Note 2 - Adoption of New Accounting Standard

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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

2. Adoption of New Accounting Standard

We adopted FASB Accounting Standards Update, or ASU, No. 2016-02, Leases (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 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 balance sheet as of December 31, 2019 was as follows:

	Balance at December 31, 2019
(In thousands)	Prior to Adoption of ASC 842		Adjustments due to ASC 842			As Reported
Assets:
Other noncurrent assets	$	848	$	1,178	(a)	$	2,026
Liabilities:
Accrued and other current liabilities		21,151		529			21,680
Noncurrent operating lease liabilities		-		649			649

(a) Operating lease assets balance at December 31, 2019.