Significant Accounting Policies Adoption of New Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2016

Statement of Financial Position [Abstract]

New Accounting Pronouncement, Early Adoption [Table Text Block]

Accounting Standards Adopted

In April 2015, the FASB issued accounting guidance that changes the presentation of debt issuance costs. The core principle of this revised accounting guidance is that debt issuance costs are not assets, but adjustments to the carrying cost of debt. During the first quarter of 2016, we retrospectively adopted this guidance. The implementation of this accounting standard resulted in a reduction of other noncurrent assets and long-term debt of $13.9 million in the Consolidated Balance Sheet as of December 31, 2015.

In March 2016, the FASB issued Financial Accounting Standards Update No. 2016-09 (ASU 2016-09), Improvements to Employee Share-Based Payment Accounting, revising certain elements of the accounting for share-based payments. The new standard is intended to simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. We elected to early adopt in the fourth quarter of 2016 as of January 1, 2016. For each share award, we determine whether the difference between the deduction for tax purposes and the compensation cost recognized in the Consolidated Financial Statements results in either an excess tax benefit or an excess tax deficit. Previously, excess tax benefits were recognized in Paid-in capital on our Consolidated Balance Sheet. The new guidance increases income statement volatility by requiring all excess tax benefits and deficits to be recognized in income taxes and treated as discrete items in the period in which they occur. During the fourth quarter of 2016, excess tax benefits of $1.8 million related to vested share-based compensation awards were recorded as a decrease in income tax expense in the Consolidated Statement of Income. These provisions were adopted prospectively. We applied the modified-retrospective approach to excess tax benefits from prior periods, and recorded a cumulative-effect adjustment to retained earnings as of the date of adoption of $2.6 million in the Consolidated Balance Sheets. Additionally, the cash flow presentation guidance is consistent with our historical presentation, and therefore did not have an impact. Finally, we did not change our accounting policy with regard to estimating forfeitures at the date of grant.