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New Accounting Standards
6 Months Ended
Jun. 30, 2013
New Accounting Standards  
New Accounting Standards

14.                               New Accounting Standards

 

During 2013, we adopted, on a retrospective basis, new guidance relating to balance sheet offsetting disclosures.  The new guidance requires enhanced disclosures regarding an entity’s ability to offset certain instruments on the balance sheet and how offsetting impacts the balance sheet.  The adoption of this guidance resulted in expanded disclosures relating to our derivative instruments (see Note 7), but did not impact our financial statement results.

 

During 2013, we also adopted, on a prospective basis, new guidance relating to reporting amounts reclassified from AOCI.  This guidance requires new disclosures relating to AOCI and how reclassifications from AOCI impact net income.  As a result of adopting this new guidance, we have included a new footnote disclosure to provide the information required by the new standard (see Notes 15 and S-3).  The adoption of this guidance did not impact our financial statement results.

 

In July 2013, new guidance was issued which will generally require entities to present unrecognized tax benefits as a reduction to any available deferred tax asset for a net operating loss, a similar tax loss, or a tax credit carryforward.  The new guidance is effective for us on January 1, 2014, with early application permitted.  We are currently evaluating the impacts of this new guidance.  The adoption of this new guidance may impact our balance sheet presentation, but will not impact our results of operations or cash flows.