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New Accounting Pronouncements | 12 Months Ended
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Dec. 31, 2015
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] |
New Accounting Pronouncements Disclosure | Note 14 — New Accounting Pronouncements Revenue from Contracts with Customers In May, 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principal is that an entity should recognize revenue to depict the transfer of 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. Companies are to use a five-step contract review model to ensure revenue gets recognized, measured and disclosed in accordance with this principal. ASU 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2017. This reflects a one-year delay for required implementation announced in July, 2015. The amendments in this update should be applied retrospectively either to each prior reporting period presented or to disclose the cumulative effect recognized at the date of initial application. We have developed a plan to complete the five-step contract review process for all existing contracts with customers and are in the process of determining the impact the implementation of ASU 2014-09 will have on the Company’s financial statements. Balance Sheet Classification of Deferred Taxes In November, 2015, the FASB issued ASU 2015-17, “ Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 no longer requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts on the balance sheet. Instead, for each tax paying component and within each tax jurisdiction all deferred tax liabilities and assets, as well as related valuation allowance, shall be offset and presented as a single noncurrent amount. Entities will continue to not offset deferred tax liabilities and assets attributable to different tax-paying components of the entity or to different tax jurisdictions. ASU 2015-17 is effective for fiscal years and interim periods beginning after December 15, 2016, though earlier application is permitted. The update can be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We anticipate adoption of ASU 2015-17 will impact our presentation of deferred tax liabilities and assets on the consolidated balance sheets. Note 14 — New Accounting Pronouncements (Continued) Business Combinations – Simplifying the Accounting for Measure-Period Adjustments In September, 2015, the FASB issued ASU 2015-16, “ Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments.” For business combinations that are incomplete by the end of a reporting period and which provisional amounts have been reported for those incomplete items, acquirers are no longer required to account for measurement-period adjustments retrospectively. ASU 2015-16 requires the acquirer to, instead, recognize adjustments to the provisional amounts in the reporting period they are determined. The acquirer shall adjust its financial statements to recognize in its current-period earnings the full effect resulting from the change to provisional amounts calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for fiscal years and interim periods beginning after December 15, 2015 and is not expected to significantly impact the Company. Inventory – Simplifying the Measurement of Inventory In July, 2015, the FASB issued ASU 2015-11, “ Inventory (Topic 330) Simplifying the Measurement of Inventory.” The Update requires that inventory measured using any method other than last-in, first-out (LIFO) or the retail inventory method shall be measured at the lower of cost and net realizable value. ASU 2015-11 is effective for fiscal years and interim periods beginning after December 15, 2016 and is not expected to significantly impact the Company.

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