Financial Information


Accounting for Business Combinations

  • Beginning with year-end 2009, we will be reporting Onyx financial results in accordance with U.S. GAAP standards for business combinations.  For an overview of the implications of this accounting treatment, please refer to the presentation included below, as well as the 8-K filed February 1, 2010.


Accounting for Business Combinations presentation 



Accounting for Notes in Accordance with U.S. GAAP

In August 2009, Onyx issued $230 million in convertible senior notes due 2016, which results in cash and non-cash imputed interest expense being recorded on our statement of operations.

Due to its conversion options, this type of security is commonly referred to as Instrument X.

  • U.S. GAAP requires an issuer to account for Instrument X as if the instrument was issued without a conversion feature at the issuer's implied (effective interest) rate. 
  • The difference between the par value of the instrument and the liability component is recorded to equity. 
  • Subsequently, the instrument is accreted to its par value over its expected life using the issuer's implied rate. 
  • The non-cash accretion each period is recorded as interest expense. 


Accounting for Notes presentation