Rayovac 2004 Annual Report Download - page 47
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Loss Contingencies
Loss contingencies are recorded as liabilities when it is probable that a loss has been incurred and the
amount of the loss can be reasonably estimated. The outcome of existing litigation and the impact of
environmental matters and pending or potential examinations by various taxing authorities are examples of
situations evaluated as loss contingencies. Estimating the probability and magnitude of losses is often dependent
upon management’s judgment of potential actions by third parties and regulators. It is possible that changes in
estimates or an increased probability of an unfavorable outcome could materially affect future results of
operations.
See further discussion in Item 3, “Legal Proceedings,” and Note 13 to the Consolidated Financial
Statements.
Other Significant Accounting Policies
Other significant accounting policies, primarily those with lower levels of uncertainty than those discussed
above, are also critical to understanding the Consolidated Financial Statements. Notes to the Consolidated
Financial Statements contain additional information related to our accounting policies and should be read in
conjunction with this discussion.
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