Recently Issued and Proposed Accounting Standards	3 Months Ended
Mar. 31, 2016
Recently Issued and Proposed Accounting Standards
Recently Issued and Proposed Accounting Standards	Note 2 - Recently Issued and Proposed Accounting Standards Revenue from contracts with customers: In June 2014, the FASB issued new guidance governing revenue recognition. Under the new guidance, an entity is required to recognize revenue in a pattern that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one year delay in the standard’s effective date. The new standard is now effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating the impact of the adoption of this standard. Presentation of debt issuance costs: In April 2015, the FASB issued revised guidance addressing the presentation requirements for debt issuance costs. Under the revised guidance, all costs incurred to issue debt are to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The application of this standard resulted in $8.5 million in unamortized debt issuance costs being reclassified from deferred charges to long-term debt on the March 31, 2016 Consolidated Balance Sheet and $8.7 million in unamortized debt issuance costs being reclassified from deferred charges to long-term debt on the December 31, 2015 Consolidated Balance Sheet for comparative purposes. Recognition and measurement of financial assets and financial liabilities: In January 2016, the FASB issued revised guidance addressing the recognition, measurement, presentation and disclosure of financial instruments. Under the revised guidance all equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with the changes in fair value recognized in net income. The amended guidance also addresses the impairment assessment of some equity investments, as well as disclosure requirements. The revised guidance is effective for interim and annual periods beginning after December 15, 2017. The application of this standard is not expected to have a material impact on our results of operations, financial position or liquidity. Leases: In February 2016, the FASB issued new guidance on accounting for leases. Under the new guidance a lessee will be required to recognize the assets and liabilities arising from leases on the balance sheet. The new guidance also addresses the income statement treatment for leases. Under the new guidance leases will be classified as either operating or financing based on criteria that are similar to the old guidance. Lease expense will be recognized on a straight line basis for operating leases while expense for capital leases will be similar to the finance pattern utilized today. The new guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are evaluating the impact of the adoption of this standard. Stock Compensation: In March 2016 the FASB issued revised guidance on stock compensation. The updated guidance is intended to simplify some aspects of the accounting for stock compensation such as the income tax impact, classification of awards as either equity or liabilities, and cash flow classification. This guidance will be effective for periods beginning after December 15, 2016. We are evaluating the impact of the adoption of this standard. See Note 1 under “Notes to Consolidated Financial Statements” in our Annual Report on Form 10-K for the year ended December 31, 2015 for further information regarding recently issued and proposed accounting standards.

Note 2 - Recently Issued and Proposed Accounting Standards

Revenue from contracts with customers: In June 2014, the FASB issued new guidance governing revenue recognition. Under the new guidance, an entity is required to recognize revenue in a pattern that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one year delay in the standard’s effective date. The new standard is now effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating the impact of the adoption of this standard.

Presentation of debt issuance costs: In April 2015, the FASB issued revised guidance addressing the presentation requirements for debt issuance costs. Under the revised guidance, all costs incurred to issue debt are to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The application of this standard resulted in $8.5 million in unamortized debt issuance costs being reclassified from deferred charges to long-term debt on the March 31, 2016 Consolidated Balance Sheet and $8.7 million in unamortized debt issuance costs being reclassified from deferred charges to long-term debt on the December 31, 2015 Consolidated Balance Sheet for comparative purposes.

Recognition and measurement of financial assets and financial liabilities: In January 2016, the FASB issued revised guidance addressing the recognition, measurement, presentation and disclosure of financial instruments. Under the revised guidance all equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with the changes in fair value recognized in net income. The amended guidance also addresses the impairment assessment of some equity investments, as well as disclosure requirements. The revised guidance is effective for interim and annual periods beginning after December 15, 2017. The application of this standard is not expected to have a material impact on our results of operations, financial position or liquidity.

Leases: In February 2016, the FASB issued new guidance on accounting for leases. Under the new guidance a lessee will be required to recognize the assets and liabilities arising from leases on the balance sheet. The new guidance also addresses the income statement treatment for leases. Under the new guidance leases will be classified as either operating or financing based on criteria that are similar to the old guidance. Lease expense will be recognized on a straight line basis for operating leases while expense for capital leases will be similar to the finance pattern utilized today. The new guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are evaluating the impact of the adoption of this standard.

Stock Compensation: In March 2016 the FASB issued revised guidance on stock compensation. The updated guidance is intended to simplify some aspects of the accounting for stock compensation such as the income tax impact, classification of awards as either equity or liabilities, and cash flow classification. This guidance will be effective for periods beginning after December 15, 2016. We are evaluating the impact of the adoption of this standard.

See Note 1 under “Notes to Consolidated Financial Statements” in our Annual Report on Form 10-K for the year ended December 31, 2015 for further information regarding recently issued and proposed accounting standards.