Currency conversion impact of the Venezuelan Bolivar
Fuerte per diluted share
In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we discuss in this earnings release earnings per share for the first quarter of 2010 and 2009 as adjusted for the impact of non-cash convertible debt interest expense and the impact of the devaluation of the Venezuelan Bolivar
In addition, the Company's equity income for both the first six months of 2014 and the first six months of 2013 include comparable currency charges related to the conversion of Venezuelan Bolivar
Fuerte to the U.
This amount is primarily comprised of a $38 million charge, net of tax, related to our supplemental executive retirement plan that was frozen on March 31, 2010 and a $40 million charge, net of tax, related to the devaluation of the Venezuelan Bolivar
announced today that the recent currency revaluation of the Venezuelan bolivar
will result in a devaluation expense to the Company of approximately $1.
Estimated cost to the Company of today's devaluation of the Venezuelan Bolivar
from 1598 to 1920 to the dollar is $.
Although collections of accounts receivable from PDVSA have improved over the last two months, companies such as Helmerich & Payne have been prohibited from converting the Venezuelan bolivar
the United States to commercial smugglers, travel agents, investors, and others in Colombia in exchange for Colombian pesos, which in turn are exchanged for Venezuelan bolivars
at the parallel exchange rate and then used to repurchase dollars through the Venezuelan currency control regime at a stronger official exchange rate.
Two dozen airlines are waiting for the proceeds of tickets sold locally in Venezuelan bolivars
while the money is blocked by tight currency controls, according to the International Air Transport Association.
Airlines have struggled to obtain dollars in exchange for Venezuelan bolivars
as a result of delays in the country's decade-old currency control system.
He said the check for 300 million Venezuelan bolivars
was to be used for the expenses of the Kayson Company, an Iranian contractor building thousands of homes in Venezuela for Venezuela's government.
21, its officials at the Duesseldorf International Airport found the check for 300 million Venezuelan bolivars
issued by the Bank of Venezuela in the luggage of an unidentified 59-year-old man.