Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2011

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

Note 2 — Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs" to amend certain measurement and disclosure requirements related to fair value measurements. Additional disclosure requirements included quantitative information regarding unobservable inputs used in Level 3 measurements and disclosure of all transfers between Level 1 and Level 2 of the fair value hierarchy. The guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2011, with early adoption prohibited. The Company does not expect adoption of this guidance to have a material effect on the Company's consolidated financial statements.

In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income" to provide revised guidance regarding the presentation of other comprehensive income. The guidance requires the components of net income and other comprehensive income be presented within one continuous statement or within two separate, but consecutive statements and eliminates the option to present the components as part of the statement of stockholders' equity. The guidance does not require any change in the components recognized in net income or other comprehensive income in accordance with current GAAP. The guidance requires retrospective application and is effective for fiscal years and interim periods beginning after December 15, 2011 with early adoption permitted. The Company does not expect adoption of this guidance to have a material effect on the Company's consolidated financial statements.

In September 2011, the FASB issued ASU No. 2011-08, "Intangibles – Goodwill and Other, Testing Goodwill for Impairment" to simplify and amend how entities test goodwill for impairment. The amendment provides an option to first assess qualitative factors affecting goodwill to determine whether it is "more-likely-than-not" that the fair value of a reporting unit is less than the reporting unit's carrying value as a basis for determining whether it is necessary to perform the two-step goodwill impairment test mandated by current accounting guidance. The "more-likely-than-not" threshold is defined as "a likelihood of more than 50 percent." In accordance with this guidance, an entity is not required to recalculate the fair value of a reporting unit unless the entity determines that it is more likely than not the reporting unit's fair value is less than its carrying amount. However, if an entity concludes otherwise, then the entity is required, at a minimum, to perform the first step of the two-step impairment testing mandated by existing guidance. In accordance with this pronouncement, an entity may choose to bypass the qualitative assessment option for any reporting unit in any period and proceed directly to performance of the first step of the two-step impairment testing. An entity may resume qualitative assessment in any subsequent period. This pronouncement is effective for the fiscal years and interim periods beginning after December 15, 2011, with early adoption permitted. The Company does not expect adoption of this guidance to have a material effect on the Company's consolidated financial statements.