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RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended
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Mar. 31, 2020
Recent Accounting Pronouncements [Abstract] |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS The Company considers the applicability and impact of all accounting standard updates (ASUs). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. Accounting Pronouncements Recently Adopted Measurement of Credit Losses on Financial Instruments (ASU 2016-13) In June 2016, the FASB issued updated guidance that requires entities to use a current expected credit loss model to measure credit-related impairments for financial instruments held at amortized cost, including trade receivables. The current expected credit loss model is based on relevant information about past events, including historical experience, conditions at the date of measurement, and reasonable and supportable forecasts that affect collectability. Current expected credit losses, and subsequent adjustments, represent an estimate of lifetime expected credit losses that are recorded as an allowance deducted from the amortized cost of the financial instrument. The updated guidance was effective for the Company beginning on January 1, 2020 and was adopted using a modified retrospective transition approach, resulting in an increase in our allowance for credit losses related to receivables and contract assets. Refer to Note 8, Receivables, Net for additional information. The cumulative effect of the changes made to our consolidated January 1, 2020 balance sheet related to the adoption of ASU 2016-13 is as follows:
| December 31, 2019 |  | Cumulative Effect of Adoption |  | January 1, 2020
Receivables, net | $ | 578.4 |  |  | $ | (1.6 | ) |  | $ | 576.8 |
Other current assets | 153.4 |  |  | (0.1 | ) |  | 153.3 |
Deferred income taxes | 138.1 |  |  | 0.5 |  |  | 138.6 |
Retained earnings | 2,372.4 |  |  | (1.2 | ) |  | 2,371.2 |

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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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