05.5
Notes to Consolidated Financial Statements
7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
As at December 31, 2008 and 2007 accrued expenses and other current liabilities consisted of the following:
| Table 05.5.11 | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
| $ in thousands | 2008 | 2007 |
|---|---|---|
| Accrued salaries and wages | 301,923 |
331,931 |
| Unapplied cash and receivable credits | 205,187 |
173,424 |
| Accrued insurance | 125,713 |
146,377 |
| Special charge for legal matters | 115,000 |
115,000 |
| Other | 540,610 |
585,281 |
| TOTAL | 1,288,433 |
1,352,013 |
In 2001, the Company recorded a $258,159 special charge to address legal matters relating to transactions pursuant to the Agreement and Plan of Reorganization dated as of February 4, 1996 by and between W.R. Grace & Co. and Fresenius SE (the “Merger”), estimated liabilities and legal expenses arising in connection with the W.R. Grace & Co. Chapter 11 proceedings (the “Grace Chapter 11 Proceedings”) and the cost of resolving pending litigation and other disputes with certain commercial insurers. During the second quarter of 2003, the court supervising the Grace Chapter 11 Proceedings approved a definitive settlement agreement entered into among the Company, the committees representing the asbestos creditors and W.R. Grace & Co. Under the settlement agreement, the Company will pay $115,000, without interest, upon plan confirmation (see Note 18). With the exception of the proposed $115,000 payment under the Settlement Agreement, all other matters included in the special charge have been resolved.
The other item in the table above includes accruals for interest, withholding tax, value added tax, legal and compliance costs, physician compensation, commissions, short-term portion of pension liabilities, bonuses and rebates, and accrued rents.
