Accounting Pronouncements

12 Months Ended

Dec. 31, 2015

Accounting Pronouncement [Abstract]

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

Accounting Pronouncements

Revenue from Contracts with Customers. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". The new guidance was intended to be effective for fiscal years beginning after December 15, 2016. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. Reporting entities may choose to adopt the standard as of the original effective date. The deferral results in the new revenue standard being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has yet to select a transition method or determine the impact on its consolidated financial statements, however, the impact is not expected to be material.

Consolidation. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810)". The amendments in ASU 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The new standard modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities along with eliminating the presumption that a general partner should consolidate a limited partnership. The new standard is effective for fiscal years beginning after December 15, 2015. The Company does not believe the new standard will result in the consolidation of any non-consolidated entities.

Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs". The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability consistent with debt discounts. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company will reflect the impact of this ASU in the first quarter of 2016. The Company does not believe the new standard will have a material effect on its financial statements.

Intangibles-Goodwill and Other-Internal Use Software. In April 2015, the FASB issued ASU 2015-05, "Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40)". The amendments in ASU 2015-05 provide guidance to customers about whether a cloud computing arrangement includes a software license. The absence of a software license requires accounting for the arrangement as a service contract. For public business entities, the amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company will reflect the impact of this ASU in the first quarter of 2016 and does not believe the new standard will have a material effect on its financial statements.

Fair Value Measurement. In May 2015, the FASB issued ASU 2015-07 “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” (ASU 2015-07).  ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient.  It also eliminates certain disclosures for investments measured at fair value using the net asset value per share practical expedient.  The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and requires retrospective presentation. Adoption of this new standard is applicable to the Company's benefit plans and will not impact the Company's Pension Plan's Statement of Net Assets Available for Benefits or Statement of Changes in Net Assets Available for Benefits.

Income Taxes. In November 2015, the FASB issued ASU 2015-17 “Income Taxes (Topic 740)”. The amendments in ASU 2015-17 require that deferred tax liabilities and assets be classified as non-current in the statements of financial position. The classification change for all deferred taxes as non-current simplifies entities' processes as it eliminates the need to separately identify the net current and net non-current deferred tax asset or liability. For public business entities, the amendments in this ASU are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Because ASU 2015-17 simplifies balance sheet presentation, the Company has elected to prospectively adopt the accounting standard for 2015.