Ingram Micro (IM)

 

Refer to Note 2 of our consolidated financial statements for the discussion of new accounting standards.

 

 

Refer to Note 2 of our consolidated financial statements for the discussion of new accounting standards.

 

 

Refer to Note 2 of our consolidated financial statements for the discussion of new accounting standards.

 

 

Refer to Note 2 of our consolidated financial statements
for the discussion of new accounting standards.

 

 

Refer to Note 2 of our consolidated financial statements
for the discussion of new accounting standards.

 

 

Refer to Note 2 of our consolidated financial statements
for the discussion of new accounting standards.

 

 

Refer to Note 2 of our consolidated financial statements for the discussion of new accounting standards.

 

 

Refer to Note 2 of our consolidated financial statements
for the discussion of new accounting standards.

 

 

In September 2006, the SEC issued Staff Accounting Bulleting No. 108 “Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements” (“SAB 108”). SAB 108 provides interpretive guidance on how the effects of the carryover or reversal of prior year misstatements should be considered in quantifying a potential current year misstatement. SAB 108 requires that companies view financial statement misstatements as material if either the current year impact of the misstatements or cumulative impact of previous unadjusted misstatements is considered material to either the financial position or results of operations of the Company in its current financial statements. The adoption of the provisions of SAB 108, effective as of December 30, 2006, did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

 

In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. The Company is required to adopt the provisions of FAS 157 in the first quarter of 2008. The Company is currently in the process of assessing what impact FAS 157 may have on its consolidated financial position, results of operations or cash flows.

 

In June 2006, the Financial Accounting Standards Board issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB Statement No. 109, “Accounting for Income Taxes,” and prescribes a recognition threshold and measurement attribute for the financial statement treatment of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company is required to adopt the provisions of FIN 48 effective at the beginning of fiscal 2007, or December 31, 2006. The Company currently estimates that the adoption of FIN 48 will result in a cumulative effect adjustment of $4,000 to reduce the Company’s consolidated retained earnings and to increase reserves for uncertain tax positions. This estimate is subject to revision as management completes its analysis.

 

In March 2006, the Emerging Issues Task Force reached a consensus on Issue No. 06-03 “How Taxes Collected from Customers and Remitted to Government Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation)” (“EITF No. 06-03”). The Company is required to adopt the provisions of EITF No. 06-03 in the first quarter of 2007. The Company does not expect the provisions of EITF No. 06-03 to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.