New Accounting Pronouncements

6 Months Ended

Jun. 30, 2013

New Accounting Pronouncements

New Accounting Pronouncements

4.  New Accounting Pronouncements

In February 2013, the FASB finalized the disclosure requirements on how entities should present financial information about reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies would instead cross reference to the related footnote for additional information. The disclosures required by this amendment are effective for public entities for annual and interim reporting periods beginning after December 15, 2012. The Company adopted the guidance as of January 1, 2013. Other than the additional disclosure requirements shown below, the adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements.

The net of tax changes in accumulated other comprehensive income by component were as follows (in thousands):

	Foreign Currency			Available for sale securities			Total
Balance at December 31, 2011	$	1,203		$	1,115		$	2,318
Other comprehensive (loss) income:
Foreign currency translation adjustment	(167		)	—			(167		)
Unrealized holding gains on corporate debt securities	—			85			85
Ending balance at June 30, 2012	$	1,036		$	1,200		$	2,236
Balance at December 31, 2012	$	1,628		$	1,394		$	3,022
Other comprehensive (loss) income:
Foreign currency translation adjustment	(999		)	—			(999		)
Unrealized holding losses on corporate debt securities	—			(98		)	(98		)
Realized gain on redemption of corporate debt securities	—			(1,296		)	(1,296		)
Ending balance at June 30, 2013	$	629		$	—		$	629