Adoption of New Accounting Standard

3 Months Ended

May 31, 2013

Adoption of New Accounting Standard

(6) Adoption of New Accounting Standard. In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2013-02, “Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional details about those amounts. The ASU was effective for reporting periods beginning after December 15, 2012. MSC adopted the ASU effective March 1, 2013. There was no impact to the condensed consolidated statements of operations, balance sheets or cash flows from adoption of the ASU.