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Heavily indebted poor countries The heavily indebted poor countries (HIPC) are a group of 39 developing countries with high levels of poverty and debt overhang which are eligible for special assistance from the International Monetary Fund (IMF) and the World Bank.\n\n\n== HIPC Initiative ==\nThe HIPC Initiative was initiated by the International Monetary Fund and the World Bank in 1996, following extensive lobbying by NGOs and other bodies.
Debt Death is the irreversible cessation of all biological functions that sustain an organism. Brain death is sometimes used as a legal definition of death.
United States Treasury security United States Treasury securities, also called Treasuries or Treasurys, are government debt instruments issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. Since 2012, U.S. government debt has been managed by the Bureau of the Fiscal Service, succeeding the Bureau of the Public Debt.
Abby Elliott Abby Elliott is an American actress and comedian who was a cast member on Saturday Night Live from 2008 to 2012 and has since starred on the Bravo comedy Odd Mom Out and the NBC sitcom Indebted. She is the daughter of actor/comedian Chris Elliott.
Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Operations research Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Surgery Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Limited liability partnership A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations.
Robert Schriesheim Robert A. Schriesheim (born 1960) is an American business executive, who has been a director, chairman and CFO of a number of companies. According to a published interview with FTI Consulting in November 2021 he is chairman of Truax Partners LLC and has partnered with institutional investors leading large enterprises through complex transformations serving in various executive leadership and board roles.
Liability (financial accounting) In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is\nobliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.\n\n\n== Characteristics ==\nA liability is defined by the following characteristics:\n\nAny type of borrowing from persons or banks for improving a business or personal income that is payable during short or long time;\nA duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services, or other transaction yielding an economic benefit, at a specified or determinable date, on occurrence of a specified event, or on demand;\nA duty or responsibility that obligates the entity to another, leaving it little or no discretion to avoid settlement; and,\nA transaction or event obligating the entity that has already occurredLiabilities in financial accounting need not be legally enforceable; but can be based on equitable obligations or constructive obligations.
The Liability The Liability (also known as The Hitman's Apprentice) is a 2013 British black comedy crime-thriller film directed by Craig Viveiros and written by John Wrathall. The film stars Tim Roth, Talulah Riley, Jack O'Connell and Peter Mullan.
Legal liability In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies.
Finance Finance is the study and discipline of money, currency and capital assets. It is related with, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services.
The Longaberger Company The Longaberger Company is an American manufacturer and distributor of handcrafted maple wood baskets and other home and lifestyle products. The company opened in 1973, was acquired in 2013 by CVSL, Inc., and closed in 2018.
December December is the twelfth and the final month of the year in the Julian and Gregorian calendars. It is also the last of seven months to have a length of 31 days.
December 1 December is the twelfth and the final month of the year in the Julian and Gregorian calendars. It is also the last of seven months to have a length of 31 days.
December 26 December 15 is the 349th day of the year (350th in leap years) in the Gregorian calendar; 16 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n533 – Vandalic War: Byzantine general Belisarius defeats the Vandals, commanded by King Gelimer, at the Battle of Tricamarum.
December 1924 German federal election Federal elections were held in Germany on 7 December 1924, the second that year after the Reichstag had been dissolved on 20 October. The Social Democratic Party remained the largest party in the Reichstag, receiving an increased share of the vote and winning 131 of the 493 seats.
December 18 December 11 is the 345th day of the year (346th in leap years) in the Gregorian calendar; 20 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n220 – Emperor Xian of Han is forced to abdicate the throne by Cao Cao's son Cao Pi, ending the Han dynasty.
2016 in aviation This is a list of aviation-related events from 2016.\n\n\n== Events ==\n\n\n=== January ===\nThe Government of Italy permitted United States unmanned aerial vehicles (UAVs or drones) to fly strike missions from Naval Air Station Sigonella in Sicily where the US has operated unarmed surveillance UAVs since 2001 against Islamic State targets in Libya, but only if they are "defensive," protecting U.S. forces or rescuers retrieving downed pilots.
Derivative (finance) In finance, a derivative is a contract that derives its value from the performance of an underlying entity. This underlying entity can be an asset, index, or interest rate, and is often simply called the "underlying".
Financial instrument Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled.
Financial Instrument Global Identifier The Financial Instrument Global Identifier (FIGI) (formerly Bloomberg Global Identifier (BBGID)) is an open standard, unique identifier of financial instruments that can be assigned to instruments including common stock, options, derivatives, futures, corporate and government bonds, municipals, currencies, and mortgage products. Also see: Open Data\n\n\n== History ==\nIn 2009, Bloomberg released Bloomberg’s Open Symbology ("BSYM"), a system for identifying financial instruments across asset classes.As of 2014 the name and identifier called 'Bloomberg Global Identifier' (BBGID) was replaced in full and adopted by the Object Management Group and Bloomberg with the standard renamed as the 'Financial Instrument Global Identifier' (FIGI).The Financial Instrument Global Identifier (FIGI) standard was given "approved status" by the Object Management Group (OMG) Architecture Board as of September 2015.
Financial capital Financial capital (also simply known as capital or equity in finance, accounting and economics) is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based, e.g., retail, corporate, investment banking, etc. In other words, financial capital is internal retained earnings generated by the entity or funds provided by lenders (and investors) to businesses in order to purchase real capital equipment or services for producing new goods and/or services.
Financial Instruments and Exchange Act The Financial Instruments and Exchange Act (金融商品取引法, Kin'yū shōhin torihiki-hō), promulgated on June 14, 2006, is the main statute codifying securities law and regulating securities companies in Japan.\nThe law provides for:\n\nRegistration and regulation of broker dealers and their registered representatives\nDisclosure obligations applicable to public companies, investment trusts and similar entities\nTender offer rules\nDisclosure obligations applicable to large shareholders in public companies\nInternal controls in public companies; in this role the law is often referred to as J-SOX, a reference to the American Sarbanes-Oxley Act (SOX).
December 7 December 3 is the 337th day of the year (338th in leap years) in the Gregorian calendar; 28 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n915 – Pope John X crowns Berengar I of Italy as Holy Roman Emperor (probable date).
Limited liability Limited liability is a legal status where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership. If a company that provides limited liability to its investors is sued, then the claimants are generally entitled to collect only against the assets of the company, not the assets of its shareholders or other investors.
No liability A no-liability company in Australia (suffix NL) is a company which, under the Corporations Act 2001 (Cth), must have as its stated objects that it is solely a mining company and that it is not entitled to calls on the unpaid issue price of shares. It is a company which is restricted to mining activities and is the only sort of corporation which is entitled to this form of liability, given the sometimes financially risky business of mining.
Liability insurance Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.\nOriginally, individual companies that faced a common peril formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement).
Vicarious liability Vicarious liability is a form of a strict, secondary liability that arises under the common law doctrine of agency, respondeat superior, the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of a violator. It can be distinguished from contributory liability, another form of secondary liability, which is rooted in the tort theory of enterprise liability because, unlike contributory infringement, knowledge is not an element of vicarious liability.
Significant figures Significant figures (also known as the significant digits, precision or resolution) of a number in positional notation are digits in the number that are reliable and necessary to indicate the quantity of something.\nIf a number expressing the result of a measurement (e.g., length, pressure, volume, or mass) has more digits than the number of digits allowed by the measurement resolution, then only as many digits as allowed by the measurement resolution are reliable, and so only these can be significant figures.
Significant Others The term significant other (SO) has different uses in psychology and in colloquial language. Colloquially "significant other" is used as a gender-neutral term for a person's partner in an intimate relationship without disclosing or presuming anything about marital status, relationship status, gender identity, or sexual orientation.
Statistical significance In statistical hypothesis testing, a result has statistical significance when it is very unlikely to have occurred given the null hypothesis. More precisely, a study's defined significance level, denoted by \n \n \n \n α\n \n \n {\displaystyle \alpha }\n , is the probability of the study rejecting the null hypothesis, given that the null hypothesis is true; and the p-value of a result, \n \n \n \n p\n \n \n {\displaystyle p}\n , is the probability of obtaining a result at least as extreme, given that the null hypothesis is true.
Significant Mother Significant Mother is an American television sitcom created by Erin Cardillo and Richard Keith. Starring Josh Zuckerman, Nathaniel Buzolic and Krista Allen, it premiered on The CW network on August 3 and ended its run on October 5, 2015.
Risk Factors
HERCULES INC ITEM 1A RISK FACTORS In addition to the factors discussed elsewhere, the following, which have not been sequenced in any particular order, are important factors that could cause actual results or events to differ materially from those contained in any forward-looking statements made by or on behalf of the Company
Indebtedness As of December 31, 2005, the Companyapstas total debt was approximately dlra1cmam109dtta3 million, of which 64prca is fixed rate indebtedness
The Companyapstas indebtedness has significant consequences
For example, it could: increase the Companyapstas vulnerability to economic downturns and competitive pressures; require the Company to dedicate a substantial portion of its cash flow from operations to payments on its indebtedness, thereby reducing the availability of its cash flow to fund working capital, capital expenditures, research and development efforts and other general corporate purposes; limit the Companyapstas flexibility in planning for, or reacting to, changes in its business and the industries in which it operates or in pursuing attractive business opportunities requiring debt financing; place the Company at a disadvantage to its competitors that have less debt; and limit the Companyapstas ability to borrow additional funds due to restrictive covenants
The Senior Credit Facility and the indentures governing the 11dtta125prca senior notes due 2007 and the 6dtta75prca senior subordinated notes due 2029, which together account for a large portion of the Companyapstas debt, contain numerous restrictive covenants, including, among other things, covenants that limit the Companyapstas ability to: borrow money and incur contingent liabilities; make dividend or other restricted payments; use assets as security in other transactions; enter into transactions with affiliates; enter into new lines of business; issue and sell stock of restricted subsidiaries; sell assets or merge with or into other companies and make capital expenditures
In addition, the Senior Credit Facility requires the Company to meet financial ratios and tests, including maximum leverage and interest coverage levels
These restrictions could limit the Companyapstas ability to plan for or react to market conditions or meet extraordinary capital needs and could otherwise restrict corporate activities
-7- _________________________________________________________________ The Companyapstas ability to comply with the covenants and other terms of the Senior Credit Facility and the indentures governing the senior notes and to satisfy these and other debt obligations will depend upon the Companyapstas current and future performance
The Companyapstas performance is affected by general economic conditions and by financial, competitive, political, business and other factors, many of which are beyond the Companyapstas control
The Company believes that the cash generated from its businesses will be sufficient to enable the Company to comply with the covenants and other terms of the Senior Credit Facility and the indentures governing the senior notes and to make debt payments as they become due
The Company and its subsidiaries may incur additional indebtedness in the future
As of December 31, 2005, the Company had a dlra550 million Senior Credit Facility with a syndicate of banks
Under the Senior Credit Facility, the Company has a dlra150 million revolving credit agreement, which permits certain additional borrowings
In addition, the Company has the option to borrow an additional dlra250 million in the form of a term note under the Senior Credit Facility
If new indebtedness is added to the Companyapstas current indebtedness levels, the risks described above could increase
Market Risk Fluctuations in interest and foreign currency exchange rates affect the Companyapstas financial position and results of operations
The Company has used several strategies to actively hedge interest rate and foreign currency exposure and minimize the effect of such fluctuations on reported earnings and cash flow (see &quote Foreign Currency Translation &quote and &quote Derivative Instruments and Hedging &quote in the Summary of Significant Accounting Policies and Note 24 to the Consolidated Financial Statements)
Sensitivity of the Companyapstas financial instruments to selected changes in market rates and prices, which are reasonably possible over a one-year period, are described below
The market values for interest rate risk are calculated by the Company utilizing a third-party software that employs standard pricing models to determine the present value of the instruments based on the market conditions as of the valuation date
The Companyapstas derivative and other financial instruments subject to interest rate risk consist substantially of debt instruments (see Note 24 to the Consolidated Financial Statements)
At December 31, 2005 and 2004, net market value of these combined instruments was a liability of dlra1cmam092dtta4 million and dlra1cmam265dtta2 million, respectively
The sensitivity analysis assumes an instantaneous 100-basis point move in interest rates from their levels, with all other variables held constant
A 100-basis point increase in interest rates at December 31, 2005 and 2004 would result in a dlra59dtta1 million and a dlra69dtta8 million decrease, respectively, in the net market value of the liability
A 100-basis point decrease in interest rates at December 31, 2005 and 2004 would result in a dlra63dtta9 million and a dlra73dtta7 million increase, respectively, in the net market value of the liability
Our financial instruments subject to foreign currency exchange risk consist of foreign currency forwards and options and represent a net liability position of dlra0dtta2 million and a net asset position of dlra0dtta6 million at December 31, 2005 and 2004, respectively
The following sensitivity analysis assumes an instantaneous 10prca change in foreign currency exchange rates from year-end levels, with all other variables held constant
A 10prca strengthening of the US dollar versus other currencies at December 31, 2005 and 2004 would result in a dlra0dtta1 million decrease and a dlra0dtta6 million increase, respectively, in the net position, while a 10prca weakening of the dollar versus all currencies would result in a dlra0dtta1 million and a dlra0dtta8 million decrease, respectively, in the net position
Foreign exchange forward and option contracts have been used to hedge the Companyapstas firm and anticipated foreign currency cash flows
Thus, there is either an asset or cash flow exposure related to all the financial instruments in the above sensitivity analysis for which the impact of a movement in exchange rates would be in the opposite direction and substantially equal to the impact on the instruments in the analysis
There are presently no material restrictions on the remittance of funds generated by the Companyapstas operations outside the United States; however, in certain regions, primarily Latin America and Asia Pacific, there are general limitations on the repatriation of cash
The Company has not designated any derivative as a hedge instrument under Statement of Financial Accounting Standards Nodtta 133, &quote Accounting for Derivative Instruments and Hedging Activities &quote ( &quote SFAS 133 &quote ) and, accordingly, changes in the fair value of derivatives are recorded each period in earnings
Commodity Price Risk The Company acquires raw materials and energy from its vendors under a variety of short-and long-term contracts and supply agreements, depending upon various economic and logistical factors
The purchase prices are generally related to prevailing market conditions and are linked, in some cases, to relevant market indices
Changes in raw material and energy costs have historically had a material impact on the Company’s profit and cash from operations and are anticipated to continue to impact future periods similarly
In order to mitigate these risks, the Company employs a variety of strategic sourcing techniques to minimize use of sole source suppliers, establish contracts that limit the frequency or magnitude of price increases, have alternate raw materials approved for use, selectively hedge certain strategic commodities, identify alternate suppliers in lower cost regions of the world, continually reassess its value chain, and aggressively counter suppliers’ attempts to increase costs
-8- _________________________________________________________________ New Product Development Product innovation and new product development are integral to the Company’s strategy
Research and development efforts are directed towards the discovery and development of new products and processes, the improvement and refinement of existing products and processes, the development of new applications for existing products and cost improvement initiatives
There can be no assurance that product development efforts will be successful, that we will be able to cost-effectively manufacture these new products or that we will be able to successfully market these products
Environmental In the ordinary course of its business, the Company is subject to numerous environmental laws and regulations covering compliance matters or imposing liability for the costs of, and damages resulting from, cleaning up sites, past spills, disposals and other releases of hazardous substances
Changes in these laws and regulations may have a material adverse effect on the Companyapstas financial position and results of operations
Any failure by the Company to adequately comply with such laws and regulations could subject the Company to significant future liabilities
Environmental remediation expenses are funded from internal sources of cash
Such expenses, the most significant of which relate to non-operating or former sites, are not expected to have a significant effect on the Companyapstas ongoing liquidity
Environmental cleanup costs, including capital expenditures for ongoing operating sites, are a normal, recurring part of operations and are not significant in relation to total operating