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Significant Accounting Policies
6 Months Ended
Jun. 30, 2019
Significant Accounting Policies  
Significant Accounting Policies

2.  Significant Accounting Policies

 

Lease Accounting

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted the standard on January 1, 2019 using the modified retrospective approach.  We recognized additional operating liabilities of $186 on adoption, with corresponding ROU assets of the same amount, based on the present value of the remaining lease payments. Adoption of the standard did not affect lease classification or expense recognition. The Company does not include short term leases in its ROU and lease liability calculations. As of June 30, 2019, the ROU asset was $126 and the lease liability was $126, comprised of $86 in accrued liabilities and other, and $40 in non-current liabilities. The Company’s leases had remaining terms ranging from 0.5 to 2.5 years as of June 30, 2019.