Change in Accounting Principle. If the Company implements a change in accounting principle during the Performance Period either as a result of issuance of new accounting standards or otherwise, and the effect of the accounting change was not reflected in the Company’s business plan at the time of approval of this award, then the Adjusted Net Income and Adjusted Capital for each affected period shall be adjusted to eliminate the impact of the change in accounting principle.
Change in Accounting Principle. If the Company implements a change in accounting principle during the Award Period either as a result of the issuance of new accounting standards or otherwise, and the effect of the accounting change was not reflected in the Company’s business plan at the time of approval of the 162(m) Award, then Cumulative EPS and Average ROIC shall be adjusted to eliminate the impact of the change in accounting principle.
Change in Accounting Principle. Effective October 1, 1995, the Company changed its method of accounting for its equity interest in Envirodyne. Since Envirodyne's financial statements are not available to the Company on a basis that would permit concurrent reporting, the Company began reporting its equity in Envirodyne's results of operations on a three-month delayed basis. The Company's financial statements for the quarter ended December 31, 1995 did not include the Company's equity interest in Envirodyne for the corresponding period. The change reduced previously reported income from continuing operations by $467,000 ($719,000 before tax), or $.02 per share, with a corresponding cumulative effect for the change in accounting principle of $467,000 in the quarter ended December 31, 1995. XXXXXX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) NOTE 2. CHANGE IN ACCOUNTING PRINCIPLE -- (CONTINUED) The following table reflects on a pro forma basis the effect of retroactively applying the new accounting principle (amounts in thousands, except per share amounts): YEARS ENDED SEPTEMBER 30, Net income......................................................... $6,555 $4,671 Net income per share............................................... $ 0.22 $ 0.15 Envirodyne's net loss reported in their Form 10-Q for the quarter ended September 26, 1996 but not yet recorded in Xxxxxx'x financial statements is $3,924,000, of which Xxxxxx'x interest is approximately $1,593,000. This loss, net of amortization of $310,000, will be recorded by the Company in its results of operations for the quarter ending December 31, 1996. NOTE 3. DISCONTINUED MARINE PROTEIN OPERATIONS SUBSEQUENTLY RETAINED In July 1994, Xxxxxx announced that it intended to separate its marine protein operations from its energy-related businesses. In September 1994, the Board of Directors determined that the interests of Xxxxxx'x stockholders would best be served by a sale of the marine protein operations. This determination resulted in the restatement of the 1993 and 1992 consolidated financial statements to present the net assets and operating results of the marine protein operations as a discontinued operation. Additionally, based on preliminary offers received in 1994 to purchase the marine protein operations, the Company recorded an $8.9 million after-tax book loss in fiscal 1994 to reflect the estimated loss on disposition of the marine protein operations. On May 5, 1995, the Board of Directors decided to retain the m...
Change in Accounting Principle. Effective October 1, 1995, the Company changed its method of accounting for its equity interest in Envirodyne Industries, Inc. ("Envirodyne"). Since Envirodyne's financial statements are not available to the Company on a basis that would permit concurrent reporting, the Company began reporting its equity in Envirodyne's results of operations on a three-month delayed basis. The Company's financial statements for the quarter ended December 31, 1995 did not include the Company's equity interest in Envirodyne for the corresponding period. The change reduced previously reported income from continuing operations by $467,000 ($719,000 before tax), or $.02 per share, with a corresponding cumulative effect for the change in accounting principle of $467,000 in the quarter ended December 31, 1995. The following table reflects on a pro forma basis the effect of retroactively applying the new accounting principle (amounts in thousands). YEARS ENDED SEPTEMBER 30, Net income......................................................... $6,555 $4,671 Envirodyne's net loss for the quarter ended September 26, 1996 reported in their Form 10-Q but not yet recorded in Xxxxxx'x financial statements is $3,924,000, of which Xxxxxx'x interest is $1,593,000. This loss, net of amortization of $310,000, will be recorded by the Company in its results of operations for the quarter ending December 31, 1996.
Change in Accounting Principle. During the second quarter of 2004, we changed our method of accounting for pipeline linefill in third party assets. Historically, we viewed pipeline linefill, whether in our assets or third party assets, as having long-term characteristics rather than characteristics typically associated with the short-term classification of operating inventory. Therefore, previously we did not include linefill barrels in the same average costing calculation as our operating inventory, but instead carried linefill at historical cost. Following this change in accounting principle, the linefill in third party assets that we historically classified as a portion of “Pipeline Linefill” on the face of the balance sheet (a long-term asset) and carried at historical cost, is included in “Inventory” (a current asset) in determining the average cost of operating inventory and applying the lower of cost or market analysis. At the end of each period, we reclassify the linefill in third party assets not expected to be liquidated within the succeeding twelve months out of “Inventory” (a current asset), at average cost, and into “Inventory in Third Party Assets” (a long-term asset), which is now reflected as a separate line item on the consolidated balance sheet. This change in accounting principle is effective January 1, 2004 and is reflected in the consolidated statement of operations for the year ended December 31, 2004 and the consolidated balance sheets as of December 31, 2004. The cumulative effect of this change in accounting principle as of January 1, 2004, is a charge of approximately $3.1 million, representing a reduction in Inventory of approximately $1.7 million, a reduction in Pipeline Linefill of approximately $30.3 million and an increase in Inventory in Third Party Assets of $28.9 million. The pro forma impact for the year ended December 31, 2003 would have been an increase to net income of approximately $2.0 million ($0.04 per basic and diluted limited partner unit) resulting in pro forma net income of $61.5 million and pro forma basic net income per limited partner unit of $1.05 and pro forma diluted net income per limited partner unit of $1.04.
Change in Accounting Principle. If the Company implements a change in accounting principle during the three-year period from September 1, 2012 to August 31, 2015 (the “the Measurement Period”) either as a result of issuance of new accounting standards or otherwise, and the effect of the accounting change was not reflected in the Company’s business plan at the time of approval of this award, then the Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income and Adjusted Shareholders’ Equity for each affected period shall be adjusted to eliminate the impact of the change in accounting principle.
Change in Accounting Principle. In the first quarter of fiscal year 2000, the Company intends to implement a change in accounting principle to more appropriately reflect investment returns and actuarial assumptions related to pension assets and postretirement heath care and life insurance liabilities. The changes to pension assets include: adjusting to a three-year smoothing period from a five-year smoothing period; amending the amortization period to a maximum of five years from 11 years; and eliminating the use of a ten percent corridor for gain/loss recognition. The changes to postretirement health care and life insurance liabilities include amending the amortization period to a maximum of five years from 11 years and eliminating the use of a ten percent corridor for gain/loss recognition. The changes are effective December 1, 1999 and will result in a one-time after tax gain of approximately $72 million in the first quarter of fiscal year 2000. The changes will have no effect on the Company's cash flow or on the funded status of the pension and other postretirement benefit plans, and the employee and retiree benefit plans will remain unchanged. FORWARD-LOOKING STATEMENTS This annual report contains information that is forward-looking, including material contingencies as described in the Notes to Consolidated Financial Statements. The outcomes of forward-looking statements and material contingencies could differ materially from those discussed due to inherent economic risks and changes in prevailing governmental policies and regulatory actions. Some important factors that could cause the Company's actual results or outcomes to differ from those expressed in its forward-looking statements include, but are not limited to, the following: - General economic trends affecting the Company's markets - Governmental and regulatory policies including environmental regulations - The Company's acquisition and joint venture activities - Vehicle sales and production rates of major automotive programs, including Ford and General Motors' light trucks and sport utility vehicles - Department of Defense, NASA and other funding for critical aerospace programs, including SBIRS, SADARM and Titan - The market for the Company's real estate in Sacramento, California - Fluctuations in exchange rates of foreign currencies and other risks associated with foreign operations - The ability of the Company to satisfy contract performance criteria, including due dates - An adverse decision in any patent infringement su...
Change in Accounting Principle. As discussed in Note 2(t) to the consolidated financial statements, the Company changed the manner in which it accounts for its investments in equity securities for the year ended March 31, 2019. The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control over Financial Reporting (not presented herein) appearing under the section of “Controls and Procedures” of the Company’s 2020 Annual Report. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we...
Change in Accounting Principle. As discussed in Note 2(t) to the consolidated financial statements, the Company changed the manner in which it accounts for its investments in equity securities for the year ended March 31, 2019.
Change in Accounting Principle. As discussed in Note 1l to the financial statements, in 2015 the Authority adopted new accounting guidance, GASB Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27, and GASB Statement No. 71, Pension Transition for Contribution Made Subsequent to the Measurement Date – an amendment of GASB Statement No. 68. The Authority has not restated the actual and pro forma effect of the Statements on the financial statements as of and for the year ended June 30, 2014. This data is not readily available due to an actuary study not being prepared in accordance with GASB 68 for measurement dates prior to June 30, 2014. Our opinion is not modified with respect to this matter. The effects of this restatement are described in Note 8 to the basic financial statements.
