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Accounting Standards | 12 Months Ended
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Dec. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Accounting Standards | Accounting Standards Recently Adopted ASU 2014-09, Revenue - Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, which created ASC Topic 606 (“ASC 606”), Revenue from Contracts with Customers. The guidance in ASC 606 states that revenue is recognized when a customer obtains control of a good or service. Recognition of revenue involves a multiple step approach including identifying the contract, identifying the separate performance obligations, determining the transaction price, allocating the price to the performance obligations and recognizing revenue as the obligations are satisfied. Additional disclosures are required to provide adequate information to understand the nature, amount, timing and uncertainty of reported revenues and revenues expected to be recognized. MPLX adopted the standard as of January 1, 2018 using the modified retrospective method by recognizing the cumulative effect of initially applying the new revenue standard as an adjustment to opening equity. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. See Note 19 for further details. We also adopted the following standards during 2018, none of which had a material impact to our financial statements or financial statement disclosures:
ASU |  | Effective Date
2017-09 | Stock Compensation - Scope of Modification Accounting | January 1, 2018
2017-05 | Gains and Losses from the Derecognition of Nonfinancial Assets - Clarifying the Scope of Asset Derecognition Guidance | January 1, 2018
2017-01 | Business Combinations - Clarifying the Definition of a Business | January 1, 2018
2016-18 | Statement of Cash Flows - Restricted Cash | January 1, 2018
2016-15 | Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments | January 1, 2018
2016-01 | Financial Instruments - Recognition and Measurement of Financial Assets and Liabilities | January 1, 2018

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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