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Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Issued Accounting Pronouncements
Not
Yet Effective
 
In
June 2016,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2016
-
13,
“Financial Instruments - Credit Losses (Topic
326
): Measurement of Credit Losses on Financial Instruments (“ASU
2016
-
13”
). ASU
2016
-
13
amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. ASU
2016
-
13
also applies to employee benefit plan accounting, with an effective date of the
first
quarter of fiscal
2022.
The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated balance sheets, statements of operations and cash flows.
 
In
August 2018,
the FASB issued ASU
2018
-
13,
“Fair Value Measurement (Topic
820
) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU
2018
-
13”
), which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU
No.
2018
-
13
is effective for fiscal years beginning after
December 15, 2019,
including interim periods within those fiscal years. ASU
2018
-
13
allows for early adoption in any interim period after issuance of the update. The adoption of ASU
2018
-
13
is
not
expected to have a significant impact on the Company’s consolidated financial statements.
 
In
August 2018,
the FASB issued ASU
2018
-
15,
“Intangibles—Goodwill and Other—Internal-Use Software (Subtopic
350
-
40
): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract” (“ASU
2018
-
15”
). ASU
2018
-
15
aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The implementation costs incurred in a hosting arrangement that is a service contract should be presented as a prepaid asset on the balance sheet and expensed over the term of the hosting arrangement to the same line item in the statement of income as the costs related to the hosting fees. ASU
2018
-
15
is effective for fiscal years beginning after
December 15, 2019,
including interim periods within those fiscal years, and early adoption is permitted, including adoption in any interim period. ASU
2018
-
15
should be applied either retrospectively or prospectively to all implementation costs incurred after adoption. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements but does
not
expect the adoption to have a material effect its consolidated financial statements.
 
In
August 2018,
the FASB issued ASU
2018
-
14,
“Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic
715
-
20
): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU
2018
-
14”
), which improves disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. ASU
2018
-
14
is effective for fiscal years ending after
December 15, 2020,
for public business entities. Early adoption is permitted for all entities. Entities are to apply this standard on a retrospective basis for all periods presented. The Company is currently evaluating the impact that ASU
2018
-
14
will have on the Company’s consolidated financial statements and related disclosures.
Lessee, Leases [Policy Text Block]
Significant Accounting Policies- Leases
 
Effective as of
January 
1,
2019,
the Company adopted Topic
842
(“Topic
842”
), which requires the recognition of lease assets and lease liabilities by lessees for leases classified as operating leases. The Company has adopted Topic
842
using the modified retrospective transition approach by applying the new standard to all leases existing on the date of initial application. Results and disclosure requirements for reporting periods beginning after
January 1, 2019
are presented under Topic
842,
while prior period amounts have
not
been adjusted and continue to be reported in accordance with the Company’s historical accounting under Topic
840.
The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward (i) the historical lease classification, (ii) the Company’s assessment regarding whether a contract was or contains a lease and (iii)
not
to reassess initial direct costs for any leases that existed prior to
January 1, 2019.
The Company also elected to keep leases with an initial term of
12
months or less off the balance sheet and recognized the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. As a result of the adoption of Topic
842,
on
January 1, 2019,
the Company recorded both operating lease right-of-use (“ROU”) assets of
$12.5
million and operating lease liabilities of
$12.5
million. The adoption did
not
impact the Company’s beginning retained earnings, or its prior year condensed consolidated statements of income and statements of cash flows.
 
The Company determines if an arrangement is a lease at inception.  The Company’s assessment is based on: (
1
) whether the contract includes an identified asset, (
2
) whether the Company obtains substantially all of the economic benefits from the use of the asset throughout the period of use, and (
3
) whether the Company has the right to direct how and for what purpose the identified asset is used throughout the period of use.
 
Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any
one
of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset, the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or the underlying asset is of such a specialized nature that it is expected to have
no
alternative use to the lessor at the end of lease term. A lease is classified as an operating lease if it does
not
meet any
one
of these criteria. Since all of the Company’s lease contracts do
not
meet any
one
of the criteria above, the Company concluded that all of its lease contracts should be classified as operation leases. ROU assets and liabilities are recognized on the commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of the Company's leases do
not
provide an implicit rate, the Company hired a
third
party valuation firm to determine the incremental borrowing rate in determining the present value of lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. All ROU assets are reviewed for impairment. The lease terms
may
include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
 
The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.