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This excerpt taken from the HBI 10-Q filed Nov 5, 2007. Issued
But Not Yet Effective Accounting Standards
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.
Pension
and Other Postretirement Benefits
In September 2006, the FASB issued SFAS No. 158,
Employer’s Accounting for Defined Benefit Pension and Other
Postretirement Plans (an amendment of FASB Statements
No. 87, 88, 106, and 132R), or “SFAS 158.”
SFAS 158 requires an employer to recognize in its statement
of financial position an asset for a plan’s overfunded
status, or a liability for a plan’s underfunded status,
measure a plan’s assets and its obligations that determine
its funded status as of the end of the employer’s fiscal
year (with limited exceptions), and recognize changes in the
funded status of a defined benefit postretirement plan in the
year in which the changes occur. Those changes will be reported
in accumulated other comprehensive loss and as a separate
component of stockholders’ equity. We adopted the provision
to recognize the funded status of a benefit plan and the
disclosure requirements during the six months ended
December 30, 2006. The requirement to measure plan assets
and benefit obligations as of the date of the employer’s
fiscal year-end is effective for fiscal years ending after
December 15, 2008. We plan to adopt the measurement date
provision in fiscal 2007.
Fair
Value Option for Financial Assets and Financial
Liabilities
In February 2007, the FASB issued SFAS No. 159, The
Fair Value Option for Financial Assets and Financial
Liabilities, including an amendment of FASB Statement
No. 115 (“SFAS 159”). SFAS 159 permits
companies 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 and establishes
presentation and disclosure requirements designed to facilitate
comparisons between companies that choose different measurement
attributes for similar types of assets and liabilities. The
provisions of SFAS 159 become effective for fiscal years
beginning after November 15, 2007. We are currently
evaluating the impact that SFAS 159 will have on our
results of operations and financial position.
There have been no significant changes in our market risk
exposures from those described in Item 7A of our Report on
Form 10-KT
for the six months ended December 30, 2006.
Table of Contents
As required by Exchange Act
Rule 13a-15(b),
our management, including the Chief Executive Officer and Chief
Financial Officer, conducted an evaluation of the effectiveness
of our disclosure controls and procedures, as defined in
Exchange Act
Rule 13a-15(e),
as of the end of the period covered by this report. Based on
that evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that our disclosure controls and procedures
were effective.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
our management, including the Chief Executive Officer and Chief
Financial Officer, concluded that no changes in our internal
control over financial reporting occurred during the period
covered by this report that have materially affected, or are
reasonably likely to materially affect, our internal control
over financial reporting.
Not applicable.
This excerpt taken from the HBI 10-Q filed Aug 3, 2007. Issued
But Not Yet Effective Accounting Standards
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.
Pension
and Other Postretirement Benefits
In September 2006, the FASB issued SFAS No. 158,
Employer’s Accounting for Defined Benefit Pension and Other
Postretirement Plans (an amendment of FASB Statements
No. 87, 88, 106, and 132R), or “SFAS 158.”
SFAS 158 requires an employer to recognize in its statement
of financial position an asset for a plan’s over funded
status, or a liability for a plan’s under funded status,
measure a plan’s assets and its obligations that determine
its funded status as of the end of the employer’s fiscal
year (with limited exceptions), and recognize changes in the
funded status of a defined benefit postretirement plan in the
year in which the changes occur. Those changes will be reported
in accumulated other comprehensive loss and as a separate
component of stockholders’ equity. We adopted the provision
to recognize the funded status of a benefit plan and the
disclosure requirements during the six months ended
December 30, 2006. The requirement to measure plan assets
and benefit obligations as of the date of the employer’s
fiscal year-end is effective for fiscal years ending after
December 15, 2008. We plan to adopt the measurement date
provision in fiscal 2007.
Fair
Value Option for Financial Assets and Financial
Liabilities
In February 2007, the FASB issued SFAS No. 159, The
Fair Value Option for Financial Assets and Financial
Liabilities, including an amendment of FASB Statement
No. 115 (“SFAS 159”). SFAS 159 permits
companies 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 and establishes
presentation and disclosure requirements designed to facilitate
comparisons between companies that choose different measurement
attributes for similar types of assets and liabilities. The
provisions of SFAS 159 become effective for fiscal years
beginning after November 15, 2007. We are currently
evaluating the impact that SFAS 159 will have on our
results of operations and financial position.
There have been no significant changes in our market risk
exposures from those described in Item 7A of our Report on
Form 10-KT
for the six months ended December 30, 2006.
As required by Exchange Act
Rule 13a-15(b),
our management, including the Chief Executive Officer and Chief
Financial Officer, conducted an evaluation of the effectiveness
of our disclosure controls and procedures, as defined in
Exchange Act
Rule 13a-15(e),
as of the end of the period covered by this report. Based on
that evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that our disclosure controls and procedures
were effective.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
our management, including the Chief Executive Officer and Chief
Financial Officer, concluded that no changes in our internal
control over financial reporting occurred during the period
covered by this report that have materially affected, or are
reasonably likely to materially affect, our internal control
over financial reporting.
Table of Contents
This excerpt taken from the HBI 10-Q filed May 14, 2007. Issued
But Not Yet Effective Accounting Standards
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.
Pension
and Other Postretirement Benefits
In September 2006, the FASB issued SFAS No. 158,
Employer’s Accounting for Defined Benefit Pension and Other
Postretirement Plans (an amendment of FASB Statements
No. 87, 88, 106, and 132R), or “SFAS 158.”
SFAS 158 requires an employer to recognize in its statement
of financial position an asset for a plan’s over funded
status, or a liability for a plan’s under funded status,
measure a plan’s assets and its obligations that determine
its funded status as of the end of the employer’s fiscal
year (with limited exceptions), and recognize changes in the
funded status of a defined benefit postretirement plan in the
year in which the changes occur. Those changes will be reported
in our comprehensive loss and as a separate component of
stockholders’ equity. We adopted the provision to recognize
the funded status of a benefit plan and the disclosure
requirements during the six months ended December 30, 2006.
The requirement to measure plan assets and benefit obligations
as of the date of the employer’s fiscal year-end is
effective for fiscal years ending after December 15, 2008.
We plan to adopt the measurement date provision in 2007.
Table of Contents
Fair
Value Option for Financial Assets and Financial
Liabilities
In February 2007, the FASB issued Statement No. 159, The
Fair Value Option for Financial Assets and Financial
Liabilities, including an amendment of FASB Statement
No. 115 (“SFAS 159”). SFAS 159 permits
companies 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 and establishes
presentation and disclosure requirements designed to facilitate
comparisons between companies that choose different measurement
attributes for similar types of assets and liabilities. The
provisions of SFAS 159 become effective for fiscal years
beginning after November 15, 2007. We are currently
evaluating the impact that SFAS 159 will have on our
results of operations and financial position.
There have been no significant changes in our market risk
exposures from those described in Item 7A of our Report on
Form 10-KT
for the six months ended December 30, 2006.
As required by Exchange Act
Rule 13a-15(b),
our management, including the Chief Executive Officer and Chief
Financial Officer, conducted an evaluation of the effectiveness
of our disclosure controls and procedures, as defined in
Exchange Act
Rule 13a-15(e),
as of the end of the period covered by this report. Based on
that evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that our disclosure controls and procedures
were effective.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
our management, including the Chief Executive Officer and Chief
Financial Officer, concluded that no changes in our internal
control over financial reporting occurred during the period
covered by this report that have materially affected, or are
reasonably likely to materially affect, our internal control
over financial reporting.
This excerpt taken from the HBI 8-K filed Nov 29, 2006. Issued
But Not Yet Effective Accounting Standards
Accounting
for Uncertainty in Income Taxes
In June 2006, the FASB issued Interpretation No. 48,
Accounting for Uncertainty in Income Taxes: An Interpretation
of FASB Statement No. 109, or
“FIN No. 48”. This interpretation clarifies
the accounting for uncertainty in income taxes recognized in an
entity’s financial statements in accordance with
SFAS No. 109. FIN No. 48 prescribes a
recognition threshold and measurement principles for the
financial statement recognition and measurement of tax positions
taken or expected to be taken on a tax return. This
interpretation is effective for fiscal years beginning after
December 15, 2006 and as such, we will adopt
FIN No. 48 beginning July 1, 2007. We are
currently assessing the impact the adoption of
FIN No. 48 will have on our consolidated financial
position and results of operations.
This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Issued
But Not Yet Effective Accounting Standards
Accounting
for Uncertainty in Income Taxes
In June 2006, the FASB issued Interpretation No. 48,
Accounting for Uncertainty in Income Taxes: An Interpretation of
FASB Statement No. 109, or
“FIN No. 48”. This interpretation clarifies
the accounting for uncertainty in income taxes recognized in an
entity’s financial statements in accordance with
SFAS No. 109. FIN No. 48 prescribes a
recognition threshold and measurement principles for the
financial statement recognition and measurement of tax positions
taken or expected to be taken on a tax return. This
interpretation is effective for fiscal years beginning after
December 15, 2006. We are currently assessing the impact
the adoption of FIN No. 48 will have on our results of
operations and financial position.
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.
Pension
and Other Postretirement Benefits
In September 2006, the FASB issued SFAS No. 158,
Employer’s Accounting for Defined Benefit Pension and Other
Postretirement Plans (an amendment of FASB Statements
No. 87, 88, 106, and 132R), or “SFAS 158.”
SFAS 158 requires an employer to recognize in its statement
of financial position an asset for a plan’s over funded
status, or a liability for a plan’s under funded status,
measure a plan’s assets and its obligations that determine
its funded status as of the end of the employer’s fiscal
year (with limited exceptions), and recognize changes in the
funded status of a defined benefit postretirement plan in the
year in which the changes occur. Those changes will be reported
in our comprehensive income and as a separate component of
stockholders’ equity. The requirement to recognize the
funded status of a benefit plan and the disclosure requirements
are effective as of the end of the fiscal year ending after
December 15, 2006. The requirement to measure plan assets
and benefit obligations as of the date of the employer’s
fiscal year-end is
Table of Contents
effective for fiscal years ending after December 15, 2008.
We are evaluating the impact of SFAS 158 on our results of
operations and financial condition.
There have been no significant changes in our market risk
exposures from those described in Item 7A of our Annual
Report on
Form 10-K
for the fiscal year ended July 1, 2006.
As required by Exchange Act
Rule 13a-15(b),
our management, including the Chief Executive Officer and Chief
Financial Officer, conducted an evaluation of the effectiveness
of our disclosure controls and procedures, as defined in
Exchange Act
Rule 13a-15(e),
as of as of the end of the period covered by this report. Based
on that evaluation, the Chief Executive Officer and Chief
Financial Officer concluded that our disclosure controls and
procedures were effective.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
our management, including the Chief Executive Officer and Chief
Financial Officer, concluded that no changes in our internal
control over financial reporting occurred during the period
covered by this report that have materially affected, or are
reasonably likely to materially affect, our internal control
over financial reporting.
This excerpt taken from the HBI 10-K filed Sep 28, 2006. Issued
But Not Yet Effective Accounting Standards
Accounting
for Uncertainty in Income Taxes
In June 2006, the FASB issued Interpretation No. 48,
Accounting for Uncertainty in Income Taxes: An Interpretation
of FASB Statement No. 109, or
“FIN No. 48”. This interpretation clarifies
the accounting for uncertainty in income taxes recognized in an
entity’s financial statements in accordance with
SFAS No. 109. FIN No. 48 prescribes a
recognition threshold and measurement principles for the
financial statement recognition and measurement of tax positions
taken or expected to be taken on a tax return. This
interpretation is effective for fiscal years beginning after
December 15, 2006 and as such, we will adopt
FIN No. 48 beginning July 1, 2007. We are
currently assessing the impact the adoption of
FIN No. 48 will have on our consolidated financial
position and results of operations.
We are exposed to market risk from changes in foreign exchange
rates, interest rates and commodity prices. Historically, Sara
Lee has maintained risk management control systems on our behalf
to monitor the foreign exchange, interest rate and commodities
risks and Sara Lee’s offsetting hedge position. Sara
Lee’s risk management control system uses analytical
techniques including market value, sensitivity analysis and
value at risk estimations.
This excerpt taken from the HBI 8-K filed Sep 5, 2006. Issued But Not Yet Effective Accounting Standards Accounting Changes and Error Corrections The FASB issued Statement of Financial Accounting Standards No. 154, “Accounting Changes and Error Corrections” (SFAS No. 154), which requires retroactive application of a voluntary change in accounting principle to prior period financial statements unless it is impractical. SFAS No. 154 also requires that changes in the method of depreciation, amortization, or depletion for long-lived, non-financial assets be accounted for as a change in accounting estimate that is affected by a change in accounting principle. SFAS No. 154 replace APB Opinion 20, “Accounting Changes,” and SFAS No. 3, “Reporting Accounting Changes in Interim Financial Statements.” We will adopt the provisions of SFAS No. 154, effective in fiscal 2007. Management currently believes that adoption of the provisions of SFAS No. 154 will not have a significant impact on our Combined and Consolidated Financial Statements.
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