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Note 3 - Recently Adopted Accounting Pronouncements | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Accounting Standards Update and Change in Accounting Principle [Text Block] |
(3) | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement: - Changes to The Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. We adopted this standard on January 1, 2020 and it did not have any impact on our financial position, net earnings, or cash flow. However, we have incorporated the modified disclosure requirements of ASU 2018-13 into note 15 of our financial statements. On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses, which introduced a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This model applies to: (i) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (ii) loan commitments and certain other off-balance sheet credit exposures, (iii) debt securities and other financial assets measured at fair value through other comprehensive income and (iv) beneficial interests in securitized financial assets. Expected credit losses are recognized on the initial recognition of our trade accounts receivable and contract assets. In each subsequent reporting period, even if a loss has not yet been incurred, credit losses are recognized based on the history of credit losses and current conditions, as well as reasonable and supportable forecasts affecting collectability. We developed an expected credit loss model applicable to our trade accounts receivable and contract assets that considers our historical performance and the economic environment, as well as the credit risk and its expected development for each group of customers that share similar risk characteristics. We segmented our trade accounts receivable and contract assets by type of client, except for individual account balances that have deteriorated in credit quality, which are evaluated individually. We then determined, for each of these client asset groups, the average expected credit loss utilizing our actual credit loss experience over the last five years, which was adjusted as discussed above, and was applied to the balance attributable to each segment in our trade accounts receivable and contract asset balances. This standard was adopted through a cumulative-effect adjustment to the accumulated deficit as of January 1, 2020, which is the beginning of the first period in which this guidance is effective. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. Adopting this standard on January 1, 2020 increased the allowance for expected credit losses by approximately $0.2 million. Activity in the allowance for credit losses for the nine months ended September 30, 2020 is as follows:
|  | Trade |  |  | Due |
|  | and |  |  | from |
(In thousands) |  | Other Receivables |  |  | Affiliate |
Balance at January 1, 2020 |  | $ | 70 |  |  | $ | 20,083 |
Cumulative effect adjustment upon adoption of standard |  |  | 163 |  |  |  | — |
Current period provision for expected credit losses |  |  | 418 |  |  |  | 54,550 |
Other |  |  | — |  |  |  | (1,937 | )
Balance at September 30, 2020 |  | $ | 651 |  |  | $ | 72,696 |

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- Definition The entire disclosure for change in accounting principle. 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