Sunbeam 2009 Annual Report Download - page 51

In March 2008, the FASB issued Guidance that requires that a company with derivative instruments disclose information to enable
users of the financial statements to understand: how and why an entity uses derivative instruments; how derivative instruments and relat-
ed hedged items are accounted for; and how derivative instruments and related hedged items affect an entity’s financial position, financial
performance and cash flows. As such, this Guidance requires qualitative disclosures about objectives and strategies for using derivatives,
quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-relat-
ed contingent features in derivative agreements. This Guidance is effective for financial statements issued for fiscal years and interim peri-
ods beginning after November 15, 2008. Since this Guidance requires only additional disclosures concerning derivatives and hedging
activities (see Note 10 for disclosures related to the adoption of this Guidance), the adoption of this Guidance, effective January 1, 2009,
did not affect the consolidated financial position, results of operations or cash flows of the Company.
In December 2007, the FASB issued Guidance that significantly changes the financial accounting and reporting for noncontrolling
(or minority) interests in consolidated financial statements. This Guidance, in part, establish accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary; clarify that a noncontrolling interest in a subsidiary is an
ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements; establish a single
method of accounting for changes in a parent’s ownership interest in a subsidiary that do not result in deconsolidation; require that a parent
recognize a gain or loss in net income when a subsidiary is deconsolidated; and require expanded disclosures in the consolidated financial
statements that clearly identify and distinguish between the interests of the parent’s owners and the interests of the noncontrolling owners
of a subsidiary. This Guidance is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15,
2008. The adoption of this Guidance, effective January 1, 2009, did not have a material effect on the consolidated financial position, results
of operations or cash flows of the Company.
In December 2007, the FASB issued revised Guidance that significantly changes the financial accounting and reporting for business
combinations. The provisions of this Guidance, in part, include requirements to recognize, with certain exceptions, 100% of the fair values
of assets acquired, liabilities assumed, and noncontrolling interests in acquisitions of less than a 100 % controlling interest when the acqui-
sition constitutes a change in control of the acquired entity; measure acquirer shares issued in consideration for a business combination at
fair value on the acquisition date; recognize contingent consideration arrangements at their acquisition-date fair values, with subsequent
changes in fair value generally reflected in earnings; expense, as incurred, acquisition-related transaction costs; capitalize acquisition-related
restructuring costs only if the appropriate accounting criteria are met as of the acquisition date; and recognize changes that result from a
business combination transaction in an acquirer’s existing income tax valuation allowances and tax uncertainty accruals as adjustments to
income tax expense. This Guidance will also require any adjustments related to pre-existing tax contingencies for prior acquisitions to be
recorded in the income statement. This Guidance generally effective for business combination transactions for which the acquisition date
is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. Earlier adoption is prohibited.
The adoption of the provisions of this Guidance, effective January 1, 2009, did not have a material effect on the consolidated financial posi-
tion, results of operations or cash flows of the Company.
In February 2007, the FASB issued Guidance that permits entities to choose to measure many financial instruments and certain
other items at fair value that are not currently required to be measured at fair value. This Guidance also established presentation and dis-
closure requirements designed to facilitate comparisons that choose different measurement attributes for similar types of assets and liabili-
ties. The Company adopted this Guidance effective January 1, 2008 and did not elect the fair value option established by this Guidance. As
such, the adoption had no impact on the consolidated financial position, results of operations or cash flows of the Company.
In September 2006, the FASB issued Guidance that other items requires recognition of the overfunded or underfunded status of an
entity’s defined benefit postretirement plan as an asset or liability in the financial statements, requires the measurement of defined benefit
postretirement plan assets and obligations as of the end of the employer’s fiscal year and requires recognition of the funded status of
defined benefit postretirement plans in other comprehensive income. The measurement date provisions of this Guidance require the
measurement of defined benefit plan assets and obligations as of the date of the Company’s fiscal year-end statement of financial posi-
tion. The Company adopted the measurement date provisions of this Guidance for the year ending December 31, 2008 using the second
transition approach as defined by this Guidance. This transition approach allowed the Company to estimate the effects of the change by
using the measurements determined at September 30, 2007 and that were used for the year ended December 31, 2007. The adoption of
the measurement date provisions of this Guidance did not have a material affect on the consolidated financial position, results of opera-
tions or cash flows of the Company.
In September 2006, the FASB issued Guidance that 2006 defines fair value, establishes a framework for measuring fair value and
expands disclosures about fair value measurements. Effective January 2008, the Company adopted the provisions of this Guidance related
to financial assets and liabilities, as well as other assets and liabilities carried at fair value on a recurring basis. These provisions were applied
prospectively and did not have a material effect on the consolidated financial position, results of operations or cash flows of the Company
(see Note 8 for disclosures related this Guidance for financial assets and liabilities). Effective January 1, 2009, the Company adopted the
provisions of this Guidance related to other nonfinancial assets and liabilities. The adoption of these provisions did not have a material
effect on the consolidated financial position, results of operations or cash flows of the Company and these provisions were applied
prospectively for the fair value measurement of non-financial assets.
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2009 (Dollars in millions, except per share data and unless otherwise indicated)
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