – This class consists of short-term money market investments. Due to the short-term maturities of these investments, cash equivalents are valued at cost, which approximates fair value. Cash equivalents are classified as Level 1 within the fair value hierarchy.
Praxair, Inc. Common Stock – The Praxair, Inc. common stock class is valued at quoted market prices from a national securities exchange. The Praxair, Inc. common stock is classified as Level 1 within the valuation hierarchy.
Note 6 - Tax Status
The Plan qualifies under sections 1165(a), (e), and (g) of the PRIRC and complies with all applicable requirements of both Title I of ERISA and the PRIRC. Although the Plan has been amended since the date it was submitted to PR Treasury, the Plan administrator and the Plan’s tax counsel believe that in design and operation, it continues to operate in compliance with applicable law.
Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination. The Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2010, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Administrator believes the Plan is no longer subject to income tax examinations for years prior to 2007.
Note 7 - Plan Expenses
11
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Notes to Financial Statements
December 31, 2010 and 2009
Transfer taxes and other costs and expenses, if any, except administrative costs of the Company associated with the sale and transfer of Praxair common stock, are deducted from the sale proceeds or charged to the participant account (for purchases). For the year ended December 31, 2010, the Company paid all costs of Plan administration and expenses of collecting and distributing amounts from and to the participants. Amounts paid by the Company for Plan expenses during 2010 were insignificant.
Note 8 - Parties-in-Interest Transactions
Certain Plan investments are shares of mutual funds managed by Banco Popular de Puerto Rico. Banco Popular de Puerto Rico is the trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. Certain Plan investments include shares of common stock of Praxair, Inc., the Company’s parent company, therefore these transactions qualify as party-in-interest transactions.
Loans to participants also qualify as party-in-interest transactions.
Note 9 - Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan’s provisions to terminate the Plan at its sole discretion. Upon such termination, the net assets of the Plan will be distributed or sold exclusively for the benefit of the participants (or their beneficiaries). Upon such termination, participants would remain 100% vested.
12
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
EIN: 66-0605193, Plan Number: 001
Schedule H, line 4i – Schedule of Assets (Held at End of Year)
as of December 31, 2010
| (a) |
(b) Identity of issue, borrower, lessor or similar party |
(c) Description of investment including maturity date, rate of interest, collateral, par or maturity value |
(d) Cost |
(e) Current value |
||||||||
| * |
Praxair, Inc. | Common Stock | ** | $ | 3,876,941 | |||||||
| Eaton Vance Large Cap Value Fund | Mutual Fund | ** | 331,964 | |||||||||
| PIMCO Total Return Fund Admin | Mutual Fund | ** | 298,095 | |||||||||
| Federated Investor Max-Cap Fund | Mutual Fund | ** | 274,779 | |||||||||
| Federated Government Obligations | Cash Equivalent | ** | 238,710 | |||||||||
| Price T Rowe Retirement 2030 Fund | Mutual Fund | ** | 38,439 | |||||||||
| Wells Fargo Advantage Government Sec Fund | Mutual Fund | ** | 29,610 | |||||||||
| Loomis Sayles Small Cap Value Fund | Mutual Fund | ** | 25,570 | |||||||||
| Price T Rowe Retirement 2010 Fund | Mutual Fund | ** | 24,401 | |||||||||
| Harbor Capital Appreciation Fund | Mutual Fund | ** | 21,164 | |||||||||
| * |
Banco Popular Puerto Rico Time Deposit | Cash Equivalent | ** | 18,603 | ||||||||
| Price T Rowe Retirement 2040 Fund | Mutual Fund | ** | 8,391 | |||||||||
| Artio Intl Equity Fund A | Mutual Fund | ** | 7,734 | |||||||||
| Price T Rowe Retirement 2020 Fund | Mutual Fund | ** | 3,590 | |||||||||
| Total investments, at fair value | 5,197,991 | |||||||||||
| * |
Notes receivable from participants | Interest rate of 9%, various maturities | — | 348,187 | ||||||||
| Total investments and notes receivable from participants | $ | 5,546,178 | ||||||||||
| * | Party-in-interest |
| ** | Cost information is not required for participant directed investments and therefore, is not included |
13
Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
| Date: May 27, 2011 | By: | /S/ ARMANDO BOTELLO | ||||
| Armando Botello, Managing Director, Praxair Puerto | ||||||
| Rico, Inc. and member of the Administrative | ||||||
| Committee of The Savings Program for Employees | ||||||
| of Praxair Puerto Rico B.V. and Its Participating | ||||||
| Subsidiary Companies | ||||||
| (On behalf of the Plan) | ||||||
14
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies
Gurabo, Puerto Rico
We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (Nos. 33-87274, 33-48478 and 333-81248) of our report dated May 27, 2011, relating to the financial statements and supplemental schedule of the Savings Program for Employees of Praxair Puerto Rico B.V. and Its Participating Subsidiary Companies appearing in this Form 11-K for the year ended December 31, 2010.
/s/ BDO USA, LLP
Philadelphia, Pennsylvania
May 27, 2011
15