Avon 2007 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2007 Avon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

We adopted SFAS 158 as of December 31, 2006. The adoption
of SFAS 158 had no impact on our Consolidated Statement of
Income for the years ended December 31, 2007, 2006, and
2005. SFAS 158’s provisions regarding the change in the meas-
urement date of defined benefit and other postretirement plans
had no impact as we were already using a measurement date of
December 31 for our pension plans. The following table summa-
rizes the impact of the initial adoption of SFAS 158:
Effect of Adopting
SFAS 158 at
December 31, 2006
Prior to
SFAS
158 (1)
Effect of
Adoption of
SFAS 158
Increase
(Decrease)
After
Adopting
SFAS 158
Other assets $ 448.8 $(232.8) $ 216.0
Accrued compensation – 35.5 35.5
Employee benefit plans
liability 455.5 (13.4) 442.1
Accumulated other
comprehensive loss, net
of taxes (145.3) (254.7) (400.0)
(1) Includes effects of additional minimum liability that would have been
recognized at December 31, 2006, had we not been required to adopt
SFAS 158.
A V O N 2007 F-21