Note 15. Subsequent Events

On March 28, 2012 the Company acquired Turotest Medidores Ltda ("Turotest") for approximately $8.1 million of cash and $5.5 million of deferred purchase price. Turotest is a leader in the design and manufacture of instrument panels, gauges and senders serving the Brazilian agriculture, construction equipment and other industrial markets. Turotest, headquartered near Sao Paulo, Brazil, expands the geographic presence of the Engineered Solutions segment.

On March 27, 2012 the Company gave notice of its intention to redeem all of the outstanding 2% Convertible Notes effective April 27, 2012 for cash equal to 100% of the principal amount of the Convertible Notes being redeemed, plus accrued interest, if any. The Convertible Notes are convertible at any time by their holders prior to April 26, 2012 at a rate of 50.6554 shares of common stock per $1,000 principal amount of the Convertible Notes surrendered. If all the outstanding 2% Convertible Notes are converted, which we expect, it would result in the issuance of 5,956,619 shares of the Company's Class A common stock. The impact of the additional share issuance is already in the diluted earnings per share calculation (See Note 9, "Earnings per Share") on an if-converted method.

On April 2, 2012 the Company announced the pricing of $300.0 million aggregate principal amount of 5.625% Senior Notes (the "5.625% Senior Notes") due 2022 at an issue price of 100%. The sale is expected to close on April 16, 2012. In addition, the Company simultaneously commenced an offer to purchase for cash (the "Tender") all $250.0 million of its 6.875% Senior Notes due 2017. The total consideration to be paid for each $1,000 principal amount of the notes tendered, and not validly withdrawn, will be $1,042.16, or $260.5 million in aggregate. The proceeds of the new 5.625% Senior Notes will be used to fund the Tender offer of the 6.875% Senior Notes, with the remainder used for general corporate purposes.