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New Accounting Pronouncements
12 Months Ended
Dec. 31, 2011
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
New Accounting Pronouncements
New Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board ("FASB") issued new guidance on the disclosures about an employer's participation in MEPPs. This new guidance requires additional disclosures regarding the significant MEPPs in which an employer participates. This includes the level of an employer's contributions in the MEPPs, and whether those contributions represent more than five percent of the total contributions made to the plan by all contributing employers. The expanded disclosures also address the financial health of significant MEPPs including the funded status and existence of funding improvement plans, the existence of imposed surcharges on contributions to the plan, as well as the nature of employer commitments to the plan. The Company adopted this guidance effective December 31, 2011. The adoption of this guidance impacted the Company's disclosures and did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. The Company began the process of withdrawing from all significant MEPPs in 2010, and recorded an estimated $83.5 million withdrawal liability based on information provided by each plan's trustees.

In September 2011, the FASB issued new guidance on testing goodwill for impairment. This new guidance gives entities, subject to certain conditions, the option of first performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The guidance is effective prospectively for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. The adoption of this guidance will not have a material impact on the Company's consolidated financial position, results of operations or cash flows.

In June 2011, the FASB issued new guidance on the presentation of comprehensive income. This new guidance requires the components of net income and other comprehensive income to be either presented in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. This new guidance eliminates the current option to report other comprehensive income and its components in the statement of shareholders' equity. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. Subsequently in December 2011, the FASB issued an update to the recently issued guidance on the presentation of comprehensive income. This update defers the effective date of the requirement to present on the face of the financial statements reclassification adjustments for each component of accumulated other comprehensive income. This guidance is effective retrospectively for fiscal years beginning after December 15, 2011, with early adoption permitted. The Company elected to early adopt the requirements of this guidance with retrospective application. Upon adoption of this guidance, the Company reported a separate consolidated statement of comprehensive income (loss) for all periods presented. The adoption of this guidance amended the presentation of the components of comprehensive income and did not have an impact on the Company's consolidated financial position, results of operations or cash flows.

In May 2011, the FASB issued new guidance on fair value measurements. This new guidance amends the definition of fair value measurement principles and disclosure requirements to eliminate differences between GAAP and International Financial Reporting Standards. This new guidance requires new quantitative and qualitative disclosures about the sensitivity of recurring Level 3 measurement disclosures, as well as transfers between Level 1 and Level 2 of the fair value hierarchy. This guidance is effective prospectively for fiscal years beginning after December 15, 2011. The adoption of this guidance will not have a material impact on the Company's consolidated financial position, results of operations or cash flows.

In December 2010, the FASB issued new guidance on disclosures of supplementary pro forma information for business combinations. This new guidance specifies that pro forma disclosures should be reported as if the business combination that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period and the pro forma disclosures must include a description of material, nonrecurring pro forma adjustments. The Company adopted this guidance effective January 1, 2011. The adoption of this guidance impacted the Company's disclosures and did not have a material impact on the Company's consolidated financial position, results of operations or cash flows.