WTI » Topics » Fair Value of Financial Instruments

This excerpt taken from the WTI 10-K filed Mar 2, 2009.

Fair Value of Financial Instruments

We include fair value information in the notes to consolidated financial statements when the fair value of our financial instruments is different from the book value. We believe that the book value of our cash and cash equivalents, receivables, accounts payable and accrued liabilities materially approximates fair value due to the short-term nature and the terms of these instruments.

 

67


Table of Contents
Index to Financial Statements

W&T OFFSHORE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Effective January 1, 2008, we adopted SFAS No. 157, Fair Value Measurements, on a prospective basis. In February 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position (“FSP”) FAS 157-2, Effective Date of FASB Statement No. 157, which granted a one-year deferral of SFAS No. 157 for certain non-financial assets and liabilities. We do not expect SFAS No. 157 to have a material impact on our non-financial assets and liabilities.

At December 31, 2008, our interest rate swap was our only financial instrument to which SFAS No. 157 applied. In accordance with SFAS No. 157, we measure the fair value of our interest rate swap by applying the income approach, using inputs that are derived principally from observable market data. The impact of the adoption of SFAS No. 157 did not have a material impact on our financial statements.

Effective January 1, 2008, we adopted SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities—Including an amendment of FASB Statement No. 115. The adoption of SFAS No. 159 did not have an impact on our financial position, results of operations or cash flows as we elected not to measure any additional financial assets and liabilities at fair value that were not already required to be measured at fair value.

These excerpts taken from the WTI 10-K filed Feb 29, 2008.

Fair Value of Financial Instruments

We include fair value information in the notes to consolidated financial statements when the fair value of our financial instruments is different from the book value. We believe that the book value of our cash and cash equivalents, receivables, accounts payable and accrued liabilities materially approximates fair value due to the short-term nature and the terms of these instruments.

 

61


Table of Contents
Index to Financial Statements

W&T OFFSHORE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Fair Value of Financial Instruments

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">We include fair value information in the notes to consolidated financial statements when the fair value of our financial instruments is different from the
book value. We believe that the book value of our cash and cash equivalents, receivables, accounts payable and accrued liabilities materially approximates fair value due to the short-term nature and the terms of these instruments.

STYLE="margin-top:0px;margin-bottom:0px"> 


61







Table of Contents


Index to Financial Statements



W&T OFFSHORE, INC. AND SUBSIDIARIES

STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 


This excerpt taken from the WTI 10-K filed Mar 9, 2007.

Fair Value of Financial Instruments

We include fair value information in the notes to consolidated financial statements when the fair value of our financial instruments is different from the book value. We believe that the book value of our cash and cash equivalents, receivables, accounts payable, accrued liabilities and long-term debt materially approximates fair value due to the short-term nature and the terms of these instruments.

This excerpt taken from the WTI 10-K filed Mar 31, 2006.

Fair Value of Financial Instruments

 

We include fair value information in the notes to consolidated financial statements when the fair value of our financial instruments is different from the book value. We believe that the book value of our cash and cash equivalents, receivables, accounts payable, accrued liabilities and long-term debt materially approximates fair value due to the short-term nature and the terms of these instruments.

 

This excerpt taken from the WTI 10-K filed Mar 31, 2005.

Fair Value of Financial Instruments

 

We include fair value information in the notes to consolidated financial statements when the fair value of our financial instruments is different from the book value. We believe that the book value of our cash and cash equivalents, receivables, accounts payable, accrued liabilities and long-term debt materially approximates fair value due to the short-term nature and the terms of these instruments.

 

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki