New Accounting Standards

12 Months Ended

Dec. 31, 2015

Accounting Standards [Abstract]

New Accounting Standards

New Accounting Standards

Revenue Recognition (Topic 606), Revenue from Contracts with Customers (ASU 2014-09)In July 2015, the FASB approved a one-year deferral of the effective date of ASU 2014-09, which becomes effective for the company January 1, 2018. Early adoption is permitted at the original effective date of January 1, 2017. The standard provides a single comprehensive revenue recognition model for contracts with customers, eliminates most industry-specific revenue recognition guidance, and expands disclosure requirements. The company is evaluating the effect of the standard on its consolidated financial statements. The company does not intend to proceed with early adoption.

Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes (ASU 2015-17) In November 2015, FASB issued ASU 2015-17, which becomes effective for the company January 1, 2017. Early adoption is permitted. The standard provides that all deferred income taxes be classified as noncurrent on the balance sheet. The current requirement is to classify most deferred tax assets and liabilities based on the classification of the underlying asset or liability. Adoption of the standard will not have an impact on the company's results of operations or liquidity.