Note 2 - Adoption of New Accounting Standard

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

(2) 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 no 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 September 30, 2019 was as follows:

	Balance at September 30, 2019
(In thousands)	Prior to Adoption of ASC 842		Adjustments Due to ASC 842			As Reported
Assets:
Other noncurrent assets	$	2,027	$	1,177	(a)	$	3,204
Liabilities:
Accrued and other current liabilities		26,043		463			26,506
Noncurrent operating lease liabilities		-		714			714

(a) Operating lease assets balance at September 30, 2019.