Note 2 - Recent Accounting Pronouncements	9 Months Ended
Sep. 30, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2 – Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements During the first quarter of 2018, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2014 - 09, Revenue from Contracts with Customers (ASC 606 ). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The Company has adopted the new revenue standard using the modified retrospective approach. The Company manufactures parts that have no alternative use to the Company since the parts are custom made to specific customer orders, and the Company believes there is a legally enforceable right to payment for performance completed to date on these manufactured parts. For those manufactured parts that meet these two criteria, the Company will recognize revenue over time. The transition adjustment recorded was an increase of $1.5 million to the Company’s retained earnings balance as of January 1, 2018. During the first quarter of 2018, the Company adopted ASU 2017 - 09, Compensation – Stock Compensation , which is intended to provide clarity and reduce diversity in practice as well as cost and complexity when applying the guidance to a change to the terms or conditions of a share-based payment award. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016 - 02, Leases , which introduces the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. The Company expects to adopt the lease standard using the new transition option, which will allow the Company to continue to apply the legacy guidance in Accounting Standards Codification (ASC) 840, Leases , in the comparative periods presented in the year of adoption. The Company is in the process of executing its implementation plan and performing an assessment of its leasing arrangements and service contracts, as well as evaluating the impact of applying the practical expedients and accounting policy elections. The Company is evaluating the impact of the future adoption of this standard on its consolidated financial statements, but because the Company owns a majority of its buildings and significant assets, it does not expect the impact to be material. In January 2017, the FASB issued ASU 2017 - 04, Intangibles – Goodwill and Other, which is intended to simplify the subsequent measurement of goodwill. This guidance will be effective for impairment tests in fiscal years beginning after December 15, 2019 and interim periods within those fiscal years with early adoption permitted. The Company is evaluating the impact of future adoption of this guidance on its consolidated financial statements, but does not expect the impact to be material.

Note

– Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

During the

first

quarter of

2018,

the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU)

2014

09,

Revenue from Contracts with Customers

(ASC

606

). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The Company has adopted the new revenue standard using the modified retrospective approach. The Company manufactures parts that have

alternative use to the Company since the parts are custom made to specific customer orders, and the Company believes there is a legally enforceable right to payment for performance completed to date on these manufactured parts. For those manufactured parts that meet these

two

criteria, the Company will recognize revenue over time. The transition adjustment recorded was an increase of

$1.5

million to the Company’s retained earnings balance as of

January 1, 2018.

During the

first

quarter of

2018,

the Company adopted ASU

2017

09,

Compensation – Stock Compensation

, which is intended to provide clarity and reduce diversity in practice as well as cost and complexity when applying the guidance to a change to the terms or conditions of a share-based payment award. The adoption of this guidance did

not

have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

February 2016,

the FASB issued ASU

2016

02,

Leases

, which introduces the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after

December 15, 2018

and interim periods within those fiscal years with early adoption permitted. The Company expects to adopt the lease standard using the new transition option, which will allow the Company to continue to apply the legacy guidance in Accounting Standards Codification (ASC)

840,

Leases

, in the comparative periods presented in the year of adoption. The Company is in the process of executing its implementation plan and performing an assessment of its leasing arrangements and service contracts, as well as evaluating the impact of applying the practical expedients and accounting policy elections. The Company is evaluating the impact of the future adoption of this standard on its consolidated financial statements, but because the Company owns a majority of its buildings and significant assets, it does

not

expect the impact to be material.

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other,

which is intended to simplify the subsequent measurement of goodwill. This guidance will be effective for impairment tests in fiscal years beginning after

December 15, 2019

and interim periods within those fiscal years with early adoption permitted. The Company is evaluating the impact of future adoption of this guidance on its consolidated financial statements, but does

not

expect the impact to be material.