PVR » Topics » Recent Accounting Pronouncements

This excerpt taken from the PVR 10-Q filed May 11, 2009.

Recent Accounting Pronouncements

See Note 2 in the Notes to Condensed Consolidated Financial Statements for a description of recent accounting pronouncements.

These excerpts taken from the PVR 10-K filed Feb 27, 2009.

Recent Accounting Pronouncements

See Note 2 – “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in Item 8, “Financial Statements and Supplementary Data,” for a description of recent accounting pronouncements.

Recent Accounting Pronouncements

See Note 2 – “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in
Item 8, “Financial Statements and Supplementary Data,” for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed Nov 6, 2008.

Recent Accounting Pronouncements

See Note 2 – “Summary of Significant Accounting Policies,” in the Notes to the Condensed Consolidated Financial Statements in Item 1, “Financial Statements,” for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed Aug 7, 2008.

Recent Accounting Pronouncements

See Note 2 – Summary of Significant Accounting Policies, in Item 1, “Financial Statements,” of the Condensed Consolidated Financial Statements for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed May 9, 2008.

Recent Accounting Pronouncements

See Note 2 in the Notes to Condensed Consolidated Financial Statements for a description of recent accounting pronouncements.

 

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Table of Contents
This excerpt taken from the PVR 10-K filed Feb 29, 2008.

Recent Accounting Pronouncements

See Note 2 in the Notes to Consolidated Financial Statements for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed Nov 1, 2007.

Recent Accounting Pronouncements

See Note 2 in the Notes to Condensed Consolidated Financial Statements for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed Aug 2, 2007.

Recent Accounting Pronouncements

See Note 2 in the Notes to Condensed Consolidated Financial Statements for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed May 4, 2007.

Recent Accounting Pronouncements

See Note 2 in the Notes to Condensed Consolidated Financial Statements for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-K filed Mar 1, 2007.

Recent Accounting Pronouncements

See Note 2 in the Notes to Consolidated Financial Statements for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed Nov 2, 2006.

Recent Accounting Pronouncements

See Note 2 in the Notes to Consolidated Financial Statements for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed Aug 3, 2006.

Recent Accounting Pronouncements

No accounting pronouncements issued in the second quarter of 2006 are expected to have a material effect on our consolidated financial position, results of operations or cash flows.

This excerpt taken from the PVR 10-Q filed May 9, 2006.

Recent Accounting Pronouncements

          No accounting pronouncements issued in the first quarter of 2006 are expected to have a material effect on our consolidated financial position, results of operations or cash flows.

This excerpt taken from the PVR 10-K filed Mar 16, 2006.

Recent Accounting Pronouncements

          See Note 2 in the Notes to Consolidated Financial Statements for a description of recent accounting pronouncements.

This excerpt taken from the PVR 10-Q filed Nov 3, 2005.

Recent Accounting Pronouncements

          See Note 14 in the Notes to Consolidated Financial Statements for a description of recent accounting pronouncements.

          In August 2005, the Securities and Exchange Commission (“SEC”) issued a complex reform package that is effective December 1, 2005, and requires large registrants to disclose in annual reports material comments from the SEC staff unresolved for more than 180 days. The reform package divides all issuers into four categories and streamlines the shelf registration process. New rules require disclosure of risk factors in annual reports on Form 10-K. Previously disclosed risk factors would be updated quarterly for material changes and reported on Form 10-Q.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

          Market risk is the risk of loss arising from adverse changes in market rates and prices. The principal market risks to which we are exposed are interest rate risk and NGL, natural gas and coal price risks.

          We are also indirectly exposed to the credit risk of our lessees.  If our lessees become financially insolvent, our lessees may not be able to continue operating or meeting their minimum lease payment obligations.  As a result, our coal royalty revenues could decrease due to lower production volumes.

          As of September 30, 2005, $82.9 million of our outstanding indebtedness under the Notes carried a fixed interest rate throughout its term.  We executed an interest rate derivative transaction in March 2003 to effectively convert the interest rate on one-third of the amount financed under the Notes from a fixed rate of 5.77 percent to a floating rate of LIBOR plus 2.36 percent.  The interest rate swap was accounted for as a fair value hedge in compliance with SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended by SFAS No. 137 and SFAS No. 138. The interest rate swap was settled on June 30, 2005, for $0.8 million. The settlement was paid in cash by us to the counterparty in July 2005.

          As of September 30, 2005, $175.0 million of our outstanding indebtedness under the revolving credit facility carried a variable interest rate throughout its term.  We executed interest rate derivative transactions in September 2005 to effectively convert the interest rate on $60 million of the amount financed under the revolving credit facility from a LIBOR-based floating rate to a fixed rate of 4.22 percent plus the applicable margin.  The interest rate swaps are accounted for as cash flow hedges in compliance with SFAS No. 133.

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          When we agreed to acquire Cantera, we wanted to ensure an acceptable return on the investment. This objective was supported by entering into pre-closing commodity price derivative agreements covering approximately 75 percent of the net volume of NGLs expected to be sold from April 2005 through December 2006. Rising commodity prices resulted in a significant change in the market value of those derivative agreements before they qualified for hedge accounting. This change in market value resulted in a $13.9 million noncash charge to earnings for the unrealized loss on these derivatives. Subsequent to the Cantera Acquisition, we formally designated the agreements as cash flow hedges in accordance with SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities. Upon qualifying for hedge accounting, changes in the market value of the derivative agreements are accounted for as other comprehensive income or loss to the extent they are effective, rather than as a direct impact on net income.  SFAS No. 133 requires us to continue to measure the effectiveness of the derivative agreements in relation to the underlying commodity being hedged, and we will be required to record the ineffective portion of the agreements in our net income for the respective period. During the third quarter of 2005, we reported a $3.6 million net unrealized gain on derivatives for the ineffective portion of the agreements as of September 30, 2005.  Cash settlements with the counterparties related to the derivative agreements will occur monthly over the life of the agreements, with PVR receiving a correspondingly higher or lower amount for the physical sale of the commodity over the same period. In addition, we entered into derivative agreements for ethane, propane, crude oil and natural gas to further protect our margins subsequent to the Cantera Acquisition.  These derivative agreements have been designated as cash flow hedges. See Note 6 of the Notes to Consolidated Financial Statements for a description of our hedging program and a listing of open derivative agreements and their fair value.

This excerpt taken from the PVR 10-Q filed Aug 4, 2005.

 13.  RECENT ACCOUNTING PRONOUNCEMENTS

     In March 2005, the Financial Accounting Standards Board (the "FASB") released Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations (FIN 47), which provides guidance for applying SFAS No. 143, Accounting for Asset Retirement Obligations. FIN 47 is effective no later than the end of fiscal years ending after December 15, 2005 (December 31, 2005, for calendar-year companies). We expect no change to our results of operations or financial position as a result of implementing FIN 47.

     In June 2005, the FASB issued SFAS No. 154, Accounting Changes and Error Corrections - a replacement of APB Opinion No. 20 and FASB Statement No. 3, which replaces Accounting Principles Board Opinion No. 20, Accounting Changes, and SFAS No. 3, Reporting Accounting Changes in Interim Financial Statements, and changes the requirements for the accounting for and reporting of a change in accounting principle. SFAS No. 154 requires retrospective application for voluntary changes in accounting principle unless it is impracticable to do so, and it applies to all voluntary changes in accounting principle. It also applies to changes required by an accounting pronouncement in the unusual instance that the pronouncement does not include specific transition provisions. When a pronouncement includes specific transition provisions, those provisions should be followed. SFAS No. 154 is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. Consequently, we will adopt the provisions of SFAS 154 for our fiscal year beginning January 1, 2006. We currently believe that adoption of the provisions of SFAS No. 154 will not have a material impact on our consolidated financial statements.

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This excerpt taken from the PVR 10-Q filed May 10, 2005.

Recent Accounting Pronouncements

 

See Note 14 in the Notes to Consolidated Financial Statements for a description of recent accounting pronouncements.

 

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This excerpt taken from the PVR 10-K filed Mar 1, 2005.

Recent Accounting Pronouncements

 

In June 2001, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 141, “Business Combinations,” and SFAS No. 142, “Goodwill and Other Intangible Assets,” under which we classified leased coal mineral rights as intangible assets. In April 2004, the FASB issued a FASB Staff Position (“FSP”) that amends certain sections of SFAS No. 141 and No. 142 relating to the characterization of coal mineral rights. As allowed by the FSP, we early adopted the FSP in April 2004 and, accordingly, reclassified leased coal mineral rights back to tangible property. We discontinued straight-line amortization upon adoption, and we will deplete coal mineral rights using the units-of-production method on a prospective basis. The amount capitalized related to a mineral right represents its fair value at the time such right was acquired, less accumulated amortization. Pursuant to the FSP, for comparative presentation purposes, $4.9 million was reclassified from a separate line item in other noncurrent assets to net property and equipment as of December 31, 2003, on the accompanying consolidated balance sheet.

 

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