NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars, except share and per share information) Non-cancellable operating lease rentals are payable as follows: The Company enters into operating leases in the ordinary course of business, primarily for real property and equipment. Payments and other terms for these leases vary per agreement. During the year ended December 31, 2011, $9.8 million was recognized as an expense in the income statement in respect of operating leases (2010: $10.4 million). In March 2008, a US$1.5 million interest bearing unsecured demand loan was provided to an executive officer. During 2011, interest accrued on this loan at a rate of 5.68% (2010 – 6.10%). At December 31, 2011, the principal and accrued interest balance was US$1.8 million (2010 – US$1.7 million) and is included in other assets. The directors and officers of CCL Industries Inc. as a group beneficially own, control, or direct, directly or indirectly, approximately 2,244,030 of the issued and outstanding Class A voting shares representing 94.5% of the issued and outstanding Class A voting shares. 29. ACCUMULATED OTHER COMPREHENSIVE LOSS Key management personnel compensation Beneficial ownership Transactions with key management personnel 28. RELATED PARTIES 27. OPERATING LEASES Level 1 Level 2 Level 3 Total December 31, 2010 Available-for-sale financial assets $ — $ 14,852 $ — $ 14,852 Derivative financial assets — 7,482 — 7,482 — 22,334 — 22,334 Derivative financial liabilities — 12,495 — 12,495 $ — $ 9,839 $ — $ 9,839 2011 2010 Less than one year $ 8,992 $ 8,854 Between one and five years 16,413 15,514 More than five years 5,804 6,577 $ 31,209 $ 30,945 2011 2010 Short-term employee benefits $ 5,317 $ 5,618 Share-based payments 473 6,414 Post-employment benefits 352 476 $ 6,142 $ 12,508 2011 2010 Unrealized foreign currency translation losses, net of tax expense of $1,035 (2010 – tax expense of $2,057) $ (39,585) $ (21,209) Gains (losses) on derivatives designated as cash flow hedges, net of tax recovery of $513 (2010 – tax expense of $591) (1,088) 1,393 $ (40,673) $ (19,816) 82 CCL Industries Inc. 2011 Annual Report