SPR » Topics » Basis of Presentation

This excerpt taken from the SPR 8-K filed Nov 25, 2009.
Basis of Presentation
 
The accompanying consolidated financial statements include the Company’s financial statements and the financial statements of its majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America. Investments in business entities in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership), are accounted for by the equity method. KIESC is fully consolidated as Spirit owns 77.8% of the entity’s equity. All intercompany balances and transactions have been eliminated in consolidation. Spirit’s U.K. subsidiary uses local currency, the British pound, as its functional currency. All other foreign subsidiaries use local currency as their functional currency with the exception of our Malaysian subsidiary, which uses the British pound.

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Table of Contents

 
Spirit AeroSystems Holdings, Inc.
 
Notes to the Consolidated Financial Statements — (Continued)
($ in millions other than per share amounts)
 
As part of the monthly consolidation process, the functional currency is translated to U.S. dollars using the end-of-month translation rate for balance sheet accounts and average period currency translation rates for revenue and income accounts as defined by SFAS No. 52, Foreign Currency Translation (as amended).
 
These excerpts taken from the SPR 10-K filed Feb 20, 2009.
Basis of Presentation
 
The financial statements include Spirit’s financial statements and the financial statements of its majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America. Investments in business entities in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership), are accounted for by the equity method. Kansas Industrial Energy Supply Company (“KIESC”), a tenancy-in-common with other Wichita companies established to purchase natural gas, is fully consolidated as Spirit owns 77.8% of the entity’s equity. All intercompany balances and transactions have been eliminated in consolidation. Spirit’s U.K. subsidiary uses local currency, the British pound, as its functional currency. All other foreign subsidiaries use local currency as their functional currency with the exception of our Malaysian subsidiary, which uses the British pound.
 
As part of the monthly consolidation process, the functional currency is translated to U.S. dollars using the end-of-month translation rate for balance sheet accounts and average period currency translation rates for revenue and income accounts as defined by SFAS No. 52, Foreign Currency Translation (as amended).
 
Basis of
Presentation



 



The financial statements include Spirit’s financial
statements and the financial statements of its majority-owned
subsidiaries and have been prepared in accordance with
accounting principles generally accepted in the United States of
America. Investments in business entities in which the Company
does not have control, but has the ability to exercise
significant influence over operating and financial policies
(generally 20% to 50% ownership), are accounted for by the
equity method. Kansas Industrial Energy Supply Company
(“KIESC”), a
tenancy-in-common
with other Wichita companies established to purchase natural
gas, is fully consolidated as Spirit owns 77.8% of the
entity’s equity. All intercompany balances and transactions
have been eliminated in consolidation. Spirit’s U.K.
subsidiary uses local currency, the British pound, as its
functional currency. All other foreign subsidiaries use local
currency as their functional currency with the exception of our
Malaysian subsidiary, which uses the British pound.


 



As part of the monthly consolidation process, the functional
currency is translated to U.S. dollars using the
end-of-month translation rate for balance sheet accounts and
average period currency translation rates for revenue and income
accounts as defined by SFAS No. 52, Foreign
Currency Translation (as amended)
.


 




Basis of Presentation
 
The accompanying consolidated financial statements include the Company’s financial statements and the financial statements of its majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America. Investments in business entities in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership), are accounted for by the equity method. KIESC is fully consolidated as Spirit owns 77.8% of the entity’s equity. All intercompany balances and transactions have been eliminated in consolidation. Spirit’s U.K. subsidiary uses local currency, the British pound, as its functional currency. All other


71


Table of Contents

 
Spirit AeroSystems Holdings, Inc.
 
Notes to the Consolidated Financial Statements — (Continued)
($ in millions other than per share amounts)
 
foreign subsidiaries use local currency as their functional currency with the exception of our Malaysian subsidiary, which uses the British pound.
 
As part of the monthly consolidation process, the functional currency is translated to U.S. dollars using the end-of-month translation rate for balance sheet accounts and average period currency translation rates for revenue and income accounts as defined by SFAS No. 52, Foreign Currency Translation (as amended).
 
Basis
of Presentation



 



The accompanying consolidated financial statements include the
Company’s financial statements and the financial statements
of its majority-owned subsidiaries and have been prepared in
accordance with accounting principles generally accepted in the
United States of America. Investments in business entities in
which the Company does not have control, but has the ability to
exercise significant influence over operating and financial
policies (generally 20% to 50% ownership), are accounted for by
the equity method. KIESC is fully consolidated as Spirit owns
77.8% of the entity’s equity. All intercompany balances and
transactions have been eliminated in consolidation.
Spirit’s U.K. subsidiary uses local currency, the British
pound, as its functional currency. All other





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Table of Contents





 




Spirit
AeroSystems Holdings, Inc.




 




Notes to
the Consolidated Financial
Statements — (Continued)






($ in
millions other than per share amounts)


 



foreign subsidiaries use local currency as their functional
currency with the exception of our Malaysian subsidiary, which
uses the British pound.


 



As part of the monthly consolidation process, the functional
currency is translated to U.S. dollars using the
end-of-month translation rate for balance sheet accounts and
average period currency translation rates for revenue and income
accounts as defined by SFAS No. 52, Foreign
Currency Translation (as amended)
.


 




These excerpts taken from the SPR 10-K filed Feb 22, 2008.
Basis of Presentation
 
The accompanying consolidated financial statements include Spirit’s financial statements and the financial statements of its majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America. Investments in business entities in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, generally 20 to 50% ownership, are accounted for by the equity method. All intercompany balances and transactions have been eliminated in consolidation. Spirit’s U.K. subsidiary uses local currency, the British pound, as its functional currency. As part of the monthly consolidation process, the functional currency is translated to U.S. dollars using the end-of-month translation rate for balance sheet accounts and average period currency translation rates for revenue and income accounts as defined by SFAS No. 52, Foreign Currency Translation (as amended). In addition, Kansas Industrial Energy Supply Company (KIESC), a tenancy-in-common, is included in consolidation as Spirit owns 77.8% of the entity’s equity.
 
Basis
of Presentation



 



The accompanying consolidated financial statements include
Spirit’s financial statements and the financial statements
of its majority-owned subsidiaries and have been prepared in
accordance with accounting principles generally accepted in the
United States of America. Investments in business entities in
which the Company does not have control, but has the ability to
exercise significant influence over operating and financial
policies, generally 20 to 50% ownership, are accounted for by
the equity method. All intercompany balances and transactions
have been eliminated in consolidation. Spirit’s U.K.
subsidiary uses local currency, the British pound, as its
functional currency. As part of the monthly consolidation
process, the functional currency is translated to
U.S. dollars using the end-of-month translation rate for
balance sheet accounts and average period currency translation
rates for revenue and income accounts as defined by
SFAS No. 52, Foreign Currency Translation (as
amended)
. In addition, Kansas Industrial Energy Supply
Company (KIESC), a
tenancy-in-common,
is included in consolidation as Spirit owns 77.8% of the
entity’s equity.


 




This excerpt taken from the SPR 10-K filed Mar 5, 2007.
Basis of Presentation
 
The consolidated financial statements include Spirit’s financial statements and the financial statements of its majority owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America. All intercompany balances and transactions have been eliminated in consolidation. Spirit’s U.K. subsidiary uses local currency, the British pound, as its functional currency. As part of the monthly consolidation process, the functional currency is translated to U.S. dollars using the end of month translation rate for balance sheet accounts and average period currency translation rates for revenue and income accounts as defined by SFAS No. 52, Foreign Currency Translation (as amended). In addition, Kansas Industrial Energy Supply Company (KIESC), a tenancy in common, is included in consolidation as Spirit owns 77.8% of the entity’s equity.
 
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