New Accounting Pronouncements

6 Months Ended

Jun. 30, 2019

New Accounting Pronouncements [Abstract]

New Accounting Standards Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") which requires lessees to recognize a lease liability for the obligation to make lease payments, measured at the present value on a discounted basis, and a right-of-use ("ROU") asset for the right to use the underlying asset for the duration of the lease term, measured as the lease liability amount adjusted for lease prepayments, lease incentives received, and initial direct costs.

The Company adopted ASU 2016-02 and all related amendments ("ASC 842") on January 1, 2019, using the alternative modified retrospective method, also known as the transition relief method, permitted under ASC 842, which did not require restatement of prior periods. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. The standard did not materially impact consolidated net income or cash flows.

Following is a summary of the effects of adopting ASC 842 on the Condensed Consolidated Balance Sheet:


	June 30, 2019
(in millions)	As Reported		Balances Without Adoption of ASC 842		Effect of Change Higher/(Lower)
Other current assets	$	60.0	$	60.5	$	(0.5)
Other long-term assets	106.4		36.8		69.6
Accrued liabilities and other	248.8		227.4		21.4
Other long-term liabilities	365.3		317.6		47.7