GNC 2011 Annual Report Download - page 89
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Table of Contents
NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
their full termination value, which approximates the fair value of derivatives including accrued interest.
Recently Issued Accounting Pronouncements
Fair Value
In January 2010, the FASB issued ASU 2010-06 "Improving Disclosures about Fair Value Measurements". ASU 2010-06 requires additional
disclosures about fair measurements including transfers in and out of Levels 1 and 2 and more disaggregation for the different types of financial instruments.
This ASU became effective for annual and interim reporting periods beginning after December 15, 2009 for most of the new disclosures and for periods
beginning after December 15, 2010 for the new Level 3 disclosures. Comparative disclosures are not required in the first year the disclosures are required. The
adoption of this standard did not have any impact on the Company's consolidated financial statements.
Other
In December 2009, the FASB issued ASU No. 2009-17, "Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities",
which incorporates into the FASB Codification amendments to FASB Interpretation No. 46(R), "Consolidation of Variable Interest Entities", made by
Statement of Financial Accounting Standard No. 167, "Accounting for Variable Interest Entities", to require that a comprehensive qualitative analysis be
performed to determine whether a holder of variable interests in a variable interest entity also has a controlling financial interest in that entity. In addition, the
amendments require that the same type of analysis be applied to entities that were previously designated as qualified special-purpose entities. The
amendments were effective as of January 1, 2010. The adoption of ASU No. 2009-17 did not have a material impact on the Company's consolidated financial
position, results of operations, and cash flows.
NOTE 3. RECEIVABLES
Receivables at each respective period consisted of the following:
December 31,
2010 2009
(in thousands)
Trade receivables $ 100,545 $ 90,832
Other 3,711 4,889
Allowance for doubtful accounts (1,564) (1,789)
Related party 1,941 423
$ 104,633 $ 94,355
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