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Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table illustrates the adoption impact of ASU 2020-06:

			January 1, 2021
(In thousands)			Prior to adoption						Impact of adoption						As reported
Long-term debt, net			$	2,874,113					$	52,115					$	2,926,228
Deferred income taxes, net (within total liabilities)			$	220,122					$	(12,109)					$	208,013
Additional paid-in capital			$	872,711					$	(41,982)					$	830,729
Retained earnings			$	1,286,976					$	1,976					$	1,288,952

The following table provides a brief description of recent accounting pronouncements not yet adopted that could have a material effect on our financial statements. For a description and discussion of accounting pronouncements adopted during the nine months ended September 30, 2021, refer to Note 1, Basis of Presentation.

Standard

Description

Date/Method of Adoption

Effect on financial statements or other significant matters

ASU 2020–04, Reference Rate Reform and ASU 2021–01, Reference Rate Reform: Scope

These standards provide optional guidance for a limited period of time to ease the potential financial reporting burden in accounting for (or recognizing the effects of) the discontinuation of LIBOR resulting from reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform.

Election is available through December 31, 2022.

The Company is currently evaluating the implications of these amendments to its current efforts for reference rate reform implementation and any impact the adoption of these ASUs would have on its financial condition and results of operations.

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- Definition

Tabular 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.

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-Publisher FASB
-Name Accounting Standards Codification
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