|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the WYN 10-K filed Feb 27, 2009. Corporate-Related
Functions
Prior to the date of Separation, the Company was allocated
general corporate overhead expenses from Cendant for
corporate-related functions based on a percentage of the
Company’s forecasted revenues. General corporate overhead
expense allocations included executive management, tax,
accounting, payroll, financial systems management, legal,
treasury and cash management, certain employee benefits and real
estate usage for common space. During 2006, the Company was
allocated $20 million of general corporate expenses from
Cendant, which are included within general and administrative
expenses on the Combined Statement of Operations. Such amount
includes allocations only from January 1, 2006 through the
date of Separation (July 31, 2006).
Prior to the date of Separation, Cendant also incurred certain
expenses on behalf of the Company. These expenses, which
directly benefited the Company, were allocated to the Company
based upon the Company’s actual utilization of the
services. Direct allocations included costs associated with
insurance, information technology, telecommunications and real
estate usage for Company-specific space for some but not all of
the periods presented. During 2006, the Company was allocated
$36 million of expenses directly benefiting the Company,
which are included within general and administrative and
operating expenses on the Combined Statement of Operations. Such
amount includes allocations from January 1, 2006 through
the date of Separation (July 31, 2006).
Table of Contents
The Company believes the assumptions and methodologies
underlying the allocations of general corporate overhead and
direct expenses from Cendant were reasonable. However, such
expenses were not indicative of, nor is it practical or
meaningful for the Company to estimate for all historical
periods presented, the actual level of expenses that would have
been incurred had the Company been operating as a separate,
stand-alone public company.
This excerpt taken from the WYN 10-K filed Feb 29, 2008. Corporate-Related
Functions
Prior to the date of Separation, the Company was allocated
general corporate overhead expenses from Cendant for
corporate-related functions based on a percentage of the
Company’s forecasted revenues. General corporate overhead
expense allocations included executive management, tax,
accounting, payroll, financial systems management, legal,
treasury and cash management, certain employee benefits and real
estate usage for common space. During 2006 and 2005, the Company
was allocated $20 million and $36 million,
respectively, of general corporate expenses from Cendant, which
are included within general and administrative expenses on the
Consolidated and Combined Statements of Income. The 2006 amount
includes allocations only from January 1, 2006 through the
date of Separation (July 31, 2006).
Prior to the date of Separation, Cendant also incurred certain
expenses on behalf of the Company. These expenses, which
directly benefited the Company, were allocated to the Company
based upon the Company’s actual utilization of the
services. Direct allocations included costs associated with
insurance, information technology, revenue franchise audit
(during 2005 only), telecommunications and real estate usage for
Company-specific space for some but not all of the periods
presented. During 2006 and 2005, the Company was allocated
$36 million and $52 million, respectively, of expenses
directly benefiting the Company, which are included within
general and administrative and operating expenses on the
Consolidated and Combined Statements of Income. The 2006 amount
includes allocations from January 1, 2006 through the date
of Separation (July 31, 2006).
The Company believes the assumptions and methodologies
underlying the allocations of general corporate overhead and
direct expenses from Cendant were reasonable. However, such
expenses were not indicative of, nor is
Table of Contents
it practical or meaningful for the Company to estimate for all
historical periods presented, the actual level of expenses that
would have been incurred had the Company been operating as a
separate, stand-alone public company.
This excerpt taken from the WYN 10-Q filed Nov 8, 2007. Corporate-Related
Functions
Prior to the date of Separation, the Company was allocated
general corporate overhead expenses from Cendant for
corporate-related functions based on a percentage of the
Company’s forecasted revenues. General corporate overhead
expense allocations included executive management, tax,
accounting, payroll, financial systems management, legal,
treasury and cash management, certain employee benefits and real
estate usage for common space. The Company was allocated
$3 million and $20 million during the periods
July 1, 2006 through July 31, 2006 and January 1,
2006 through July 31, 2006, respectively, of general
corporate expenses from Cendant, which are included within
general and administrative expenses on the Condensed Combined
Statement of Income. There were no allocations during the three
and nine months ended September 30, 2007 since the Company
was operating as a stand-alone company.
Prior to the date of Separation, Cendant also incurred certain
expenses on behalf of the Company. These expenses, which
directly benefited the Company, were allocated to the Company
based upon the Company’s actual utilization of the
services. Direct allocations included costs associated with
insurance, information technology, telecommunications and real
estate usage for Company-specific space. The Company was
allocated $5 million and $36 million during the
periods July 1, 2006 through July 31, 2006 and
January 1, 2006 through July 31, 2006, respectively,
of expenses directly benefiting the Company, which are included
within general and administrative and operating expenses on the
Condensed Combined Statement of Income. There were no
allocations during the three and nine months ended
September 30, 2007 since the Company was operating as a
stand-alone company.
The Company believes the assumptions and methodologies
underlying the allocations of general corporate overhead and
direct expenses from Cendant were reasonable. However, such
expenses were not indicative of, nor is it practical or
meaningful for the Company to estimate for all historical
periods presented, the actual level of expenses that would have
been incurred had the Company been operating as a separate,
stand-alone public company.
This excerpt taken from the WYN 10-Q filed Aug 9, 2007. Corporate-Related
Functions
Prior to the date of Separation, the Company was allocated
general corporate overhead expenses from Cendant for
corporate-related functions based on a percentage of the
Company’s forecasted revenues. General corporate overhead
expense allocations included executive management, tax,
accounting, payroll, financial systems management, legal,
treasury and cash management, certain employee benefits and real
estate usage for common space. The Company was allocated
$9 million and $17 million during the three and six
months ended June 30, 2006, respectively, of general
corporate expenses from Cendant, which are included within
general and administrative expenses on the Condensed Combined
Statement of Income. There were no allocations during the three
and six months ended June 30, 2007 since the Company
was operating as a stand-alone company.
Prior to the date of Separation, Cendant also incurred certain
expenses on behalf of the Company. These expenses, which
directly benefited the Company, were allocated to the Company
based upon the Company’s actual utilization of the
services. Direct allocations included costs associated with
insurance, information technology, telecommunications and real
estate usage for Company-specific space. The Company was
allocated $15 million and $32 million during the three
and six months ended June 30, 2006, respectively, of
expenses directly benefiting the Company, which are included
within general and administrative and operating expenses on the
Condensed Combined Statement of Income. There were no
allocations during the three and six months ended June 30,
2007 since the Company was operating as a stand-alone company.
Table of Contents
The Company believes the assumptions and methodologies
underlying the allocations of general corporate overhead and
direct expenses from Cendant were reasonable. However, such
expenses were not indicative of, nor is it practical or
meaningful for the Company to estimate for all historical
periods presented, the actual level of expenses that would have
been incurred had the Company been operating as a separate,
stand-alone public company.
This excerpt taken from the WYN 10-Q filed May 10, 2007. Corporate-Related
Functions
Prior to the date of Separation, the Company was allocated
general corporate overhead expenses from Cendant for
corporate-related functions based on a percentage of the
Company’s forecasted revenues. General corporate overhead
expense allocations included executive management, tax,
accounting, payroll, financial systems management, legal,
treasury and cash management, certain employee benefits and real
estate usage for common space. The Company was allocated
$9 million during the three months ended March 31,
2006, of general corporate expenses from Cendant, which are
included within general and administrative expenses on the
Condensed Combined Statement of Income. There were no
allocations during the three months ended March 31, 2007
since the Company was operating as a stand-alone company.
Prior to the date of Separation, Cendant also incurred certain
expenses on behalf of the Company. These expenses, which
directly benefited the Company, were allocated to the Company
based upon the Company’s actual utilization of the
services. Direct allocations included costs associated with
insurance, information technology, telecommunications and real
estate usage for Company-specific space. The Company was
allocated $14 million during the three months ended
March 31, 2006, of expenses directly benefiting the
Company, which are included within general and administrative
and operating expenses on the Condensed Combined Statement of
Income. There were no allocations during the three months ended
March 31, 2007 since the Company was operating as a
stand-alone company.
The Company believes the assumptions and methodologies
underlying the allocations of general corporate overhead and
direct expenses from Cendant were reasonable. However, such
expenses were not indicative of, nor is it practical or
meaningful for the Company to estimate for all historical
periods presented, the actual level of expenses that would have
been incurred had the Company been operating as a separate,
stand-alone public company.
Table of Contents
This excerpt taken from the WYN 10-K filed Mar 7, 2007. Corporate-Related
Functions
Prior to the date of Separation, the Company was allocated
general corporate overhead expenses from Cendant for
corporate-related functions based on a percentage of the
Company’s forecasted revenues. General corporate overhead
expense allocations included executive management, tax,
accounting, payroll, financial systems management, legal,
treasury and cash management, certain employee benefits and real
estate usage for common space. During 2006, 2005, and 2004, the
Company was allocated $20 million, $36 million and
$30 million, respectively, of general corporate expenses
from Cendant, which are included within general and
administrative expenses on the Consolidated and Combined
Statements of Income. The 2006 amount includes allocations only
from January 1, 2006 through the date of Separation
(July 31, 2006).
Prior to the date of Separation, Cendant also incurred certain
expenses on behalf of the Company. These expenses, which
directly benefited the Company, were allocated to the Company
based upon the Company’s actual utilization of the
services. Direct allocations included costs associated with
insurance, information technology, revenue franchise audit
(during 2005 only), telecommunications and real estate usage for
Company-specific space for some but not all of the periods
presented. During 2006, 2005, and 2004, the Company was
allocated $36 million, $52 million and
$49 million, respectively, of expenses directly benefiting
the Company, which are included within general and
administrative and operating expenses on the Consolidated and
Combined Statements of Income. The 2006 amount includes
allocations from January 1, 2006 through the date of
Separation (July 31, 2006).
Table of Contents
The Company believes the assumptions and methodologies
underlying the allocations of general corporate overhead and
direct expenses from Cendant were reasonable. However, such
expenses were not indicative of, nor is it practical or
meaningful for the Company to estimate for all historical
periods presented, the actual level of expenses that would have
been incurred had the Company been operating as a separate,
stand-alone public company.
This excerpt taken from the WYN 8-K filed Jul 19, 2006. Corporate-Related Functions The Company is allocated general corporate overhead expenses from Cendant for corporate-related functions based on a percentage of the Company’s forecasted revenues. General corporate overhead expense allocations include executive management, tax, accounting, financial systems management, legal, treasury and cash management, certain employee benefits and real estate usage for common space. During 2005, 2004 and 2003, the Company was allocated $36 million, $30 million and $29 million, respectively, of general corporate expenses from Cendant, which are included within the general and administrative expenses line item on the Combined Statements of Income. Cendant also incurs certain expenses on behalf of the Company. These expenses, which directly benefit the Company, are allocated to the Company based upon the Company’s actual utilization of the services. Direct allocations include costs associated with insurance, information technology, revenue franchise audit, telecommunications and real estate usage for Company-specific space. During 2005, 2004 and 2003, the Company was allocated $52 million, $49 million and $48 million, respectively, of expenses directly benefiting the Company, which are included within the general and administrative and operating expense line items on the Combined Statements of Income. The Company believes the assumptions and methodologies underlying the allocations of general corporate overhead and direct expenses from Cendant are reasonable. However, such expenses are not indicative of, nor is it practical or meaningful for the Company to estimate for all historical periods presented, the actual level of expenses that would have been incurred had the Company been operating as a separate, stand-alone public company. | EXCERPTS ON THIS PAGE:
|
| |||||||
