So, thanks for the response but I'm still confused... if the charge is for three years, it doesn't totally go into the current reserve, but on the balance sheet as a long-term reserve? I still don't see where the total $140M shows up on the balance sheet.
Getting any or all of it back if reasonable legislation goes through would be sweet. Not only would it immediately improve their financials but it would remove a risk factor and I think immediately increase the stock price by at least 10% (based on the drop it took when the lack of insurance issue was first publicized).
I just took a look at note H. The 64 million you referred to was the sum of warranty, product liabilty, environmental, and other reserves, this number did not include any asbestos related reserves. The 2 numbers you meant to look for were asbestos-related liabilities-current $41,583 and asbestos-related liabilities-noncurrent $103,000, which if my math is correct sum to $144 million ($3 million+ was from last year which gives you $140 million+ reserved in FY03).
as to my previous post: maybe it is just extraordinary items that appear after-tax? I guess I wasn't paying attention in ACT 222 last semester.
Thanks g_cedwards. I totally missed the $103M of non-current asbestos-related liabilities. Looking at it (Note H) again, I feel kind of silly but I appreciate your taking the time to remove my confusion.