|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the AVY 10-K filed Feb 25, 2009. Foreign
Currency
Asset and liability accounts of international operations are
translated into U.S. dollars at current rates. Revenues and
expenses are translated at the weighted-average currency rate
for the fiscal year. Translation gains and losses of
subsidiaries operating in hyperinflationary economies are
included in net income in the period incurred. Gains and losses
resulting from foreign currency transactions are included in
income in the period incurred. Gains and losses resulting from
hedging the value of investments in certain international
operations and from translation of balance sheet accounts are
recorded directly as a component of other comprehensive income.
Transactions in foreign currencies (including receivables,
payables and loans denominated in currencies other than the
functional currency) increased net income by $16.1 million
in 2008, $1.4 million in 2007, and $1.3 million in
2006. In 2008, transactions in foreign currencies included a
foreign currency net gain related to certain intercompany
transactions of approximately $9 million. These results
exclude the effects of translation of foreign currencies on the
Company’s financial statements.
In 2008 and 2007, the Company had no operations in
hyperinflationary economies. In 2006, the only hyperinflationary
economy in which the Company operated was the Dominican
Republic, in which the Company uses the U.S. dollar as the
functional currency.
This excerpt taken from the AVY 10-Q filed Nov 10, 2005. Note 10. Foreign Currency
Transactions in foreign currencies and translation of financial statements of subsidiaries operating in hyperinflationary economies increased net income by $.3 million during the three months ended October 1, 2005 and decreased net income by $2.3 million during the nine months ended October 1, 2005. For the three and nine months ended September 25, 2004 these transactions resulted in losses of $.9 million and $4.4 million, respectively. Operations in hyperinflationary economies consist of the Company’s operations in Turkey and the Dominican Republic, for which the translation gains and losses are included in net income.
This excerpt taken from the AVY 10-Q filed May 12, 2005. Note 10. Foreign Currency
Transactions in foreign currencies and translation of financial statements of subsidiaries operating in hyperinflationary economies decreased net income by $2.3 million and $1 million for the quarters ended April 2, 2005 and March 27, 2004, respectively. Operations in hyperinflationary economies consist of the Company’s operations in Turkey and the Dominican Republic, for which the translation gains and losses are included in net income.
| EXCERPTS ON THIS PAGE:
|
| |||||||
