In Its 2018 Annual Report to Shareholders, the Goodday Chemical

question 125

Essay

In its 2018 annual report to shareholders, the Goodday Chemical Company included the following disclosure note excerpts on CONTINGENCIES in its annual report to shareholders:

At December 31, 2018, Goodday had recorded liabilities aggregating $66.5 million for anticipated costs related to various environmental matters, primarily the remediation of numerous waste disposal sites and certain properties sold by Goodday. These costs include legal and consulting fees, site studies, the design and implementation of remediation plans, post-remediation monitoring and related activities and will be paid over several years. The amount of Goodday's ultimate liability in respect of these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute.

At December 31, 2018, Goodday had recorded liabilities aggregating $218.7 million for potential product liability and other tort claims, including related legal fees expected to be incurred, presently asserted against Goodday. The amount recorded was determined on the basis of an assessment of potential liability using an analysis of available information with respect to pending claims, historical experience, and, where available, current trends.

Goodday is a defendant in numerous lawsuits involving at December 31, 2018, approximately 63,000 claimants alleging various asbestos-related personal injuries purported to result from exposure to asbestos in certain rubber-coated products manufactured by Goodday in the past or in certain Goodday facilities. Typically, these lawsuits have been brought against multiple defendants in state and federal courts. In the past, Goodday has disposed of approximately 22,000 cases by defending and obtaining the dismissal thereof or by entering into a settlement. Goodday has policies and coverage-in-place agreements with certain of its insurance carriers that cover a substantial portion of estimated indemnity payments and legal fees in respect of the pending claims. At December 31, 2018, Goodday has recorded an asset in the amount it expects to collect under the policies and coverage-in-place agreements with certain carriers related to its estimated asbestos liability. Goodday has also commenced discussions with certain of its excess coverage insurance carriers to establish arrangements in respect of their policies.

Subject to the uncertainties referred to above, Goodday has concluded that in respect of any of the above described liabilities, it is not reasonably possible that it would incur a loss exceeding the amount recognized at December 31, 2018, with respect thereto which would be material relative to the consolidated financial position, results of operations, or liquidity of Goodday.

-What is the point of the last paragraph of the Goodday disclosure? Explain in terms of authoritative GAAP.

Identify the differences between various stimulants and their potential dangers.

Comprehend the role-playing view of hypnosis and its implications on consciousness.

Recognize the brain wave patterns associated with different states of consciousness.

Distinguish between types of logical fallacies and their impacts on reasoning.

---

Definitions:

French Reality TV

A genre of television programs in France that documents unscripted real-life situations and personal stories.

Refused to Obey

The act of deliberately not following a command or instruction, indicating autonomy or disagreement with the directive.

Torture

The act of inflicting severe physical or psychological pain on someone as a form of punishment, to extract information or confession, or for the pleasure of the torturer.

Deindividuation

A psychological state of decreased self-evaluation and decreased evaluation apprehension causing antisocial behavior, often occurring in group situations.