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AMERICAN EXPRESS CO

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2.2.0.25falsefalse0201 - Disclosure - Summary of Significant Accounting Policiestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010 USD ($) USD ($) / shares $Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000004962duration2010-01-01T00:00:002010-12-31T00:00:00PureStandardhttp://www.xbrl.org/2003/instancepurexbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0axp_SignificantAccountingPoliciesAbstractaxpfalsenadurationSignificant Accounting Policies.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringSignificant Accounting Policies.falsefalse3false0us-gaap_SignificantAccountingPoliciesTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 1 - us-gaap:SignificantAccountingPoliciesTextBlock--> <div align="left" style="margin-left: 0%"><!-- BEGIN PAGE WIDTH --> <!-- XBRL Pagebreak End --> <div style="margin-top: 0pt; font-size: 1pt"></div> <!-- XBRL,ns --> <!-- xbrl,nx --> <div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times"> </font> </div> <div style="margin-top: 0pt; font-size: 1pt"></div> <div style="margin-top: 0pt; font-size: 1pt"></div> <div align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> <b><font style="font-size: 11pt"> </font></b> </div> <div style="margin-top: 0pt; font-size: 1pt"></div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: 'Times New Roman', Times; color: #009baa"> </font></b> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">NOTE&#160;1 </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 13pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: 'Times New Roman', Times; color: #009baa">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></b> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">THE COMPANY </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> American Express is a global service company that provides customers with access to products, insights and experiences that enrich lives and build business success. The Company&#8217;s principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world. The Company&#8217;s various products and services are sold globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are sold through various channels, including direct mail, on-line applications, targeted direct and third-party sales forces and direct response advertising. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">PRINCIPLES OF CONSOLIDATION </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Consolidated Financial Statements of the Company are prepared in conformity with U.S.&#160;generally accepted accounting principles (GAAP). All significant intercompany transactions are eliminated. </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Company consolidates all entities in which the Company holds a &#8220;controlling financial interest.&#8221; For voting interest entities, the Company is considered to hold a controlling financial interest when the Company is able to exercise control over the investees&#8217; operating and financial decisions. For variable interest entities (VIEs), the Company is considered to hold a controlling financial interest when it is determined to be the primary beneficiary. Prior to the adoption of ASU <font style="white-space: nowrap">No.&#160;2009-17,</font> Consolidation (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities (effective January&#160;1, 2010), a primary beneficiary was the party that absorbs a majority of the VIE&#8217;s expected losses or receive a majority of the VIE&#8217;s expected residual returns. For VIEs, subsequent to the adoption of ASU <font style="white-space: nowrap">No.&#160;2009-17,</font> a primary beneficiary is a party that has both: (1)&#160;the power to direct the activities of a VIE that most significantly impact that entity&#8217;s economic performance, and (2)&#160;the obligation to absorb losses, or the right to receive benefits, from the VIE that could potentially be significant to the VIE. The determination of whether an entity is a VIE is based on the amount and characteristics of the entity&#8217;s equity. </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Entities in which the Company&#8217;s voting interest in common equity does not provide the Company with control, but allows the Company to exert significant influence over their financial and operating decisions are accounted for under the equity method. All other investments in equity securities, to the extent that they are not considered marketable securities, are accounted for under the cost method. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">FOREIGN CURRENCY </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Assets and liabilities denominated in foreign currencies are translated into U.S.&#160;dollars based upon exchange rates prevailing at the end of each year. The resulting translation adjustments, along with any related qualifying hedge and tax effects, are included in accumulated other comprehensive (loss) income (AOCI), a component of shareholders&#8217; equity. Translation adjustments, including qualifying hedge and tax effects, are reclassified to earnings upon the sale or substantial liquidation of investments in foreign operations. Revenues and expenses are translated at the average month-end exchange rates during the year. Gains and losses related to transactions in a currency other than the functional currency, including operations outside the U.S.&#160;where the functional currency is the U.S.&#160;dollar, are reported net in the Company&#8217;s Consolidated Statements of Income, in other non-interest revenue, interest income, interest expense, or other, net expense, depending on the nature of the activity. Net foreign currency transaction gains amounted to approximately $138&#160;million, $205&#160;million and $15&#160;million in 2010, 2009 and 2008, respectively. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">AMOUNTS BASED ON ESTIMATES AND<br /> ASSUMPTIONS </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Accounting estimates are an integral part of the Consolidated Financial Statements. These estimates are based, in part, on management&#8217;s assumptions concerning future events. Among the more significant assumptions are those that relate to reserves for cardmember losses relating to loans and charge card receivables, reserves for Membership Rewards costs, fair value measurement, goodwill and income taxes. These accounting estimates reflect the best judgment of management, but actual results could differ. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">TOTAL REVENUES NET OF INTEREST EXPENSE </font> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Discount Revenue </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Discount revenue represents fees charged to merchants with which the Company, or its GNS partners, has entered into card acceptance agreements for facilitating transactions between the merchants and the Company&#8217;s cardmembers. The discount generally is deducted from the payment to the merchant and recorded as discount revenue at the time the charge is captured. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Net Card Fees </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Card fees are deferred and recognized on a straight-line basis over the <font style="white-space: nowrap">12-month</font> card membership period, net of deferred direct card acquisition costs and a reserve for projected membership cancellations. Charge card fees are recognized in net card fees in the Consolidated Statements of Income and the unamortized net card fee balance is reported in other liabilities on the Consolidated Balance Sheets (refer to Note&#160;11). Loan product fees are considered an enhancement to the yield on the product, and are recognized in interest and fees on loans in the Consolidated Statements of Income. The unamortized net card fee balance for lending products is reported net in cardmember loans on the Consolidated Balance Sheets (refer to Note&#160;4). </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Travel Commissions and Fees </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Company earns travel commissions and fees by charging clients transaction or management fees for selling and arranging travel and for travel management services. Client transaction fee revenue is recognized at the time the client books the travel arrangements. Travel management services revenue is recognized over the contractual term of the agreement. The Company&#8217;s travel suppliers (for example, airlines, hotels and car rental companies) pay commissions and fees on tickets issued, sales and other services based on contractual agreements. Commissions and fees from travel suppliers are generally recognized at the time a ticket is purchased or over the term of the contract. Commissions and fees that are based on services rendered (for example, hotel stays and car rentals) are recognized based on usage. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Other Commissions and Fees </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Other commissions and fees include foreign currency conversion fees, delinquency fees, service fees and other card related assessments, which are recognized primarily in the period in which they are charged to the cardmember. Also included are fees related to the Company&#8217;s Membership Rewards program, which are deferred and recognized over the period covered by the fee. The unamortized Membership Rewards fee balance is included in other liabilities on the Consolidated Balance Sheets (refer to Note&#160;11). </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Contra-revenue </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Company regularly makes payments through contractual arrangements with merchants, commercial card clients and certain other customers (collectively the &#8220;customers&#8221;). Payments to customers are generally classified as contra-revenue unless a specifically identifiable benefit (e.g., goods or services) is received by the Company in consideration for that payment and the fair value of such benefit is determinable and measurable. If no such benefit is identified, then the entire payment is classified as contra-revenue and included within total non-interest revenues in the Consolidated Statements of Income in the line item where the related transaction revenues are recorded (e.g., discount revenue, travel commissions and fees and other commissions and fees). If such a benefit is identified, then the payment is classified as expense up to the estimated fair value of the benefit. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Interest Income </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Interest on loans owned is assessed using the average daily balance method. Interest is recognized based upon the loan principal amount outstanding in accordance with the terms of the applicable account agreement until the outstanding balance is paid or written-off. </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Interest and dividends on investment securities primarily relates to the Company&#8217;s performing fixed-income securities. <br /> Interest income is accrued as earned using the effective interest method, which adjusts the yield for security premiums and discounts, fees and other payments, so that a constant rate of return is recognized on the investment security&#8217;s outstanding balance. Amounts are recognized until such time as a security is in default or when it is likely that future interest payments will not be received as scheduled. </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Interest on deposits with banks and other is recognized as earned, and primarily relates to the placement of cash in interest-bearing time deposits, overnight sweep accounts, and other interest-bearing demand and call accounts. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Interest Expense </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Interest expense includes interest incurred primarily to fund cardmember loans, charge card product receivables, general corporate purposes, and liquidity needs, and is recognized as incurred. Interest expense is divided principally into three categories: (i)&#160;deposits, which primarily relates to interest expense on deposits taken from customers and institutions, (ii)&#160;short-term borrowings, which primarily relates to interest expense on commercial paper, federal funds purchased, bank overdrafts and other short-term borrowings, and (iii)&#160;long-term debt, which primarily relates to interest expense on the Company&#8217;s long-term financing. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">BALANCE SHEET </font> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Cash and Cash Equivalents </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Cash and cash equivalents include cash and amounts due from banks, interest-bearing bank balances, including securities purchased under resale agreements and other highly liquid investments with original maturities of 90&#160;days or less. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">Premises and Equipment </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Premises and equipment, including leasehold improvements, are carried at cost less accumulated depreciation. Costs incurred during construction are capitalized and are depreciated once an asset is placed in service. Depreciation is generally computed using the straight-line method over the estimated useful lives of assets, which range from 3 to 8&#160;years for equipment. Premises are depreciated based upon their estimated useful life at the acquisition date, which generally ranges from 40 to 60&#160;years. </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Leasehold improvements are depreciated using the straight-line method over the lesser of the remaining term of the leased facility or the economic life of the improvement, which ranges from 5 to 10&#160;years. The Company maintains operating leases worldwide for facilities and equipment. Rent expense for facility leases is recognized ratably over the lease term, and is calculated to include adjustments for rent concessions, rent escalations and leasehold improvement allowances. 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margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">RECENTLY ISSUED ACCOUNTING STANDARDS </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) <font style="white-space: nowrap">No.&#160;2010-20,</font> Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. This standard is intended to provide additional information to assist financial statement users in assessing an entity&#8217;s credit risk exposures and evaluating the adequacy of its allowance for credit losses. As such, the standard amends existing guidance by requiring an entity to provide a greater level of disaggregated information about its financing receivables and its allowance for credit losses and includes new disclosures such as credit quality indicators, past due information and additional impaired loan data. Effective December&#160;31, 2010, the Company adopted these amendments except for disclosures of activity within periods, which become effective for periods beginning January&#160;1, 2011. Additionally, certain new disclosures for Troubled Debt Restructurings were not implemented because such disclosures have been deferred by ASU <font style="white-space: nowrap">No.&#160;2011-01,</font> Receivables (Topic 310): Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update <font style="white-space: nowrap">No.&#160;2010-20,</font> and are expected to be effective for periods beginning April&#160;1, 2011. </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> In addition, the Company adopted the following standards: </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="text-align: left"> <tr> <td width="1%"></td> <td width="99%"></td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> <td> <font style="color: #009baa">&#8226;</font>&#160; </td> <td align="left"> ASU <font style="white-space: nowrap">No.&#160;2009-16,</font> Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets,&#160;and </td> </tr> <tr style="line-height: 6pt; font-size: 1pt"> <td>&#160;</td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> <td> <font style="color: #009baa">&#8226;</font>&#160; </td> <td align="left"> ASU <font style="white-space: nowrap">No.&#160;2009-17,</font> Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities. </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> These standards (generally referred to herein as new GAAP effective January&#160;1, 2010)&#160;eliminated the concept of a qualifying special purpose entity (QSPE), therefore requiring these entities to be evaluated under the accounting guidance for consolidation of VIEs. In addition, ASU <font style="white-space: nowrap">2009-17</font> required an entity to reconsider its previous consolidation conclusions reached under the VIE consolidation model, including (i)&#160;whether an entity is a VIE, (ii)&#160;whether the enterprise is the VIE&#8217;s primary beneficiary, and (iii)&#160;the required financial statement disclosures. </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Upon adoption of ASU <font style="white-space: nowrap">2009-16</font> and ASU <font style="white-space: nowrap">2009-17,</font> the Company was required to change its accounting for the American Express Credit Account Master Trust (the Lending Trust), a previously unconsolidated VIE, which is now consolidated. As a result, beginning January&#160;1, 2010, the securitized cardmember loans and related debt securities issued to third parties by the Lending Trust are included on the Company&#8217;s Consolidated Balance Sheet. The Company continues to consolidate the American Express Issuance Trust (the Charge Trust). Prior period results have not been revised for the change in accounting for the Lending Trust. Refer to Note&#160;7 for further discussion. </div> <!-- XBRL Pagebreak Begin --> <font style="font-size: 8pt"> </font> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times"> </font> </div> <div style="margin-top: 0pt; font-size: 1pt"> </div> <div style="margin-top: 0pt; font-size: 1pt"> </div> <div align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> <b> <font style="font-size: 11pt"> </font> </b> </div> <!-- XBRL Pagebreak End --> <div style="margin-top: 18pt; font-size: 1pt">&#160; </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <font style="font-family: 'Times New Roman', Times; color: #009baa">CLASSIFICATION OF CASH BALANCES </font> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Company determined that in periods prior to June&#160;30, 2010, the Company misclassified certain book overdraft balances against cash balances on its Consolidated Balance Sheets. Such overdraft balances, which arise in the normal course of the Company&#8217;s business activities, should have been classified as either accounts payable or other liabilities, depending on the underlying nature of the account. The Company has evaluated the effects of these misclassifications and concluded that they are not, individually or in the aggregate, material to any of the Company&#8217;s previously issued quarterly or annual Consolidated Financial Statements. 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</td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (5.0 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (5.1 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 5.3 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 4.9 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td colspan="17" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td colspan="17" style="border-top: 1px solid #000000"> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Certain other reclassifications of prior period amounts have been made to conform to the current presentation. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to describe all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8 falsefalse12Summary of Significant Accounting PoliciesUnKnownUnKnownUnKnownUnKnownfalsetrue