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Recent Accounting and Reporting Rules | 12 Months Ended
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Dec. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract] |
Recent Accounting and Reporting Rules | Recent Accounting and Reporting Rules In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 was subsequently modified by ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2019-11. This ASU changed the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life, which will result in timelier recognition of losses. ASU 2016-13 and the associated modifications was effective for the Company on January 1, 2020 and required a modified retrospective approach with an adjustment at the beginning of year for any adjustment due to its adoption. In applying ASC 326 at January 1, 2020, the Company calculated an adjustment to its estimated credit loss allowance and lowered the allowance by $1.1 million, which was credited to retained earnings under the modified retrospective approach. The adjustment reflects the Company's changes in credit practices since its spin-of in 2013 which includes tighter applied credit terms and faster turnover of receivables resulting in a decrease to its estimated credit loss allowance as of January 1, 2020. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract". This ASU aligns the accounting treatment for capitalizing implementation costs incurred by customers in cloud computing arrangements in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance was effective for the Company on January 1, 2020. The amendments in this update were applied prospectively to all implementation costs incurred after the date of adoption. The Company assessed the effect that this ASU had on our financial position, results of operations, and disclosures and determined that this update did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement". This ASU eliminated, amended, and added disclosure requirements for fair value measurements in Topic 820, including disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for level 3 measurements. This guidance was effective for the Company on January 1, 2020. The Company assessed the effect that this ASU had on our financial position, results of operations, and disclosures and determined that this update did not have a material impact on the Company's consolidated financial statements. See Note 12 "Financial Instruments and Risk Management" for additional information. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which removes certain exceptions for: recognizing deferred taxes on investments, performing intraperiod allocation and calculating income taxes for interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This ASU is effective for the Company for the year beginning January 1, 2021, and early adoption is permitted. The Company has assessed the effect that this ASU will have on our financial position, results of operations, and disclosures and has concluded that this update will not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting". This standard included option guidance for a limited period of time to help ease the burden in accounting for the effects of reference rate reform. The new standard applies for all entities through December 31, 2022. The Company has determined this standard has not had a material impact on the Company's consolidated financial statements.

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- Definition The entire disclosure for change in accounting principle. 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