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Accounting Standards Updates
12 Months Ended
Dec. 31, 2015
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Accounting Standards Updates

3. ACCOUNTING STANDARDS UPDATES

Issued and Adopted

In November 2015, the FASB issued new accounting guidance related to the classification of deferred taxes, Balance Sheet Classification of Deferred Taxes, which requires that an entity classify deferred tax liabilities and assets as non-current amounts.  The guidance requires that entities within a particular tax jurisdiction offset all deferred tax liabilities and assets, as well as any related valuation allowances, and present the amounts as a single non-current amount.  The guidance is effective for us beginning in the first quarter of 2017, and early adoption is permitted. We elected to adopt this guidance in the fourth quarter of 2015 and retrospectively for all periods presented.  The implementation did not have a material effect on our consolidated financial statements.

In September 2015, the FASB issued new accounting guidance related to business combinations, Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.  The guidance also requires that the acquirer record, in the same period’s financial statements, the effect of changes in depreciation, amortization or other income effects on earnings as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date.  The update also requires an entity to present separately on the face of the income statement or disclose in the notes, the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for us beginning in the first quarter of 2016, and early adoption is permitted.  We elected to adopt this guidance in the fourth quarter of 2015 and retrospectively for all periods presented.  The implementation did not have a material effect on our consolidated financial statements.

In April 2015, the FASB issued new accounting guidance related to cloud computing fees, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance on the accounting for fees paid in a cloud computing arrangement. Under the new standard, customers will apply the same criteria as vendors to determine whether such an arrangement contains a software license or is solely a service contract. The guidance is effective for us in the first quarter of 2016, and early adoption is permitted. We elected to adopt this guidance in the third quarter of 2015. The implementation did not have a material effect on our consolidated financial statements.

In April 2015, the FASB updated accounting guidance related to interest, Imputation of Interest, which provides guidance on the presentation of debt issuance costs in financial statements. To simplify presentation of debt issuance costs, debt issuance costs related to a recognized debt liability are required to be presented on the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with the presentation of debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the update. The guidance is effective for us in the first quarter of 2016, and early adoption is permitted. We elected to adopt this guidance in the third quarter of 2015 and retrospectively for all periods presented. The implementation did not have a material effect on our consolidated financial statements.

Issued and Not Yet Adopted

In May 2015, the FASB issued new accounting guidance related to revenue recognition, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  The guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective for us on January 1, 2018, and early adoption is permitted only for annual periods beginning after December 15, 2016.  The guidance permits the use of either the retrospective or cumulative effect transition method.  We are currently evaluating the new guidance to determine the impact it will have on our consolidated financial statements and related disclosures.