2. ADOPTION OF NEW ACCOUNTING PRONOUNCEMENT

3 Months Ended

Mar. 31, 2016

Accounting Changes and Error Corrections [Abstract]

ADOPTION OF NEW ACCOUNTING PRONOUNCEMENT

Presentation of Deferred Financing Costs

In the first quarter of 2016, we adopted Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that deferred financing costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of such debt liability, consistent with debt discounts. In a subsequent Staff Announcement, the SEC announced that it would not object to the deferral and presentation of deferred financing costs relating to line-of-credit arrangements as an asset. We have applied the guidance retrospectively to all periods presented. Such retrospective adoption had an insignificant impact to our December 31, 2015 consolidated balance sheet, and had no impact to our consolidated statements of operations, comprehensive loss, stockholders’ equity, and cash flows. The table below summarizes the impacts on the Company’s December 31st, 2015 Consolidated Balance Sheet.

	Impact of new accounting pronouncement
In thousands	As previously reported		Impact of adoption			As currently reported
Prepaid expenses and other current assets	$	40,139		(1,153	)		38,986
Deferred financing costs, net of current portion		3,696		(855	)		2,841
Others		794,600		–			794,600
Total assets	$	838,435	$	(2,008	)	$	836,427
Current portion of notes payable		23,076		(693	)		22,383
Notes payable, net of current portion		601,229		(1,315	)		599,914
Others		177,669		–			177,669
Total liabilities		801,974		(2,008	)		799,966
Total equity		36,461		–			36,461
Total liabilities and equity	$	838,435	$	(2,008	)	$	836,427