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This excerpt taken from the LLY 10-K filed Feb 22, 2010. Environmental
Matters
Under the Comprehensive Environmental Response, Compensation,
and Liability Act, commonly known as Superfund, we have been
designated as one of several potentially responsible parties
with respect to fewer than 10 sites. Under Superfund, each
responsible party may be jointly and severally liable for the
entire amount of the cleanup. We also continue remediation of
certain of our own sites. We have accrued for estimated
Superfund cleanup costs, remediation, and certain other
environmental matters. This takes into account, as applicable,
available information regarding site conditions, potential
cleanup methods, estimated costs, and the extent to which other
parties can be expected to contribute to payment of those costs.
We have limited liability insurance coverage for certain
environmental liabilities.
These excerpts taken from the LLY 10-K filed Feb 27, 2009. Environmental
Matters
Under the Comprehensive Environmental Response, Compensation,
and Liability Act, commonly known as Superfund, we have been
designated as one of several potentially responsible parties
with respect to fewer than 10 sites. Under Superfund, each
responsible party may be jointly and severally liable for the
entire amount of the cleanup. We also continue remediation of
certain of our own sites. We have accrued for estimated
Superfund cleanup costs, remediation, and certain other
environmental matters. This takes into account, as applicable,
available information regarding site conditions, potential
cleanup methods, estimated costs, and the extent to which other
parties can be expected to contribute to payment of those costs.
We have limited liability insurance coverage for certain
environmental liabilities.
The accumulated balances related to each component of other
comprehensive income (loss) were as follows:
The amounts above are net of income taxes. The income taxes
associated with the unrecognized net actuarial losses and prior
service costs on our defined benefit pension and retiree health
benefit plans (Note 13) were a benefit of
$1.02 billion for 2008. The income taxes related to the
other components of comprehensive income were not significant,
as income taxes were not provided for foreign currency
translation.
The unrealized gains (losses) on securities is net of
reclassification adjustments of $1.7 million,
$5.8 million, and $16.9 million, net of tax, in 2008,
2007, and 2006, respectively, for net realized gains on sales of
securities included in net income. The effective portion of cash
flow hedges is net of reclassification adjustments of
$9.6 million, $8.8 million, and $2.3 million, net
of tax, in 2008, 2007, and 2006, respectively, for realized
losses on foreign currency options and $7.9 million,
$11.6 million, and $17.1 million, net of tax, in 2008,
2007, and 2006, respectively, for interest expense on interest
rate swaps designated as cash flow hedges.
Generally, the assets and liabilities of foreign operations are
translated into U.S. dollars using the current exchange
rate. For those operations, changes in exchange rates generally
do not affect cash flows; therefore, resulting translation
adjustments are made in shareholders’ equity rather than in
income.
Environmental Matters Under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as Superfund, we have been designated as one of several potentially responsible parties with respect to fewer than 10 sites. Under Superfund, each responsible party may be jointly and severally liable for the entire amount of the cleanup. We also continue remediation of certain of our own sites. We have accrued for estimated Superfund cleanup costs, remediation, and certain other environmental matters. This takes into account, as applicable, available information regarding site conditions, potential cleanup methods, estimated costs, and the extent to which other parties can be expected to contribute to payment of those costs. We have limited liability insurance coverage for certain environmental liabilities.
The accumulated balances related to each component of other comprehensive income (loss) were as follows:
The amounts above are net of income taxes. The income taxes associated with the unrecognized net actuarial losses and prior service costs on our defined benefit pension and retiree health benefit plans (Note 13) were a benefit of $1.02 billion for 2008. The income taxes related to the other components of comprehensive income were not significant, as income taxes were not provided for foreign currency translation. The unrealized gains (losses) on securities is net of reclassification adjustments of $1.7 million, $5.8 million, and $16.9 million, net of tax, in 2008, 2007, and 2006, respectively, for net realized gains on sales of securities included in net income. The effective portion of cash flow hedges is net of reclassification adjustments of $9.6 million, $8.8 million, and $2.3 million, net of tax, in 2008, 2007, and 2006, respectively, for realized losses on foreign currency options and $7.9 million, $11.6 million, and $17.1 million, net of tax, in 2008, 2007, and 2006, respectively, for interest expense on interest rate swaps designated as cash flow hedges. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders’ equity rather than in income.
These excerpts taken from the LLY 10-K filed Oct 21, 2008. Environmental
Matters
Under the Comprehensive Environmental Response, Compensation,
and Liability Act, commonly known as Super-fund, we have been
designated as one of several potentially responsible parties
with respect to fewer than 10 sites. Under Superfund, each
responsible party may be jointly and severally liable for the
entire amount of the cleanup. We also continue remediation of
certain of our own sites. We have accrued for estimated
Superfund cleanup costs, remediation, and certain other
environmental matters. This takes into account, as applicable,
available information regarding site conditions, potential
cleanup methods, estimated costs, and the extent to which other
parties can be expected to contribute to payment of those costs.
We have limited liability insurance coverage for certain
environmental liabilities.
The accumulated balances related to each component of other
comprehensive income (loss) were as follows:
The amounts above are net of income taxes. The income taxes
associated with the unrecognized losses and prior service costs
(Note 13) were an expense of $292.1 million for
2007. The income taxes related to the other components of
comprehensive income were not significant, as income taxes were
not provided for foreign currency translation.
The unrealized gains (losses) on securities is net of
reclassification adjustments of $5.8 million,
$16.9 million, and $9.1 million, net of tax, in 2007,
2006, and 2005, respectively, for net realized gains on sales of
securities included in net income. The effective portion of cash
flow hedges is net of reclassification adjustments of
$8.8 million, $2.3 million, and $3.8 million, net
of tax, in 2007, 2006, and 2005, respectively, for realized
Table of Contents
losses on foreign currency options and $11.6 million,
$17.1 million, and $21.4 million, net of tax, in 2007,
2006, and 2005, respectively, for interest expense on interest
rate swaps designated as cash flow hedges.
Generally, the assets and liabilities of foreign operations are
translated into U.S. dollars using the current exchange
rate. For those operations, changes in exchange rates generally
do not affect cash flows; therefore, resulting translation
adjustments are made in shareholders’ equity rather than in
income.
Table of Contents
Environmental Matters Under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as Super-fund, we have been designated as one of several potentially responsible parties with respect to fewer than 10 sites. Under Superfund, each responsible party may be jointly and severally liable for the entire amount of the cleanup. We also continue remediation of certain of our own sites. We have accrued for estimated Superfund cleanup costs, remediation, and certain other environmental matters. This takes into account, as applicable, available information regarding site conditions, potential cleanup methods, estimated costs, and the extent to which other parties can be expected to contribute to payment of those costs. We have limited liability insurance coverage for certain environmental liabilities.
The accumulated balances related to each component of other comprehensive income (loss) were as follows:
The amounts above are net of income taxes. The income taxes associated with the unrecognized losses and prior service costs (Note 13) were an expense of $292.1 million for 2007. The income taxes related to the other components of comprehensive income were not significant, as income taxes were not provided for foreign currency translation. The unrealized gains (losses) on securities is net of reclassification adjustments of $5.8 million, $16.9 million, and $9.1 million, net of tax, in 2007, 2006, and 2005, respectively, for net realized gains on sales of securities included in net income. The effective portion of cash flow hedges is net of reclassification adjustments of $8.8 million, $2.3 million, and $3.8 million, net of tax, in 2007, 2006, and 2005, respectively, for realized
Table of Contentslosses on foreign currency options and $11.6 million, $17.1 million, and $21.4 million, net of tax, in 2007, 2006, and 2005, respectively, for interest expense on interest rate swaps designated as cash flow hedges. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders’ equity rather than in income.
Table of ContentsThese excerpts taken from the LLY 10-K filed Feb 29, 2008. Environmental
Matters
Under the Comprehensive Environmental Response, Compensation,
and Liability Act, commonly known as Super-fund, we have been
designated as one of several potentially responsible parties
with respect to fewer than 10 sites. Under Superfund, each
responsible party may be jointly and severally liable for the
entire amount of the cleanup. We also continue remediation of
certain of our own sites. We have accrued for estimated
Superfund cleanup costs, remediation, and certain other
environmental matters. This takes into account, as applicable,
available information regarding site conditions, potential
cleanup methods, estimated costs, and the extent to which other
parties can be expected to contribute to payment of those costs.
We have limited liability insurance coverage for certain
environmental liabilities.
The accumulated balances related to each component of other
comprehensive income (loss) were as follows:
The amounts above are net of income taxes. The income taxes
associated with the unrecognized losses and prior service costs
(Note 12) were an expense of $292.1 million for
2007. The income taxes related to the other components of
comprehensive income were not significant, as income taxes were
not provided for foreign currency translation.
The unrealized gains (losses) on securities is net of
reclassification adjustments of $5.8 million,
$16.9 million, and $9.1 million, net of tax, in 2007,
2006, and 2005, respectively, for net realized gains on sales of
securities included in net income. The effective portion of cash
flow hedges is net of reclassification adjustments of
$8.8 million, $2.3 million, and $3.8 million, net
of tax, in 2007, 2006, and 2005, respectively, for realized
losses on foreign currency options and $11.6 million,
$17.1 million, and $21.4 million, net of tax, in 2007,
2006, and 2005, respectively, for interest expense on interest
rate swaps designated as cash flow hedges.
Generally, the assets and liabilities of foreign operations are
translated into U.S. dollars using the current exchange
rate. For those operations, changes in exchange rates generally
do not affect cash flows; therefore, resulting translation
adjustments are made in shareholders’ equity rather than in
income.
Environmental Matters Under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as Super-fund, we have been designated as one of several potentially responsible parties with respect to fewer than 10 sites. Under Superfund, each responsible party may be jointly and severally liable for the entire amount of the cleanup. We also continue remediation of certain of our own sites. We have accrued for estimated Superfund cleanup costs, remediation, and certain other environmental matters. This takes into account, as applicable, available information regarding site conditions, potential cleanup methods, estimated costs, and the extent to which other parties can be expected to contribute to payment of those costs. We have limited liability insurance coverage for certain environmental liabilities.
The accumulated balances related to each component of other comprehensive income (loss) were as follows:
The amounts above are net of income taxes. The income taxes associated with the unrecognized losses and prior service costs (Note 12) were an expense of $292.1 million for 2007. The income taxes related to the other components of comprehensive income were not significant, as income taxes were not provided for foreign currency translation. The unrealized gains (losses) on securities is net of reclassification adjustments of $5.8 million, $16.9 million, and $9.1 million, net of tax, in 2007, 2006, and 2005, respectively, for net realized gains on sales of securities included in net income. The effective portion of cash flow hedges is net of reclassification adjustments of $8.8 million, $2.3 million, and $3.8 million, net of tax, in 2007, 2006, and 2005, respectively, for realized
losses on foreign currency options and $11.6 million, $17.1 million, and $21.4 million, net of tax, in 2007, 2006, and 2005, respectively, for interest expense on interest rate swaps designated as cash flow hedges. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders’ equity rather than in income.
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