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<br />~¢Wl~ficlt~ Qow~t~p~¢tsoow <br />b®tte$ 4® Doesu$u~wa~l ~~o~uoee ~Pn~~L <br />DD ~¢e~ro~eir ~ ~ o ~ X99 <br />l~o4e ~ ~ ~I~¢anire er~Q ~on$bime$$ ~w¢!1 $ug¢aa~n¢~uag La1e¢®aarrflttu~~ ~~Du¢Be$ <br />The divisional balance sheet of Schmidt Construttion (the "Division"), a division of <br />Edw. C. Levy Co. (the "Parent'), includes the accounts of the Division as of <br />December 31, 1999. The corporate staff of the Parent company provides the <br />Division with certain executive, administrative, financial, legal and general services <br />performed on a centralized basis. <br />The Division extracts anti processes natural aggregates, provides trucking services, <br />manufattures asphalt products and paves roads, parking lots and other surfaces in <br />and around Colorado Springs, Colorado. <br />Inventories -Inventories are stated at the lower of cost or market. Cost is <br />determined using the first-in, first-out (FIFO) method for substantially all inventory. <br />property, Plant and Equipment -Property, plant and equipment are recorded at <br />cost. Depreciation in computed using the straight-line method for buildings and the <br />double-declining balance method for other assets over the estimated useful lives of <br />the assets. <br />®ivisional Equitq -Divisional equity is the accumulated earnings of the Division <br />since inception. <br />Self-insurance -The Division and affiliates of the Parent are partially self-insured <br />for workers' compensation. The Division and affiliates of the Parent have obtained <br />specific excess reinsurance coverage for claims in excess of $300,000. The Division <br />is also self-insured for employee health care coverage. The Division has recorded an <br />accrual of approximately $40,000 at December 31, 1999 for estimated claims <br />incurred but not reported under both of these plans. <br />lDse of Estimates -The preparation of a balance sheet in conformity with generally <br />accepted accounting principles requires management to make estimates and <br />assumptions that affect the reported amounts of assets and liabilities and disclosure <br />of contingent assets and liabilities at the date of the balance sheet. Actual results <br />could differ from those estimates. <br />3 <br />