New Accounting Pronouncements

6 Months Ended

Jun. 30, 2012

New Accounting Pronouncements

New Accounting Pronouncements

Note 14—New Accounting Pronouncements

        In September 2011, the Financial Accounting Standards Board ("FASB") issued an accounting standard update intended to simplify how entities test for goodwill impairment by adding a qualitative review step to assess whether the required quantitative impairment analysis is necessary. The accounting standard permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is concluded that this is not the case, it is not necessary to perform the two-step impairment test described in Accounting Standards Codification Topic 350, Intangibles-Goodwill and Other. The accounting standard is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The guidance is only intended to simplify goodwill impairment testing and will not have an impact on the Company's results of operations or financial condition.

        In June 2011, the FASB issued an accounting standard update that requires companies to present the components of net income and other comprehensive income either in a single continuous statement or as two separate but consecutive statements. The accounting standard update eliminates the option to present components of other comprehensive income solely as part of the statement of changes in stockholders' equity. The guidance became effective for interim and annual periods beginning after December 15, 2011, with the exception of disclosing reclassification of items from other comprehensive income to net income, which is effective for interim and annual periods beginning after December 15, 2012. The accounting standard update does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The Company has reflected the new presentation for interim periods in its condensed consolidated financial statements.