Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 21)

•Our products could be subject to product liability claims and litigation. We manufacture products that create exposure to product

liability claims and litigation. If our products are not properly manufactured or designed, personal injuries or property damage could

result, which could subject us to claims for damages. The costs associated with defending product liability claims and payment of

damages could be substantial. Our reputation could also be adversely affected by such claims, whether or not successful.

•Our products could be recalled. The Consumer Product Safety Commission or other applicable regulatory bodies may require the

recall, repair or replacement of our products if those products are found not to be in compliance with applicable standards or

regulations. A recall could increase costs and adversely impact our reputation.

•We may have additional tax liabilities. We are subject to income taxes in the United States and numerous foreign jurisdictions.

Significant judgment is required in determining our worldwide provision for income taxes. In the ordinary course of our business,

there are many transactions and calculations where the ultimate tax determination is uncertain. We are regularly under audit by tax

authorities. Although we believe our tax estimates are reasonable, the final outcome of tax audits and any related litigation could be

materially different than that which is reflected in historical income tax provisions and accruals. Based on the status of a given tax

audit or related litigation, a material effect on our income tax provision or net income may result in the period or periods from initial

recognition in our reported financial results to the final closure of that tax audit or settlement of related litigation when the ultimate tax

and related cash flow is known with certainty.

•We are subject to current environmental and other laws and regulations. We are subject to environmental laws in each

jurisdiction in which we conduct business. Some of our products incorporate substances that are regulated in some jurisdictions in

which we conduct manufacturing operations. We could be subject to liability if we do not comply with these regulations. In addition,

we are currently and may, in the future, be held responsible for remedial investigations and clean-up costs resulting from the discharge

of hazardous substances into the environment, including sites that have never been owned or operated by us but at which we have

been identified as a potentially responsible party under federal and state environmental laws and regulations. Changes in

environmental and other laws and regulations in both domestic and foreign jurisdictions could adversely affect our operations due to

increased costs of compliance and potential liability for non-compliance.

•If our goodwill or indefinite-lived intangible assets become impaired, we may be required to record a significant charge to

earnings. Under United States generally accepted accounting principles, goodwill and indefinite-lived intangible assets are not

amortized but are reviewed for impairment on an annual basis or more frequently whenever events or changes in circumstances

indicate that their carrying value may not be recoverable. A deterioration in the future performance of certain of our businesses,

beyond our current expectations, may result in the impairment of certain amounts of our goodwill and indefinite-lived intangible

assets. We may be required to record a significant charge to earnings in our financial statements during the period in which any

impairment of our goodwill or indefinite-lived intangible assets is determined, resulting in an impact on our results of operations.

•Changes in accounting may affect our reported earnings. For many aspects of our business, United States generally accepted

accounting principles, including pronouncements, implementation guidelines, and interpretations, are highly complex and require

subjective judgments. Changes in these accounting principles, including their interpretation and application, could significantly

change our reported earnings, adding significant volatility to our reported results without a comparable underlying change in our cash

flows. If the U.S. Securities and Exchange Commission were to mandate the adoption of International Financial Reporting Standards,

significant changes to our reported earnings and balance sheet could result without a comparable underlying change in our cash flows.

•We are exposed to adverse changes in currency exchange rates, raw material commodity prices or interest rates, both in

absolute terms and relative to competitors’ risk profiles. We have a number of manufacturing sites throughout the world and sell

our products in more than 100 countries. As a result, we are exposed to movements in the exchange rates of various currencies against

the United States dollar and against the currencies of countries in which we have manufacturing facilities. We believe our most

significant foreign currency exposures are the euro, pound sterling, and Chinese renminbi. A decrease in the value of the euro and

pound sterling relative to the U.S. dollar could adversely affect our results of operations. An increase in the value of the Chinese

renminbi relative to the U.S. dollar could adversely affect our results of operations. We utilize materials in the manufacturing of our

products that include certain components and raw materials that are subject to commodity price volatility. We believe our most

significant commodity-related exposures are to nickel, steel, resins, copper, aluminum, and zinc. An increase in the market prices of

these items could adversely affect our results of operations. We have outstanding variable-rate and fixed-rate borrowings. To meet our

cash requirements, we may incur additional borrowings in the future under our existing or future borrowing facilities. An increase in

interest rates could adversely affect our results of operations.

Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar

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