1.0.0.3 false Accounting Policies false 1 $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 5 Accounting Policies 3 us-gaap_SignificantAccountingPoliciesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> Note 1.    Accounting Policies   Basis of Presentation   The Consolidated Financial Statements present the accounts of Kimberly-Clark Corporation and all subsidiaries in which it has a controlling financial interest (the “Corporation”) as if they were a single economic entity in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany transactions and accounts are eliminated in consolidation.   Use of Estimates   The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, consumer and trade promotion and rebate accruals, pension and other post-employment benefits, useful lives for depreciation and amortization, future cash flows associated with impairment testing for goodwill and long-lived assets and for determination of the primary beneficiary of variable interest entities, deferred tax assets and potential income tax assessments, and loss contingencies.   Cash Equivalents   Cash equivalents are short-term investments with an original maturity date of three months or less.   Inventories and Distribution Costs   For financial reporting purposes, most U.S. inventories are valued at the lower of cost, using the Last-In, First-Out (LIFO) method, or market. The balance of the U.S. inventories and inventories of consolidated operations outside the U.S. are valued at the lower of cost, using either the First-In, First-Out (FIFO) or weighted-average cost methods, or market. Distribution costs are classified as cost of products sold.   Available-for-Sale Securities   Available-for-sale securities are exchange-traded equity funds and are carried at market value. At December 31, 2009 and 2008, securities of $13 million and $11 million, respectively, that are not expected to be liquidated in the next 12 months were classified as other assets. In addition, at December 31, 2009, securities of $6 million expected to be sold within one year were included in other current assets. Unrealized holding gains or losses on these securities are recorded in other comprehensive income until realized. No significant gains or losses were recognized in income for any of the three years ended December 31, 2009.   Property and Depreciation   For financial reporting purposes, property, plant and equipment are stated at cost and are depreciated principally on the straight-line method. Buildings are depreciated over their estimated useful lives, primarily 40 years. Machinery and equipment are depreciated over their estimated useful lives, primarily ranging from 16 to 20 years. For income tax purposes, accelerated methods of depreciation are used. Purchases of computer software are capitalized. External costs and certain internal costs (including payroll and payroll-related costs of employees) directly associated with developing significant computer software applications for internal use are capitalized. Training and data conversion costs are expensed as incurred. Computer software costs are amortized on the straight-line method over the estimated useful life of the software, which generally does not exceed five years.   Estimated useful lives are periodically reviewed and, when warranted, changes are made to them. Long-lived assets, including computer software, are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss would be indicated when estimated undiscounted future cash flows from the use and eventual disposition of an asset group, which are identifiable and largely independent of the cash flows of other asset groups, are less than the carrying amount of the asset group. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the Consolidated Balance Sheet and any gain or loss on the transaction is included in income.   The cost of major maintenance performed on manufacturing facilities, composed of labor, materials and other incremental costs, is charged to operations as incurred. Start-up costs for new or expanded facilities are expensed as incurred.   Goodwill and Other Intangible Assets   Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill is not amortized, but rather is tested for impairment annually and whenever events and circumstances indicate that an impairment may have occurred. Impairment testing compares the carrying amount of the goodwill with its fair value. Fair value is estimated based on discounted cash flows. If the carrying amount of goodwill exceeds its fair value, an impairment charge would be recorded. The Corporation has completed the required annual testing of goodwill for impairment and has determined that its goodwill is not impaired.   At December 31, 2009, the Corporation had intangible assets with indefinite useful lives of approximately $13 million, related to acquired in-process research and development (“IPR&D”). Acquired IPR&D is tested for impairment annually or more frequently if events or changes in circumstances indicate that the acquired IPR&D might be impaired, such as abandonment of the research and development efforts. If development of a marketable product results from the acquired IPR&D, the acquired IPR&D is amortized to income over the estimated life of the product.   Intangible assets with finite lives are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Estimated useful lives range from 2-20 years for trademarks, 5-17 years for patents and developed technologies, and 5-16 years for other intangible assets. An impairment loss would be indicated when estimated undiscounted future cash flows from the use of the asset are less than its carrying amount. An impairment loss would be measured as the difference between the fair value (based on discounted future cash flows) and the carrying amount of the asset.   Investments in Equity Companies   Investments in companies over which the Corporation has the ability to exercise significant influence and that, in general, are at least 20 percent-owned, are stated at cost plus equity in undistributed net income. These investments are evaluated for impairment when warranted. An impairment loss would be recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other than temporary. In judging “other than temporary,” the Corporation would consider the length of time and extent to which the fair value of the equity company investment has been less than the carrying amount, the near-term and longer-term operating and financial prospects of the equity company, and its longer-term intent of retaining the investment in the equity company.   Revenue Recognition   Sales revenue for the Corporation and its reportable business segments is recognized at the time of product shipment or delivery, depending on when title passes, to unaffiliated customers, and when all of the following have occurred: a firm sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured. Sales are reported net of returns, consumer and trade promotions, rebates and freight allowed. Taxes imposed by governmental authorities on the Corporation’s revenue-producing activities with customers, such as sales taxes and value-added taxes, are excluded from net sales.   Sales Incentives and Trade Promotion Allowances   The cost of promotion activities provided to customers is classified as a reduction in sales revenue. In addition, the estimated redemption value of consumer coupons is recorded at the time the coupons are issued and classified as a reduction in sales revenue. Estimates of trade promotion liabilities for promotional program costs incurred, but unpaid, are generally based on estimates of the quantity of customer sales, timing of promotional activities and forecasted costs for activities within the promotional programs. Settlement of these liabilities sometimes occurs in periods subsequent to the date of the promotion activity.   Advertising Expense   Advertising costs are expensed in the year the related advertisement is first presented by the media. For interim reporting purposes, advertising expenses are charged to operations as a percentage of sales based on estimated sales and related advertising costs for the full year.   Research Expense   Research and development costs are charged to expense as incurred.   Environmental Expenditures   Environmental expenditures related to current operations that qualify as property, plant and equipment or which substantially increase the economic value or extend the useful life of an asset are capitalized, and all other environmental expenditures are expensed as incurred. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with completion of a feasibility study or a commitment to a formal plan of action. At environmental sites in which more than one potentially responsible party has been identified, a liability is recorded for the estimated allocable share of costs related to the Corporation’s involvement with the site as well as an estimated allocable share of costs related to the involvement of insolvent or unidentified parties. At environmental sites in which the Corporation is the only responsible party, a liability for the total estimated costs of remediation is recorded. Liabilities for future expenditures for environmental remediation obligations are not discounted and do not reflect any anticipated recoveries from insurers.   Foreign Currency Translation   The income statements of foreign operations, other than those in highly inflationary economies, are translated into U.S. dollars at rates of exchange in effect each month. The balance sheets of these operations are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in stockholders’ equity as unrealized translation adjustments.   The income statements and balance sheets of operations in highly inflationary economies are translated into U.S. dollars using both current and historical rates of exchange. The effect of changes in exchange rates on monetary assets and liabilities is reflected in income. At December 31, 2009, the Corporation had no operations in highly inflationary economies. See Note 19 for information related to Venezuela subsequent to December 31, 2009.   Derivative Instruments and Hedging   All derivative instruments are recorded as assets or liabilities on the balance sheet at fair value. Changes in the fair value of derivatives are either recorded in the income statement or other comprehensive income, as appropriate. The gain or loss on derivatives designated as fair value hedges and the offsetting loss or gain on the hedged item attributable to the hedged risk are included in income in the period that changes in fair value occur. The effective portion of the gain or loss on derivatives designated as cash flow hedges is included in other comprehensive income in the period that changes in fair value occur and is reclassified to income in the same period that the hedged item affects income. The remaining gain or loss in excess of the cumulative change in the present value of the cash flows of the hedged item, if any, is recognized in income. The gain or loss on derivatives designated as hedges of investments in foreign subsidiaries is recognized in other comprehensive income to offset the change in value of the net investments being hedged. Any ineffective portion of net investment hedges is immediately recognized in income. Certain foreign-currency derivative instruments not designated as hedging instruments have been entered into to manage a portion of the Corporation’s foreign currency transactional exposures. The gain or loss on these derivatives is included in income in the period that changes in their fair values occur. See Note 12 for disclosures about derivative instruments and hedging activities.   New Accounting Standards   Effective January 1, 2009, the Corporation adopted new accounting requirements issued by the Financial Accounting Standards Board (“FASB”) for business combinations. Under these requirements, the acquirer in a business combination must:   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> recognize 100 percent of the fair values of acquired assets, including goodwill, and assumed liabilities, with only limited exceptions, even if the acquirer has not acquired 100 percent of the target entity, </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> expense transaction costs as incurred rather than include them as part of the fair value of an acquirer’s interest, </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> fair value contingent consideration arrangements at the acquisition date, </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> limit accrual of the costs for a restructuring plan to pre-acquisition date restructuring obligations, and </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> capitalize the value of acquired IPR&D as an indefinite-lived intangible asset, subject to impairment accounting, rather than expense these values at the acquisition date. </td> </tr> </table>   Adoption of these requirements did not have a material effect on the Corporation’s consolidated financial statements.   Also, effective January 1, 2009, as required:   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> The Corporation adopted new FASB guidance with respect to the classification of noncontrolling interests (formerly minority interests) in its consolidated financial statements. See Note 11 for additional detail. </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> The Corporation expanded disclosures about derivative instruments and hedging activities. See Note 12. </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Certain share-based payment awards entitled to nonforfeitable dividends or dividend equivalents were determined to be participating securities, which are included in the computation of basic and diluted earnings per share under the two-class method. Under the two-class method, earnings per share are computed by allocating net income between shares of common stock and participating securities. </td> </tr> </table>   The Corporation’s basic and diluted earnings per share amounts have been recast from amounts previously reported as follows:   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="5">As Previously Reported</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="5">As Recast</td> </tr> <tr> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Basic</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Diluted</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Basic</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Diluted</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2008: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> First Quarter </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.05</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.04</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.05</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.04</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Second Quarter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.00</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.99</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.99</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.99</td> </tr> <tr> <td valign="top"> Third Quarter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.00</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.99</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.99</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.99</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Fourth Quarter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.01</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.01</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.01</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.01</td> </tr> <tr> <td height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> </tr> <tr> <td valign="top"> Full Year </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.06</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.04</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.04</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.03</td> </tr> <tr> <td height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2007 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.13</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.09</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.11</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.08</td> </tr> <tr> <td height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> </tr> <tr> <td valign="top"> 2006 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.27</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.25</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.26</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.24</td> </tr> <tr> <td height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> <td colspan="3" height="5"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2005 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.30</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.28</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.30</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.28</td> </tr> </table>   Effective June 30, 2009, as required, the Corporation:   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Expanded disclosures about the fair value of financial instruments in its quarterly and annual financial statements. </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Adopted new FASB guidance for determining other-than-temporary impairment of debt securities and improving the presentation and disclosure of other-than-temporary impairments of debt and equity securities in the consolidated financial statements. Adoption of this guidance did not have a material effect on the Corporation’s consolidated financial statements. </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Adopted new FASB guidance for estimating fair values of financial assets and liabilities in circumstances when there is no active market or where the price inputs being used represent distressed sales and identifying circumstances that indicate a transaction is not orderly. Adoption of this guidance did not have a material effect on the Corporation’s consolidated financial statements. See Note 3 for these fair value disclosures. </td> </tr> </table>   Effective December 31, 2009, the Corporation adopted new FASB disclosure guidance about the fair values of plan assets held in an employer’s defined benefit pension or other postretirement plan, as required. See Note 10. This guidance includes disclosure of:   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> how investment allocation decisions are made, </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> the major categories of plan assets, </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> the inputs and valuation techniques used to measure the fair value of plan assets, </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> the effect of fair value measurements using significant unobservable inputs on year-to-year changes in plan assets, and </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> significant concentrations of risk within plan assets. </td> </tr> </table>   In June 2009, the FASB revised the requirements for when a company must consolidate a variable interest entity (“VIE”) in which that company has an interest. Under the new requirement, a company must perform a qualitative analysis and consolidate a VIE if the company has an interest in a VIE that:   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> provides it with the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" align="left" width="2%">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> obligates it to absorb losses or the right to receive benefits of the VIE that potentially could be significant to the VIE. </td> </tr> </table>   A company will be required to perform ongoing reassessments which should be qualitative, to determine if it must consolidate a VIE. This differs from current guidance, which prescribes a quantitative analysis of the primary beneficiary and requires a company to reassess whether to consolidate a VIE only when specific events occur. The new requirement is effective for fiscal years, and interim periods within fiscal years, beginning after December 15, 2009, and early adoption is prohibited. Adoption of this requirement is not expected to have a material effect on the Corporation’s consolidated financial statements.   In June 2009, the FASB adopted a codification of accounting standards and the hierarchy of GAAP. The codification became effective for financial statements issued for interim or annual periods ending after September 15, 2009 and is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. All nongrandfathered non-SEC accounting literature not included in the codification is superseded and deemed non-authoritative. Adoption of the codification did not have a financial effect on the Corporation’s consolidated financial statements.   In June 2009, the Corporation adopted new FASB requirements to evaluate events or transactions that occur after the balance sheet date but before financial statements are issued. Subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including estimates inherent in the process of preparing financial statements, must be recognized in the financial statements. Subsequent events that provide evidence about conditions that did not exist at the balance sheet date but arose after the balance sheet date but before financial statements are issued are not permitted to be recognized, but may require disclosure.   Management has evaluated events occurring subsequent to December 31, 2009 through February 24, 2010, the date of filing the 2009 Annual Report on Form 10-K with the SEC, to determine if any such events should either be recognized or disclosed in the Consolidated Financial Statements. See Note 19 for additional disclosure. </div> Note 1.    Accounting Policies   Basis of Presentation   The Consolidated Financial Statements present the accounts false false No definition available. No authoritative reference available. false false 1 1 false UnKnown UnKnown UnKnown false true