Avon 2009 Annual Report Download - page 99

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NOTE 17. Supplemental Balance Sheet Information
At December 31, 2009 and 2008, prepaid expenses and other
included the following:
Prepaid expenses and other 2009 2008
Deferred tax assets (Note 6) $303.2 $194.6
Receivables other than trade 143.3 127.1
Prepaid taxes and tax
refunds receivable 296.9 156.5
Prepaid brochure costs,
paper and other literature 122.8 126.0
Short-term investments 26.8 40.1
Property, plant and equipment
held for sale 8.2 –
Deferred charge 36.9 –
Other 92.4 112.2
Prepaid expenses and other $1,030.5 $756.5
In accordance with accounting guidance issued by the Interna-
tional Practices Task Force, when asubsidiary in Venezuela
purchases U.S. dollar denominated cash at the parallel market
exchange rate, the Venezuelan subsidiary should remeasure the
cash at the parallel market exchange rate. The subsidiary should
translate the cash, as well as the remainder of its net assets, at the
official rate, because this is expected to be the rate that is available
for dividend remittances. Since the remeasurement and translation
occur at different exchange rates, adifference arises between the
actual U.S. dollar denominated cash balance and the “as trans-
lated” balance. The deferred charge in the table above represents
this difference for the U.S. Dollar denominated cash held by our
Venezuelan subsidiary.
At December 31, 2009 and 2008, other assets included the
following:
Other assets 2009 2008
Deferred tax assets (Note 6) $527.3 $502.5
Goodwill (Note 16) 224.8 224.5
Intangible assets (Note 16) 13.8 28.6
Investments 49.8 108.9
Deferred software (Note 1) 112.0 98.3
Interest-rate swap agreements
(Note 8) 54.9 103.7
Other 131.2 106.7
Other assets $1,113.8 $1,173.2
In 2009, we redeemed approximately $46 of corporate-owned life
insurance policies that had been recorded in other assets.
AVON2009 F-35