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HK > SEC Filings for HK > Form 8-K on 8-May-2013All Recent SEC Filings

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Other Events

Item 8.01 Other Events.

On January 1, 2013, we adopted Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (ASU 2011-11), which enhances disclosures by requiring an entity to disclose information about netting arrangements, including rights of offset, to enable users of its financial statements to understand the effect of those arrangements on its financial position and ASU No. 2013-01, Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (ASU 2013-01), which requires clarification of the specific instruments that should be considered in these disclosures. These pronouncements were issued to facilitate comparison between financial statements prepared on the basis of accounting principles generally accepted in the United States and International Financial Reporting Standards. These updates are effective for annual and interim reporting periods beginning on or after January 1, 2013 and are to be applied retroactively for all comparative periods presented. The impact of retrospectively adjusting for the adoption of these pronouncements was immaterial to our historical consolidated financial statements.

The following presents the unaudited retrospective application of ASU 2011-11 and ASU 2013-01 by providing reconciliation between the gross assets and liabilities reflected on the balance sheet and the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at December 31, 2012 and December 31, 2011.

                                                           Derivative Assets                 Derivative Liabilities
                                                    December 31,       December 31,      December 31,      December 31,
Offsetting of Derivative Assets and Liabilities         2012               2011              2012              2011
                                                            (In thousands)                       (In thousands)
Gross Amounts Presented in the Consolidated
Balance Sheet                                      $         7,799    $        3,900    $      (12,890 )  $        (4,710 )
Amounts Not Offset in the Consolidated Balance
Sheet                                                       (4,118 )          (3,640 )           3,899              3,640
Net Amount                                         $         3,681    $          260    $       (8,991 )  $        (1,070 )

We enter into an International Swap Dealers Association Master Agreement (ISDA) with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between us and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between us and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency.

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