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Summary of Significant Accounting Policies | 12 Months Ended
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Jan. 02, 2016
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) | Basis of Presentation
The consolidated financial statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. Significant items that are subject to such estimates and judgments include allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves and post-retirement obligations. On an ongoing basis, the company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2015, 2014, and 2013 ended on January 2, 2016, January 3, 2015 and December 28, 2013, respectively, and included 52, 53 and 52 weeks, respectively. Certain prior year amounts have been reclassified to be consistent with current year presentation, including restructuring expenses previously classified in general and administrative expenses.
(b) | Cash and Cash Equivalents
The company considers all short-term investments with original maturities of three months or less when acquired to be cash equivalents. The company’s policy is to invest its excess cash in interest-bearing deposits with major banks that are subject to minimal credit and market risk.
(c) | Accounts Receivable
Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $8.8 million and $9.1 million at January 2, 2016 and January 3, 2015, respectively. At January 2, 2016, all accounts receivable are expected to be collected within one year. (d) Inventories Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventories at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $35.6 million in 2015 and $30.2 million in 2014 and represented approximately 10.1% and 11.8% of the total inventory in each respective year. The amount of LIFO reserve at January 2, 2016 and January 3, 2015 was not material. Costs for all other inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. Inventories at January 2, 2016 and January 3, 2015 are as follows:
| 2015 |  | 2014
| (dollars in thousands)
Raw materials and parts | $ | 180,262 |  |  | $ | 126,121 |
Work in process | 34,771 |  |  | 17,828 |
Finished goods | 139,117 |  |  | 111,827 |
| $ | 354,150 |  |  | $ | 255,776 |
(e) | Property, Plant and Equipment
Property, plant and equipment are carried at cost as follows:
| 2015 |  | 2014
| (dollars in thousands)
Land | $ | 18,401 |  |  | $ | 10,642 |
Building and improvements | 108,210 |  |  | 84,777 |
Furniture and fixtures | 52,738 |  |  | 28,597 |
Machinery and equipment | 120,746 |  |  | 88,679 |
| 300,095 |  |  | 212,695 |
Less accumulated depreciation | (100,345 | ) |  | (82,998 | )
| $ | 199,750 |  |  | $ | 129,697 |
Property, plant and equipment are depreciated or amortized on a straight-line basis over their useful lives based on management's estimates of the period over which the assets will be utilized to benefit the operations of the company. The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes. The company periodically reviews these lives relative to physical factors, economic factors and industry trends. If there are changes in the planned use of property and equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of increased depreciation and amortization expense in future periods. Following is a summary of the estimated useful lives:
Description |  | Life
Building and improvements |  | 20 to 40 years
Furniture and fixtures |  | 3 to 7 years
Machinery and equipment |  | 3 to 10 years
Depreciation expense amounted to $25.5 million, $15.5 million and $13.5 million in fiscal 2015, 2014 and 2013, respectively. Expenditures which significantly extend useful lives are capitalized. Maintenance and repairs are charged to expense as incurred. Asset impairments are recorded whenever events or changes in circumstances indicate that the recorded value of an asset is greater than the sum of its expected future undiscounted cash flows.
(f) | Goodwill and Other Intangibles
In accordance with ASC 350 “Goodwill-Intangibles and Other”, the company’s goodwill and other indefinite lived intangibles are reviewed for impairment annually on the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of goodwill and other indefinite lived intangibles, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings. Goodwill is allocated to the business segments as follows (in thousands):
| Commercial Foodservice |  | Food Processing |  | Residential Kitchen |  | Total
Balance as of December 28, 2013 | $ | 444,321 |  |  | $ | 127,872 |  |  | $ | 115,762 |  |  | $ | 687,955 |
Goodwill acquired during the year | 12,567 |  |  | 11,061 |  |  | 105,700 |  |  | 129,328 |
Measurement period adjustments to goodwill acquired in prior year | (1,533 | ) |  | — |  |  | 1,627 |  |  | 94 |
Exchange effect | (4,465 | ) |  | (4,421 | ) |  | — |  |  | (8,886 | )
Balance as of January 3, 2015 | $ | 450,890 |  |  | $ | 134,512 |  |  | $ | 223,089 |  |  | $ | 808,491 |
Goodwill acquired during the year | 29,032 |  |  | 2,987 |  |  | 166,774 |  |  | 198,793 |
Measurement period adjustments to goodwill acquired in prior year | (1,126 | ) |  | 63 |  |  | (8,000 | ) |  | (9,063 | )
Exchange effect | (5,669 | ) |  | (3,470 | ) |  | (5,743 | ) |  | (14,882 | )
Balance as of January 2, 2016 | $ | 473,127 |  |  | $ | 134,092 |  |  | $ | 376,120 |  |  | $ | 983,339 |
The company has not recognized any goodwill impairments and therefore no accumulated impairment loss. Intangible assets consist of the following (in thousands):
| January 2, 2016 |  | January 3, 2015
| Estimated Weighted Avg Remaining Life |  | Gross Carrying Amount |  | Accumulated Amortization |  |  | Estimated Weighted Avg Remaining Life |  | Gross Carrying Amount |  | Accumulated Amortization |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer lists | 6.1 |  | $ | 264,373 |  |  | $ | (109,096 | ) |  | 4.7 |  | $ | 167,278 |  |  | $ | (84,312 | )
Backlog | 0.3 |  | 13,763 |  |  | (12,963 | ) |  | 0.0 |  | 11,178 |  |  | (11,178 | )
Developed technology | 3.8 |  | 20,868 |  |  | (17,220 | ) |  | 4.6 |  | 19,786 |  |  | (16,356 | )
|  |  | $ | 299,004 |  |  | $ | (139,279 | ) |  |  |  | $ | 198,242 |  |  | $ | (111,846 | )
Indefinite-lived assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks and tradenames |  |  | $ | 589,705 |  |  |  |  |  |  |  | $ | 405,635 |  |  |  |
The aggregate intangible amortization expense was $27.4 million, $24.6 million and $28.5 million in 2015, 2014 and 2013, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):
2016 | $ | 31,649 |
2017 | 26,647 |
2018 | 25,410 |
2019 | 19,362 |
2020 | 16,779 |
Thereafter | 39,878 |
| $ | 159,725 |
(g) | Accrued Expenses
Accrued expenses consist of the following at January 2, 2016 and January 3, 2015, respectively:
| 2015 |  | 2014
| (dollars in thousands)
Accrued payroll and related expenses | $ | 65,623 |  |  | $ | 50,844 |
Advanced customer deposits | 57,595 |  |  | 20,367 |
Accrued customer rebates | 45,154 |  |  | 32,357 |
Accrued warranty | 37,901 |  |  | 28,786 |
Accrued sales and other tax | 13,537 |  |  | 7,660 |
Accrued product liability and workers compensation | 11,635 |  |  | 14,582 |
Accrued agent commission | 9,948 |  |  | 11,207 |
Product recall | 7,786 |  |  | 12,125 |
Accrued professional services | 7,019 |  |  | 7,053 |
Restructuring | 6,266 |  |  | 37 |
Other accrued expenses | 57,690 |  |  | 35,567 |
| $ | 320,154 |  |  | $ | 220,585 |
(h) | Litigation Matters
From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any such matter will have a material adverse effect on its financial condition, results of operations or cash flows of the company.
(i) | Accumulated Other Comprehensive Income
The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets:
| 2015 |  | 2014
| (dollars in thousands)
Unrecognized pension benefit costs, net of tax | $ | (23,579 | ) |  | $ | (6,540 | )
Unrealized loss on interest rate swap, net of tax | 9 |  |  | (236 | )
Currency translation adjustments | (52,842 | ) |  | (24,655 | )
| $ | (76,412 | ) |  | $ | (31,431 | )
(j) | Fair Value Measures
ASC 820 “Fair Value Measurements and Disclosures” defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels: Level 1 – Quoted prices in active markets for identical assets or liabilities Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 – Unobservable inputs based on our own assumptions The company’s financial assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at January 2, 2016 and January 3, 2015 are as follows (in thousands):
| Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3 |  | Total
As of January 2, 2016 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Pension Plans | $ | 785,034 |  |  | $ | 518,576 |  |  | — |  |  | $ | 1,303,610 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | $ | 412 |  |  | — |  |  | $ | 412 |
Contingent consideration | — |  |  | — |  |  | $ | 11,065 |  |  | $ | 11,065 |
As of January 3, 2015 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Pension Plans | $ | 27,647 |  |  | $ | 1,234 |  |  | — |  |  | $ | 28,881 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | $ | 810 |  |  | — |  |  | $ | 810 |
Contingent consideration | — |  |  | — |  |  | $ | 14,558 |  |  | $ | 14,558 |
The contingent consideration as of January 2, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of Spooner Vicars, PES, Desmon, Goldstein and Induc. The contingent consideration as of January 3, 2015 relates to the earnout provisions recorded in conjunction with the acquisitions of Stewart, Nieco and Spooner Vicars, Market Forge, PES and Concordia. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreements. On a quarterly basis the company assesses the projected results for each of the acquisitions in comparison to the earnout targets and adjusts the liability accordingly.
(k) | Foreign Currency
Foreign currency transactions are accounted for in accordance with ASC 830 “Foreign Currency Translation”. The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur. These transactions amounted to a loss of $6.8 million, $3.6 million and $3.1 million in 2015, 2014 and 2013, respectively, and are included in other expense on the statements of earnings.
(l) | Revenue Recognition
At the Commercial Foodservice Equipment Group and Residential Kitchen Equipment Group, the company recognizes revenue on the sale of its products where title transfers and when risk of loss has passed to the customer, which occurs at the time of shipment, and collectibility is reasonably assured. The sale prices of the products sold are fixed and determinable at the time of shipment. Sales are reported net of sales returns, sales incentives and cash discounts based on prior experience and other quantitative and qualitative factors. At the Food Processing Equipment Group, the company enters into long-term sales contracts for certain products. Revenue under these long-term sales contracts is recognized using the percentage of completion method defined within ASC 605-35 “Construction-Type and Production-Type Contracts” due to the length of time to fully manufacture and assemble the equipment. The company measures revenue recognized based on the ratio of actual labor hours incurred in relation to the total estimated labor hours to be incurred related to the contract. Because estimated labor hours to complete a project are based upon forecasts using the best available information, the actual hours may differ from original estimates. Under ASC 605, the company records the asset for revenue recognized but not yet billed on contracts accounted for under the percentage of completion method in Prepaid Expenses and Other on the consolidated balance sheets. For 2015 and 2014, the amount of this asset was $13.0 million and $12.7 million, respectively. The percentage of completion method of accounting for these contracts most accurately reflects the status of these uncompleted contracts in the company's financial statements and most accurately measures the matching of revenues with expenses. At the time a loss on a contract becomes known, the amount of the estimated loss is recognized in the consolidated financial statements.
(m) | Shipping and Handling Costs
Shipping and handling costs are included in cost of products sold.
(n) | Warranty Costs
In the normal course of business the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. A rollforward of the warranty reserve for the fiscal years 2015 and 2014 are as follows:
| 2015 |  | 2014
| (dollars in thousands)
Beginning balance | $ | 28,786 |  |  | $ | 20,826 |
Warranty reserve related to acquisitions | 5,815 |  |  | 2,450 |
Warranty expense | 45,994 |  |  | 44,547 |
Warranty claims paid | (42,694 | ) |  | (39,037 | )
Ending balance | $ | 37,901 |  |  | $ | 28,786 |
(o) | Research and Development Costs
Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. These costs were $22.4 million, $22.6 million and $21.4 million in fiscal 2015, 2014 and 2013, respectively. (p) Non-Cash Sh a re-Based Compensation The company estimates the fair value of restricted share grants and stock options at the time of grant and recognizes compensation costs over the vesting period of the awards and options. Non-cash share-based compensation expense of $15.9 million, $16.7 million and $11.9 million was recognized for fiscal 2015, 2014 and 2013, respectively, associated with restricted share grants. The company recorded a related tax benefit of $6.0 million, $4.6 million and $4.4 million in fiscal 2015, 2014 and 2013, respectively. As of January 2, 2016, there was $9.3 million of total unrecognized compensation cost related to nonvested restricted share grant compensation arrangements, which will be recognized over a weighted average life of 0.8 years. Share grant awards not subject to market conditions for vesting are valued at the closing share price of the company’s stock as of the date of the grant. There were no restricted share grant awards in 2013 or 2012. The company issued 100,704 and 369,807 restricted share grant awards in 2015 and 2014, respectively with a fair value of $10.9 million and 32.5 million, respectively. Share grant awards issued in 2015 and 2014 are performance based and were not subject to market conditions. The fair value of $107.81 and $87.80 per share for the awards for 2015 and 2014, respectively, represent the closing share price of the company’s stock as of the date of grant.
(q) | Earnings Per Share
“Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities. The company’s potentially dilutive securities consist of shares issuable on exercise of outstanding options and vesting of restricted stock grants computed using the treasury method and amounted to 22,000, 20,000, and 317,000 for fiscal 2015, 2014 and 2013, respectively. There were no anti-dilutive equity awards excluded from common stock equivalents for 2015, 2014 or 2013.
(r) | Consolidated Statements of Cash Flows
Cash paid for interest was $14.8 million, $14.8 million and $14.1 million in fiscal 2015, 2014 and 2013, respectively. Cash payments totaling $94.6 million, $43.5 million, and $49.5 million were made for income taxes during fiscal 2015, 2014 and 2013, respectively.
(s) | New Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, “Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. This update changes the criteria for determining which disposals can be presented as discontinued operations and requires expanded disclosures. Under ASU No. 2014-08, a disposal of a component of an entity or group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2014. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This update amends the current guidance on revenue recognition related to contracts with customers. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015 the FASB decided to delay the effective date of the new revenue standard to be effective for interim and annual periods beginning on or after December 15, 2017 for public companies and December 15, 2018 for private companies. Companies may elect to adopt the standard at the original effective date for public entities, that is, for interim and annual periods beginning on or after December 15, 2016, but not earlier. The guidance can be applied using one of two retrospective application methods. The company is evaluating the impact of adopting this new standard on the consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation”. This update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The company is evaluating the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items". This update eliminates the concept of extraordinary items from the current guidance. This update is effective for annual and corresponding interim reporting periods beginning after December 15, 2015. Early adoption is permitted provided the guidance is applied from the beginning of the fiscal year of adoption. Retrospective application is encouraged for all prior periods presented in the financial statements. The company is evaluating the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. The standard is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The company does not expect the adoption of this standard to have a material impact on its consolidated balance sheets. In April 2015, the FASB issued ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets". This ASU is intended to provide a practical expedient for the measurement date of defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not fall on a calendar month-end (e.g., companies with a 52/53-week fiscal year) to measure pension and post-retirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year-end. The FASB also provided a similar practical expedient for interim remeasurements for significant events. This ASU requires perspective application and is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. The company is evaluating the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest” which relates to the presentation of debt issuance costs. This standard clarifies the guidance set forth in FASB ASU 2015-03, which required that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The new pronouncement clarifies that debt issuance costs related to line-of-credit arrangements could continue to be presented as an asset and be subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. The company does not expect the adoption of this standard to have a material impact on its consolidated balance sheets. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which is intended to simplify the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. Application of the standard, which should be applied prospectively, is required for the annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The company is currently evaluating the impact the new standard will have on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The company does not expect the adoption of this standard to have a material impact on its financial condition, results of operations or cash flows. In November 2015, the FASB issued ASU 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The amendments in ASU 2015-17 simplify the accounting for, and presentation of, deferred taxes by eliminating the need to separately classify the current amount of deferred tax assets or liabilities. Instead, aggregated deferred tax assets and liabilities are classified and reported as non-current assets or liabilities. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been issued. The company is currently evaluating the impact the new standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". The amendments under this pronouncement will change the way all leases with a duration of one year of more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee’s right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee’s obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, those that contain provisions similar to capitalized leases, are amortized like capital leases are under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The company is currently evaluating the impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and on its consolidated financial statements.

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