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This excerpt taken from the PBG 8-K filed Sep 16, 2009. Note 8 –
Fair Value Measurements
We adopted SFAS 157 at the beginning of fiscal 2008 for all
financial instruments valued on a recurring basis, at least
annually. The standard defines fair value as 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. It also establishes a three-level fair
value hierarchy that prioritizes the inputs used to measure fair
value. The three levels of the hierarchy are defined as follows:
Level 1 – Unadjusted quoted prices in
active markets for identical assets or liabilities.
30
Table of Contents
Level 2 – Observable inputs other than
quoted prices included in Level 1, such as quoted prices
for identical assets or liabilities in non-active markets,
quoted prices for similar assets or liabilities in active
markets and inputs other than quoted prices that are observable
for substantially the full term of the asset or liability.
Level 3 – Unobservable inputs reflecting
management’s own assumptions about the input used in
pricing the asset or liability.
If the inputs used to measure the financial instruments fall
within different levels of the hierarchy, the categorization is
based on the lowest level input that is significant to the fair
value measurement of the instrument.
The following table summarizes the financial assets and
liabilities we measure at fair value on a recurring basis as of
December 27, 2008:
These excerpts taken from the PBG 10-K filed Feb 20, 2009. Note 8 –
Fair Value Measurements
We adopted SFAS 157 at the beginning of fiscal 2008 for all
financial instruments valued on a recurring basis, at least
annually. The standard defines fair value as 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. It also establishes a three-level fair
value hierarchy that prioritizes the inputs used to measure fair
value. The three levels of the hierarchy are defined as follows:
Level 1 – Unadjusted quoted prices in
active markets for identical assets or liabilities.
42
Table of Contents
Level 2 – Observable inputs other than
quoted prices included in Level 1, such as quoted prices
for identical assets or liabilities in non-active markets,
quoted prices for similar assets or liabilities in active
markets and inputs other than quoted prices that are observable
for substantially the full term of the asset or liability.
Level 3 – Unobservable inputs reflecting
management’s own assumptions about the input used in
pricing the asset or liability.
If the inputs used to measure the financial instruments fall
within different levels of the hierarchy, the categorization is
based on the lowest level input that is significant to the fair
value measurement of the instrument.
The following table summarizes the financial assets and
liabilities we measure at fair value on a recurring basis as of
December 27, 2008:
Note 8 – Fair Value Measurements We adopted SFAS 157 at the beginning of fiscal 2008 for all financial instruments valued on a recurring basis, at least annually. The standard defines fair value as 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. It also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of the hierarchy are defined as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. 42 Table of ContentsLevel 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for identical assets or liabilities in non-active markets, quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for substantially the full term of the asset or liability. Level 3 – Unobservable inputs reflecting management’s own assumptions about the input used in pricing the asset or liability. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The following table summarizes the financial assets and liabilities we measure at fair value on a recurring basis as of December 27, 2008:
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