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This excerpt taken from the HBI 10-Q filed May 11, 2009. Fair
Value Measurements
In September 2006, the Financial Accounting Standards Board
(“FASB”) issued Statement of Financial Accounting
Standards (“SFAS”) No. 157, Fair Value
Measurements (“SFAS 157”). SFAS 157 defines
fair value, establishes a framework for measuring fair value in
generally accepted accounting principles and expands disclosures
about fair value measurements. SFAS 157 was effective for
the Company’s financial assets and liabilities on
December 30, 2007. The FASB approved a one-year deferral of
the adoption of SFAS 157 as it relates to non-financial
assets and liabilities with the issuance in February 2008 of
FASB Staff Position
FAS 157-2,
Effective Date of FASB Statement No. 157, as a result of
which implementation by the Company is now required on
January 4, 2009. The partial adoption of SFAS 157 in
the first quarter ended March 29, 2008 for financial assets
and liabilities and the first quarter ended April 4, 2009
for non-financial assets and liabilities had no material impact
on the financial condition, results of operations or cash flows
of the Company, but resulted in certain additional disclosures
reflected in Note 9.
This excerpt taken from the HBI 10-Q filed Oct 31, 2008. Fair
Value Measurements
In September 2006, the Financial Accounting Standards Board
(“FASB”) issued Statement of Financial Accounting
Standards (“SFAS”) No. 157, Fair Value
Measurements (“SFAS 157”). SFAS 157 defines
fair value, establishes a framework for measuring fair value in
generally accepted accounting principles and expands disclosures
about fair value measurements. SFAS 157 was effective for
our financial assets and liabilities on December 30, 2007.
The FASB approved a one-year deferral of the adoption of
SFAS 157 as it relates to non-financial assets and
liabilities with the issuance in February 2008 of FASB Staff
Position
FAS 157-2,
Effective Date of FASB Statement No. 157, as a result of
which implementation by us is now required on January 4,
2009. The partial adoption of SFAS 157 in the first quarter
ended March 29, 2008 had no material impact on our
financial condition, results of operations or cash flows, but
resulted in certain additional disclosures reflected in
Note 9 of the Condensed Consolidated Financial Statements.
We are in the process of evaluating the impact of SFAS 157
as it relates to our non-financial assets and liabilities.
SFAS 157 clarifies that fair value is an exit price,
representing the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. We utilize
market data or assumptions that market participants would use in
pricing the asset or liability. SFAS 157 establishes a
three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. These tiers include: Level 1,
defined as observable inputs such as quoted prices in active
markets; Level 2, defined as inputs other than quoted
prices in active markets that are either directly or indirectly
observable; and Level 3, defined as unobservable inputs
about which little or no market data exists, therefore requiring
an entity to develop its own assumptions.
Table of Contents
Assets and liabilities measured at fair value are based on one
or more of three valuation techniques noted in SFAS 157.
The three valuation techniques are as follows:
We primarily apply the market approach for commodity derivatives
and the income approach for interest rate and foreign currency
derivatives for recurring fair value measurements and attempt to
utilize valuation techniques that maximize the use of observable
inputs and minimize the use of unobservable inputs.
As of September 27, 2008, we held certain financial assets
and liabilities that are required to be measured at fair value
on a recurring basis. These consisted of our derivative
instruments related to interest rates, foreign exchange rates
and cotton. The fair values of cotton derivatives are determined
based on quoted prices in public markets and are categorized as
Level 1. The fair values of interest rate and foreign
exchange rate derivatives are determined based on inputs that
are readily available in public markets or can be derived from
information available in publicly quoted markets and are
categorized as Level 2. We do not have any financial assets
or liabilities measured at fair value on a recurring basis
categorized as Level 3, and there were no transfers in or
out of Level 3 during the third quarter and nine months
ended September 27, 2008. There were no changes during the
third quarter and nine months ended September 27, 2008 to
our valuation techniques used to measure asset and liability
fair values on a recurring basis.
As required by SFAS 157, assets and liabilities are
classified in their entirety based on the lowest level of input
that is significant to the fair value measurement. Our
assessment of the significance of a particular input to the fair
value measurement requires judgment, and may affect the
valuation of fair value assets and liabilities and their
placement within the fair value hierarchy levels. The
determination of fair values incorporates various factors
required under SFAS 157. These factors include not only the
credit standing of the counterparties involved and the impact of
credit enhancements, but also the impact of our nonperformance
risk on our liabilities.
This excerpt taken from the HBI 10-Q filed Aug 1, 2008. Fair
Value Measurements
In September 2006, the Financial Accounting Standards Board
(“FASB”) issued Statement of Financial Accounting
Standards (“SFAS”) No. 157, Fair Value
Measurements (“SFAS 157”). SFAS 157 defines
fair value, establishes a framework for measuring fair value in
generally accepted accounting principles and expands disclosures
about fair value measurements. SFAS 157 was effective for
our financial assets and liabilities on December 30, 2007.
The FASB approved a one-year deferral of the adoption of
SFAS 157 as it relates to non-financial assets and
liabilities with the issuance in February 2008 of FASB Staff
Position
FAS 157-2,
Effective Date of FASB Statement No. 157, as a result of
which implementation by us is now required on January 4,
2009. The partial adoption of SFAS 157 in the first quarter
ended March 29, 2008 had no material impact on our
financial condition, results of operations or cash flows, but
resulted in certain additional disclosures reflected in
Note 9 of the Condensed Consolidated Financial Statements.
We are in the process of evaluating the impact of SFAS 157
as it relates to our non-financial assets and liabilities.
SFAS 157 clarifies that fair value is an exit price,
representing the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. We utilize
market data or assumptions that market participants would use in
pricing the asset or liability. SFAS 157 establishes a
three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. These tiers include: Level 1,
defined as observable inputs such as quoted prices in active
markets; Level 2, defined as inputs other than quoted
prices in active markets that are either directly or indirectly
observable; and Level 3, defined as unobservable inputs
about which little or no market data exists, therefore requiring
an entity to develop its own assumptions.
Table of Contents
Assets and liabilities measured at fair value are based on one
or more of three valuation techniques noted in SFAS 157.
The three valuation techniques are as follows:
We primarily apply the market approach for commodity derivatives
and the income approach for interest rate and foreign currency
derivatives for recurring fair value measurements and attempt to
utilize valuation techniques that maximize the use of observable
inputs and minimize the use of unobservable inputs.
As of June 28, 2008, we held certain financial assets and
liabilities that are required to be measured at fair value on a
recurring basis. These consisted of our derivative instruments
related to interest rates, foreign exchange rates and cotton.
The fair values of cotton derivatives are determined based on
quoted prices in public markets and are categorized as
Level 1. The fair values of interest rate and foreign
exchange rate derivatives are determined based on inputs that
are readily available in public markets or can be derived from
information available in publicly quoted markets and are
categorized as Level 2. We do not have any financial assets
or liabilities measured at fair value on a recurring basis
categorized as Level 3, and there were no transfers in or
out of Level 3 during the six months ended June 28,
2008. There were no changes to our valuation technique used to
measure asset and liability fair values on a recurring basis.
As required by SFAS 157, assets and liabilities are
classified in their entirety based on the lowest level of input
that is significant to the fair value measurement. Our
assessment of the significance of a particular input to the fair
value measurement requires judgment, and may affect the
valuation of fair value assets and liabilities and their
placement within the fair value hierarchy levels. The
determination of fair values incorporates various factors
required under SFAS 157. These factors include not only the
credit standing of the counterparties involved and the impact of
credit enhancements, but also the impact of our nonperformance
risk on our liabilities.
This excerpt taken from the HBI 10-Q filed May 7, 2008. Fair
Value Measurements
In September 2006, the Financial Accounting Standards Board
(“FASB”) issued Statement of Financial Accounting
Standards (“SFAS”) No. 157, Fair Value
Measurements (“SFAS 157”). SFAS 157 defines
fair value, establishes a framework for measuring fair value in
generally accepted accounting principles and expands disclosures
about fair value measurements. SFAS 157 was effective for
our financial assets and liabilities on December 30, 2007.
The FASB approved a one-year deferral of the adoption of
SFAS 157 as it relates to non-financial assets and
liabilities with the issuance in February 2008 of FASB Staff
Position
FAS 157-2,
Effective Date of FASB Statement No. 157, as a result of
which implementation by us is now required on January 4,
2009. The partial adoption of SFAS 157 in the first quarter
ended March 29, 2008 had no material impact on our
financial condition, results of operations or cash flows, but
resulted in certain additional disclosures reflected in
Note 8 of the Condensed Consolidated Financial Statements.
Table of Contents
SFAS 157 clarifies that fair value is an exit price,
representing the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. We utilize
market data or assumptions that market participants would use in
pricing the asset or liability. SFAS 157 establishes a
three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. These tiers include: Level 1,
defined as observable inputs such as quoted prices in active
markets; Level 2, defined as inputs other than quoted
prices in active markets that are either directly or indirectly
observable; and Level 3, defined as unobservable inputs
about which little or no market data exists, therefore requiring
an entity to develop its own assumptions.
Assets and liabilities measured at fair value are based on one
or more of three valuation techniques noted in SFAS 157.
The three valuation techniques are as follows:
We primarily apply the market approach for commodity derivatives
and the income approach for interest rate and foreign currency
derivatives for recurring fair value measurements and attempt to
utilize valuation techniques that maximize the use of observable
inputs and minimize the use of unobservable inputs.
As of March 29, 2008, we held certain financial assets and
liabilities that are required to be measured at fair value on a
recurring basis. These consisted of our derivative instruments
related to interest rates, foreign exchange rates and cotton.
The fair values of cotton derivatives are determined based on
quoted prices in public markets and are categorized as
Level 1. The fair values of interest rate and foreign
exchange rate derivatives are determined based on inputs that
are readily available in public markets or can be derived from
information available in publicly quoted markets and are
categorized as Level 2. We do not have any financial assets
or liabilities measured at fair value on a recurring basis
categorized as Level 3, and there were no transfers in or
out of Level 3 during the quarter ended March 29,
2008. There were no changes to our valuation technique used to
measure asset and liability fair values on a recurring basis.
As required by SFAS 157, assets and liabilities are
classified in their entirety based on the lowest level of input
that is significant to the fair value measurement. Our
assessment of the significance of a particular input to the fair
value measurement requires judgment, and may affect the
valuation of fair value assets and liabilities and their
placement within the fair value hierarchy levels. The
determination of fair values incorporates various factors
required under SFAS 157. These factors include not only the
credit standing of the counterparties involved and the impact of
credit enhancements, but also the impact of our nonperformance
risk on our liabilities.
These excerpts taken from the HBI 10-K filed Feb 19, 2008. Fair
Value Measurements
The FASB has issued SFAS No. 157, Fair Value
Measurements, or “SFAS 157,” which provides
guidance for using fair value to measure assets and liabilities.
The standard also responds to investors’ requests for more
information about (1) the extent to which companies measure
assets and liabilities at fair value, (2) the information
used to measure fair value, and (3) the effect that
fair-value measurements have on earnings. SFAS 157 will
apply whenever another standard requires (or permits) assets or
liabilities to be measured at fair value. The standard does not
expand the use of fair value to any new circumstances.
SFAS 157 is effective for financial statements issued for
fiscal years beginning after November 15, 2007, and interim
periods within those fiscal years. The Company is currently
evaluating the impact, if any, of SFAS 157 on its results
of operations and financial position.
Fair Value Measurements The FASB has issued SFAS No. 157, Fair Value Measurements, or “SFAS 157,” which provides guidance for using fair value to measure assets and liabilities. The standard also responds to investors’ requests for more information about (1) the extent to which companies measure assets and liabilities at fair value, (2) the information used to measure fair value, and (3) the effect that fair-value measurements have on earnings. SFAS 157 will apply whenever another standard requires (or permits) assets or liabilities to be measured at fair value. The standard does not expand the use of fair value to any new circumstances. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The Company is currently evaluating the impact, if any, of SFAS 157 on its results of operations and financial position. This excerpt taken from the HBI 10-Q filed Nov 5, 2007. Fair
Value Measurements
The FASB has issued Statement of Financial Accounting Standards
(“SFAS”) No. 157, Fair Value Measurements, or
“SFAS 157,” which provides guidance for using
fair value to measure assets and liabilities. The standard also
responds to investors’ requests for more information about
(1) the extent to which companies measure assets and
liabilities at fair value, (2) the information used to
measure fair value, and (3) the effect that fair-value
measurements have on earnings. SFAS 157 will apply whenever
another standard requires (or permits) assets or liabilities to
be measured at fair value. The standard does not expand the use
of fair value to any new circumstances. SFAS 157 is
effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods
within those fiscal years. We are currently evaluating the
impact, if any, of SFAS 157 on our results of operations
and financial position.
This excerpt taken from the HBI 10-Q filed Aug 3, 2007. Fair
Value Measurements
The FASB has issued SFAS No. 157, Fair Value Measurements,
or “SFAS 157,” which provides guidance for using
fair value to measure assets and liabilities. The standard also
responds to investors’ requests for more information about
(1) the extent to which companies measure assets and
liabilities at fair value, (2) the information used to
measure fair value, and (3) the effect that fair-value
measurements have on earnings. SFAS 157 will apply whenever
another standard requires (or permits) assets or liabilities to
be measured at fair value. The standard does not expand the use
of fair value to any new circumstances. SFAS 157 is
effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods
within those fiscal years. We are currently evaluating the
impact, if any, of SFAS 157 on our results of operations
and financial position.
This excerpt taken from the HBI 10-Q filed May 14, 2007. Fair
Value Measurements
The FASB has issued FAS 157, Fair Value Measurements, or
“SFAS 157,” which provides guidance for using
fair value to measure assets and liabilities. The standard also
responds to investors’ requests for more information about
(1) the extent to which companies measure assets and
liabilities at fair value, (2) the information used to
measure fair value, and (3) the effect that fair-value
measurements have on earnings. SFAS 157 will apply whenever
another standard requires (or permits) assets or liabilities to
be measured at fair value. The standard does not expand the use
of fair value to any new circumstances. SFAS 157 is
effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods
within those fiscal years. We are currently evaluating the
impact, if any, of SFAS 157 on our results of operations
and financial position.
This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Fair
Value Measurements
The FASB has issued FAS 157, Fair Value Measurements, or
“SFAS 157,” which provides guidance for using
fair value to measure assets and liabilities. The standard also
responds to investors’ requests for more information about
(1) the extent to which companies measure assets and
liabilities at fair value, (2) the information used to
measure fair value, and (3) the effect that fair-value
measurements have on earnings. SFAS 157 will apply whenever
another standard requires (or permits) assets or liabilities to
be measured at fair value. The standard does not expand the use
of fair value to any new circumstances. SFAS 157 is
effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods
within those fiscal years. We are currently evaluating the
impact, if any, of SFAS 157 on our results of operations
and financial position.
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