Basis of Presentation and New Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2012

Basis of Presentation and New Accounting Pronouncements [Abstract]

Disclosures about Offsetting Assets and Liabilities

Disclosures about Offsetting Assets and Liabilities.

In December 2011, the Financial Accounting Standards Board issued ASU No. 2011-11 which amends Topic 210 (Balance Sheet). ASU No. 2011-11 is intended to enhance the disclosure requirements for offsetting (netting) assets and liabilities and the effect or potential effect on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial and derivative instruments. The amendments in ASU No. 2011-11 include quantitative disclosure requirements to be presented in tabular format. The tabular disclosure components are as follows:

a) the gross amounts of those recognized assets and those recognized liabilities,

b) the amounts offset in order to determine the net amounts presented in the statement of financial position,

c) the net amounts presented in the statement of financial position,

d) the amounts subject to an enforceable master netting arrangement, if applicable, and

e) the net amount after deducting the amounts in (d) from the amounts in (c).

ASU No. 2011-11 is to be applied retrospectively upon adoption and is effective for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods. While the adoption of ASU No. 2011-11 is not expected to have a material impact on our consolidated condensed financial statements, it could expand our disclosures around certain financial and derivative instruments.