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54
In June 2009, the FASB issued SFAS No. 167 (ASC Topic 810), “Amendments to FASB Interpretation
No. 46(R),” (“FAS 167”). The purpose of FAS 167 is to improve financial reporting by enterprises involved with
variable interest entities. FAS 167 is effective at the start of a company’s first fiscal year beginning after
November 15, 2009, or January 1, 2010 for companies reporting earnings on a calendar-year basis, which
will be our fiscal year 2011. Our adoption of this pronouncement on April 1, 2010 did not have a material
impact on our results of operations, financial position or cash flows. In December 2009, the FASB issued
ASU 2009-17, “Consolidations (Topic 810)—Improvements to Financial Reporting by Enterprises Involved
with Variable Interest Entities,” which codified FAS 167.
In October 2009, the FASB issued ASU 2009-13, “Revenue Recognition (Topic 605): Multiple-Deliverable
Revenue Arrangements—a consensus of the FASB Emerging Issues Task Force” (“ASU 2009-13”). ASU
2009-13 provides criteria for separating consideration in multiple-deliverable arrangements. It establishes a
selling price hierarchy for determining the price of a deliverable and expands the disclosures related to a
vendor’s multiple-deliverable revenue arrangements. ASU 2009-13 is effective prospectively for arrangements
entered into or materially modified in years beginning after June 15, 2010, which will be our fiscal 2012. We
are still evaluating the impact that the adoption of ASU 2009-13 will have on our results of operations,
financial position or cash flows.
In January 2010, the FASB issued ASU 2010-02, “Consolidation (Topic 810): Accounting and Reporting for
Decreases in Ownership of a Subsidiary” (“ASU 2010-02”). This amendment to Topic 810 clarifies, but does
not change, the scope of current US GAAP. It clarifies the decrease in ownership provisions of Subtopic 810-
10 and removes the potential conflict between guidance in that Subtopic and asset derecognition and gain
or loss recognition guidance that may exist in other US GAAP. An entity will be required to follow the
amended guidance beginning in the period that it first adopts FAS 160 (now included in Subtopic 810-10).
For those entities that have already adopted FAS 160, the amendments are effective at the beginning of the
first interim or annual reporting period ending on or after December 15, 2009, which will be our quarter ended
March 31, 2010. The amendments should be applied retrospectively to the first period that an entity adopted
FAS 160. Our adoption of this pronouncement did not have a material impact on our results of operations,
financial position or cash flows.
In January 2010, the FASB issued ASU 2010-06, “Fair Value Measurements and Disclosures (Topic 820):
Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 amends ASC 820
and clarifies and provides additional disclosure requirements related to recurring and non-recurring fair value
measurements and employers’ disclosures about postretirement benefit plan assets. ASU 2010-06 is
effective for interim and annual reporting periods beginning after December 15, 2009, which was our quarter
ending March 31, 2010. Our adoption of this pronouncement did not have a material impact on our results of
operations, financial position or cash flows. Disclosures about purchases, sales, issuances, and settlements
in the roll forward activity in Level 3 fair value measurements are effective for fiscal years beginning after
December 15, 2010, and for interim periods within those fiscal years, which will be our quarter ending
June 30, 2011. The adoption is not expected to have a material impact on our results of operations, financial
position or cash flows.
2. Cash and Cash Equivalents
The following table summarizes the components of our cash and cash equivalents (in thousands):
March 31,
2010
March 31,
2009
Cash and time deposits............................................................ $116,170 $93,624
Money market funds.................................................................. 21,049 38,234
Negotiable certificates of deposit(1) ......................................... 28,545 —
Corporate securities .................................................................. 8,439 —
Municipal securities(2)................................................................. 14,175 —
Cash and cash equivalents.................................................. $188,378 $131,858
(1) Negotiable certificates of deposit consist of deposits issued by institutions outside the U.S.
(2) Municipal securities consist of bonds issued or deemed to be guaranteed by non-U.S.
governments.