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In fiscal 2013, 2012 and 2011, net foreign currency transaction gains of $2 million, losses of $2 million, and losses of $6 million, respectively, are included in Other expense in the Consolidated Statements of Operations as part of continuing operations. Because our consolidated financial statements are presented in U.S. dollars, we must translate revenues, income and expenses, as well as assets and liabilities, into U.S. dollars at exchange rates in effect during or at the end of each reporting period. Because our consolidated financial statements are presented in U.S. dollars, we must translate revenues, income and expenses, as well as assets and liabilities, into U.S. dollars at exchange rates in effect during or at the end of each reporting period. | noise |
In the United States, natural gas is sold to local distribution companies, and commercial, industrial, and other purchasers, on a spot basis and under contracts for varying periods. The Corporations United States production is expected to approximate 45% of its 2004 sales commitments under long-term contracts which total approximately 355,000 Mcf per day. Natural gas sales commitments for 2005 are expected to be comparable. | noise |
In addition, the higher cash inflows were offset by an increase of $98.9 million in sales-type finance leases and dealer direct loans, whereby originations exceeded cash receipts in 2018 ($27.0 million) compared to cash receipts exceeding origination in 2017 ($71.9 million). The amount of depreciation on operating leases principally depends on the acquisition cost of leased equipment, the term of the leases, which generally ranges from three to five years, and the residual value of the leases, which generally ranges from 30% to 70%. Higher operating cash flows reflect higher net income of $2.20 billion in 2018 compared to $1.68 billion in 2017, which includes a net deferred tax benefit of $173.9 million primarily due to the 2017 Tax Act. | noise |
Cash amounts held by counterparties as margin for certain financial transactions are recorded as receivable margin account in "Other current assets" on the consolidated balance sheets. The fair value of the contract at December 31, 2017 and 2016, reflects a loss position of $42.2 million and $50.6 million, respectively. The fair value of the contract at December 31, 2017 and 2016, reflects a loss position of $42.2 million and $50.6 million, respectively. | noise |
The net pre-tax exchange gains (losses) are recorded in sundry income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations. The net pre-tax exchange gains (losses) are recorded in sundry income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. | noise |
A total of $1.2 million of unrealized gains were deferred on the consolidated balance sheet with respect to those open contracts at December 31, 1996. A total of $1.2 million of unrealized gains were deferred on the consolidated balance sheet with respect to those open contracts at December 31, 1996. A total of $0.2 million of unrealized gains have been deferred on the consolidated balance sheet with respect to these open contracts. | noise |
Cash in excess of operating requirements is used to pay down cash borrowings under the Company's Revolving Credit Facility or invested in highly liquid cash equivalents. Cash in excess of operating requirements is used to pay down cash borrowings under the Company's Revolving Credit Facility or invested in highly liquid cash equivalents. The Company conducts ongoing evaluations of its customers and requires letters of credit or other collateral arrangements as appropriate. | noise |
These values represent the estimated amount the company would receive or pay to terminate agreements, taking into consideration current interest rates, the creditworthiness of the counterparties and current foreign currency exchange rates. Exchange rates can also impact settlement of our intercompany receivables and payables that result from transfers of finished goods inventories between our affiliates in different countries, and intercompany loans. Subsequent to the notification, the company repaid the debt and accordingly reclassified the outstanding amount to current portion of long-term obligations in the Consolidated Balance Sheet at December 31, 2004. | noise |
Approximately 49% and 46% of the Company's assets at December 31, 1998 and 1997, respectively, were outside the United States. Additionally, the Company believes that the more recent economic developments in Brazil will not have a significant impact. | noise |
The table below provides information about certain assets and liabilities that are sensitive to changes in interest rates and presents cash flows and the related weighted average interest rates by expected maturity dates. The table below provides information about certain assets and liabilities that are sensitive to changes in interest rates and presents cash flows and the related weighted average interest rates by expected maturity dates. At December 31, 2006, the Company had equity securities with a book value of $52.8 million and fair value of $54.0 million. | noise |
We believe our non-GAAP adjusted metrics, which are not a substitute for GAAP and may not be consistent with similarly titled non-GAAP measures used by other companies, provide meaningful information and are useful to investors because the financial covenants in our revolving credit agreements and debt indentures are based on these adjusted metrics. We believe our non-GAAP adjusted metrics, which are not a substitute for GAAP and may not be consistent with similarly titled non-GAAP measures used by other companies, provide meaningful information and are useful to investors because the financial covenants in our revolving credit agreements and debt indentures are based on these adjusted metrics. In addition to financial measures determined in accordance with generally accepted accounting principles in the United States (GAAP), management also evaluates performance based on certain non-GAAP measures, which we refer to as adjusted measures. | noise |
The new guidance requires the fair value measurement of investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures and limited liability companies (collectively, equity securities) that do not result in consolidation and are not accounted for under the equity method. The new guidance requires the fair value measurement of investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures and limited liability companies (collectively, equity securities) that do not result in consolidation and are not accounted for under the equity method. Because the Company has historically held limited amounts of equity securities (less than $75 million in aggregate at December 31, 2017), and has not elected the FVO with respect to material financial liabilities, it does not expect this standard to have a material impact on its consolidated results of operations and financial condition. | noise |
Even if we were to qualify for an exception from these requirements, our counterparties that do not qualify for the exception may pass along any increased costs incurred by them through higher prices and reductions in unsecured credit limits or be unable to enter into certain transactions with us. The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. | noise |
The differential to be paid or received is accrued as interest rates change and is recognized in income over the life of the agreements. Long-term debt outstanding of $214 million at December 31, 2000, was generally at fixed rates of interest ranging from 6.59% to 8.50%. No agreements were outstanding at December 31, 2000 and 1999. | noise |
If it were determined that a transaction designated as a normal purchase or a normal sale no longer met the exceptions, the fair value of the related contract would be reflected as an asset or liability and immediately recognized through earnings. If it were determined that a transaction designated as a normal purchase or a normal sale no longer met the exceptions, the fair value of the related contract would be reflected as an asset or liability and immediately recognized through earnings. Revenues and expenses on contracts that are designated as normal purchases and normal sales are recognized when the underlying physical transaction is completed. | noise |
Failure by our subcontractors to satisfactorily provide on a timely basis the agreed-upon supplies or perform the agreed-upon services may materially and adversely impact our ability to perform our obligations as the prime contractor. Failure by our subcontractors to satisfactorily provide on a timely basis the agreed-upon supplies or perform the agreed-upon services may materially and adversely impact our ability to perform our obligations as the prime contractor. In addition, a delay in our ability to obtain components and equipment parts from our suppliers may affect our ability to meet our customers needs and may have an adverse effect upon our profitability. | noise |
Direct Trade products provide similar assurance except that the arrangements are provided directly to individual coffee growers instead of to cooperatives, providing these farmers with price premiums and dedicated technical assistance to improve farm conditions and increase both quality and productivity of sustainable coffee crops at the individual farm level. Direct Trade products provide similar assurance except that the arrangements are provided directly to individual coffee growers instead of to cooperatives, providing these farmers with price premiums and dedicated technical assistance to improve farm conditions and increase both quality and productivity of sustainable coffee crops at the individual farm level. If we are unable to increase prices sufficiently to offset increased input costs, or if our sales volume decreases significantly as a result of price increases, our results of operations and financial condition may be adversely affected. | noise |
Bristow renewed a term loan with a syndicate of United Kingdom banks on January 26, 1998, that is repayable in semi-annual installments varying from $1.4 million to $4.3 million (L.1.0 million to L.3.0 million) through December 31, 2002. The Company's ability to refinance this fixed rate debt varies in response to significant changes in interest rates, among other factors. The Company's ability to refinance this fixed rate debt varies in response to significant changes in interest rates, among other factors. | noise |
A sensitivity analysis assuming a hypothetical 10% movement in interest rates applied to the average daily borrowings and the maximum borrowings available under the Line of Credit for 2020 indicated that such a movement would not have a material impact on our consolidated financial position, results of operations or cash flows. Despite our current expectations, we cannot be sure that if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR. Despite our current expectations, we cannot be sure that if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR. | noise |
The Companys suppliers are located in foreign countries, principally in Asia, and the Company made approximately 11.1% of its sales outside the United States in 2002. The Company operates globally with various manufacturing and distribution facilities and product sourcing locations around the world. The Company operates globally with various manufacturing and distribution facilities and product sourcing locations around the world. | noise |
The term "Collection" shall include Insurance Proceeds generally, but shall exclude Insurance Proceeds and other amounts constituting Recoveries of Pool Receivables to the extent the aggregate Insurance Proceeds received in respect of the Pool Receivables during any Due Period exceed the Loss Amount for such Due Period and any prior Due Periods. A Collection processed on an Account in excess of the amount of Receivables in such Account as of the date of receipt by the Originator, the Seller, the Servicer or the Trustee of such Collection shall be deemed to be a payment in respect of Principal Receivables to the extent of such excess. Payments to be received as a result of the specified interest rate index exceeding the strike price are accrued in other assets and are recognized as a reduction of selling, general and administrative expenses (the accrual accounting method). | noise |
Increases in the costs of raw materials and other purchased components, which may be impacted by a variety of factors, including changes in trade laws, tariffs and inflation, could have a significant adverse effect on our results of operations. Increases in the costs of raw materials and other purchased components, which may be impacted by a variety of factors, including changes in trade laws, tariffs and inflation, could have a significant adverse effect on our results of operations. A change in foreign currency exchange rates will positively or negatively affect our sales; however, this impact will be offset, usually to a large degree, with a corresponding effect on our cost of sales and other expenses. | noise |
In the U.S. the new standards also included new operational protocols for trains transporting large volumes of flammable liquids such as the use of electronically controlled pneumatic (ECP) brakes for trains carrying 70 or more cars of flammable liquids, routing requirements, speed restrictions, and information for local government agencies. In the U.S. the new standards also included new operational protocols for trains transporting large volumes of flammable liquids such as the use of electronically controlled pneumatic (ECP) brakes for trains carrying 70 or more cars of flammable liquids, routing requirements, speed restrictions, and information for local government agencies. The new tank car standards require new tanks used to move flammable liquids to have: top-fitting protection; thermal protection including a jacket; the use of 9/16 inch normalized steel for the tank car; full head shield; and improved bottom outlet valves. | noise |
This resulted in the metal price component of revenues for 415,000 tonnes of the Company's 1995 sales being established within a range and a minimum price being established in respect of 143,000 tonnes. For example, on an annual basis, each US $0.01 permanent change in the value of the Canadian dollar has an after-tax impact of approximately $11 million on the Company's long-term profitability. Alcan estimates that on an annual basis, each $100 per tonne change in the price of aluminum has an after-tax impact of approximately $100 million on the Company's profitability. | noise |
The net amount paid or received upon monthly settlements is recorded as an adjustment to interest expense, while the change in fair value is recorded as a component of accumulated other comprehensive income in the equity section of the Corporations Consolidated Balance Sheet. For the year ended January 3, 2009, the Corporation recognized an aggregate net loss related to the agreement of $3,183,000 of which $78,000 was recorded as interest expense and $3,105,000 pre-tax was recorded in other comprehensive income. For information related to the Corporations long-term debt, refer to the Long-Term Debt disclosure in the Notes to Consolidated Financial Statements filed as part of this report. | noise |
Since the interest rates on borrowings under the IBJ Credit Facility are variable, they will be impacted by changes in interest rates generally prevailing in the United States and internationally. Since the interest rates on borrowings under the IBJ Credit Facility are variable, they will be impacted by changes in interest rates generally prevailing in the United States and internationally. Assuming an immediate 10% increase in the weighted average interest rate as of December 30, 2001, the impact to the Company in annualized interest payable would be approximately $225,000. | noise |
The increases were partially offset by an increase in nonoperating interest income due to higher interest rates earned on our investments and the investment of higher cash balances in fiscal 2012 as compared to fiscal 2011, and an increase in nonoperating other income as a result of the gain from the sale of other investments in the second quarter of fiscal 2012. On June 30, 2009, we issued $375.0 million aggregate principal amount of 5.0% senior unsecured notes due July 1, 2014 (the 5.0% Notes) with semi-annual fixed interest payments due on January 1 and July 1 of each year, commencing January 1, 2010. On June 30, 2009, we issued $375.0 million aggregate principal amount of 5.0% senior unsecured notes due July 1, 2014 (the 5.0% Notes) with semi-annual fixed interest payments due on January 1 and July 1 of each year, commencing January 1, 2010. | noise |
* WEIGHTED AVERAGE INTEREST RATE. (a) THE FAIR VALUE OF LONG-TERM DEBT IS BASED ON CURRENT RATES AT WHICH THE COMPANY COULD BORROW FUNDS WITH SIMILAR REMAINING MATURITIES. AGP owns and operates a 3,434-mile intrastate gas transmission and gathering network and four processing plants that extract and sell natural gas liquids. AGP owns and operates a 3,434-mile intrastate gas transmission and gathering network and four processing plants that extract and sell natural gas liquids. | noise |
The remaining debt of $44.0 million ($4.4 million available under the revolving credit facilities and $39.6 million currently outstanding) remains subject to variable interest rates at an effective weighted average interest rate of 3.42%, as of December 31, 2014. At the end of each calendar quarter, Co Bank adjusted our aggregate interest payments based upon the difference, if any, between the amounts paid by us during the quarter and the current effective interest rate. GAAP includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. | noise |
After adjusting for items impacting comparability, the remaining decrease in the effective rate in 2015 was primarily due to the favorable resolution of an intercompany pricing agreement between the U.S. and Canada. We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. | noise |
Interest rates on our Amended Credit Agreement are based on the LIBOR or EURIBOR plus a margin of 1.00% to 1.75% (1.375% at December 31, 2021) or the Prime Rate plus a margin of 0% to 0.75% (0.375% at December 31, 2021), in each case depending on the Companys ratio of total funded indebtedness to Consolidated EBITDA. While all of our material financing arrangements indexed to LIBOR provide procedures for determining an alternative base rate when LIBOR is discontinued, there can be no assurances as to whether such alternative base rate will be more or less favorable than LIBOR. The Amended Credit Agreement includes: (i) a maximum principal amount of $225 million, (ii) a $75 million accordion amount, and (iii) a maturity date of February 2025. | noise |
The production of feed ingredients is positively or negatively affected primarily by weather patterns throughout the world, the global level of supply inventories and demand for feed ingredients, and the agricultural policies of the United States and foreign governments. The production of feed ingredients is positively or negatively affected primarily by weather patterns throughout the world, the global level of supply inventories and demand for feed ingredients, and the agricultural policies of the United States and foreign governments. A sudden and significant change in weather patterns could affect supplies of feed ingredients, as well as both the industrys and our ability to obtain feed ingredients, grow chickens and deliver product. | noise |
The aggregate hypothetical fair value of this long-term debt assuming a 100-basis-point downward parallel shift in the yield curve is estimated to be $2,373 million. The aggregate hypothetical fair value of this long-term debt assuming a 100-basis-point downward parallel shift in the yield curve is estimated to be $2,373 million. The aggregate hypothetical fair value of this long-term debt assuming a 100- basis-point upward parallel shift in the yield curve is estimated to be $2,118 million. | noise |
At November 30, 2000, the fair value of the remaining long-term debt, which includes the Senior Notes, TIF bond Funding Commitment and Term Loan, as determined by quotes from financial institutions, was $314.2 million compared to the carrying amount of $321.2 million. At November 30, 2000, the fair value of the remaining long-term debt, which includes the Senior Notes, TIF bond Funding Commitment and Term Loan, as determined by quotes from financial institutions, was $314.2 million compared to the carrying amount of $321.2 million. In May 2000, the Company=s Miami subsidiary amended its credit agreement for a $20 million credit facility (AMiami Credit Facility@) and a $27.5 million term loan (ATerm Loan@). | noise |
Therefore, events such as a credit downgrade (depending on the ultimate rating level) or a breach of credit covenants would typically require an increase in the amount of collateral required of the counterparty (where applicable), and/or allow the Corporation to take additional protective measures such as early termination of all trades. In these cases, the fair values of these Level 3 financial assets and liabilities are determined using pricing models, discounted cash flow methodologies, a net asset value approach for certain structured securities, or similar techniques, for which the determination of fair value requires significant management judgment or estimation. Therefore, events such as a credit downgrade (depending on the ultimate rating level) or a breach of credit covenants would typically require an increase in the amount of collateral required of the counterparty (where applicable), and/or allow us to take additional protective measures such as early termination of all trades. | noise |
The Company has concluded that the majority of its contracts for the purchase, sale, transportation and storage of natural gas constitute "normal purchases and sales" under FAS No. 133 and 138, as such the majority of such contracts are not subject to the accounting requirements of the new standard. Cascade makes interest and principal payments on these obligations in the normal course of its business, and does not plan to redeem these obligations prior to normal maturities. Cascade makes interest and principal payments on these obligations in the normal course of its business, and does not plan to redeem these obligations prior to normal maturities. | noise |
If the Utilitys credit rating were to fall below investment grade, the Utility would be required to post additional cash immediately to fully collateralize some of its net liability positions. (See Note 9 of the Notes to the Consolidated Financial Statements in Item 8.) PG&E Corporations equity contributions to the Utility are funded primarily through common stock issuances. If the Utilitys credit rating were to fall below investment grade, the Utility would be required to post additional cash immediately to fully collateralize some of its net liability positions. (See Note 9 of the Notes to the Consolidated Financial Statements in Item 8.) PG&E Corporations equity contributions to the Utility are funded primarily through common stock issuances. The CPUC may adjust the Utilitys retail electricity rates more frequently if the forecasted aggregate over-collections or under-collections in the energy resource recovery account exceed 5% of its prior year electricity procurement and utility-owned generation revenues. | noise |
As of December 26, 2003, the carrying value of the liability on the Consolidated Financial Statements is $34 million. (See Note 13 to the Consolidated Financial Statements in the Annual Report for further information.) ML & Co. also guarantees obligations related to Trust Originated Preferred Securities SM (TOPr SSM) issued by subsidiaries (see Note 4 below and Note 11 to the Consolidated Financial Statements in the Annual Report for further information). These activities are conducted through a network of subsidiaries, including Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), Merrill Lynch International (MLI) and a number of other subsidiaries located in and outside the United States. These activities are conducted through a network of subsidiaries, including Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), Merrill Lynch International (MLI) and a number of other subsidiaries located in and outside the United States. | noise |
The "buy" amounts represent the German Marks equivalent of commitments to purchase foreign currencies, and the "sell" amounts represent the German Marks equivalent of commitments to sell foreign currencies (TDM): The "buy" amounts represent the German Marks equivalent of commitments to purchase foreign currencies, and the "sell" amounts represent the German Marks equivalent of commitments to sell foreign currencies (TDM): This agreement provides for a fixed rate of interest on an amount equal to one-half of the debt under the company's medium-term notes. | noise |
We include amounts reclassified out of accumulated other comprehensive income (loss) related to defined benefit pension plans as a component of net periodic pension cost recorded in distribution, selling and administrative expenses. We had $926 million in borrowings under our term loans, $210 million in borrowings under our revolving credit facility and $15 million in letters of credit under the Credit Agreement at December 31, 2018. For the years ended December 31, 2018, 2017 and 2016 we reclassified $2.1 million, $1.9 million and $1.6 million of actuarial net losses. | noise |
On that basis, the potential loss in the value of the Companys pre-tax earnings from foreign subsidiaries resulting from a hypothetical 10% adverse change in foreign currency exchange rates would have been $1,508,000 in 2005 and $1,540,000 in 2004. The Companys pre-tax earnings from foreign subsidiaries and affiliates translated into U.S. dollars using a weighted-average exchange rate was $16,720,000 and $16,946,000 for the years ending December 31, 2005 and 2004, respectively. | noise |
Although Bethlehem occasionally purchases goods and services denominated in a foreign currency, has investments in other countries and has export sales, the amounts involved are not material. Although Bethlehem occasionally purchases goods and services denominated in a foreign currency, has investments in other countries and has export sales, the amounts involved are not material. The gains or losses on these contracts are reflected in the cost of goods or services purchased when the contracts are settled. | noise |
Based on the Company's aggregate outstanding variable rate debt balance of $55 million as of October 31, 2006, a hypothetical 10% increase in interest rates would increase the Company's interest expense by approximately $329,000 in fiscal 2007. | noise |
Historically, the effect of movements in the exchange rates have been immaterial to the consolidated operating results of the Company. The Company anticipates that the effect of this pronouncement will not have a material impact on reported operating results. The Company operates internationally, and thus is subject to potentially adverse movements in foreign currency rate changes. | noise |
The effect of these agreements was to limit the LIBOR interest rate component to 5.87% on half of the Companys $27,930 term loans under the applicable financing arrangement. Management believes it is prudent to limit the variability of a portion of its interest payments. Management believes it is prudent to limit the variability of a portion of its interest payments. | noise |
Gross acre The number of acres in which the Company owns any working interest. Held-By-Production (HBP) Refers to an oil and natural gas property under lease, in which the lease continues to be in force, because of production from the property. In-fill wells In-fill wells refers to wells drilled between established producing wells; a drilling program to reduce the spacing between wells in order to increase production and recovery of in-place hydrocarbons. | noise |
During predecessor fiscal 2005 and successor fiscal 2005 combined, the weighted average prices the Company paid for beef, chicken, pork and cheese increased by approximately 15.5%, 11.7%, 53.1% and 18.9%, respectively, over the weighted average prices the Company paid for these raw materials during the fourth quarter of predecessor fiscal 2004. During predecessor fiscal 2005 and successor fiscal 2005 combined, the weighted average prices the Company paid for beef, chicken, pork and cheese increased by approximately 15.5%, 11.7%, 53.1% and 18.9%, respectively, over the weighted average prices the Company paid for these raw materials during the fourth quarter of predecessor fiscal 2004. The primary raw materials used in the Companys food processing operations are boneless beef, chicken and pork, flour, yeast, seasonings, cheese, breading, soy proteins and packaging supplies. | noise |
Brenton Savings Bank, FSB converted from a mutual savings and loan association to a federal stock savings bank in 1990, at which time a $4 million liquidation account was established. Brenton Savings Bank, FSB converted from a mutual savings and loan association to a federal stock savings bank in 1990, at which time a $4 million liquidation account was established. Each eligible savings account holder who had maintained a deposit account since the conversion would be entitled to a distribution if the savings bank were completely liquidated. | noise |
_General._ 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, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. 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, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. We must redeem $11,000 of our 3.875% Variable Interest Senior Convertible Debentures by June 15, 2011, and we may be required to purchase $99,000 of the debentures on June 15, 2012. | noise |
The carrying values of cash and equivalents, accounts receivable and payable, and short-term debt (commercial paper) on the Consolidated Balance Sheet approximate their fair value. The carrying values of cash and equivalents, accounts receivable and payable, and short-term debt (commercial paper) on the Consolidated Balance Sheet approximate their fair value. This exchange-rate sensitivity relates primarily to changes in the U.S. dollar/ Canadian dollar, euro/Swiss franc, pound sterling/euro and U.S. dollar/euro exchange rates. | noise |
As of July 2, 2011, there were $122.1 million in borrowings outstanding included in long-term debt in the consolidated financial statements and $16.6 million in letters of credit issued under the 2008 Credit Facility. As of July 2, 2011, there were $122.1 million in borrowings outstanding included in long-term debt in the consolidated financial statements and $16.6 million in letters of credit issued under the 2008 Credit Facility. During fiscal 2012, the Company entered into a five-year $1,000,000,000 senior unsecured revolving credit facility (the "2012 Credit Facility") with a syndicate of banks, which expires in November 2016. | noise |
However, our sensitivity to interest rate declines and the corresponding increase in the fair value of our debt portfolio would unfavorably affect earnings and cash flows only to the extent that we elected to repurchase or retire all or a portion of our fixed rate debt portfolio at prices above carrying values. However, our sensitivity to interest rate declines and the corresponding increase in the fair value of our debt portfolio would unfavorably affect earnings and cash flows only to the extent that we elected to repurchase or retire all or a portion of our fixed rate debt portfolio at prices above carrying values. The termination of this agreement resulted in a realized gain of approximately $0.7 million, which was reported as a reduction of interest expense during 2004. | noise |
AGFC does not expect any counterparty to fail to meet its obligation; however, non- performance would not have a material impact on the Company's consolidated results of operations and financial position. The assumptions we used adjusted cash flows to reflect changes in prepayments and calls but did not consider loan originations, debt issuances, or new investment purchases. Our interest expense is a function of the amount of average borrowings and the borrowing cost on those average borrowings. | noise |
Operating expenses of our international offices located outside the United States are generally paid in local currency and are not material. Operating expenses of our international offices located outside the United States are generally paid in local currency and are not material. Our merchandise purchases are denominated in United States dollars. | noise |
Foreign exchange rate movements had an unfavorable year-to-year impact on international net sales of $103.2 million and $64.4 million in fiscal 1998 and fiscal 1997, respectively, and a favorable year-to-year impact of $21.3 million in fiscal 1996. Foreign exchange rate movements had an unfavorable year-to-year impact on international net sales of $103.2 million and $64.4 million in fiscal 1998 and fiscal 1997, respectively, and a favorable year-to-year impact of $21.3 million in fiscal 1996. NET SALES The increase in net sales from fiscal 1997 to fiscal 1998 was primarily the result of continued unit volume increases. | noise |
The level of outstanding contracts during the year is dependent on seasonality of the corporation's business and on demand for footwear from various locations throughout the world. The purpose of entering into this agreement was to reduce the interest cost of $75 million of long-term debt. See Note 11 to the consolidated financial statements for a further discussion of these contracts. | noise |
then aggregate unpaid principal amount of the Advances made under SECTION 3.1 hereof and all then outstanding Foreign Exchange Obligations shall exceed Five Million and no/100 Dollars ($5,000,000.00); or (2) the aggregate amount of the Foreign Exchange Obligations, including the Foreign Exchange Obligations thereunder, shall exceed Five Hundred Thousand and no/100 Dollars ($500,000.00). Except as provided in the preceding sentence, Binks' unconditional obligation to La Salle hereunder shall not be modified or diminished for any reason or in any manner whatsoever. | noise |
The Company recorded, through cost of materials, realized and unrealized net losses of $49, $852 and $288 during the years ended December 31, 2016, 2015 and 2014, respectively, as a result of the decline in the fair value of the contracts. These non-current liabilities consist of $6.4 million of liabilities related to the Companys non-funded pension and postretirement benefit plans for which payment periods cannot be determined. These non-current liabilities consist of $6.4 million of liabilities related to the Companys non-funded pension and postretirement benefit plans for which payment periods cannot be determined. | noise |
Alliant Energy manages the gas supply to these gas-fired EGUs and helps ensure an adequate supply is available at known prices through a combination of gas commodity, pipeline transportation and storage agreements held by IPL and WPL for numerous years. Alliant Energy manages the gas supply to these gas-fired EGUs and helps ensure an adequate supply is available at known prices through a combination of gas commodity, pipeline transportation and storage agreements held by IPL and WPL for numerous years. For separately managed accounts, prohibited investments include, but are not limited to, direct ownership of real estate, oil and gas limited partnerships, securities of the managers firms or affiliate firms, and Alliant Energy securities. | noise |
The Company also repaid, upon maturity, $300 of senior notes bearing an interest rate of 6.80%, $300 of senior notes bearing an interest rate of 2.00%, $200 of senior notes bearing an interest rate of 7.00% and $500 of senior notes bearing an interest rate of 2.30%, with proceeds from the senior notes issuances. In 2017, the Company issued $400 of senior notes due in fiscal year 2022 bearing an interest rate of 2.80%, $600 of senior notes due in fiscal year 2027 bearing an interest rate of 3.70% and $500 of senior notes due in fiscal year 2048 bearing an interest rate of 4.65%. In 2018, the Company issued $600 of senior notes due in fiscal year 2029 bearing an interest rate of 4.50% and $600 of senior notes due in fiscal year 2049 bearing an interest rate of 5.40%. | noise |
As of June 30, 2012, we had total debt outstanding of approximately $511.5 million which consisted primarily of a $281.3 million term loan and $230.0 million of borrowing under our revolving credit facility. As a result of amending and restating the credit facility, we incurred a loss on extinguishment of debt of $4.1 million for the write-off of certain debt issue costs. Any ineffectiveness is reclassified from accumulated other comprehensive income to other income (expense). | noise |
All commercial paper outstanding at December 31, 1999 ($1.15 billion), which was issued for terms of less than 270 days, and all domestic short term bank borrowings outstanding at December 31, 1999 and 1998 ($305 million and $201 million, respectively), which by their terms are or were due within one year, are classified as long term. The $1.3 billion 364-day credit facility agreement is with 25 domestic and international banks and provides that the Company may borrow until August 18, 2000, on which date the facility commitment terminates, except as it may be extended on a bank by bank basis. The $1.3 billion 364-day credit facility agreement is with 25 domestic and international banks and provides that the Company may borrow until August 18, 2000, on which date the facility commitment terminates, except as it may be extended on a bank by bank basis. | noise |
While we had an 11% decrease in revenue in fiscal year 2010 as compared to fiscal year 2009, we had secured some orders from new customers with higher margins and we continued with our productivity improvements and manufacturing cost reduction initiatives. We believe that we have sufficient available cash to execute our business plan for fiscal year 2011 as we expect the estimated level of revenues to be sufficient to generate cash from operating activities over the same period. Our contract to deliver a turn-key card manufacturing facility in the Kingdom of Saudi Arabia was terminated during fiscal year 2010 with a net gain of approximately $0.5 million recorded as other income and expense. | noise |
At any time during the three years, the Company may elect to convert the loan to a four year term with equal quarterly principal payments due throughout the term to amortize the loan in full. Accordingly, FAS No. 133 is effective for all fiscal quarters beginning after June 15, 2000 (July 1, 2000 for the Company). Accordingly, FAS No. 133 is effective for all fiscal quarters beginning after June 15, 2000 (July 1, 2000 for the Company). | noise |
In the event of a hypothetical 10 percent unfavorable change in the metals prices on the Company's December 31, 1998 positions, the Company would incur a loss of $2.8 million including the unrealized gain or loss displayed in the table above. The differential to be paid or received as interest rates change under any such agreement is recorded in interest expense. The unrealized gain or loss, if any, is the increase or decrease in the value of the contract as of the date indicated. | noise |
The estimated value of the Company's notes receivable, long-term debt and preferred stock - issued by subsidiaries is based on interest rates at December 31, 1997 and 1996, respectively, for new issues with similar remaining maturities. In addition, the Company or certain of its subsidiaries are guarantors on certain bank loans of corporations, joint ventures and partnerships in which the Company or certain subsidiaries have equity interests. In addition, the Company or certain of its subsidiaries are guarantors on certain bank loans of corporations, joint ventures and partnerships in which the Company or certain subsidiaries have equity interests. | noise |
The table below provides information about certain assets and liabilities that are sensitive to changes in interest rates and presents cash flows and the related weighted average interest rates by expected maturity dates. The table below provides information about certain assets and liabilities that are sensitive to changes in interest rates and presents cash flows and the related weighted average interest rates by expected maturity dates. Although the Company has operations in certain foreign countries, these operations, in the aggregate, are not material to the Company's financial condition or results of operations. | noise |
Detroit Edison does not believe changes in either or both rates will have a material effect on interest expense. Detroit Edison does not believe changes in either or both rates will have a material effect on interest expense. As of December 31, 1996 the average rate received was 5.53% and the average rate paid was 5.08%. | noise |
Government and Government agencies and authorities (guaranteed and sponsored) $ 247 $ 260 $ 260
U. Government and Government agencies and authorities (guaranteed and sponsored) $ 247 $ 260 $ 260
U. There is also periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. | noise |
With the exception of members' subordinated certificates, which are generally issued at rates below the Company's long-term cost of funding and with extended maturities, and commercial paper, the Company's liabilities have average maturities that closely match the repricing terms (but not the maturities) of its fixed interest rate loans. For the purpose of the presentation, the Company has grouped the rating triggers into two categories: (1) ratings from Moody's Investors Service falls to Baa 1 or from Standard & Poor's Corporation falls to BBB+ and (2) ratings from Moody's Investors Service falls below Baa 1 or from Standard & Poor's Corporation falls below BBB+. Each 25 basis point increase or decrease to the 30-day composite commercial paper index and the three-month LIBOR rate would result in a $6 million increase or decrease in the Company's net cash settlements due to the composition of the portfolio at May 31, 2008. | noise |
In addition, in the event that the pools of mortgage-related assets do not generate income of $18 million a year, the Company has a collateral right against the cash flow generated by two separate pools of mortgage-related assets (owned by third parties in which the Company have minimal interests) which have a total fair value of approximately $1.689 billion at December 31, 1996. In addition, in the event that the pools of mortgage-related assets do not generate income of $18,000,000 a year, the Company has a collateral right against the cash flow generated by two separate pools of mortgage-related assets (owned by third parties in which the Company have minimal interests) which have a total fair value of approximately $1,688,823,000 at December 31, 1996. In December 1996, the Company acquired a pool of mortgage-related assets in exchange for a nonrecourse note payable of $266.3 million preferred stock of a subsidiary of $20 million and cash of $80 million. | noise |
Foreign currency-denominated assets and liabilities are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates, and income and expense items are translated at the average exchange rates during the respective periods. Countries with revenues from unaffiliated customers or net property, plant and equipment of ten percent or more of the consolidated totals (in at least one period presented) are as follows: Information by Geographic Area (a) The "Buy" amounts represent the U.S. dollar equivalent of commitments to purchase foreign currencies, and the "Sell" amounts represent the U.S. dollar equivalent of commitments to sell foreign currencies. | noise |
At February 28, 2009, we had $14.1 million of VRDN securities and $20.2 million of high-quality municipal bonds, both of which are considered available-for-sale securities. At February 28, 2009, we had $14.1 million of VRDN securities and $20.2 million of high-quality municipal bonds, both of which are considered available-for-sale securities. Our investment portfolio consists of variable rate demand note (VRDN) securities and high-quality municipal bonds. | noise |
As of November 30, 2007, our total debt was $508.0 million, consisting of the 7.0% Subordinated Notes of $107.5 million, the 2.0% Convertible Notes of $125.0 million, the 1.625% Convertible Notes of $100.0 million, $145.5 million outstanding from a term loan under our Credit Facility and $30.0 million outstanding under our Amended Revolving Credit Facility. Gains and losses from foreign currency transactions for the years ended November 30, 2007 and 2006 were insignificant and are included in selling, general and administrative expenses in the consolidated statements of income. Gains and losses from foreign currency transactions for the years ended November 30, 2007 and 2006 were insignificant and are included in selling, general and administrative expenses in the consolidated statements of income. | noise |
In furtherance of and to the extent consistent with the sale foregoing, except to the extent that this Agreement provides for a contrary specific course of action, the Servicer will be required to service and administer the Eligible Loans (y) in the same manner in which, and with the same care, skill, prudence and diligence with which it services and administers similar mortgage loans for other third-party portfolios, giving due consideration to customary and usual standards of practice of prudent institutional residential mortgage loan servicers used with respect to loans comparable to the Eligible Loans, or (z) in the same manner in which, and with the same care, skill, prudence and diligence with which, it services and Using historical information, we will project the relevant characteristics of assets under management and mortgage programs and generally match the projected dollar amount, interest rate and maturity characteristics of the assets within the overall funding program. Within our mortgage services business, we fund the mortgage loans on a short-term basis until the mortgage loans are sold to unrelated investors, which generally occurs within sixty days. | noise |
As a result, a strengthening of the Mexican peso against the U.S. dollar for the reporting period will generally increase the Mexican cash tax obligation and the effective income tax rate, and a weakening of the Mexican peso against the U.S. dollar for the reporting period will generally decrease the Mexican cash tax obligation and the effective tax rate. PTC is a technology designed to help prevent train-to-train collisions, overspeed derailments, incursions into rail work zones, and entry into main line track if a switch is misaligned at certain locations, including main line track where toxic inhalation hazard or poison inhalation hazard movements occur or where passenger operations occur. PTC is a technology designed to help prevent train-to-train collisions, overspeed derailments, incursions into rail work zones, and entry into main line track if a switch is misaligned at certain locations, including main line track where toxic inhalation hazard or poison inhalation hazard movements occur or where passenger operations occur. | noise |
The financial condition and results of operations of our foreign subsidiaries are reported in Euros, Canadian Dollars, Malaysian Ringgits, Singapore Dollars, Australian Dollars, and Philippine Pesos and then translated into U.S. dollars at the applicable currency exchange rate for inclusion in our consolidated financial statements. A 100 basis point increase or decrease in interest rates, applied to our borrowings at December 31, 2020, would result in an increase or decrease in annual interest expense and a corresponding reduction or increase in cash flow of approximately $1,636. While we expect that reasonable alternatives to LIBOR will be implemented prior to the 2021 target date or that the 2021 cessation date may be extended, we cannot predict the consequences and timing of these developments and the impact to our business. | noise |
Management estimates that at March 31, 1999 and 1998, AMERCO would be required to pay $5,674,000 and $7,000,000, respectively, to terminate the agreements. Republic transferred $56.5 million (carrying value) to
available-for-sale from held-to-maturity at time of implementation. Republic transferred $56,485,000 (carrying value) to
available-for-sale from held-to-maturity at time of implementation. | noise |
We earn revenue, pay expenses, own assets and incur liabilities in countries using currencies other than the U.S. dollar, including among others the British pound, the Australian dollar, the Canadian dollar, the Argentine peso, the Chilean peso, the Euro, the New Zealand dollar, the Costa Rican colon, the Singapore dollar, the Brazilian real and the Indian rupee. We earn revenue, pay expenses, own assets and incur liabilities in countries using currencies other than the U.S. dollar, including among others the British pound, the Australian dollar, the Canadian dollar, the Argentine peso, the Chilean peso, the Euro, the New Zealand dollar, the Costa Rican colon, the Singapore dollar, the Brazilian real and the Indian rupee. Because our consolidated financial statements are presented in U.S. dollars, we must translate revenue, income and expenses, as well as assets and liabilities, into U.S. dollars at exchange rates in effect during or at the end of each reporting period. | noise |
Currently, non-performance by a counterparty would not have a material adverse effect on the Companys financial position or results of operations. The gain/(loss) is amortized into income over time, resulting in an overall yield that is consistent with the Companys pricing assumptions. In order to achieve a prudent level of portfolio diversification, the securities of any one company or issuer, other than the U.S. | noise |
However, if interest rate levels should increase significantly, maximum state rates could affect the Company by preventing the variable rates on outstanding variable-rate retail notes from increasing above the maximum state rate, and by limiting the fixed rates on new notes. The present state limitations have not, thus far, significantly limited variable-rate finance charges or the fixed-rate finance charges established by the Company. The Company has guaranteed certain obligations under the Agreements, including the obligation to pay the Insurance Carriers for any uncollected premiums. | noise |
The carrying value of this contract approximated fair value, which was an asset of approximately $.4 million and a liability of approximately $.6 million at the end of 2001 and 2000, respectively. A net gain of approximately $1 million is expected to be reclassified from other comprehensive income to earnings within the next 12 months. For the year ended 2000, the accumulated other comprehensive loss balance primarily consisted of foreign currency translation adjustments. | noise |
For 2001, other comprehensive income includes net unrealized losses of $45.7 million, before income taxes ($27.7 million, net of income taxes) and reclassifications to earnings of net realized losses of $14.6 million, before income taxes ($8.9 million, net of income taxes), for a total change in other comprehensive income of $31.1 million, before income taxes ($18.8 million, net of income taxes). **_Use of Estimates:_** The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America (GAAP) requires Allegheny to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosure of contingencies during the reporting period. **_Use of Estimates:_** The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America (GAAP) requires Allegheny to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosure of contingencies during the reporting period. | noise |
At December 31, 1999 the Company was paying a variable rate of interest on $84 million of its bank debt and a 12% fixed rate of interest on its $15 million subordinated debt. A .25% change in LIBOR or prime rate would impact the annual interest cost by $210 thousand, based on the amount of debt outstanding at December 31, 1999. The average interest rate on the amount borrowed at December 31, 1999, including the base rate of interest plus lending margin spread, was 8.94%. | noise |
These losses are included as a cost of refined product sales and processing in the consolidated statements of operations. These losses are included as a cost of refined product sales and processing in the consolidated statements of operations. Gains and losses related to these contracts are recognized when the contracts expire. | noise |
FAS 149 was effective for applicable contracts entered into or modified after June 30, 2003 and should be applied prospectively, except for certain provisions specifically referenced within the pronouncement. FAS 149 was effective for applicable contracts entered into or modified after June 30, 2003 and should be applied prospectively, except for certain provisions specifically referenced within the pronouncement. FAS 149 was effective for applicable contracts entered into or modified after June 30, 2003 and should be applied prospectively, except for certain provisions specifically referenced within the pronouncement. | noise |
For purposes of reporting cash and cash equivalents, the Company considers all investments in cash equivalents purchased with an original maturity of three months or less to be cash equivalents. The Company generally manages these transactions by incurring costs to service contracts in the same currency in which revenue is received. The Company generally manages these transactions by incurring costs to service contracts in the same currency in which revenue is received. | noise |
Interest rate changes could also affect calculations affecting estimated pension and other benefit liabilities, thereby affecting pension and other benefit expenses and potentially requiring contributions to the trusts. Interest rate changes could also affect calculations affecting estimated pension and other benefit liabilities, thereby affecting pension and other benefit expenses and potentially requiring contributions to the trusts. The Company has $46.3 million of consolidated temporary cash investments as of December 31, 2002, including $24.8 million of non-utility temporary cash investments, of which $14.2 million is related to Catamount. | noise |
These transactions are conducted on recognized commodities exchanges or with banks of the highest credit standing and are normally settled in less than one year. These transactions are conducted on recognized commodities exchanges or with banks of the highest credit standing and are normally settled in less than one year. The Company does not use financing structures for the purpose of altering accounting outcomes or removing debt from the balance sheet. | noise |
We believe that any changes in commodity pricing that cannot be adjusted for by changes in menu pricing or other strategies would not be material to either IHOP's financial condition, results of operations or cash flows. We believe that any changes in commodity pricing that cannot be adjusted for by changes in menu pricing or other strategies would not be material to either IHOP's financial condition, results of operations or cash flows. Comprehensive income includes net income and other comprehensive income components which, under GAAP, bypass the income statement and are reported in the balance sheet as a separate component of stockholders' equity. | noise |
The fair value of the Company's investment portfolio or related income would not be significantly impacted by either a 100 basis point increase or decrease in interest rates due mainly to the short-term nature of the major portion of the Company's investment portfolio. The fair value of the Company's investment portfolio or related income would not be significantly impacted by either a 100 basis point increase or decrease in interest rates due mainly to the short-term nature of the major portion of the Company's investment portfolio. A decrease in interest rates would favorably benefit the Company, but would not necessarily result in a material decrease in interest expense, since the amount of the Company's variable rate debt is not significant. | noise |
Net gain on asset dispositions in 2012 increased $1.7 million compared to 2011, primarily due to higher scrapping gains as more railcars and wheelsets were scrapped. Other expense increased $13.3 million, of which $3.2 million was due to the favorable resolution of a litigation matter in 2011 that reduced other expense. Interest expense decreased $0.9 million, as interest income on cash deposits more than offset the effect of higher expenses from increased debt levels. | noise |
The Companys residential real estate loans held for sale typically have a significant concentration (generally 80% or higher) of hybrid loans which have a fixed rate of interest for an initial period (generally two to three years) after origination, after which the interest rate is adjusted to a rate equal to the sum of six-month LIBOR and a margin as set forth in the mortgage note. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that materially affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements and revenues and expenses during the reporting periods. The Companys residential real estate loans have loan maturities for up to forty years and are typically secured by first deeds of trust on single-family residences; to a much lesser degree, some second trust deed loans were also originated contemporaneously with the origination of a first mortgage. | noise |
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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. As described in Note 2 under Revenue Recognition, our concentrate sales contracts provide for provisional pricing based on the LME price at the time of shipment as specified in the contract. | noise |
(including the impact of the change in Chinas value added tax and the appreciation of the Chinese renminbi, which increase the costs of finished products and components manufactured in or purchased from third parties in China) decreased operating income in 2007 by approximately $180 million from the 2006 level and are expected to decrease operating income by approximately $120 million in 2008 from the 2007 level. (including the impact of the change in Chinas value added tax and the appreciation of the Chinese renminbi, which increase the costs of finished products and components manufactured in or purchased from third parties in China) decreased operating income in 2007 by approximately $180 million from the 2006 level and are expected to decrease operating income by approximately $120 million in 2008 from the 2007 level. As more fully described in Note 9 of Notes to Consolidated Financial Statements, the Corporation seeks to issue debt opportunistically, whether at fixed or variable rates, at the lowest possible costs. | noise |
Payments are due under Term Loan A in consecutive equal monthly principal payments in the amount of $79,000 until May 1, 2020, and at that time, all principal, accrued unpaid interest and other charges outstanding under Term Loan A shall be due and payable in full. Payments are due under Term Loan B in consecutive equal monthly principal payments in the amount of $18,000 until May 1, 2020, and at that time, all principal, accrued unpaid interest and other charges outstanding under Term Loan B shall be due and payable in full. The Company does not provide for U.S. income taxes on foreign currency translation adjustments, since it does not provide for taxes on undistributed earnings of foreign subsidiaries. | noise |
In December 2008, the company launched a tender offer to purchase any and all of its outstanding floating rate notes due in May 2009 at a purchase price of $950 per $1,000 in principal amount plus accrued and unpaid interest. In response to the offer, $98.4 million in aggregate principal amount of notes, representing approximately 13.5 percent of the then outstanding notes, were purchased at this price in December 2008. In connection with these transactions, the company recorded a gain of approximately $4 million which is classified in Other non-operating items in the Statement of Income (Loss). | noise |
The balance in accumulated other comprehensive income/(loss) (AOCI) at the dates of the anticipated medium-term note issuances will be accreted/amortized into interest expense over the lives of the new notes based on the effective interest method. Changes in fair value are recognized (1) in other comprehensive income to the extent that they are considered effective, and (2) in net income for any portion considered ineffective. In 2009, financing costs were lower than in 2008 due to lower levels of short-term borrowings after HEIs common stock sale in December 2008. | noise |
Kissner 46 Executive Vice President and Group 1997
President, Pitney Bowes Small Business
and Financial Services
Murray D. Kissner 46 Executive Vice President and Group 1997
President, Pitney Bowes Small Business
and Financial Services
Murray D. These values represent the estimated amount the company would receive or pay to terminate agreements taking into consideration current interest rates, the creditworthiness of the counterparties and current foreign currency exchange rates. | noise |
In accordance with ASC Topic 860, some of these transactions qualify as sales of financial assets (off-balance sheet) whereby an initial gain or loss is recorded and servicing fee revenue; excess spread income and associated collection and servicing costs are recorded over the remaining life of the finance receivables. For transactions that are accounted for as secured borrowings, we record the interest revenue earned on the finance receivables, and the interest expense paid on secured borrowings issued in connection with the finance receivables sold. Assuming a hypothetical instantaneous 10% adverse change in interest rates as of October 31, 2009 and 2008, the estimated fair value of the net assets would decrease by approximately $20.3 million and $29.9 million, respectively. | noise |
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