New or Recently Adopted Accounting Pronouncements

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

New or Recently Adopted Accounting Pronouncements

New or Recently Adopted Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-02 that requires entities to disclose the following additional information about items reclassified out of accumulated other comprehensive income ("AOCI"):

• Changes in AOCI balances by component, with separate presentation of (1) reclassification adjustments and (2) current period other comprehensive income.

• Significant items reclassified out of AOCI by component either on the face of the income statement or as a separate footnote to the financial statements.

The Company adopted the ASU in the first quarter of 2013, and such adoption did not have an effect on the Company's consolidated financial position or results of operations.

In March 2013, the FASB issued ASU 2013-05, which indicates that the entire amount of a cumulative translation adjustment related to an entity's investment in a foreign entity should be released when there has been a:

• Sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity.

• Loss of a controlling financial interest in an investment in a foreign entity (i.e. the foreign entity is deconsolidated).

• Step acquisition for a foreign entity (i.e. when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity).

The ASU is effective for the Company's 2014 fiscal year and is to be applied prospectively from the beginning of the fiscal year of adoption.