Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2017

Reclassification, Policy [Policy Text Block]

Reclassifications

Reclassifications have been made from noncurrent deferred income taxes to other noncurrent liabilities in the

2016

condensed consolidated balance sheet to present the unrecognized tax benefits related to state taxes gross of federal tax benefits, consistent with the

2017

financial statement presentation. There was

impact on the previously reported net income and earnings per share.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

The Company

’s valuation techniques are based on maximizing observable inputs and minimizing the use of unobservable inputs when measuring fair value. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The inputs are then classified into the following hierarchy: (

) Level

Inputs—quoted prices in active markets for identical assets and liabilities; (

) Level

Inputs—observable market-based inputs other than Level

inputs, such as quoted prices for similar assets or liabilities in active markets, quoted prices for similar or identical assets or liabilities in markets that are

not

active, or other inputs that are observable or can be corroborated by observable market data; and (

) Level

Inputs—unobservable inputs.

Commercial paper

and Eurodollar deposits are included in cash equivalents and are valued at amortized cost, which approximates fair value due to their short-term nature. Eurodollar deposits are United States dollars deposited in a foreign bank branch of a United States bank and have daily liquidity. Both of these are included as a Level

measurement in the table below.

The following details the Company

’s financial assets and liabilities within the fair value hierarchy at

June 30, 2017

and

December 31, 2016:

Fair Values Measured on a Recurring Basis

	Level 1		Level 2		Level 3		Total
	(In thousands)
As of June 30, 2017
Money Market Funds	$	12,078	$	--	$	--	$	12,078
Commercial Paper		--		9,096		--		9,096
Eurodollar Deposit s		--		10,000		--		10,000
Total	$	12,078	$	19,096	$	--	$	31,174

As of December 31, 2016
Money Market Funds	$	11,200	$	--	$	--	$	11,200
Commercial Paper		--		21,450		--		21,450
Total	$	11,200	$	21,450	$	--	$	32,650

The Company

’s long-term debt is recorded at historical cost. The following are the carrying amounts and estimated fair values, using a Level

discounted cash flow analysis based primarily on estimated current rates available for debt of the same remaining duration and adjusted for nonperformance and credit risk:

	June 30 , 2017		December 31, 2016
	(In thousands)
Total carrying amounts of long-term debt	$	2,107	$	3,540
Estimated fair value of long-term debt	$	2,102	$	3,533

The Company believes that the carrying amounts of trade accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short maturity of those instruments. All non-financial assets that are

not

recognized or disclosed at fair value in the financial statements on a recurring basis, which includes goodwill and non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment). As of

June 30, 2017,

and

December 31, 2016,

there was

indication of impairment related to the Company’s non-financial assets.

New Accounting Pronouncements, Policy [Policy Text Block]

May 2014,

the FASB issued Accounting Standards Update ("ASU")

2014

09,

Revenue from Contracts with Customers (Topic

606

)

(“ASU

2014

09”

). ASU

2014

requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU

2014

will replace most existing revenue recognition guidance in accounting principles generally accepted in the United States when it becomes effective. The standard is effective for annual and interim reporting periods in fiscal years beginning after

December 15, 2017,

with early adoption allowed for years beginning after

December 15, 2016.

An entity

may

choose to adopt ASU

2014

either retrospectively or through a cumulative effect adjustment as of the start of the

first

period for which it applies the standard. The Company is currently in the process of evaluating the impact that this new guidance will have on its consolidated financial statements as

well as developing and testing changes to our processes and systems. Due to cost benefit considerations reviewed during the

second

quarter of

2017,

the Company now plans to adopt the guidance beginning

January 1, 2018

by recording a cumulative effect adjustment rather than retrospectively, as previously planned. The Company currently expects the most significant changes to result from deferring commissions and recognizing the expense over the estimated life of the client relationship rather than expensing as incurred, which is the Company’s current practice, and estimating variable consideration at the outset of the contract.

February 2016,

the FASB issued ASU

2016

02,

Leases

(Topic

842

)

. This ASU requires lessees to recognize a lease liability and a right-to-use asset for all leases, including operating leases, with a term greater than

twelve

months on its balance sheet. This ASU is effective in fiscal years beginning after

December 15, 2018,

with early adoption permitted, and requires a modified retrospective transition method. The Company is currently in the process of evaluating the impact that this new guidance will have on its consolidated financial statements and does

not

plan to elect early adoption.

June 2016,

the FASB issued ASU

2016

13,

Financial Instruments – Credit Losses (Topic

326

): Measurement of Credit Losses on Financial Instruments

. This ASU will require the measurement of all expected credit losses for financial assets, including trade receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after

December 15, 2019

and interim periods within those fiscal years. The Company believes its adoption will

not

significantly impact the Company’s results of operations and financial position.

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230

) Classification of Certain Cash Receipts and Cash Payments

which eliminates the diversity in practice related to

eight

cash flow classification issues. This ASU is effective for the Company on

January 1, 2018

with early adoption permitted. The Company plans to adopt this update on

January 1, 2018

and believes its adoption will

not

significantly impact the Company’s results of operations and financial position.

October 2016,

the FASB issued ASU

2016

16,

Intra-Entity Transfers of Asset Other Than Inventory

(“ASU

2016

16”

), which requires entities to recognize the tax consequences of intercompany asset transfers other than inventory transfers in the period in which the transfer takes place. ASU

2016

is effective for fiscal years and interim periods within fiscal years beginning after

December 15, 2017.

ASU

2016

is to be adopted using a modified retrospective approach with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The cumulative effect adjustment will include recognition of the income tax consequences of intra-entity transfers of assets other than inventory that occur before the adoption date. The Company believes the adoption of ASU

2016

will

not

significantly impact the consolidated financial statements.

November 2016,

the FASB issued ASU

2016

18,

Statement of Cash Flows (Topic

230

), Restricted Cash

(“ASU

2016

18”

), which requires that the amounts generally described as restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-the period and end-of-period total amounts shown on the statement of cash flows. ASU

2016

does

not

provide a definition of restricted cash or restricted cash equivalents. ASU

2016

is effective for fiscal years and interim periods beginning after

December 15, 2017.

The Company does

not

expect the adoption of ASU

2016

to have any impact on the consolidated financial statements.

January 2017,

the FASB issued ASU

2017

04,

Intangibles—Goodwill and Other (Topic

350

), Simplifying the Test for Goodwill Impairment

(“ASU

2017

04”

). The new guidance eliminates Step

of the goodwill impairment testing which requires the fair value of individual assets and liabilities of a reporting unit to be determined when measuring goodwill impairment. The new guidance

may

result in different amounts of impairment that could be recognized compared to existing guidance. In addition, failing step

of the impairment test

may

not

result in impairment under existing guidance. However, under the revised guidance, failing step

will always result in a goodwill impairment. ASU

2017

is to be applied prospectively for goodwill impairment testing performed in years beginning after

December 15, 2019.

The Company does

not

believe the adoption will significantly impact the Company's results of operations or financial position.