(

) Adoption of New Accounting Standard

We adopted Financial Accounting Standards Board, or FASB, Accounting Standards Update

No.

2016

02,

Leases (Accounting Standards Codification, or ASC,

842

), as of

January 1, 2019,

using the modified retrospective approach. In addition, we elected the practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification.

Adoption of the new standard resulted in the recording of additional operating lease assets and lease liabilities of approximately

$1.1

million, respectively, as of

January 1, 2019.

The standard did

not

impact our consolidated net earnings and had

impact on cash flows.

The cumulative effect of the changes made to our consolidated condensed balance sheet on

January 1, 2019

for the adoption of the new leasing standard was as follows:

(In thousands)	Balance at December 31, 2018		Adjustments Due to ASC 842			Balance at January 1, 2019
Assets:
Other noncurrent assets	$	2,146	$	1,135	(a)	$	3,281
Liabilities:
Accrued and other current liabilities		28,166		540			28,706
Noncurrent operating lease liabilities		-		595			595

(a)

Operating lease assets balance at

January 1, 2019.

The impact of the adoption of the new leasing standard on our consolidated condensed balance sheet as of

March 31, 2019

was as follows:

	Balance at March 31, 2019
(In thousands)	Prior to Adoption of ASC 842		Adjustments Due to ASC 842			As Reported
Assets:
Other noncurrent assets	$	2,120	$	989	(a)	$	3,109
Liabilities:
Accrued and other current liabilities		31,112		537			31,649
Noncurrent operating lease liabilities		-		452			452

(a)

Operating lease assets balance at

March 31, 2019.