Goodrich Corp. (GR, Financial) filed Annual Report for the period ended 2009-12-31.
Goodrich Corp. has a market cap of $7.88 billion; its shares were traded at around $63.36 with a P/E ratio of 14.11 and P/S ratio of 1.18. The dividend yield of Goodrich Corp. stocks is 1.7%. Goodrich Corp. had an annual average earning growth of 27.8% over the past 5 years.GR is in the portfolios of Mark Hillman of Hillman Capital Management, Andreas Halvorsen of Viking Global Investors LP, Steve Mandel of Lone Pine Capital, Michael Price of MFP Investors LLC, Jeremy Grantham of GMO LLC, David Dreman of Dreman Value Management, PRIMECAP Management, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of ROYCE & ASSOCIATES.
At December 31, 2009 and 2008, the deferred settlement credit was $45 million and $49.4 million, respectively, for which $6.1 million and $6.4 million, respectively, was reported in accrued expenses and $38.9 million and $43 million, respectively, was reported in other non-current liabilities. The proceeds from such insurance settlements were reported as a component of net cash provided by operating activities in the period payments were received.
Rohr was examined by the State of California for the tax years ended July 31, 1985, 1986 and 1987. The State of California disallowed certain expenses incurred by one of Rohrs subsidiaries in connection with the lease of certain tangible property. Californias Franchise Tax Board held that the deductions associated with the leased equipment were non-business deductions. The additional tax associated with the Franchise Tax Boards position is $4.5 million. The amount of accrued interest associated with the additional tax is approximately $29 million at December 31, 2009. In addition, the State of California enacted an amnesty provision that imposes nondeductible penalty interest equal to 50% of the unpaid interest amounts relating to taxable years ended before 2003. The penalty interest is approximately $14.5 million at December 31, 2009. The tax and interest amounts continue to be contested by Rohr. No payment has been made for the $29 million of interest or $14.5 million of penalty interest. In April 2009, the Superior Court of California issued a ruling granting our motion for summary judgment. In August 2009 the State of California appealed the ruling. Once the States appeals have been exhausted and if the Superior Courts decision is not overturned, we will be entitled to a refund of the $4.5 million of tax, together with interest from the date of payment.
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Goodrich Corp. has a market cap of $7.88 billion; its shares were traded at around $63.36 with a P/E ratio of 14.11 and P/S ratio of 1.18. The dividend yield of Goodrich Corp. stocks is 1.7%. Goodrich Corp. had an annual average earning growth of 27.8% over the past 5 years.GR is in the portfolios of Mark Hillman of Hillman Capital Management, Andreas Halvorsen of Viking Global Investors LP, Steve Mandel of Lone Pine Capital, Michael Price of MFP Investors LLC, Jeremy Grantham of GMO LLC, David Dreman of Dreman Value Management, PRIMECAP Management, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of ROYCE & ASSOCIATES.
Highlight of Business Operations:
Our consolidated balance sheet included an accrued liability for environmental remediation obligations of $66.1 million and $62.3 million at December 31, 2009 and 2008, respectively. At December 31, 2009 and 2008, $11.3 million and $20.9 million, respectively, of the accrued liability for environmental remediation were included in current liabilities as accrued expenses. At December 31, 2009 and 2008, $25.3 million and $24 million, respectively, was associated with ongoing operations and $40.8 million and $38.3 million, respectively, was associated with previously owned businesses.At December 31, 2009 and 2008, the deferred settlement credit was $45 million and $49.4 million, respectively, for which $6.1 million and $6.4 million, respectively, was reported in accrued expenses and $38.9 million and $43 million, respectively, was reported in other non-current liabilities. The proceeds from such insurance settlements were reported as a component of net cash provided by operating activities in the period payments were received.
Rohr was examined by the State of California for the tax years ended July 31, 1985, 1986 and 1987. The State of California disallowed certain expenses incurred by one of Rohrs subsidiaries in connection with the lease of certain tangible property. Californias Franchise Tax Board held that the deductions associated with the leased equipment were non-business deductions. The additional tax associated with the Franchise Tax Boards position is $4.5 million. The amount of accrued interest associated with the additional tax is approximately $29 million at December 31, 2009. In addition, the State of California enacted an amnesty provision that imposes nondeductible penalty interest equal to 50% of the unpaid interest amounts relating to taxable years ended before 2003. The penalty interest is approximately $14.5 million at December 31, 2009. The tax and interest amounts continue to be contested by Rohr. No payment has been made for the $29 million of interest or $14.5 million of penalty interest. In April 2009, the Superior Court of California issued a ruling granting our motion for summary judgment. In August 2009 the State of California appealed the ruling. Once the States appeals have been exhausted and if the Superior Courts decision is not overturned, we will be entitled to a refund of the $4.5 million of tax, together with interest from the date of payment.
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