Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 57)

discounted at a rate corresponding to a market rate. If the carrying amount of the reporting unit exceeds the estimated fair value

determined through that discounted cash flow methodology, goodwill impairment may be present. The Corporation would measure the

goodwill impairment loss based upon the fair value of the reporting unit, including any unrecognized intangible assets, and estimate

the implied fair value of goodwill. An impairment loss would be recognized to the extent that a reporting unit’s recorded goodwill

exceeded the implied fair value of goodwill.

The Corporation performed its annual impairment test in the fourth quarters of 2009, 2008, and 2007. No impairment was present

upon performing these impairment tests. The Corporation cannot predict the occurrence of certain events that might adversely affect

the reported value of goodwill. Such events may include, but are not limited to, strategic decisions made in response to economic and

competitive conditions, the impact of the economic environment on the Corporation’s customer base, or a material negative change in

its relationships with significant customers.

Product Development Costs: Costs associated with the development of new products and changes to existing products are charged to

operations as incurred. Product development costs were $127.8 million in 2009, $146.0 million in 2008, and $150.9 million in 2007.

Shipping and Handling Costs: Shipping and handling costs represent costs associated with shipping products to customers and

handling finished goods. Included in selling, general, and administrative expenses are shipping and handling costs of $240.0 million in

2009, $315.1 million in 2008, and $340.6 million in 2007. Freight charged to customers is recorded as revenue.

Advertising and Promotion: Advertising and promotion expense, which is expensed as incurred, was $114.9 million in 2009, $162.6

million in 2008, and $199.2 million in 2007.

Product Warranties: Most of the Corporation’s products in the Power Tools and Accessories segment and Hardware and Home

Improvement segment carry a product warranty. That product warranty, in the United States, generally provides that customers can

return a defective product during the specified warranty period following purchase in exchange for a replacement product or repair at

no cost to the consumer. Product warranty arrangements outside the United States vary depending upon local market conditions and

laws and regulations. The Corporation accrues an estimate of its exposure to warranty claims based upon both current and historical

product sales data and warranty costs incurred.

Stock-Based Compensation: The Corporation recognizes stock-based compensation expense – the cost of employee services in

exchange for awards of equity instruments – based on the grant-date fair value of those awards. Stock-based compensation expense is

recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting period. Stock-based

compensation expense is reflected in the Consolidated Statement of Earnings in selling, general, and administrative expenses. The fair

value of stock options is determined using the Black-Scholes option valuation model, which incorporates assumptions surrounding

expected volatility, dividend yield, the risk-free interest rate, expected option life, and the exercise price compared to the stock price

on the grant date. The volatility assumptions utilized in determining the fair value of stock options granted after 2005, are based upon

the average of historical and implied volatility. The volatility assumptions utilized in determining the fair value of stock options

granted before 2005, are based upon historical volatility. The Corporation determined the estimated expected life of options based on a

weighted average of the average period of time from grant date to exercise date, the average period of time from grant date to

cancellation date after vesting, and the mid-point of time to expiration for outstanding vested options. The Corporation determines the

fair value of the Corporation’s restricted stock and restricted stock units based on the fair value of its common stock at the date of

grant.

Cash flows resulting from the tax benefits of tax deductions in excess of the compensation cost recognized for share-based

arrangements are classified as financing cash flows.

Postretirement Benefits: Pension plans, which cover substantially all of the Corporation’s employees in North America (if hired

before 2007), the United Kingdom (if hired before 2005), and Europe consist primarily of non-contributory defined benefit plans. The

defined benefit plans are funded in conformity with the funding requirements of applicable government regulations. Generally,

benefits are based on age, years of service, and the level of compensation during the final years of employment. Prior service costs for

defined benefit plans generally are amortized over the estimated remaining service periods of employees.

Certain employees are covered by defined contribution plans. The Corporation’s contributions to these plans are generally based on a

percentage of employee compensation or employee contributions. These plans are funded on a current basis.

In addition to pension benefits, certain postretirement medical, dental, and life insurance benefits are provided to most United States

retirees who retired before 1994. Most current United States employees (if hired before 2005) are eligible for postretirement medical

and dental benefits from their date of retirement to age 65. The postretirement medical benefits are contributory and include certain

cost-sharing features, such as deductibles and co-payments. Retirees in other countries generally are covered by

government-sponsored programs.

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

Document Research℠

1 2 ... 52 53 54 55 56 57 58 59 60 61 62 ... 250 251

Commentaires sur ces manuels

Pas de commentaire

Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur Page 57

Commentaires sur ces manuels

Produits connexes et manuels pour Mixeurs Black & Decker CYCLONE BLC12600BUC