| Document and Company Information (USD $) | |||
| In Billions, except Share data | 3 Months Ended
Oct. 02, 2009 | Oct. 22, 2009
| Dec. 26, 2008
|
| Document and Company Information [Abstract] | |||
| Entity Registrant Name | WESTERN DIGITAL CORP | ||
| Entity Central Index Key | 0000106040 | ||
| Document Type | 10-Q | ||
| Document Period End Date | 2009-10-02 | ||
| Amendment Flag | false | ||
| Current Fiscal Year End Date | --07-03 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | 2.5 | ||
| Entity Common Stock, Shares Outstanding (actual number) | 225,383,848 |
| Condensed Consolidated Balance Sheets (Unaudited) (USD $) | ||
| In Millions | Oct. 02, 2009
| Jul. 03, 2009
|
| Current assets: | ||
| Cash and cash equivalents | $2,056 | $1,794 |
| Accounts receivable, net | 1,131 | 926 |
| Inventories | 395 | 376 |
| Other current assets | 168 | 134 |
| Total current assets | 3,750 | 3,230 |
| Property and equipment, net | 1,625 | 1,584 |
| Goodwill | 139 | 139 |
| Other intangible assets, net | 86 | 89 |
| Other non-current assets | 249 | 249 |
| Total assets | 5,849 | 5,291 |
| Current liabilities: | ||
| Accounts payable | 1,342 | 1,101 |
| Accrued expenses | 218 | 247 |
| Accrued warranty | 101 | 95 |
| Current portion of long-term debt | 88 | 82 |
| Total current liabilities | 1,749 | 1,525 |
| Long-term debt | 375 | 400 |
| Other liabilities | 202 | 174 |
| Total liabilities | 2,326 | 2,099 |
| Shareholders' equity: | ||
| Preferred stock, $.01 par value; authorized - 5 shares; outstanding - None | 0 | 0 |
| Common stock, $.01 par value; authorized - 450 shares; outstanding - 225 shares | 2 | 2 |
| Additional paid-in capital | 932 | 896 |
| Accumulated other comprehensive income | 9 | 2 |
| Retained earnings | 2,580 | 2,292 |
| Total shareholders' equity | 3,523 | 3,192 |
| Total liabilities and shareholders' equity | $5,849 | $5,291 |
| Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | ||
| Share data in Millions | Oct. 02, 2009
| Jul. 03, 2009
|
| Shareholders' equity: | ||
| Preferred stock, par value | 0.01 | 0.01 |
| Preferred stock, shares authorized | 5 | 5 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | 0.01 | 0.01 |
| Common stock, shares authorized | 450 | 450 |
| Common stock, shares outstanding | 225 | 225 |
| Condensed Consolidated Statements of Income (Unaudited) (USD $) | ||
| In Millions, except Per Share data | 3 Months Ended
Oct. 02, 2009 | 3 Months Ended
Sep. 26, 2008 |
| Revenue, net | $2,208 | $2,109 |
| Cost of revenue | 1,694 | 1,685 |
| Gross margin | 514 | 424 |
| Operating expenses: | ||
| Research and development | 142 | 133 |
| Selling, General and Administrative Expenses | 53 | 57 |
| Total operating expenses | 195 | 190 |
| Operating income | 319 | 234 |
| Other income (expense): | ||
| Interest income | 1 | 4 |
| Interest and other expense | (3) | (8) |
| Total other expense, net | (2) | (4) |
| Income before income taxes | 317 | 230 |
| Income tax provision | 29 | 19 |
| Net income | $288 | $211 |
| Income per common share: | ||
| Basic | 1.28 | 0.95 |
| Diluted | 1.25 | 0.93 |
| Weighted average shares outstanding: | ||
| Basic | 225 | 222 |
| Diluted | 230 | 226 |
| Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | ||
| In Millions | 3 Months Ended
Oct. 02, 2009 | 3 Months Ended
Sep. 26, 2008 |
| Cash flows from operating activities | ||
| Net income | $288 | $211 |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation and amortization | 121 | 117 |
| Stock-based compensation | 13 | 10 |
| Loss on investments | 0 | 3 |
| Changes in: | ||
| Accounts receivable, net | (205) | (72) |
| Inventories | (19) | (21) |
| Accounts payable | 258 | 76 |
| Accrued expenses | (23) | 7 |
| Other assets and liabilities | 1 | (30) |
| Net cash provided by operating activities | 434 | 301 |
| Cash flows from investing activities | ||
| Purchases of property and equipment | (176) | (162) |
| Maturities of investments | 0 | 1 |
| Net cash used in investing activities | (176) | (161) |
| Cash flows from financing activities | ||
| Issuance of stock under employee stock plans | 15 | 1 |
| Taxes paid on vested stock awards under employee stock plans | (1) | (2) |
| Increase in excess tax benefits from employee stock plans | 9 | 8 |
| Repurchases of common stock | 0 | (36) |
| Repayment of debt | (19) | (2) |
| Net cash provided by (used in) financing activities | 4 | (31) |
| Net increase in cash and cash equivalents | 262 | 109 |
| Cash and cash equivalents, beginning of period | 1,794 | 1,104 |
| Cash and cash equivalents, end of period | 2,056 | 1,213 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for income taxes | 0 | 2 |
| Cash paid for interest | $2 | $5 |
| Basis of Presentation | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Basis of Presentation [Abstract] | |
| Basis of Presentation | 1. Basis of Presentation The accounting policies followed by Western Digital Corporation (the Company) are set forth in Note 1 of the Notes to Consolidated Financial Statements included in the Companys Annual Report on Form 10-K for the year ended July3, 2009. In the opinion of management, all adjustments necessary to fairly state the unaudited condensed consolidated financial statements have been made. All such adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Companys Annual Report on Form 10-K for the year ended July3, 2009. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. Company management has made estimates and assumptions relating to the reporting of certain assets and liabilities in conformity with U.S. GAAP. These estimates and assumptions have been applied using methodologies which are consistent throughout the periods presented. However, actual results could differ from these estimates. |
| Supplemental Financial Statement Data | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Supplemental Financial Statement Data [Abstract] | |
| Supplemental Financial Statement Data | 2. Supplemental Financial Statement Data Inventories Oct. 2, Jul. 3, 2009 2009 (in millions) Raw materials and component parts $ 96 $ 97 Work-in-process 173 154 Finished goods 126 125 Total inventories $ 395 $ 376 Warranty The Company records an accrual for estimated warranty costs when revenue is recognized. The Company generally warrants its products for a period of one to five years. The warranty provision considers estimated product failure rates and trends, estimated repair or replacement costs and estimated costs for customer compensatory claims related to product quality issues, if any. A statistical warranty tracking model is used to help with estimates and assists the Company in exercising judgment in determining the underlying estimates. The statistical tracking model captures specific detail on hard drive reliability, such as factory test data, historical field return rates, and costs to repair by product type. If actual product return trends, costs to repair returned products or costs of customer compensatory claims differ significantly from estimates, future results of operations could be materially affected. Managements judgment is subject to a greater degree of subjectivity with respect to newly introduced products because of limited field experience with those products upon which to base warranty estimates. Management reviews the warranty accrual quarterly for products shipped in prior periods and which are still under warranty. Any changes in the estimates underlying the accrual may result in adjustments that impact current period gross margin and income. Such changes are generally a result of differences between forecasted and actual return rate experience and costs to repair. Changes in the warranty accrual for the three months ended October2, 2009 and September26, 2008 were as follows (in millions): THREE MONTHS ENDED Oct. 2, Sept. 26, 2009 2008 Warranty accrual, beginning of period $ 123 $ 114 Charges to operations 39 31 Utilization (30 ) (22 ) Changes in estimate related to pre-existing warranties (4 ) Warranty accrual, end of period $ 132 $ 119 Accrued warranty also includes amounts classified in non-current other liabilities of $31 million at October2, 2009 and $28million at July3, 2009. Subsequent Events The Company evaluated subsequent events through October29, 2009, the date these financial statements were issued, and there were no material subsequent events that required recognition or disclosure in these financial statements. |
| Income per Common Share | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Income per Common Share [Abstract] | |
| Income per Common Share | 3. Income per Common Share The Company computes basic income per common share using net income and the weighted average number of common shares outstanding during the period. Diluted income per common share is computed using net income and the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include certain dilutive outstanding employee stock options, rights to purchase shares of common stock under the Companys Employee Stock Purchase Plan (ESPP) and restricted stock unit awards. The following table illustrates the computation of basic and diluted income per common share (in millions, except per share data): THREE MONTHS ENDED Oct. 2, Sept. 26, 2009 2008 Net income $ 288 $ 211 Weighted average shares outstanding: Basic 225 222 Employee stock options and other 5 4 Diluted 230 226 Income per common share: Basic $ 1.28 $ 0.95 Diluted $ 1.25 $ 0.93 Anti-dilutive common share equivalents excluded* 1 2 * For purposes of computing diluted income per common share, common share equivalents with an exercise price that exceeded the average fair market value of common stock for the period are considered anti-dilutive and have been excluded from the calculation. |
| Debt | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Debt [Abstract] | |
| Debt | 4. Debt In February2008, Western Digital Technologies, Inc. (WDTI), a wholly-owned subsidiary of the Company, entered into a five-year Credit Agreement (Credit Facility) that provides for a $750 million unsecured loan consisting of a $500million term loan facility and a $250million revolving credit facility. The revolving credit facility includes borrowing capacity available for letters of credit and for short-term borrowings referred to as swingline. In addition, WDTI may elect to expand the Credit Facility by up to $250million if existing or new lenders provide additional term or revolving commitments. The $500million term loan had a variable interest rate of 1.50% as of October2, 2009 and requires sixteen quarterly principal payments, which began in June2009, of approximately $19million, $25million, $31million and $50million per quarter for each four-quarter increment. As of October2, 2009, WDTI had $250million available for future borrowings on the revolving credit facility and was in compliance with all covenants. |
| Stock Based Compensation | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Stock-Based Compensation [Abstract] | |
| Stock-Based Compensation | 5. Stock-Based Compensation Stock-Based Compensation Expense During the three months ended October2, 2009, the Company charged to expense $7million for stock-based compensation related to options issued under stock option plans and the ESPP, compared to $5million in the comparative prior-year period. At October2, 2009, total compensation cost related to unvested stock options and ESPP rights issued to employees but not yet recognized was $72million and will be amortized on a straight-line basis over a weighted average service period of approximately 2.5years. Fair Value Disclosures The fair value of stock options granted during the three months ended October2, 2009 was estimated using a binomial option pricing model. The binomial model requires the input of highly subjective assumptions including the expected stock price volatility, the expected price multiple at which employees are likely to exercise stock options and the expected employee termination rate. The Company uses historical data to estimate option exercise, employee termination, and expected stock price volatility within the binomial model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of stock options granted during the three months ended October2, 2009 and September26, 2008 was estimated using the following weighted average assumptions: THREE MONTHS ENDED Oct. 2, Sept. 26, 2009 2008 Suboptimal exercise factor 1.73 1.73 Range of risk-free interest rates 0.37% to 2.83% 1.81% to 3.41% Range of expected stock price volatility 0.51 to 0.72 0.43 to 0.58 Weighted average expected volatility 0.57 0.48 Post-vesting termination rate 3.57% 4.41% Dividend yield Fair value $17.08 $9.90 The weighted average expected term of the Companys stock options granted during the three months ended October2, 2009 was 4.58years compared to 5.56years for the three months ended September26, 2008. The fair value of ESPP purchase rights issued is estimated at the date of grant of the purchase rights using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The Black-Scholes-Merton option pricing model requires the input of highly subjective assumptions such as the expected stock price volatility and the expected period until options are exercised. Purchase rights under the current ESPP provisions are granted on either June 1 or December 1. ESPP activity was immaterial to the condensed consolidated financial statements for the three months ended October2, 2009. Stock Options The following table summarizes activity under the Companys stock option plans (in millions, except per share and remaining contractual life amounts): Weighted Average Remaining Aggregate Number Exercise Price Contractual Life Intr |
| Legal Proceedings | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Legal Proceedings [Abstract] | |
| Legal Proceedings | 6. Legal Proceedings The Company applies Accounting Standards Codification (ASC) 450, Contingencies, to determine when and how much to accrue and disclose related to legal contingencies. Accordingly, the Company discloses material loss contingencies deemed to be reasonably possible and accrues for loss contingencies when, in consultation with the Companys legal advisors, the Company concludes that a loss is probable and reasonably estimable. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. The actual outcome of such matters could differ materially from managements estimates. Intellectual Property Litigation On June20, 2008, plaintiff Convolve, Inc. (Convolve) filed a complaint in the Eastern District of Texas against the Company and two other companies for patent infringement alleging infringement of U.S. Patent Nos. 6,314,473 and 4,916,635. Plaintiff is seeking unspecified monetary damages and injunctive relief. On October10, 2008, Convolve amended its complaint to allege infringement of only the 473 patent. The 473 patent allegedly relates to interface technology to select between certain modes of a disk drives operations relating to speed and noise. The Company intends to defend itself vigorously in this matter. On December8, 2008, plaintiffs MagSil Corporation and the Massachusetts Institute of Technology filed a complaint in the District of Delaware against the Company and seven other companies in the disk drive industry alleging infringement of U.S. Patent Nos. 5,629,922 and 5,835,314. Plaintiffs are seeking unspecified monetary damages and injunctive relief. The asserted patents allegedly relate to tunneling magnetoresistive technology. The Company intends to defend itself vigorously in this matter. On April7, 2009, plaintiff Gregory Bender filed a complaint in the Northern District of California against the Company and Seagate Technology LLC alleging infringement of U.S. Patent No. 5,103,188. Plaintiff is seeking unspecified monetary damages. The asserted patent allegedly relates to buffered transconductance amplifier technology. The Company intends to defend itself vigorously in this matter. On July15, 2009, plaintiffs Carl B. Collins and Farzin Davanloo filed a complaint in the Eastern District of Texas against the Company and ten other companies alleging infringement of U.S. Patent Nos. 5,411,797 and 5,478,650. Plaintiffs are seeking injunctive relief and unspecified monetary damages, fees, and costs. The asserted patents allegedly relate to nanophase diamond films. The Company intends to defend itself vigorously in this matter. Employment Litigation On March20, 2009, plaintiff Ghazala H. Durrani, a former employee of the Company, filed a putative class action complaint in the Alameda County (California) Superior Court. The complaint alleges that certain of the Companys engineers have been misclassified as exempt employees under California state law and are, therefore, due unpaid hourly overtime wages and other amounts, as well as penalties for allegedly missed meal and rest periods. By court order dated April24, 2009, the case was tra |
| Income Taxes | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Income Taxes [Abstract] | |
| Income Taxes | 7. Income Taxes The Companys income tax provision for the three months ended October2, 2009 was $29million. The differences between the effective tax rate and the U.S. Federal statutory rate are primarily due to tax holidays in Malaysia and Thailand that expire at various dates through 2022 and the current year generation of income tax credits. In the three months ended October2, 2009, the Company recognized an increase of $16million in the liability for unrecognized tax benefits. As of October2, 2009, the Company had approximately $152million of unrecognized tax benefits. Interest and penalties recognized on such amounts were not material. The United States Internal Revenue Service (the IRS) has commenced an examination of the fiscal years ended 2006 and 2007 for the Company and calendar years 2005 and 2006 for Komag, Incorporated, which was acquired by the Company on September5, 2007. Additionally, the Companys French subsidiary is under examination by the local tax authorities for fiscal years 2003 through 2005. Due to the risk that audit outcomes and the timing of audit settlements are subject to significant uncertainty, the Companys current estimate of the total amounts of unrecognized tax benefits could increase or decrease for all open tax years. As of October2, 2009, it is not possible to estimate the amount of change, if any, in the unrecognized tax benefits that is reasonably possible within the next twelve months. Any significant change in the amount of the Companys unrecognized tax benefits would most likely result from additional information or settlements relating to the Companys tax examination of uncertain tax positions. |
| Fair Value Measurements | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Fair Value Measurements [Abstract] | |
| Fair Value Measurements | 8. Fair Value Measurements Financial assets and liabilities that are re-measured and reported at fair value at each reporting period are classified and disclosed in one of the following three categories: Level 1. Quoted prices in active markets for identical assets or liabilities. Level 2. Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3. Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities. The following table presents information about the Companys financial assets and liabilities that are measured at fair value on a recurring basis as of October2, 2009, and indicates the fair value hierarchy of the valuation techniques utilized to determine such value (in millions): Fair Value Measurements at Reporting Date using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Oct. 2, 2009 (Level 1) (Level 2) (Level 3) Assets Money market funds $ 610 $ 610 $ $ U.S. Treasury securities 245 245 U.S. Government agency securities 232 231 1 Auction-rate securities 18 18 Foreign exchange contracts 16 16 The Companys money market funds are classified within Level 1 and valued based on quoted market prices. U.S. Treasury and U.S. Government agency securities are classified within Level 2 and are valued based on broker quotations using observable inputs. U.S. Government agency securities and auction-rate securities classified as Level 3 are valued using a third party pricing service. Foreign exchange contracts are classified within Level 2 and valued based on the present value of future cash flows using market-based observable inputs, including forward rates and credit default swap rates. Money Market Funds. The Companys money market funds are AAA rated institutional money market funds that are invested in U.S. Treasury securities and are recorded within cash and cash equivalents in the condensed consolidated balance sheet. U.S. Treasury Securities. The Companys U.S. Treasury securities are investments in Treasury bills with original maturities of three months or less and are recorded within cash and cash equivalents in the condensed consolidated balance sheet. U.S. Government Agency Securities. The Companys U.S. Government agency securities are fixed income securities sponsored by the U.S. Government of which $231million have original maturities of three months or less and are recorded within cash and cash equivalents and $1million are classified as available-for-sale securities and are recorded within other curren |
| Foreign Exchange Contracts | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Foreign Exchange Contracts [Abstract] | |
| Foreign Exchange Contracts | 9. Foreign Exchange Contracts Although the majority of the Companys transactions are in U.S. dollars, some transactions are based in various foreign currencies. The Company purchases short-term, foreign exchange contracts to hedge the impact of foreign currency exchange fluctuations on certain underlying assets, revenue, liabilities and commitments for operating expenses and product costs denominated in foreign currencies. The purpose of entering into these hedging transactions is to minimize the impact of foreign currency fluctuations on the Companys results of operations. These contract maturity dates do not exceed 12months. All forward exchange contracts are for risk management purposes only. The Company does not purchase short-term forward exchange contracts for trading purposes. Currently, the Company focuses on hedging its foreign currency risk related to the Thai Baht, Malaysian Ringgit, Euro, and the British Pound Sterling. Malaysian Ringgit contracts are designated as cash flow hedges. Euro and British Pound Sterling contracts are designated as fair value hedges. Thai Baht contracts are designated as either cash flow or fair value hedges. If a derivative is designated as a cash flow hedge, the effective portion of the change in fair value of the derivative is initially deferred in other comprehensive income (loss), net of tax. These amounts are subsequently recognized into earnings when the underlying cash flow being hedged is recognized into earnings. As of October2, 2009, the net amount of existing gains expected to be reclassified into earnings within the next twelve months was $9million. The Company determined the ineffectiveness associated with its cash flow hedges to be immaterial. A change in the fair value of fair value hedges is recognized in earnings in the period incurred and is reported as a component of operating expenses. All fair value hedges were determined to be effective. The fair value and the changes in fair value on these contracts were not material to the condensed consolidated financial statements. As of October2, 2009, the Company did not have any foreign exchange contracts with credit-risk-related contingent features. The Company opened $1.4billion, and closed $708million, in foreign exchange contracts in the three months ended October2, 2009. The fair value, balance sheet location and the impact on the condensed consolidated financial statements during the three months ended October2, 2009 were as follows (in millions): Asset Derivatives Liability Derivatives Derivatives Designated as Hedging Oct. 2, 2009 Oct. 2, 2009 Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange contracts Other current assets $ 16 Accrued expenses Amount of Gain (Loss) Amount of Gain (Loss) Recognized in Reclassified from Accumulated OCI Accumulated OCI into on Derivatives Location of Gain (Loss) Income Three Months Reclassified from Three Months Ended Accumulated Ended Derivatives in Cash Oct. 2, 2009 |
| Recent Accounting Pronouncements | |
| 3 Months Ended
Oct. 02, 2009 USD / shares | |
| Recent Accounting Pronouncements [Abstract] | |
| Recent Accounting Pronouncements | 10. Recent Accounting Pronouncements In September2006, the Financial Accounting Standards Board (FASB) issued ASC 820, Fair Value Measurements and Disclosures (ASC 820), which establishes a framework for measuring fair value under U.S. GAAP and expands disclosures about fair value measurement. In February2008, FASB issued ASC 820-10-65-1, Fair Value Measurements and Disclosures Transition and Open Effective Date Information, which delayed the effective date of ASC 820 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis, until fiscal years beginning after November15, 2008 and interim periods within those years, which for the Company was the first quarter of fiscal 2010. The partial adoption of ASC 820 for financial assets and financial liabilities in the Companys first quarter of fiscal 2009 did not have a material impact on its consolidated financial statements. See Note 8. The Companys adoption of the provisions of ASC 820 for non-financial assets and non-financial liabilities in the first quarter of fiscal 2010 had no impact on its consolidated financial statements. In December2007, the FASB issued ASC 805, Business Combinations (ASC 805). ASC 805 establishes principles and requirements for how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree. ASC 805 also provides guidance for recognizing and measuring the goodwill acquired in the business combination or a gain from a bargain purchase and determines what information to disclose to enable users of financial statements to evaluate the nature and financial effects of the business combination. ASC 805 applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December15, 2008, which for the Company was the first quarter of fiscal 2010. ASC 805 will impact the Companys consolidated financial statements for business combinations with an acquisition date on or after adoption in the first quarter of fiscal 2010. The Companys adoption of ASC 805 in the first quarter of fiscal 2010 had no impact on its consolidated financial statements. In April2008, the FASB issued ASC 350-30-65-1, General Intangibles Other than Goodwill - Transition and Open Effective Date Information (ASC 350-30-65-1), which amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under ASC 350, Intangibles Goodwill and Other. ASC 350-30-65-1 is effective for fiscal years beginning on or after December15, 2008, which for the Company was the first quarter of fiscal year 2010. The Companys adoption of ASC 350-30-65-1 in the first quarter of fiscal 2010 had no impact on its consolidated financial statements. In April2009, the FASB issued ASC 825-10-65-1, Financial Instruments Transition and Open Effective Date Information (ASC 825-10-65-1), which amends ASC 825 |
