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Changes in Accounting Policies | 12 Months Ended
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Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract] |
Changes in Accounting Policies | Changes in Accounting PoliciesIn 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326),” which replaces the existing incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, Topic 326 made changes to the accounting for available-for-sale debt securities. We adopted Topic 326 using a modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. We recorded a decrease to retained earnings, net of tax, of $4.8 million as of January 1, 2020 for the cumulative effect of adopting Topic 326. The transition adjustment is related to updating our allowance for loan loss methodology related to our auto loan receivables. Our methodology incorporates a combination of historical loan loss experience, current conditions and forecasts, as well as the value of any underlying assets securing the receivables. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements,” which provides guidance on accounting for credit losses on accrued interest receivable balances and guidance on including recoveries when estimating the allowance. In May 2019, the FASB issued ASU 2019-05, “Targeted Transition Relief,” which allows entities with an option to elect fair value for certain instruments upon adoption of Topic 326. The impact of adopting Topic 326 on the accompanying Consolidated Balance Sheets as of January 1, 2020 was as follows (in millions):
Impact on Consolidated Balance Sheets |  | December 31, 2019 |  | Adjustments |  | January 1, 2020
CECL Adoption: |  |  |  |  |  |
Accounts receivable, net of allowance for doubtful accounts of $7.3 |  | $ | 505.0 |  |  | $ | (0.5) |  |  | $ | 504.5 |
Other non-current assets |  | 388.5 |  |  | (6.0) |  |  | 382.5 |
Total assets |  | 6,083.9 |  |  | (6.5) |  |  | 6,077.4 |
Deferred income taxes |  | 131.1 |  |  | (1.7) |  |  | 129.4 |
Total liabilities |  | 4,616.2 |  |  | (1.7) |  |  | 4,614.5 |
Retained earnings |  | 1,401.8 |  |  | (4.8) |  |  | 1,397.0 |
Total liabilities and stockholders’ equity |  | 6,083.9 |  |  | (6.5) |  |  | 6,077.4 |

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- Definition The entire disclosure for change in accounting principle. 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