Variable Interest Entity
In June 2009, the FASB issued authoritative guidance, which amended the guidance related to transfers and servicing. This guidance requires improved disclosures about transfers of financial assets and removes the exception from applying the guidance related to consolidations specifically for variable interest entities (VIE) to qualifying special purpose entities. This amendment will be effective for us on January 1, 2010 and it will have no effect on our consolidated results of operations, cash flows or financial position. In June 2009, the FASB issued additional consolidation guidance for VIE. This authoritative guidance requires us to assess the determination of the primary beneficiary of a VIE based on whether we have the power to direct matters that most significantly impact the activities of the VIE, and has the obligation to absorb losses or the right to receive benefits of the VIE. In addition, the guidance requires ongoing reassessments of whether we are the primary beneficiary of a VIE. The guidance will be effective for us beginning January 1, 2010 and it will have no effect on our consolidated results of operations, cash flows or financial position. Our VIE is described in further detail in Note 5.