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This excerpt taken from the LTD 8-K filed Jun 15, 2009. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates and the Company revises its estimates and assumptions as new information becomes available. These excerpts taken from the LTD 10-K filed Mar 27, 2009. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates and the Company revises its estimates and assumptions as new information becomes available. Use of Estimates in the Preparation of Financial The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates Certain prior period amounts have been
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These excerpts taken from the LTD 10-K filed Mar 28, 2008. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates and the Company revises its estimates and assumptions as new information becomes available. Use of Estimates in the Preparation of Financial Statements reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates and the Company revises its estimates and assumptions as new information becomes available. New Accounting Pronouncements SFAS 161 “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”) disclosures regarding credit-risk-related contingent features in derivative agreements, counterparty credit risk and strategies and objectives for using derivative instruments. SFAS 161 amends and expands SFAS 133 and is effective prospectively beginning in 2009. The Company is currently evaluating the impact to its financial statements. SFAS 141 (revised 2007) “Business In December 2007, the Financial Accounting Standards Board (“FASB”) issued SFAS 141(R), which SFAS 160 “Noncontrolling Interests in Consolidated In December 2007, the FASB issued SFAS 160, which modifies reporting for noncontrolling interest SIZE="2">SFAS 159 “The Fair Value Option for Financial Assets and Financial Liabilities” (“SFAS 159”) In February 2007, the FASB 60 Table of ContentsSFAS 157 “Fair Value Measurements” (“SFAS 157”) classified in shareholders’ equity. The statement defines fair value, establishes a fair value measurement framework and expands fair value disclosures. It emphasizes that fair value is market-based with the highest measurement hierarchy level being market prices in active markets. The standard requires fair value measurements be disclosed by hierarchy level, an entity include its own credit standing in the measurement of its liabilities and modifies the transaction price presumption. In February 2008, the FASB issued FSP FAS 157-2 “Effective Date of FASB Statement No. 157” which delays the effective Income Taxes Taxes” (“FIN 48”), an interpretation of FASB Statement 109, “Accounting for Income Taxes.” Upon adoption, the Company recognized an additional $10 million liability for unrecognized tax benefits, which was accounted for as a reduction to the Company’s opening balance of retained earnings on February 4, 2007. For additional information, see Note 10, “Income Taxes.” SIZE="2">Share-based Compensation On January 29, 2006, the Company adopted SFAS 123 (revised 2004), “Share-Based Payment” (“SFAS The Company adopted SFAS 123(R) using the modified SIZE="2">Share-based compensation expense recognized in the Consolidated Statements of Income under SFAS 123(R) is based on awards ultimately expected to vest and, accordingly, has been reduced for estimated forfeitures. SFAS 123(R) requires
61 Table of ContentsThe following table provides an illustration of the pro forma effect on net income and earnings per share for the fiscal
Inventory Valuation SIZE="2">During 2005, the Company changed its inventory valuation method. Previously, inventories were principally valued at the lower of cost or market, on a weighted-average cost basis, using the retail method. Commencing in 2005, inventories are
This excerpt taken from the LTD 10-K filed Apr 3, 2007. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates and the Company revises its estimates and assumptions as new information becomes available. This excerpt taken from the LTD 10-K filed Mar 31, 2006. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Because actual results may differ from those estimates, the Company revises its estimates and assumptions as new information becomes available. This excerpt taken from the LTD 10-K filed Apr 8, 2005. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because actual results may differ from those estimates, the Company revises its estimates and assumptions as new information becomes available.
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