Windstream 2008 Annual Report Download - page 141

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2. Summary of Significant Accounting Policies and Changes, Continued:
consider its own historical experience in renewing similar arrangements, or market participant assumptions in the
absence of historical experience. FSP FAS 142-3 also requires disclosures to enable users of financial statements
to assess the extent to which the expected future cash flows associated with the asset are affected by the entity’s
intent and/or ability to renew or extend the arrangement. FSP FAS 142-3 is effective for fiscal years, and interim
periods within those fiscal years, beginning after December 15, 2008. Windstream is currently evaluating the
impact FSP FAS 142-3 will have on our financial statements.
FSP EITF 03-6-1 - In June 2008, relative to Emerging Issues Task Force Issue No. (“EITF”) 03-6-1, the FASB
issued FSP EITF 03-6-1 “Determining Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities”. FSP EITF 03-6-1, concluded that unvested share-based payment awards that contain a
nonforfeitable right to receive dividends, whether paid or unpaid, are participating securities and should be
included in the computation of earnings per share pursuant to the two-class method prescribed under SFAS
No. 128, “Earnings per Share”. This standard is effective for financial statements issued for fiscal years beginning
after December 15, 2008, and interim periods within those years, with early adoption prohibited. The adoption of
this standard will not have a material impact on basic or diluted earnings per share.
FSP FAS 132(R)-1 - In December 2008, the FASB issued FSP FAS 132(R)-1, “Employers’ Disclosures about
Postretirement Benefit Plan Assets” which provides guidance on an employer’s disclosures about plan assets of a
defined benefit pension or other postretirement plan. FAS 132(R)-1 requires employer’s to disclose:
• the fair value of each major category of plan assets as of each annual reporting date for which a statement of
financial position is presented,
• the inputs and valuation techniques used to develop fair value measurements of plan assets at the annual
reporting date, including the level within the fair value hierarchy in which the fair value measurements fall as
defined by SFAS No. 157,
• investment policies and strategies, including target allocation percentages, and
• significant concentrations of risk in plan assets.
FSP FAS 132(R)-1 is effective for fiscal years ending after December 15, 2009. Upon implementation,
Windstream will provide expanded disclosures in its December 31, 2009 Form 10-K.
F-53