PDF Version

Accumulated Other Comprehensive Income is reported in the consolidated statements of stockholders’equity and comprehensive income and includes unrealized gains (losses) on investment securitiesavailable-for-sale, net of income taxes, currency translation adjustments and unrealized gains (losses) ondefined benefit plans, net of income taxes.Note 2 – New Accounting StandardsAccounting Standards Adopted During Fiscal Year 2009In the fourth quarter, the Company adopted the Financial Accounting Standards Board (the “FASB”)Accounting Standards Codification (the “Codification”), which is now the single source of authoritativeU.S. generally accepted accounting principles (“GAAP”) recognized by the FASB. Rules and interpretivereleases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAPfor SEC registrants. All other accounting literature not included in the Codification becamenonauthoritative. As the Codification does not change U.S. GAAP, the adoption of the Codification had noimpact on the Company’s consolidated financial statements.In the third quarter, the Company adopted a new FASB standard that requires disclosures about fairvalue of financial instruments for interim reporting periods and requires entities to disclose the methods andsignificant assumptions used to estimate the fair value of financial instruments and describe changes inmethods and significant assumptions, in both interim and annual financial statements. The adoption of thestandard had no financial impact on the Company’s consolidated financial statements. The Company hasapplied the disclosure requirements of the standard on a prospective basis.In the first quarter, the Company adopted a new FASB standard that requires enhanced disclosuresabout transfers of financial assets and interests in VIEs, and provides users of the financial statements withgreater transparency about a transferor’s continuing involvement with transferred financial assets and anenterprise’s involvement with VIEs. The adoption of the standard had no financial impact on theCompany’s consolidated financial statements. The Company has applied the disclosure requirements of thestandard on a prospective basis.New Accounting Standards Not Yet AdoptedIn September 2009, the FASB issued a new standard that permits a reporting entity to measure the fairvalue of certain alternative investments that do not have a readily determinable fair value on the basis of theinvestments’ net asset value per share or its equivalent. The standard also requires expanded disclosures.The standard is effective for interim and annual periods ending after December 15, 2009. The Company iscurrently evaluating the impact that the adoption of the standard as of October 1, 2009 will have on itsconsolidated financial statements.In June 2009, the FASB issued a new standard that requires an enterprise to perform a qualitativeanalysis to determine whether its variable interests give it a controlling financial interest in a VIE. Under thestandard, an enterprise has a controlling financial interest when it has (a) the power to direct the activities ofa VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorblosses of the entity or the right to receive benefits from the entity that could potentially be significant to theVIE. An enterprise that holds a controlling financial interest is deemed to be the primary beneficiary of theVIE and is required to consolidate the VIE. The standard also requires an ongoing reassessment of whetheran enterprise is the primary beneficiary of a variable interest entity, and additional disclosures about anenterprise’s involvement in VIEs and any significant changes in risk exposure due to that involvement. Thestandard is effective for fiscal years beginning after November 15, 2009. In November 2009, the FASBissued a proposed standard update which indefinitely defers the requirements of this new standard for assets80