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Accounting Changes and Error Corrections (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract] |
Adoption of ASU 2016-13, Cumulative Effect Adjustments Due to Adoption | 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. The cumulative effect of changes resulting from the adoption of ASU 2016-13 was $1.2, net of tax, and was reflected in our Consolidated Balance Sheet within retained earnings as of January 1, 2020. Refer to Note 8, Receivables, Net for additional information.
Adoption of ASU 2021-01, Reference Rate Reform | Reference Rate Reform (ASU 2021-01): In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope, respectively. Together, the ASUs provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020. We have evaluated this guidance, and have concluded that it does not have a significant impact on our operating results, financial position, or cash flows.

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