Financial Accounting Blog

Wednesday, October 29, 2003

Halliburton revises earings due to pending settlement.
As we discussed in class on 10.28.2003 when covering contingent liabilities, companies will disclose information concerning liabilities that arise because of events that have already occurred. In the case of Halliburton, they have pending liabilities from asbestos related claims that were disclosed in their third quarter statement.

Earlier this month, Halliburton revised earnings projections down because of increased costs from a joint venture with Norway's DSND (DSND.OL) and increased legal fees for the planned $4 billion settlement of hundreds of thousands of asbestos injury claims.
Hugh Melzer