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Basis of Preparation (Policies)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
New Accounting Pronouncements Adopted in 2019 and Not Yet Adopted
Accounting Pronouncements Adopted in 2019
On February 25, 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-2, “Leases (Topic 842)” which supersedes the leases requirements in Topic 840 and establishes the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. On July 30, 2018, the FASB issued ASU 2018-11, “Targeted Improvements (Topic 842)” which amended the transitional guidance of ASU 2016-2, “Leases (Topic 842)” and provided an alternative transition method to the existing modified retrospective method. In particular, the amendment allows entities to initially apply the new lease standard as at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018-11 was effective for fiscal years beginning after December 15, 2018, aligned to the effective date and transition requirements of ASU 2016-2.
Following the adoption of ASU 2016-02 and ASU 2018-11, the Company recognized right-of-use operating leased assets of $91.2 million, consisting of leased office real estate and motor vehicles, and an operating lease liability of $93.6 million on the balance sheet as of January 1, 2019, and a cumulative effect adjustment of $2.4 million through opening retained earnings. The interest rate assumption applied in determining the present value of future cash flows of 5% was determined based on the Company’s weighted average incremental borrowing rate. During the quarter ended March 31, 2019, additional right-of-use operating leased assets and a corresponding operating lease liability of $3.1 million have been recognized on balance sheet for new or renewed lease agreements. An operating lease charge of $4.5 million was incurred during the quarter, consisting of an amortization charge of $3.3 million on right-of-use operating leases assets and a $1.2 million finance charge on the operating lease liability.

On March 5, 2019, the FASB issued ASU 2019-01, “Codification Improvements (Topic 842)” which amended lessor accounting guidance in ASC 842 and clarifies exemption from certain interim period transitional disclosure requirements. The amendments of this ASU are effective for fiscal years beginning after December 15, 2018. Adoption of this ASU did not have a material impact on the Company’s financial statements and disclosures.
On August 28, 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815)” enabling entities to better align their hedge accounting and risk management activities, while also simplifying the application of hedge accounting in certain situations. This ASU is effective for fiscal years beginning after 15 December, 2018 using a modified retrospective approach for cash flow and net investment hedge relationships that exist on the date of adoption. Adoption of this ASU did not have a material impact on the Company’s financial statements and disclosures.
On February 14, 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220)” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. This ASU is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Adoption of this ASU did not have a material impact on the Company's financial statements and disclosures.

On June 20, 2018, the FASB issued ASU 2018-07, “Compensation - Stock Compensation (Topic 718)” which amends the scope of Topic 718 via improvements to non-employee share-based payment accounting. Amendments include allowing companies to account for share-based payment transactions with non-employees in the same way as share-based payment transactions with employees and includes elections that offer relief to non-public companies when measuring non-employee equity share options. This ASU is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Adoption of this ASU did not have a material impact on the Company's financial statements and disclosures.
2019 Accounting Pronouncements Not Yet Adopted    
Other accounting pronouncements issued during the three months ended March 31, 2019 were either not relevant to the Company or did not impact the Company’s consolidated financial statements.