Pioneer 2008 Annual Report Download - page 43

Annual Report 2008 41
combination to recognize all (and only) the assets acquired and
liabilities assumed in the transaction; establishes the acquision-
date fair value as the measurement objective for all assets
acquired and liabilities assumed; and requires the acquirer to
disclose to investors and other users all of the information they
need to evaluate and understand the nature and financial
effect of the business combination. SFAS No. 141(R) is effec-
tive for fiscal years beginning on or after December 15, 2008.
The adoption of this standard is not expected to have any
material impact on the Company’s consolidated statements of
operations or financial position.
In December 2007, the FASB issued SFAS No. 160,
“Noncontrolling Interests in Consolidated Financial Statements,
an amendment of ARB No. 51.” SFAS No. 160 improves the
relevance, comparability, and transparency of financial informa-
tion provided to investors by requiring all entities to report
noncontrolling (minority) interests in subsidiaries in the same
way as equity in the consolidated financial statements. More-
over, SFAS No. 160 eliminates the diversity that currently exists
in accounting for transactions between an entity and noncon-
trolling interests by requiring they be treated as equity transac-
tions. SFAS No. 160 is effective for fiscal years beginning on or
after December 15, 2008. The Company is currently assessing
the impact the adoption will have on the Company’s consoli-
dated statements of operations or financial position.
In March 2008, the FASB issued SFAS No. 161, “Disclo-
sures about Derivative Instruments and Hedging Activities, an
amendment of FASB Statement No. 133.” SFAS No. 161 is
intended to improve financial reporting about derivative instru-
ments and hedging activities by requiring enhanced disclo-
sures, such as; additional information about how and why
derivative instruments are being used; improved transparency
about the location and amounts of derivative instruments in an
entity’s financial statements; how derivative instruments and
related hedged items are accounted for under Statement No.
133; and how derivative instruments and related hedged items
affect its financial position, financial performance, and cash
flows. SFAS No. 161 achieves these improvements by requir-
ing disclosure of the fair values of derivative instruments and
their gains and losses in a tabular format, etc. SFAS No. 161 is
effective for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008, with early
application encouraged. The adoption of this standard is not
expected to have any material impact on the Company’s con-
solidated statements of operations or financial position.
2. Supplemental cash flow information:
Selected cash payments and noncash activities for the years ended March 31, 2006, 2007 and 2008 were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2006 2007 2008 2008
Cash payment for interest ¥ 1,652 ¥ 2,739 ¥ 2,259 $ 22,590
Cash payment for income taxes 9,039 12,565 11,236 112,360
Noncash investing activities:
Share exchange in connection with additional investments in subsidiaries:
Fair value of shares received – – 1,024 10,240
Cost of shares surrendered – – 1,412 14,120
Sales of discontinued operations:
Transferred assets 1,527 24,180 – –
Transferred liabilities (1,080) (15,615) – –
Minority interest – (20) – –
Accumulated other comprehensive income (127) (84) – –
Gain on sales 434 2,488 – –
Cash received, net 754 10,949 – –
Noncash fi nancing activities:
Assumption of long-term debts from an affi liated company 25,357 – – –