New Accounting Pronouncements

3 Months Ended

Mar. 31, 2013

New Accounting Pronouncements

New Accounting Pronouncements

Note 2—New Accounting Pronouncements

Newly Adopted Accounting Standards

On February 5, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.  ASU 2013-02 requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related footnote for additional information (e.g., the pension footnote).  ASU 2013-02 is effective for fiscal and interim reporting periods beginning after December 15, 2012.  The adoption of this ASU had no material effect on the Company’s consolidated financial statements.

In July 2012, FASB issued ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment.  ASU 2012-02 amends the guidance on testing indefinite-lived intangible assets, other than goodwill, for impairment.  Under the revised guidance, entities have the option of first performing a qualitative assessment to determine whether there are any events or circumstances indicating that it is more likely than not that an indefinite-lived intangible asset is impaired.  ASU 2012-02 is effective for fiscal and interim impairment tests performed in fiscal years beginning after September 15, 2012.  The adoption of this ASU is not expected to have a material effect on the Company’s consolidated financial statements.

New Accounting Standards Issued but not yet adopted

There are currently no new accounting standards that have been issued that will have a significant impact on the Company’s financial position, results of operations, and cash flows upon adoption.