New Accounting Pronouncements

9 Months Ended

Sep. 30, 2012

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New accounting pronouncements

New Accounting Pronouncements

In December 2011, the Financial Accounting Standards Board ("FASB") amended ASC Topic 210, "Balance Sheet," requiring companies to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. This guidance is effective retrospectively for interim and annual periods beginning on or after January 1, 2013. The Company anticipates the adoption of this guidance will not have a material impact on its Consolidated Financial Statements.

In July 2012, the FASB amended ASC Topic 350, "Intangibles - Goodwill and Other," allowing companies to first assess qualitative factors to determine whether it is more-likely-than-not an indefinite-lived intangible asset is impaired. If the Company concludes it is more-likely-than-not the indefinite-lived intangible asset is not impaired, then the Company is not required to take further action. However, if the Company concludes otherwise, it is required to perform the quantitative impairment test described in ASC Topic 350. This guidance is effective for fiscal years beginning after September 15, 2012 with early adoption permitted. The Company plans to adopt this standard for the year ending December 31, 2012. The Company anticipates the adoption of this guidance will not have a material impact on its Consolidated Financial Statements.