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This excerpt taken from the CL 10-K filed Feb 28, 2008. Critical Accounting Policies and Use of Estimates
The preparation of financial statements requires management to use judgment and make estimates. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. Actual results could ultimately differ from those estimates. The accounting policies that are most critical in the preparation of the Companys Consolidated Financial Statements are those that are both important to the presentation of the Companys financial condition and results of operations and require significant or complex judgments and estimates on the part of management. The Companys critical accounting policies are reviewed periodically with the Audit Committee of the Board of Directors.
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Table of Contents(Dollars in Millions Except Per Share Amounts)
In certain instances, accounting principles generally accepted in the United States of America allow for the selection of alternative accounting methods. The Companys significant policies that involve the selection of alternative methods are accounting for shipping and handling costs and inventories.
The areas of accounting that involve significant or complex judgments and estimates are pensions and other postretirement benefits, stock options, asset impairment, uncertain tax positions, tax valuation allowances and legal and other contingencies.
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Table of Contents(Dollars in Millions Except Per Share Amounts)
The Company generates revenue through the sale of well-known consumer products to trade customers under established trading terms. While the recognition of revenue and receivables requires the use of estimates, there is a short time frame (typically less than 60 days) between the shipment of product and cash receipt, thereby reducing the level of uncertainty in these estimates. (Refer to Note 2 to the Consolidated Financial Statements for further description of the Companys significant accounting policies.)
This excerpt taken from the CL 10-K filed Feb 23, 2007. Critical Accounting Policies and Use of Estimates
The preparation of financial statements requires management to use judgment and make estimates. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. Actual results could ultimately differ from those estimates. The accounting policies that are most critical in the preparation of the Companys Consolidated Financial Statements are those that are both important to the presentation of the Companys financial condition and results of operations and require significant or complex judgments and estimates on the part of management. The Companys critical accounting policies are reviewed periodically with the Audit Committee of the Board of Directors.
In certain instances, accounting principles generally accepted in the United States of America allow for the selection of alternative accounting methods. The Companys significant policies that involve the selection of alternative methods are accounting for shipping and handling costs and inventories.
The areas of accounting that involve significant or complex judgments and estimates are pensions and other postretirement benefits, stock options, asset impairment, tax valuation allowances, and legal and other contingencies.
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Table of Contents(Dollars in Millions Except Per Share Amounts)
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Table of Contents(Dollars in Millions Except Per Share Amounts)
The Company generates revenue through the sale of well-known consumer products to trade customers under established trading terms. While the recognition of revenue and receivables requires the use of estimates, there is a short time frame (typically less than 60 days) between the shipment of product and cash receipt, thereby reducing the level of uncertainty in these estimates. (Refer to Note 2 to the Consolidated Financial Statements for further description of the Companys significant accounting policies.)
This excerpt taken from the CL 10-K filed Feb 24, 2006. Critical Accounting Policies and Use of Estimates
The preparation of financial statements requires management to use judgment and make estimates. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. Actual results could ultimately differ from those estimates. The accounting policies that are most critical in the preparation of the Companys Consolidated Financial Statements are those that are both important to the presentation of the Companys financial condition and results of operations and require significant or complex judgments and estimates on the part of management. The Companys critical accounting policies are reviewed periodically with the Audit Committee of the Board of Directors.
In certain instances, accounting principles generally accepted in the United States of America allow for the selection of alternative accounting methods. The Companys significant policies that involve the selection of alternative methods are accounting for stock options, shipping and handling costs, and inventories.
24
(Dollars in Millions Except Per Share Amounts)
The areas of accounting that involve significant or complex judgments and estimates are pensions and other postretirement benefits, asset impairment, tax valuation allowances, and legal and other contingencies.
25
(Dollars in Millions Except Per Share Amounts)
The Company generates revenue through the sale of well-known consumer products to trade customers under established trading terms. While the recognition of revenue and receivables requires the use of estimates, there is a short time frame (typically less than 60 days) between the shipment of product and cash receipt, thereby reducing the level of uncertainty in these estimates. (Refer to Note 2 to the Consolidated Financial Statements for further description of the Companys significant accounting policies.)
This excerpt taken from the CL 10-K filed Feb 25, 2005. Critical Accounting Policies and Use of Estimates
The preparation of financial statements requires management to use judgment and make estimates. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. Actual results could ultimately differ from those estimates. The accounting policies that are most critical in the preparation of the Companys Consolidated Financial Statements are those that are both important to the presentation of the Companys financial condition and results of operations and require significant or complex judgments and estimates on the part of management. The Companys critical accounting policies are reviewed periodically with the Audit Committee of the Board of Directors.
In certain instances, accounting principles generally accepted in the United States of America allow for the selection of alternative accounting methods. The Companys significant policies that involve the selection of alternative methods are accounting for stock options, shipping and handling costs, and inventories.
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Table of Contents(Dollars in Millions Except Per Share Amounts)
The areas of accounting that involve significant or complex judgments and estimates are pensions and other postretirement benefits, asset impairment, tax valuation allowances, and legal and other contingencies.
The Company generates revenue through the sale of well-known consumer products to trade customers under established trading terms. While the recognition of revenue and receivables requires the use of estimates, there is a short time frame (typically less than 60 days) between the shipment of product and cash receipt, thereby reducing the level of uncertainty in these estimates. (Refer to Note 2 to the Consolidated Financial Statements for further description of the Companys significant accounting policies.)
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Table of Contents(Dollars in Millions Except Per Share Amounts)
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