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SomeMichGuy · M
"...and, as you can see from Note 5 of the audited financial statements, there is a one-time charge for changing the method of accounting for a certain set of expenses which results in a $312 million reduction of taxable income, and which places us in line with the latest Generally Accepted Accounting Principles and tax law in this area. The projected savings from this change over the next 5 years is discussed in Appendix A-3 as compiled by the auditors; you should familiarize yourself with this, because business planning which works with this change will be very much prioritized due to the accelerated depreciation schedules for certain capital expenses per recent IRS rulings which precipitated the accounting change. In particular, note Figs. 2 through 4 of that Appendix, and especially the panel after Fig. 4 which discusses the prioritized list of investments; please submit ideas for making use of this opportunity with the funds earmarked for this (this is the New Strategic Capital Investment Fund highlighted in the Board memorandum included in the meeting packet after the audited financial statements)."