2.2.0.25falsefalse11101 - Disclosure - SHAREHOLDERS' EQUITYtruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($) / shares
USD ($)
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<tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">11. </font></b> </td>
<td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">SHAREHOLDERS' EQUITY</font></b> </td></tr></table>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%">
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<tr valign="top"><td><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">a) </font></i></b> </td>
<td><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">Authorized Shares</font></i></b> </td></tr></table>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">The articles of association authorize the Board of Directors to increase the share capital by a maximum amount of 20% of the share capital registered in the commercial register up to CHF 119,404 or 7,690,260 voting shares, and create conditional capital of 7,200,000 voting shares. The issued share capital consists of the following: </div>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr style="font-size: 1pt;" valign="bottom"><td width="75%"> </td>
<td width="2%"> </td>
<td width="4%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="4%" align="left"> </td>
<td width="3%"> </td>
<td width="5%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="5%" align="left"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center"> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>2010</b> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>2009</b> </td></tr>
<tr style="line-height: 3pt; font-size: 1pt;"><td> </td></tr>
<tr valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Common shares issued and fully paid, par value 2010: CHF 15.00 per share and 2009: $0.03 per share </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" nowrap="nowrap" align="right">40,003,642 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" nowrap="nowrap" align="right">49,734,487 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr style="font-size: 1pt;" valign="bottom"><td> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;"> </td>
<td> </td></tr>
<tr valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Share capital at end of year </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" nowrap="nowrap" align="right">600,055 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right">$ </td>
<td valign="bottom" nowrap="nowrap" align="right">1,492 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr style="font-size: 1pt;" valign="bottom"><td> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;"> </td>
<td> </td></tr></table>
<div style="text-indent: 0%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div>
<div style="margin-top: 12pt; font-size: 1pt;"> </div>
<table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr style="font-size: 1pt;" valign="bottom"><td width="87%"> </td>
<td width="2%"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="1%" align="left"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center"> </td>
<td> </td>
<td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Year Ended<br /></b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center"> </td>
<td> </td>
<td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December 31,<br /></b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center"> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>2010</b> </td>
<td> </td></tr>
<tr style="line-height: 3pt; font-size: 1pt;"><td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Shares issued, balance at beginning of period </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">49,734,487 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Shares issued, net of shares issued out of treasury </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">1,148,261 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="bottom" nowrap="nowrap" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Shares cancelled </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">(10,879,106 </td>
<td valign="bottom" nowrap="nowrap" align="left">) </td></tr>
<tr style="font-size: 1pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;"> </td>
<td style="border-top: #000000 1px solid;"> </td>
<td> </td></tr>
<tr valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Total shares issued at end of period </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">40,003,642 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr style="font-size: 1pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;"> </td>
<td style="border-top: #000000 1px solid;"> </td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Treasury shares issued, balance at beginning of period </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">— </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Shares repurchased </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">12,811,072 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="bottom" nowrap="nowrap" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Shares converted </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">6,666 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Shares cancelled </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">(10,879,106 </td>
<td valign="bottom" nowrap="nowrap" align="left">) </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Shares issued out of treasury </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">(24,216 </td>
<td valign="bottom" nowrap="nowrap" align="left">) </td></tr>
<tr style="font-size: 1pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;"> </td>
<td style="border-top: #000000 1px solid;"> </td>
<td> </td></tr>
<tr valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Total treasury shares at end of period </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">1,914,416 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr style="font-size: 1pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;"> </td>
<td style="border-top: #000000 1px solid;"> </td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="bottom" align="left">
<div style="text-indent: -10pt; margin-left: 10pt;">Total shares outstanding </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td>
<td valign="bottom" nowrap="nowrap" align="right">38,089,226 </td>
<td valign="bottom" nowrap="nowrap" align="left"> </td></tr>
<tr style="font-size: 1pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-top: #000000 3px double;"> </td>
<td style="border-top: #000000 3px double;"> </td>
<td> </td></tr></table>
<div style="text-indent: 0%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">As of December 31, 2010, there were outstanding 37,886,886 voting common shares and 202,340 non-voting participation shares. </div>
<div style="margin-top: 12pt; font-size: 1pt;"> </div>
<table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td width="3%"> </td>
<td width="97%"> </td></tr>
<tr valign="top"><td><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">b) </font></i></b> </td>
<td><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">Redomestication</font></i></b> </td></tr></table>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">As of December 31, 2010 in conjunction with the Redomestication, we had total share capital of CHF of 597,020 comprised of 39,801,302 voting shares, with a par value of CHF 15.00 ($15.00) per share. In addition as of December 31, 2010, we had participation capital of CHF 3,035 comprised of 202,340 non-voting participation certificates, with a par value of CHF 15.00 ($15.00) per certificate. To affect the Redomestication on December 1, 2010, Allied World Switzerland and Allied World Bermuda entered into a <font style="white-space: nowrap;" class="_mt">contribution-in-kind</font> agreement. Under the terms of the <font style="white-space: nowrap;" class="_mt">contribution-in-kind</font> agreement all issued and outstanding voting and non-voting shares of Allied World Bermuda were cancelled and issued to Allied World Switzerland as a <font style="white-space: nowrap;" class="_mt">contribution-in-kind</font> in exchange for which the holders of such voting and non-voting shares immediately prior to the completion of the Redomestication received the same number of voting and non-voting shares of Allied World Switzerland. As a result of the <font style="white-space: nowrap;" class="_mt">contribution-in-kind</font> and the resulting par value changing from $0.03 to CHF 15.00, the share capital balance was increased to CHF 600,055 with an equal reduction in additional paid-in capital. At the time of <font style="white-space: nowrap;" class="_mt">contribution-in-kind</font> the exchange rate between the U.S. Dollar and Swiss Franc was <font style="white-space: nowrap;" class="_mt">one-for-one.</font> </div>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">As required under Swiss law, the Company can not hold more than 10% of its registered capital in treasury shares, unless it receives shareholder approval to do so. As a result, immediately prior to the Redomestication, the Company cancelled 10,879,106 shares held in treasury with a related reduction to additional paid in capital of $561,851. </div>
<div style="margin-top: 12pt; font-size: 1pt;"> </div>
<table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td width="3%"> </td>
<td width="97%"> </td></tr>
<tr valign="top"><td><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">c) </font></i></b> </td>
<td><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">Share Warrants</font></i></b> </td></tr></table>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">In conjunction with the private placement offering at the formation of the Allied World Bermuda, Allied World Bermuda granted warrant agreements to certain founding shareholders to acquire up to 5,500,000 common shares at an exercise price of $34.20 per share. These warrants are exercisable in certain limited conditions, including a public offering of common shares, and expire November 21, 2011. Any cash dividends paid to shareholders do not impact the exercise price of $34.20 per share for these founder warrants. There are various restrictions on the ability of warrant holders to dispose of their shares. In August 2010, Allied World Bermuda repurchased a warrant owned by The Chubb Corporation ("Chubb") in a privately negotiated transaction. The warrant entitled Chubb to purchase 2,000,000 of Allied World Bermuda's common shares for $34.20 per share. Allied World Bermuda repurchased the warrant for an aggregate purchase price of $32,819. After this repurchase, Chubb has no warrants remaining and no other disclosed equity interest in Allied World Bermuda. In addition in November 2010, Allied World Bermuda repurchased a warrant owned by GS Capital Partners and other investment funds, which are affiliates of The Goldman Sachs Group, Inc ("Goldman Sachs") and founding shareholders in a privately negotiated transaction. The warrant entitled Goldman Sachs to purchase 1,500,000 of the Allied World Bermuda's common shares for $34.20 per share. Allied World Bermuda repurchased the warrant for an aggregate purchase price of $37,197. The repurchase of the warrants was recognized as a reduction in "additional paid-in capital" in the consolidated balance sheets. The repurchase was executed separately from the share repurchase program discussed in Note 11(e) below. </div>
<div style="margin-top: 12pt; font-size: 1pt;"> </div>
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<tr><td width="3%"> </td>
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<tr valign="top"><td><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">d) </font></i></b> </td>
<td><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">Dividends</font></i></b> </td></tr></table>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">The Company paid quarterly dividends of $0.20 per common share on each of April 1, 2010, June 10, 2010, September 9, and November 26 2010, payable to shareholders of record on March 16, 2010, May 25, 2010, August 24, and November 15, 2010, respectively. Additionally, the Company paid a special dividend of $0.25 per common share related to the Redomestication on November 26, 2010 to shareholders of record on November 15, 2010. Under Swiss law, the Company can only pay a dividend with prior shareholder approval. The next distribution is expected to be made two months after the next annual shareholders' meeting which is expected to take place in early May 2011. This special dividend provided a dividend to shareholders for the interim period. Under Swiss law, distributions to shareholders may be paid out only if the Company has sufficient distributable profits from previous fiscal years, or if the Company has freely distributable reserves, each as presented on the audited annual stand-alone statutory balance sheet. Distributions to shareholders out of the share and participation capital may be made by way of a capital reduction in the form of a reduction to par value to achieve a similar result as the payment of a dividend. </div>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">The Company paid quarterly dividends of $0.18 per common share on each of April 2, 2009, June 11, 2009 and September 10, 2009, payable to shareholders of record on March 17, 2009, May 26, 2009 and August 25, 2009, respectively. The Company paid a quarterly dividend of $0.20 per common share on December 10, 2009, payable to shareholders of record on November 24, 2009. </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">In May 2010, the Company established a share repurchase program in order to repurchase its common shares. Repurchases may be effected from time to time through open market purchases, privately negotiated transactions, tender offers or otherwise. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the Company's capital position, legal requirements and other factors. As part of the share repurchase program, the Company entered into a <font style="white-space: nowrap;" class="_mt">rule 10b5-1</font> repurchase plan that enables the Company to complete share repurchases during trading blackout periods. During the year ended December 31, 2010, the Company repurchased through open market purchases 4,651,279 shares at a total cost of $239,127 for an average price of $51.41 per share. These repurchased shares have been classified as "Treasury shares, at cost" on the consolidated balance sheets. The Company will issue shares out of treasury principally for issuance of shares related to the Company's employee benefit plans. </div>
<div style="margin-top: 6pt; font-size: 1pt;"> </div>
<div style="text-indent: 4%; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">In August 2010, the Company repurchased 5,000,000 of its common shares for $250,000, or $50.00 per share, in a privately negotiated transaction from Goldman Sachs. The shares repurchased were classified as "Treasury shares, at cost" on the consolidated balance sheets. In November 2010, the Company repurchased the remaining 3,159,793 common shares from Goldman Sachs for $185,448, or $58.69 per share. The repurchase price per common share is based on and reflects 0.5% discount from the volume-weighted average trading price of the Company's common shares on November 5, 2010. These repurchases were executed separately from the Company's share repurchase program discussed above. After these repurchases including the warrant repurchased, Goldman Sachs has no other disclosed equity interest in the Company. </div> </div>11.
SHAREHOLDERS' EQUITY
a)
Authorized Shares
The articles of association authorize the Board of DirectorsfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4
Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C, E
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4
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