Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In January 2013, U.S. tax law was enacted which extends, through 2013, several expired or expiring temporary business tax provisions. See Note 4, Income Taxes, for further discussion.

In February 2013, construction was completed and settlement occurred for our new corporate office and research building. See Note 11, Debt, for additional details regarding the impact of the settlement on our debt.

In February 2013, the Venezuelan government announced a devaluation of the bolivar to an exchange rate of 6.3 bolivars to the U.S. dollar. At December 31, 2012, we had $2.0 million in net monetary assets (primarily cash and receivables partially offset by payables and accrued liabilities) denominated in Venezuelan bolivars. These net monetary assets included $1.0 million in cash and cash equivalents at December 31, 2012. We used the official exchange rate at December 31, 2012 of 4.3 bolivars to the U.S. dollar to re-measure the assets and liabilities of our Venezuelan operations for U.S. GAAP financial statement presentation. Had the devaluation occurred on December 31, 2012, we would have recorded a translation loss of approximately $0.6 million in our year-end financial statements. We expect to record a charge of approximately $0.7 million related to the devaluation in the first quarter of 2013.