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Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Adopted Accounting Pronouncements
 
In
February 2016,
the Financial Accounting Standards Board (“FASB”) issued ASU
No.
2016
-
02,
Leases
(Topic
842
) (“ASU
2016
-
02”
). ASU
2016
-
02
requires most lessees to recognize a majority of the company’s leases on the balance sheet, which increases reported assets and liabilities. ASU
2016
-
02
was subsequently amended by ASU
No.
2018
-
01,
Land Easement Practical Expedient for Transition to Topic
842;
ASU
No.
2018
-
10,
Codification Improvements to Topic
842,
Leases
; and ASU
No.
2018
-
11,
Targeted Improvements
. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than
12
months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. ASU
2016
-
02
is effective for annual reporting periods beginning after
December 15, 2018
including interim periods within such annual reporting periods with early adoption permitted. The Company adopted this guidance on
January 1, 2019,
utilizing the optional transition method approach with an effective date of
January 1, 2019.
Consequently, financial information prior to the effective date was
not
updated and the disclosures required under the new standard are
not
provided for dates and periods prior to the effective date. There were
no
cumulative effect adjustments to retained earnings as part of adoption. The Company elected the available practical expedients, including the practical expedient to
not
separate lease and non-lease components of its leases and the short-term lease practical expedient. The Company’s internal control framework did
not
materially change, but existing internal controls were modified due to certain changes to business processes and systems to support the new leasing standard as necessary. The standard had a material impact on our consolidated balance sheets, the most significant impact being the recognition of approximately
$21.3
million of ROU assets and
$26.3
million lease liabilities on the effective date, but did
not
have an impact on our consolidated income statements. The Company continues to expect the impact of the adoption of the new standard to be immaterial to its net income and its internal control framework on an ongoing basis.
 
In
June 2018,
the FASB issued ASU
No.
2018
-
07,
Compensation – Stock Compensation (Topic
718
) – Improvements to Nonemployee Share-Based Payment Accounting,
(“ASU
2018
-
07”
). ASU
2018
-
07
requires entities to apply similar accounting for share-based payment transactions with non-employees as with share-based payment transactions with employees. ASU
2018
-
07
is effective for public entities for fiscal years beginning after
December 15, 2018,
including interim periods within those fiscal years. The Company adopted this guidance on
January 1, 2019.
The adoption of this guidance did
not
have a material effect on the Company’s consolidated financial statements.
 
Recently Issued Accounting Pronouncements
Not
Yet Adopted
 
In
June 2016,
the FASB issued ASU
No.
2016
-
13,
Financial Instruments – Credit Losses
(“ASU
2016
-
13”
). ASU
2016
-
13
introduces the current expected credit losses methodology for estimating allowances for credit losses. ASU
2016
-
13
applies to all financial instruments carried at amortized cost and off-balance-sheet credit exposures
not
accounted for as insurance, including loan commitments, standby letters of credit, and financial guarantees. The new accounting standard does
not
apply to trading assets, loans held for sale, financial assets for which the fair value option has been elected, or loans and receivables between entities under common control. ASU
2016
-
13
is effective for public entities for fiscal years beginning after
December 15, 2019,
including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact on the Company’s financial statements of adopting this guidance but this guidance is
not
expected to have a material impact on the Company’s financial position, results of operations or internal control framework.