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New Accounting Standard
6 Months Ended
Jun. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
New Accounting Standard
New Accounting Standards — In May 2014, the Financial Accounting Standards Board (FASB) issued an accounting standard update (ASU) related to the accounting for revenue from contracts with customers. This standard is intended to help reduce diversity in practice and enhance comparability between entities related to revenue recognition and is effective for fiscal years beginning after December 15, 2016 (January 2017 for calendar-year companies). Since the accounting for insurance contracts is outside of the scope of this ASU, we do not expect this standard to have a significant impact on our financial condition, cash flows, and results of operations.

In June 2014, the FASB issued an ASU related to the accounting for share-based payments when the terms of an award can be achieved after the requisite service period. To the extent the awards contain provisions that permit employees to leave the company before the performance targets are reached and the awards vest, this standard requires companies to recognize the compensation cost during the employees' remaining service period. This standard is effective for fiscal years beginning after December 15, 2015 (January 2016 for calendar-year companies). We are currently analyzing the impact this standard will have on our financial condition, cash flows, and results of operations.

In June 2014, the FASB also issued an ASU related to repurchase-to-maturity transactions, repurchase financings, and related disclosures. The intent is to clarify that repurchase-to-maturity transactions should be accounted for and disclosed as secured borrowings, rather than potentially accounted for as sales, as permissible under certain circumstances in the previous guidance. This guidance is effective for annual and interim periods after December 15, 2014 (January 2015 for calendar-year companies). We do not typically engage in these type of transactions, therefore, we do not expect this standard to have a significant impact on our financial condition, cash flows, and results of operations.