Recently Issued and Proposed Accounting Standards

9 Months Ended

Sep. 30, 2014

Recently Issued and Proposed Accounting Standards

Recently Issued and Proposed Accounting Standards

Note 2 - Recently Issued and Proposed Accounting Standards

Revenue from contracts with customers:  In June 2014, the FASB issued new guidance governing revenue recognition. Under the new guidance, an entity is required to recognize revenue in a pattern that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective for interim and annual reporting periods beginning after December 15, 2016. We are evaluating the impact of the adoption of this standard.

See Note 1 under “Notes to Consolidated Financial Statements” in our Annual Report on Form 10-K for the year ended December 31, 2013 for further information regarding recently issued and proposed accounting standards.