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Note 2 - Summary of Significant Accounting Policies | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Significant Accounting Policies [Text Block] |
2 . | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Use of Estimates The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates all of its estimates, including those related to allowance for doubtful accounts, inventories, long-lived assets (including depreciation and amortization), revenue recognition, share-based compensation, income taxes and litigation and other contingencies. Actual results may differ from these estimates under different assumptions or conditions. Basis of Consolidation and Presentation The Consolidated Financial Statements include the accounts of Northwest Pipe Company and its subsidiaries over which the Company exercises control as of the financial statement date. Intercompany accounts and transactions have been eliminated. Lucid Energy Inc. (“Lucid”) is accounted for under the cost-method of accounting. Lucid is a clean energy company based in Portland, Oregon. The carrying value of this investment is $0 as of December 31, 2017 and 2016 due to a history of net losses by Lucid. Cash and Cash Equivalents Cash and cash equivalents consist of cash and short -term, highly liquid investments with maturities of three months or less when purchased. At times, the Company will have outstanding checks in excess of related bank balances (a “book overdraft”). If this occurs, the amount of the book overdraft will be reclassified to accounts payable, and changes in the book overdraft will be reflected as a component of operating activities in the Consolidated Statement of Cash Flows. The Company had no book overdraft as of December 31, 2017 and 2016. Receivables and Allowance for Doubtful Accounts Trade receivables are reported on the Consolidated Balance Sheet net of doubtful accounts. The Company maintains allowances for estimated losses resulting from the inability of its customers to make required payments or from contract disputes. The amounts of such allowances are based on Company history and management’s judgment. At least monthly, the Company reviews past due balances to identify the reasons for non-payment. The Company will write off a receivable account once the account is deemed uncollectible. The Company believes the reported allowances as of December 31, 2017 and 2016 are adequate. If the customers’ financial conditions were to deteriorate resulting in their inability to make payments, or if contract disputes were to escalate, additional allowances may need to be recorded which would result in additional expenses being recorded for the period in which such determination was made. Inventories As of December 31, 2016, inventories were stated at the lower of cost or market. Upon adoption of Accounting Standards Update No. 2015 - 11, “Inventory (Topic 330 ): Simplifying the Measurement of Inventory” on January 1, 2017, which did not result in a change in the Company’s inventory values, inventories are stated at the lower of cost and net realizable value. The cost of raw material inventories of steel is either on a specific identification basis or on an average cost basis. The cost of all other raw material inventories, as well as work-in-process and supplies is on an average cost basis. The cost of finished goods uses the first -in, first -out method of accounting. Property and Equipment Property and equipment is stated at cost. Maintenance and repairs are expensed as incurred, and costs of new equipment and buildings, as well as costs of expansions or refurbishment of existing equipment and buildings, including interest where applicable, are capitalized. Depreciation and amortization are determined by the units of production method for most equipment and by the straight-line method for the remaining assets based on the estimated useful lives of the related assets. Estimated useful lives by major classes of property and equipment are as follows: Land improvements ( 15 – 30 years); Buildings ( 20 – 40 years); and Machinery and equipment ( 3 – 30 years). Depreciation expense calculated under the units of production method may be less than, equal to, or greater than depreciation expense calculated under the straight-line method due to variances in production levels. Upon disposal, costs and related accumulated depreciation of the assets are removed from the accounts and resulting gains or losses are reflected in operating expenses. The Company leases certain equipment under long-term capital leases, which are being amortized on a straight-line basis over the shorter of its useful life or the lease term. The Company assesses impairment of property and equipment whenever changes in circumstances indicate that the carrying values of the asset or asset group(s) may not be recoverable. The asset group is the lowest level at which identifiable cash flows are largely independent of the cash flows of other groups of assets or liabilities. The recoverable value of a long-lived asset group is determined by estimating future undiscounted cash flows using assumptions about the expected future operating performance of the Company. Goodwill Goodwill represents the excess of purchase price over the assigned fair values of the net assets in connection with an acquisition. Goodwill is reviewed for impairment annually as of December 31 or whenever events occur or circumstances change that indicate goodwill may be impaired. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (also known as a component). The Company’s reporting units are equivalent to its operating segments as the individual components meet the criteria for aggregation. As of December 31, 2017 and 2016, the Company’s goodwill was fully impaired. Due to market conditions in 2015, goodwill of $5.3 million was quantitatively evaluated using a weighted average of the income and market approaches. The Company determined that its goodwill was impaired as of June 30, 2015, and it was completely written off in the second quarter of 2015. In evaluating goodwill, the Company looks at the long-term prospects for the reporting unit and recognizes that current performance may not be the best indicator of future prospects or value, which requires management judgment. The income approach is based upon projected future after-tax cash flows discounted to present value using factors that consider the timing and risk associated with the future after-tax cash flows. The market approach is based upon historical and/or forward-looking measures using multiples of revenue or earnings before interest, taxes, depreciation and amortization. The Company utilizes a weighted average of the income and market approaches, with a heavier weighting on the income approach because of the relatively limited number of comparable entities for which relevant multiples are available. If the carrying value of the reporting unit exceeds its calculated enterprise value, then the Company continues to assess the fair value of individual assets and liabilities, other than goodwill. The difference between the reporting unit enterprise value and the fair value of its identifiable net assets is the implied fair value of the reporting unit’s goodwill. A goodwill impairment loss is recorded for the difference between the implied fair value and its carrying value. Intangible Assets Intangible assets consist primarily of customer relationships, patents and trade names and trademarks recorded as the result of acquisition activity. Intangible assets are amortized using the straight-line method over estimated useful lives ranging from 4 to 15 years. See Note 7, “Intangible Assets” for further discussion of the Company’s intangible asset balances. Workers Compensation The Company is self-insured, or maintains high deductible policies, for losses and liabilities associated with workers compensation claims. Losses are accrued based upon the Company ’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. During the fourth quarter of 2017, as a result of a change in estimate to its workers compensation reserves, the Company recorded a charge of $1.2 million to Cost of sales. During 2016 and 2015, there were no significant changes in estimates recorded to adjust workers compensation reserves. As of December 31, 2017 and 2016, workers compensation reserves recorded were $3.7 million and $3.4 million, respectively, of which $0.4 million and $0.6 million, respectively, were included in Accrued liabilities and $3.3 million and $2.8 million, respectively, were included in Other long-term liabilities. Accrued Liabilities Accrued liabilities consist of the following (in thousands):
|  | December 31 , |
|  | 201 7 |  |  | 201 6 |
Accrued liabilities : |  |  |  |  |  |  |  |
Accrued vacation payabl e |  | $ | 1,886 |  |  | $ | 2,313 |
Reserves for expected losses on uncompleted contract s |  |  | 911 |  |  |  | 1,409 |
Accrued property taxe s |  |  | 898 |  |  |  | 1,096 |
Workers compensation reserve s |  |  | 422 |  |  |  | 569 |
Litigation accrua l |  |  | - |  |  |  | 1,750 |
Othe r |  |  | 2,446 |  |  |  | 3,788 |
Total accrued liabilitie s |  | $ | 6,563 |  |  | $ | 10,925 |
Derivative Instruments The Company conducts business in various foreign countries and, from time to time, settles transactions in foreign currencies. The Company has established a program that utilizes foreign currency forward contracts to offset the risk associated with the effects of certain foreign currency exposures, typically arising from sales contracts denominated in Canadian currency. Foreign currency forward contracts are consistent with the Company’s strategy for financial risk management. The Company utilizes cash flow hedge accounting treatment for qualifying foreign currency forward contracts. Instruments that do not qualify for cash flow hedge accounting treatment are remeasured at fair value on each balance sheet date and resulting gains and losses are recognized in earnings. Pension Benefits The Company has two defined benefit pension plans that have been frozen since 2001. The Company funds these plans to cover current plan costs plus amortization of the unfunded plan liabilities. To record these obligations, management uses estimates relating to investment returns, mortality and discount rates. Management reviews all of these assumptions on an annual basis. Foreign Currency Transactions Assets and liabilities subject to foreign currency fluctuations are translated into United States dollars at the period-end exchange rate, and revenue and expenses are translated at exchange rates representing an average for the period. Translation adjustments from designated hedges are included in Accumulated other comprehensive loss as a separate component of Stockholders’ equity. Gains or losses on all other foreign currency transactions are recognized in the Consolidated Statement of Operations. The functional currency of the Company’s Mexican operations is the United States dollar. Revenue Recognition Revenue from construction contracts is recognized on the percentage-of-completion method . For a majority of contracts, revenue is measured by the costs incurred to date as a percentage of the estimated total costs of each contract (cost-to-cost method). For a small number of contracts, revenue is measured using units of delivery as progress is best estimated by the number of units delivered under the contract. Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation. Selling, general and administrative costs are charged to expense as incurred. The cost of steel is recognized as a project cost when the steel is introduced into the manufacturing process. The Company begins recognizing revenue on a project when persuasive evidence of an arrangement exists, recoverability is reasonably assured, and project costs are incurred. Costs may be incurred before the Company has persuasive evidence of an arrangement. In those cases, if recoverability from that arrangement is probable, the project costs are deferred and revenue recognition is delayed. Changes in job performance, job conditions and estimated profitability, including those arising from contract change orders, contract penalty provisions, foreign currency exchange rate movements, changes in raw materials costs and final contract settlements may result in revisions to estimates of revenue, costs and income and are recognized in the period in which the revisions are determined. Provisions for losses on uncompleted contracts are made in the period such losses are known. See “ Recent Accounting and Reporting Developments” below for discussion regarding the expected impact of the adoption of new guidance for revenue recognition effective in the first quarter of 2018. No customer accounted for 10% or more of total Net sales from continuing operations for the year ended December 31, 2017. One customer accounted for 28% of total Net sales from continuing operations for the year ended December 31, 2016 and two customers accounted for 16 % and 13% of total Net sales from continuing operations for the year ended December 31, 2015 . Net sales from continuing operations by geographic region, based on the location of the customer, were as follows (in thousands):
|  | Year Ended December 31, |
|  | 201 7 |  |  | 201 6 |  |  | 201 5 |
Net sales from continuing operations by geographic region : |  |  |  |  |  |  |  |  |  |  |  |
United State s |  | $ | 122,179 |  |  | $ | 137,411 |  |  | $ | 161,243 |
Canad a |  |  | 10,601 |  |  |  | 11,976 |  |  |  | 11,917 |
Tota l |  | $ | 132,780 |  |  | $ | 149,387 |  |  | $ | 173,160 |
Share-based Compensation The Company recognizes the compensation cost of employee and director services received in exchange for awards of equity instruments based on the grant date estimated fair value of the awards. Share-based compensation cost is recognized over the period during which the employee or director is required to provide service in exchange for the award, and as forfeitures occur, the associated compensation cost recognized to date is reversed. The Company estimates the fair value of restricted stock units (“RSUs”) and performance share awards (“PSAs”) using the value of the Company’s stock on the date of grant, with the exception of market-based PSAs, for which a Monte Carlo simulation model is used. The Monte Carlo simulation model requires the use of subjective and complex assumptions including the price volatility of the underlying stock. The expected stock price volatility assumption is determined using the historical volatility of the Company’s and a comparator group of companies’ stock over the most recent historical period equivalent to the expected life. The Monte Carlo simulation model calculates many potential outcomes for an award and estimates fair value based on the most likely outcome. See Note 13, “Share-based Compensation” for further discussion of the Company’s share-based compensation. Income Taxes Income taxes are recorded using an asset and liability approach that requires the recognition of deferred income tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements or income tax returns. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. The determination of the provision for income taxes requires significant judgment, the use of estimates and the interpretation and application of complex tax laws. The provision for income taxes primarily reflects a combination of income earned and taxed in the various United States federal and state and, to a lesser extent, foreign jurisdictions. Jurisdictional tax law changes, increases or decreases in permanent differences between book and tax items, accruals or adjustments of accruals for unrecognized income tax benefits or valuation allowances and the change in the mix of earnings from these taxing jurisdictions all affect the overall effective income tax rate. The Company records income tax reserves for federal, state, local and international exposures relating to periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective estimate. The Company assesses income tax positions and records income tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those income tax positions where it is more-likely-than- not that an income tax benefit will be sustained, the largest amount of income tax benefit with a greater than 50% likelihood of being realized upon settlement with a tax authority that has full knowledge of all relevant information has been recorded. For those income tax positions where it is not more-likely-than- not that an income tax benefit will be sustained, no income tax benefit has been recognized in the Consolidated Financial Statements. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes unrealized gains and losses on derivative instruments related to the effective portion of cash flow hedges and changes in the funded status of the defined benefit pension plans, both net of the related income tax effect. For further information, refer to Note 17, “Accumulated Other Comprehensive Loss.” Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period . Diluted net loss per share is computed by giving effect to all potential shares of common stock, including stock options, restricted stock units and performance share awards, to the extent dilutive. Since the Company was in a loss position for all periods presented, basic and diluted net loss per share was the same for each period presented as the inclusion of all potential common shares outstanding would have been antidilutive. L oss per basic and diluted weighted-average common share outstanding was calculated as follows (in thousands, except per share data):
|  | Year Ended December 31, |
|  | 201 7 |  |  | 201 6 |  |  | 201 5 |
Loss from continuing operation s |  | $ | (8,392 | ) |  | $ | (6,741 | ) |  | $ | (17,812 | )
Loss on discontinued operation s |  |  | (1,771 | ) |  |  | (2,522 | ) |  |  | (11,576 | )
Net los s |  | $ | (10,163 | ) |  | $ | (9,263 | ) |  | $ | (29,388 | )
Basic weighted-average common shares outstandin g |  |  | 9,613 |  |  |  | 9,588 |  |  |  | 9,560 |
Effect of potentially dilutive common shares (1 ) |  |  | - |  |  |  | - |  |  |  | - |
Diluted weighted-average common shares outstandin g |  |  | 9,613 |  |  |  | 9,588 |  |  |  | 9,560 |
Basic and diluted loss per common share : |  |  |  |  |  |  |  |  |  |  |  |
Continuing operation s |  | $ | (0.88 | ) |  | $ | (0.71 | ) |  | $ | (1.86 | )
Discontinued operation s |  |  | (0.18 | ) |  |  | (0.26 | ) |  |  | (1.21 | )
Net loss per shar e |  | $ | (1.06 | ) |  | $ | (0.97 | ) |  | $ | (3.07 | )
| ( 1 ) | The weighted -average number of antidilutive shares not included in the computation of diluted loss per share was approximately 196,000, 198,000 and 179,000 for the years ended December 31, 2017, 2016 and 2015, respectively.
Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables, derivative contracts and deferred compensation plan assets. Trade receivables generally represent a large number of customers, including municipalities, manufacturers, distributors and contractors, dispersed across a wide geographic base. As of December 31, 2017 and 2016, two customers had a balance in excess of 10% of total accounts receivable. Derivative contracts are with a high quality financial institution. The Company’s deferred compensation plan assets, included in Other assets, are invested in a diversified portfolio of stock and bond mutual funds. Recent Accounting and Reporting Developments Accounting Changes In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015 - 11, “Inventory (Topic 330 ): Simplifying the Measurement of Inventory” (“ASU 2015 - 11” ). As a result of ASU 2015 - 11, companies are required to measure inventory at the lower of cost and net realizable value. This is a change from the prior requirement to value inventory at the lower of cost or market. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventory valued using the last-in, first -out or retail inventory method is exempt from ASU 2015 - 11. The Company adopted this guidance prospectively on January 1, 2017 and the impact was not material to the Company’s financial position, results of operations or cash flows. In March 2016, the FASB issued Accounting Standards Update No. 2016 - 09, “Compensation–Stock Compensation (Topic 718 ): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016 - 09” ). ASU 2016 - 09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. As a result of the adoption of this guidance on January 1, 2017, on a prospective basis, the Company recognized $0.8 million of excess tax deficiencies from share-based compensation in Income tax benefit from continuing operations for the year ended December 31, 2017. Historically, these amounts were recorded as Additional paid-in capital. Recent Accounting Standards In May 2014, the FASB issued Accounting Standards Update No. 2014 - 09, “Revenue from Contracts with Customers (Topic 606 )” (“ASU 2014 - 09” ) which will replace most existing revenue recognition guidance in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The core principle of ASU 2014 - 09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014 - 09 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. ASU 2014 - 09 is effective for the Company beginning January 1, 2018. During 2016 and 2017, the FASB issued several ASUs that clarify the implementation guidance for ASU 2014 - 09 but do not change the core principle of the guidance. The Company has finalized its analysis of the adoption of ASU 2014 - 09, which is not expected to have a material impact on its internal controls over financial reporting or its revenue recognition patterns as compared to revenue recognition under the previous revenue guidance. Revenues generated will continue to be recognized over time utilizing costs to measure progress of performance obligations which is consistent with previous practice. The Company will adopt ASU 2014 - 09 on January 1, 2018 using the modified retrospective method and will recognize the cumulative effect of approximately $1 million from initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The adjustment to the opening balance of retained earnings is the result of a change in the timing of revenue recognition on certain costs under the new standard, as well as, to a lesser extent, a change in the costs included in the provisions for losses on uncompleted contracts. Previously reported results will not be restated under this transition method. Additionally, upon adoption of ASU 2014 - 09, the Company will expand its financial statement disclosures around the nature and timing of the Company’s performance obligations, deferred revenue contract liabilities, deferred contract cost assets, as well as significant judgments and practical expedients used by the Company in applying the five -step revenue model. In January 2016, the FASB issued Accounting Standards Update No. 2016 - 01, “Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016 - 01” ). ASU 2016 - 01 makes changes to the accounting for equity investments and financial liabilities accounted for under the fair value option, and changes presentation and disclosure requirements for financial instruments. ASU 2016 - 01 is effective for the Company beginning January 1, 2018. In February 2018, the FASB issued Accounting Standards Update No. 2018 - 03, “Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2018 - 03” ). ASU 2018 - 03 clarifies certain aspects of the guidance issued in ASU 2016 - 01. ASU 2018 - 03 is effective for the Company beginning July 1, 2018. Early adoption is permitted once ASU 2016 - 01 has been adopted. The Company does not expect a material impact to the Company’s financial position, results of operations or cash flows from adoption of this guidance. In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, “Leases (Topic 842 )” (“ASU 2016 - 02” ). ASU 2016 - 02 makes changes to U.S. GAAP, requiring the recognition of lease assets and lease liabilities by lessees for those leases previously classified as operating leases. For operating leases, the lease asset and lease liability will be initially measured at the present value of the lease payments in the balance sheet. The cost of the lease is then allocated over the lease term generally on a straight-line basis. All cash payments will be classified within operating activities in the statement of cash flows. For financing leases, the lease asset and lease liability will be initially measured at the present value of the lease payments in the balance sheet. Interest on the lease liability will be recognized separately from amortization of the lease asset in the statement of comprehensive income. In the statement of cash flows, repayments of the principal portion of the lease liability will be classified within financing activities, and payments of interest on the lease liability and variable payments will be classified within operating activities. For leases with terms of twelve months or less, a lessee is permitted to make an accounting policy election by asset class not to recognize lease assets and lease liabilities. Lease expense for such leases will be generally recognized straight-line basis over the lease term. The accounting applied by a lessor is largely unchanged from previous U.S. GAAP. ASU 2016 - 02 requires qualitative disclosures along with specific quantitative disclosures and will be effective for the Company beginning January 1, 2019, including interim periods in 2019. ASU 2016 - 02 provides for a transitional adoption, with lessees and lessors required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Early adoption is permitted, however the Company does not anticipate early adoption. The Company continues to evaluate ASU 2016 - 02, including the review and implementation of the necessary changes to existing processes and systems that will be required to implement this new standard. While the Company expects the adoption of ASU 2016 - 02 will materially increase its assets and liabilities on the Consolidated Balance Sheet, it currently does not expect ASU 2016 - 02 will have a material effect on its results of operations or cash flows . In August 2016, the FASB issued Accounting Standards Update No. 2016 - 15, “Statement of Cash Flows (Topic 230 ): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016 - 15” ). ASU 2016 - 15 clarifies whether eight specifically identified cash flow issues, which previous U.S. GAAP did not address, should be categorized as operating, investing or financing activities in the statement of cash flows. ASU 2016 - 15 is effective for the Company beginning January 1, 2018. The Company does not expect a material impact to the Company’s financial position, results of operations or cash flows from adoption of this guidance. In March 2017, the FASB issued Accounting Standards Update No. 2017 - 07, “Compensation—Retirement Benefits (Topic 715 ): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017 - 07” ), which requires that the service cost component of net benefit cost be presented in the same income statement line as other employee compensation costs, while the other components of net benefit cost are to be presented outside income from operations. ASU 2017 - 07 is effective for the Company on a retrospective basis beginning January 1, 2018. The effect of adopting ASU 2017 - 07 will be the reclassification of the non-service cost components from Cost of sales to Other expense, resulting in an increase to Gross profit and Operating income. There is no impact to Income before income taxes or Net income, so therefore no impact to Net income per share. Upon adoption, the Company expects a decrease to Cost of sales and an increase to Other expense of approximately $0 and $0.4 million for the years ended December 31, 2017 and 2016, respectively. In August 2017, the FASB issued Accounting Standards Update No. 2017 - 12, “Derivatives and Hedging (Topic 815 ): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017 - 12” ), which better aligns risk management activities and financial reporting for hedging relationships, simplifies hedge accounting requirements, and improves disclosures of hedging arrangements. ASU 2017 - 12 will be effective for the Company beginning January 1, 2019. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. The Company is currently assessing the impact of ASU 2017 - 12 on its Consolidated Financial Statements. In February 2018, the FASB issued Accounting Standards Update No. 2018 - 02, “Income Statement—Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018 - 02” ), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 and requires certain disclosures about stranded tax effects. ASU 2018 - 02 will be effective for the Company beginning January 1, 2019. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. The Company is currently assessing the impact of ASU 2018 - 02, but does not expect a material impact to the Company’s financial position, results of operations or cash flows from adoption of this guidance.

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