Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

FASB has issued the following standards, which are not expected to have a material impact on our Consolidated Financial Statements:



Standard		Effective Date ^(a)
2014-09	Revenue from Contracts with Customers (Topic 606) ^(b)	January 1, 2018
2016-01	Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities	January 1, 2018

^{(a) Represents date standard becomes effective as indicated in the respective ASU.}

^{(b) In 2014, we established a global project management team to analyze the impact of this standard by reviewing our current accounting policies and practices in each reporting segment to identify potential differences that would result from the application of this standard. We determined minimal changes are required to our business processes, systems and controls to effectively report revenue recognition and disclosure under the new standard. Based on our evaluation, we expect to adopt the requirements of the new standard in the first quarter of 2018 and anticipate using the modified retrospective transition method.}