XO Communications 2009 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2009 XO Communications annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 89

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89

materially modified in fiscal years beginning on or after June 15, 2010. Early adoption is permitted.
Companies may elect, but are not required, to apply retrospectively to all prior periods. We are currently
evaluating the impact this amendment will have on our financial position, results of operations and cash flows.
In January 2010, the FASB issued ASU 2010-06 Fair Value Measurements and Disclosures (Topic 820):
Improving Disclosures about Fair Value Measurements. This ASU requires new disclosures and clarifies
certain existing disclosure requirements about fair value measurements. ASU 2010-06 requires a reporting
entity to disclose significant transfers in and out of Level 1 and Level 2 fair value measurements, to describe
the reasons for the transfers and to present separately information about purchases, sales, issuances and
settlements for fair value measurements using significant unobservable inputs. ASU 2010-06 is effective for
interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about
purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements,
which is effective for interim and annual reporting periods beginning after December 15, 2010; early adoption
is permitted. We do not expect that the adoption of ASU 2010-06 will have a material impact on our financial
position, results of operations or cash flows.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
During 2008, all of our long-term debt and accrued interest was retired. Therefore we are no longer subject to
interest rate risk on long-term debt.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm .................................... 46
Consolidated Balance Sheets .......................................................... 48
Consolidated Statements of Operations .................................................. 49
Consolidated Statements of Stockholders’ (Deficit) Equity .................................... 50
Consolidated Statements of Cash Flows .................................................. 51
Notes to Consolidated Financial Statements ............................................... 52
Financial Statement Schedule
Schedule II — Valuation and Qualifying Accounts .......................................... 84
45