• Filing Date: 2019-03-08
  • Form Type: 10-K
  • Description: Annual report
Recent Accounting Pronouncements
12 Months Ended
Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
Note 3 — Recent Accounting Pronouncements
Accounting Standards Update No.
 In August 2018, the FASB issued Accounting Standards Update 
No. 2018-13
 Fair Value Measurement (Topic 820): Disclosure Framework, which removes, modifies and adds certain disclosure requirements about recurring and nonrecurring fair value measurements. ASU 
 is effective for the Company beginning with the first quarter of 2020. Early adoption is permitted. This guidance will impact the Company’s future fair value disclosures in the notes to the consolidated financial statements.
Accounting Standard to be Adopted in Fiscal Year 2019
In February 2016, the FASB issued Accounting Standards Update 
No. 2016-02
 Leases (Topic 842). The guidance establishes new principles that lessees and lessors will apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 
 supersedes accounting for leases prescribed in Topic 840, Leases. ASU 
 leaves lessor accounting substantially unchanged. The key change affecting the Company is the requirement that operating leases be recorded on the balance sheet. The Company was initially required to use a modified retrospective method and apply this standard at the beginning of the earliest comparative period presented in the financial statements. The FASB later issued Accounting Standards Update 
No. 2018-11,
 Transition and Lessor Improvements, which provides a new alternative transition method. Under the alternative transition method, the Company is permitted to apply this standard at the beginning of the adoption period. The Company has identified lease contracts that will be affected by this standard and chosen to apply the practical expedients related to the identification and classification of leases that commenced before the effective date, initial direct cost for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease. The Company has elected to use the alternative transition method. In 2019, ASU 2016-02 will result in the Company recording right-of-use assets of approximately $755 and lease liabilities of approximately $796. As such, the Company does not anticipate a material impact on its financial position.