Note 11 - New Accounting Pronouncements	3 Months Ended
Mar. 31, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	11 – New Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016 - 09 which changed the accounting for certain aspects of share-based payments to employees. The Company adopted the new standard on January 1, 2017. The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. The Company recorded excess tax benefits of $1.1 million in the first quarter of 2017, which was recorded in the Consolidated Statements of Income and Comprehensive Income. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows the Company to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on its cash flows statement, and provides an accounting policy election to account for forfeitures as they occur. The Company did not elect to make an accounting policy change to recognize forfeitures as they occur and will continue to estimate forfeitures. The Company adopted the amendments related to ASU 2016 - 09 prospectively and prior periods have not been adjusted. In February 2016, the FASB issued ASU No. 2016 - 02, “ Leases (Topic 842), ” which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. generally accepted accounting principles. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In May 2014, the FASB issued ASU No. 2014 - 09, “ Revenue from Contracts with Customers (Topic 606) ,” which amended the accounting standards for revenue recognition. ASU 2014 - 09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled to when products are transferred to customers. ASU 2014 - 09 will be effective for the Company beginning in its first quarter of 2018, and early adoption is permitted. The ASU provides two transition methods: (i) retrospectively to each prior reporting period presented; or (ii) retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application. Subsequently, the FASB issued the following standards related to ASU 2014 - 09: ASU No. 2016 - 08, “ Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” ; ASU No. 2016 - 10, “ Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ”; and ASU No. 2016 - 12, “ Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The Company will adopt ASU 2014 - 09 on January 1, 2018. In 2016, the Company established a cross-functional team with representatives from its major revenue streams to review our current accounting policies and practices, assess the effect of the standard on our revenue contracts and identify potential differences. In addition, the Company is in the process of evaluating changes to its business processes and controls to support revenue recognition and disclosure under the new standard. While the Company is currently assessing the impact of the new standard, its revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized at a single point in time when ownership, risks and benefits transfer to the purchaser. The timing of revenue recognition for these transactions is not expected to be significantly impacted by the new standard. The Company continues to review the impact of this standard on potential disclosure changes in its financial statements, as well as which transition approach will be applied.

– New Accounting Pronouncements

March

2016,

the FASB issued ASU No.

2016

which changed the accounting for certain aspects of share-based payments to employees. The Company adopted the new standard on

January

2017.

The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. The Company recorded excess tax benefits of

$1.1

million in the

first

quarter of

2017,

which was recorded in the Consolidated Statements of Income and Comprehensive Income. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows the Company to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on its cash flows statement, and provides an accounting policy election to account for forfeitures as they occur. The Company did not elect to make an accounting policy change to recognize forfeitures as they occur and will continue to estimate forfeitures. The Company adopted the amendments related to ASU

2016

prospectively and prior periods have not been adjusted.

February

2016,

the FASB issued ASU No.

2016

02,

“

Leases (Topic

842),

” which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than

months. Accounting by lessors will remain largely unchanged from current U.S. generally accepted accounting principles. The new standard is effective for public companies for fiscal years beginning after

December

15,

2018,

and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.

May

2014,

the FASB issued ASU No.

2014

09,

“

Revenue from Contracts with Customers

(Topic

606)

,” which amended the accounting standards for revenue recognition. ASU

2014

is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled to when products are transferred to customers. ASU

2014

will be effective for the Company beginning in its

first

quarter of

2018,

and early adoption is permitted. The ASU provides

two

transition methods: (i) retrospectively to each prior reporting period presented; or (ii) retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application.

Subsequently, the FASB issued the following standards related to ASU

2014

09:

ASU No.

2016

08,

“

Revenue from Contracts with Customers (Topic

606):

Principal versus Agent Considerations”

; ASU No.

2016

10,

“

Revenue from Contracts with Customers (Topic

606):

Identifying Performance Obligations and Licensing

”; and ASU No.

2016

12,

“

Revenue from Contracts with Customers (Topic

606):

Narrow-Scope Improvements and Practical Expedients.”

The Company will adopt ASU

2014

January

2018.

2016,

the Company established a cross-functional team with representatives from its major revenue streams to review our current accounting policies and practices, assess the effect of the standard on our revenue contracts and identify potential differences. In addition, the Company is in the process of evaluating changes to its business processes and controls to support revenue recognition and disclosure under the new standard. While the Company is currently assessing the impact of the new standard, its revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized at a single point in time when ownership, risks and benefits transfer to the purchaser. The timing of revenue recognition for these transactions is not expected to be significantly impacted by the new standard. The Company continues to review the impact of this standard on potential disclosure changes in its financial statements, as well as which transition approach will be applied.