New Accounting Pronouncements

3 Months Ended

Mar. 31, 2015

Accounting Changes And Error Corrections [Abstract]

New Accounting Pronouncements

2. New Accounting Pronouncements  

In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance that changes the presentation of certain debt issuance costs in the financial statements.  The new guidance requires debt issuance costs to be presented as a direct deduction from the associated debt liability rather than as an asset.  Amortization of the costs will continue to be reported as interest expense.  The new guidance is effective for interim and annual reporting periods beginning after December 15, 2015, and will be applied retrospectively for each prior period presented in the financial statements.  This new guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In April 2015, the FASB issued guidance that clarifies the accounting treatment for cloud computing arrangements.  The new guidance provides that if an arrangement includes a software license, then the software license element should be accounted for consistent with the acquisition of other software licenses.  If the arrangement does not include a software license, the arrangement should be accounted for as a service contract.  This new guidance is effective for interim and annual periods beginning after December 15, 2015, and may be applied retrospectively or prospectively.  This new guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.  

There have been no accounting pronouncements issued but not yet adopted by the Company, which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows, other than those previously disclosed in the Company’s 2014 Annual Report on Form 10-K.