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ACCOUNTING CHANGES | 12 Months Ended
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Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
ACCOUNTING CHANGES | ACCOUNTING CHANGES A table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) that we adopted and deemed to have a material impact on our consolidated financial statements based on current account balances and activity follows:
Standard |  | Description |  | Effect on the Financial Statements or Other Significant Matters
Accounting standards adopted effective January 1, 2020
ASU No. 2016-13, as amended through March 2020: Financial Instrument Credit Losses (Topic 326) |  | Requires that an entity measures all of its expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts. |  | We adopted this guidance effective January 1, 2020 using the required modified-retrospective approach. We recognized a cumulative effect adjustment of $(189) to retained earnings upon implementation. This guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. CECL requires consideration of past events, current conditions, and reasonable and supportable forecasts about the future to assess credit loss estimates and will generally result in the earlier recognition of an allowance for credit losses. We have updated our business processes and systems and controls to support recognition and disclosure under the new guidance. See Note 6, Accounts Receivable, Net of Allowance for Credit Losses for additional disclosure.
A table providing a brief description of recent ASUs to the ASC issued by the FASB that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
Standard |  | Description |  | Effect on the Financial Statements or Other Significant Matters
Accounting standards issued pending adoption
ASU No. 2020-04: Reference Rate Reform (Topic 848) |  | Provides temporary optional guidance to ease the potential burden in applying GAAP to contract modifications and hedging relationships that reference London Inter-Bank Offered Rate or another reference rate expected to be discontinued, subject to meeting certain criteria. |  | We are currently assessing the provisions of this guidance and do not expect that its adoption will have an impact on our consolidated financial statements and related disclosures. This guidance will be in effect from March 12, 2020 through December 31, 2022.
ASU No. 2019-12: Income Taxes (Topic 740) |  | Reduces the complexity over accounting for income taxes by removing certain exceptions and amending guidance to improve consistent application of accounting over income taxes. |  | We don't anticipate that this guidance will have a material impact on our consolidated financial statements and related disclosures upon adoption, but may in the future. This guidance is effective January 1, 2021.

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- Definition The entire disclosure for change in accounting principle. 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