Pioneer 2007 Annual Report Download - page 43

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Annual Report 2007 42
In February 2007, the FASB issued SFAS No. 159, “The Fair
Value Option for Financial Assets and Financial Liabilities—
Including an amendment of FASB Statement No. 115.” SFAS
No. 159 permits entities to choose to measure many financial
instruments and certain other items at fair value and report
unrealized gains and losses in earnings. If an entity elects the
fair value option for an eligible item, changes in that item’s
fair value in subsequent reporting periods must be recog-
nized in current earnings. SFAS No. 159 is effective for fiscal
years beginning after November 15, 2007. The adoption of
this standard is not expected to have any material impact on
the Company’s consolidated statements of operations or
financial position.
2. Supplemental cash flow information:
Selected cash payments and noncash activities for the years ended March 31, 2005, 2006 and 2007 were as follows:
Thousands of
Millions of Yen U.S. Dollars
2005 2006 2007 2007
Cash payment for interest ¥ 2,038 ¥ 1,652 ¥ 2,739 $ 23,212
Cash payment for income taxes 17,195 9,039 12,565 106,483
Noncash investing activities:
Acquisition of a subsidiary:
Fair value of assets, net of cash acquired 60,736 – ––
Liability assumed including capital lease obligation of ¥12,882 million (26,721) – ––
Payment for acquisition of a subsidiary, net of cash acquired 34,015 – ––
Sales of discontinued operations:
Transferred assets – 1,527 24,180 204,915
Transferred liabilities – (1,080) (15,615) (132,331)
Minority interest – – (20) (169)
Accumulated other comprehensive income – (127) (84) (712)
Gain on sales – 434 2,488 21,085
Cash received, net – 754 10,949 92,788
Noncash financing activities:
Assumption of long-term debts from an affiliated company – 25,357 ––