RECENT ACCOUNTING PRONOUNCEMENTS | | | | | Standard | Description | Date of issuance | Effect on the financial statements or other significant matters | Standards that are not yet adopted | | | | Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers
| The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. | May 2014, as amended in July 2015 | We are currently evaluating the effect the standard is expected to have on the Company's financial statements and related disclosures. | Standards that were adopted | | | | ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs | The amendments in the update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. | April 2015 | The Company adopted this guidance on June 26, 2015. As a result, the Company reclassified $3.1 million in debt financing fees from “Total non-current assets” to a direct deduction from the carrying amount of “Long term debt, net" on the June 26, 2015 condensed consolidated balance sheet. In addition, the Company reclassified $3.5 million in debt financing fees from “Total non-current assets” to a direct deduction from the carrying amount of “Long term debt, net" on the December 31, 2014 condensed consolidated balance sheet.
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Other new pronouncements issued but not effective until after June 26, 2015 are not expected to have a material impact on our financial position, results of operations or cash flows. |