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New Accounting Principles and Recent Accounting Pronouncements | 12 Months Ended
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Dec. 31, 2017
New Accounting Principles and Recent Accounting Pronouncements [Abstract] |
New Accounting Principles and Recent Accounting Pronouncements | ﻿ Note B – New Accounting Principles and Recent Accounting Pronouncements ﻿ Accounting Principles Adopted ﻿ Compensation – Stock Compensation. In March 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification within the statement of cash flows. The amendments in this ASU were effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted this guidance in 2017 and it did not have a material impact on its consolidated financial statements and footnote disclosures as there were no exercises of Company options during the period. ﻿ Business Combinations. In January 2017, the FASB issued an ASU to clarify the definition of a business to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is intended to narrow the definition of a business by specifying the minimum inputs and processes and by narrowing the definition of outputs. The update is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The prospective approach is required for adoption and early adoption is permitted for transactions not previously reported in issued financial statements. The Company adopted this guidance in 2017 and it did not have a material impact on its consolidated financial statements and footnote disclosures. ﻿ ﻿ Recent Accounting Pronouncements ﻿ Revenue from Contracts with Customers. In May 2014, the FASB issued an ASU to establish a comprehensive new revenue recognition standard for contracts with customers that will supersede most current revenue recognition requirements and industry-specific guidance. The codification was amended through additional ASU’s and, as amended, requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. Additional disclosures will be required to describe the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers. The Company has performed a review of contracts in each of its revenue streams and has developed accounting policies to address the provisions of the ASU. As a result of this review, the Company’s gross revenues and expenses may be impacted based on the determination of whether it is acting as a principal or an agent in certain transactions. The Company adopted the new standard on January 1, 2018, using the modified retrospective method and does not currently expect net earnings, revenues or expenses to be materially impacted. The Company continues to evaluate the impact of this and other provisions of the ASU on related disclosures. ﻿ Leases. In February 2016, FASB issued an ASU to increase transparency and comparability among companies by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP and this ASU is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The new standard is effective for financial statements issued for annual periods beginning after December 15, 2018 and interim periods within those annual periods. Early adoption is permitted for all entities. The Company anticipates adopting this guidance in the first quarter of 2019 and is currently analyzing its portfolio of contracts to assess the impact future adoption of this ASU may have on its consolidated financial statements. ﻿ Statement of Cash Flows. In August 2016, the FASB issued an ASU to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendment provides guidance on specific cash flow issues including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instrument with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. The ASU is effective for annual and interim periods beginning after December 15, 2017. The Company anticipates adopting this guidance in the first quarter 2018 and does not believe the application of this ASU will have a material impact on its consolid ated financial statements and related footnote disclosures. ﻿ Compensation – Retirement Benefits. In March 2017, the FASB issued an ASU requiring that the service cost component of pension and postretirement benefit costs be presented in the same line item as other current employee compensation costs and other components of those benefit costs be presented separately from the service cost component and outside a subtotal of income from operations, if presented. The update also requires that only the service cost component of pension and postretirement benefit cost is eligible for capitalization. The update is effective for annual periods beginning after December 15, 2017 and interim periods within the annual period. Application is retrospective for the presentation of the components of these benefit costs and prospective for the capitalization of only service costs. The Company anticipates adopting this guidance in the first quarter 2018 and does not believe the application of this ASU will have a material impact on its consolid ated financial statements and related footnote disclosures. ﻿ Compensation – Stock Compensation. In May 2017, FASB issued an ASU which amends the scope of modification accounting for share-based payment arrangements and provides guidance on the type of changes to the terms and conditions of share-based payment awards to which an entity would be required to apply modification accounting. The update is effective for annual periods beginning after December 15, 2017 and interim periods within the annual period. The Company anticipates adopting this guidance in the first quarter 2018 and does not believe the application of this ASU will have a material impact on its consolid ated financial statements and related footnote disclosures.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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