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GIS » Topics » Variable Interest Entities

These excerpts taken from the GIS 10-K filed Jul 11, 2008.
Variable Interest Entities As of May 25, 2008, we invested in 3 variable interest entities (VIEs). We have an interest in a contract

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manufacturer at our former facility in Geneva, Illinois. We are the primary beneficiary (PB) and have consolidated this entity as of May 25, 2008. This entity had property and equipment with a carrying value of $31.0 million and long-term debt of $31.8 million as of May 25, 2008. We also have an interest in a contract manufacturer in Greece that is a VIE. Although we are the PB, we have not consolidated this entity because it is not material to our results of operations, financial condition, or liquidity as of and for the year ended May 25, 2008. This entity had assets of $4.2 million and liabilities of $0.9 million as of May 25, 2008. We are not the PB of the remaining VIE. Our maximum exposure to loss from the 3 VIEs is limited to the $31.8 million of long-term debt of the contract manufacturer in Geneva, Illinois and our $1.1 million equity investment in the VIE of which we are not the PB.
 
Variable Interest
Entities As of May 25, 2008, we
invested in 3 variable interest entities (VIEs). We have an
interest in a contract















48





Table of Contents








manufacturer at our former facility in Geneva, Illinois. We are
the primary beneficiary (PB) and have consolidated this entity
as of May 25, 2008. This entity had property and equipment
with a carrying value of $31.0 million and long-term debt
of $31.8 million as of May 25, 2008. We also have an
interest in a contract manufacturer in Greece that is a VIE.
Although we are the PB, we have not consolidated this entity
because it is not material to our results of operations,
financial condition, or liquidity as of and for the year ended
May 25, 2008. This entity had assets of $4.2 million
and liabilities of $0.9 million as of May 25, 2008. We
are not the PB of the remaining VIE. Our maximum exposure to
loss from the 3 VIEs is limited to the $31.8 million of
long-term debt of the contract manufacturer in Geneva, Illinois
and our $1.1 million equity investment in the VIE of which
we are not the PB.


 



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Jul 11, 2008

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"Variable Interest Entities" elsewhere:

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