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Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Basis of Presentation and Significant Accounting Policies

Schedule of impact of adopting ASU 2016-13

The following table illustrates the impact of adopting ASU 2016-13 (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	January 1, 2020
​		As Reported			​			​
​		Under			As Reported			Impact of
​		ASU 2016-13			Pre-Adoption			Adoption
Assets:		​			​			​
Allowance for credit losses:		​			​			​
Structured loans and investments (1)	​	$	88,363	​	$	71,069	​	$	17,294
Held-to-maturity debt securities		​	501	​	​	—	​	​	501
Deferred tax assets	​	​	27,307	​	​	23,713	​	​	3,594
Liabilities:		​		​			​
Allowance for loss-sharing obligations		​	16,847	​		2,441	​		14,406

(1) See Note 3 for details by asset class.

Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

​

​	​	​	​	​
Description		Adoption Date		Effect on Financial Statements
In November 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU amends the guidance for determining whether a decision-making fee is a variable interest and requires companies to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required under GAAP).	​	First quarter of 2020	​	The adoption of this guidance did not have a material impact on our consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with changes between hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. Early adoption is permitted upon issuance of the update.	​	First quarter of 2020	​	The adoption of this guidance did not have a material impact on our consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill.	​	First quarter of 2020	​	The adoption of this guidance did not have a material impact on our consolidated financial statements.

​

Recently Issued Accounting Pronouncements

​

Description		Effective Date		Effect on Financial Statements
On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform.		This ASU is effective as of March 12, 2020 through December 31, 2022		We have not adopted any of the optional expedients or exceptions through June 30, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

​

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-Name Accounting Standards Codification
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