New Accounting Principles Adopted

9 Months Ended

Sep. 30, 2017

New Accounting Principles Adopted and Recent Accounting Pronouncements [Abstract]

New Accounting Principles

Note O – New Accounting Principles Adopted

Business Combinations

In January 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) to clarify the definition of a business to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.  The standard is intended to narrow the definition of a business by specifying the minimum inputs and processes and by narrowing the definition of outputs.  The update is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The prospective approachis required for adoption and early adoption is permitted for transactions not previously reported in issued financial statements.  The Company adopted this guidance in 2017 and it did not have a material impact on its consolidated financial statements and footnote disclosures.

Note O – New Accounting Principles Adopted(Contd.)

Compensation – Stock Compensation

In March 2016, the FASB issued an ASU intended to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification within the statement of cash flows.  The amendments in this ASU were effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods.  The Company adopted this guidance in 2017 and it did not have a material impact on its consolidated financial statements and footnote disclosures as there were no exercises of Company options during the period.