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Recent Accounting Developments | 9 Months Ended
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Sep. 30, 2018
Accounting Policies [Abstract] |
Recent Accounting Developments | Recent Accounting Developments Recently Issued We have adopted guidance under ASC Topic 606, Revenue from Contracts with Customers, and all related ASUs (collectively "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of adoption. The adoption date for our material equity method investment in the Poseidon Oil Pipeline Company, LLC will follow the non-public business entity adoption date of January 1, 2019 for its stand-alone financial statements. Refer to Note 3 for further details. In February 2016, the FASB issued guidance to improve the transparency and comparability among companies by requiring lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. The guidance also requires additional disclosure about leasing arrangements. The guidance is effective for interim and annual periods beginning after December 15, 2018 and requires a modified retrospective approach to adoption. Our team has reviewed the practical expedients we expect to apply as part of the implementation of the new standard. In July 2018, the FASB issued ASU 2018-11 as a targeted improvement on the new leasing standard, which provides an additional (and optional) method to adopt the new leasing standard. Under this new transition method, an entity will only apply the new lease standard at the date of adoption while comparative periods will be presented under the previous lease guidance (Topic 840). We plan to adopt this method for our transition. Additionally, we currently plan to elect to take the "package" of practical expedients set out in the standard, which must be elected together. The items within the package stipulate that an entity need not reassess: (1) if expired or existing contracts contain leases, (2) lease classification for previously assessed leases under ASC 840, and (3) initial direct costs for existing leases. The standard allows for a practical expedient relating to the separation of lease and non-lease components when applying ASC 842. This expedient is made as a policy election based on asset class and is applied to all items within the class. We have elected to adopt this expedient as part of our transition and implementation. Our team is still evaluating which asset classes will have such a policy election. As it relates to easements and right of ways, a practical expedient is permitted where companies can elect to continue to apply its current accounting policy for all land easements that exist or expire prior to the adoption date. We plan to take this expedient and will continue to apply our current accounting treatment to existing easements. An additional expedient offered by the new standard is the hindsight expedient, which allows an entity to use hindsight when determining a lease term, including options to renew or terminate as well as impairment for right-of-use assets. We do not plan to utilize this practical expedient. Lastly, our implementation team is in the process of identifying our complete lease population and evaluating the application of this guidance. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash flow, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We have adopted this guidance as of January 1, 2018 using the retrospective transition method to each period presented on the Consolidated Statements of Cash Flows. We reclassified $11.4 million from operating cash flows to investing cash flows for the nine months ended September 30, 2017. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715). ASU 2017-07 requires employers to separate the service cost component from the other components of net benefit cost in the period. The new standard requires the other components of net benefit costs (excluding service costs), be reclassified to "Other expense" from "General and administrative." We adopted this standard as of January 1, 2018. This standard is applied retrospectively. The effect was not material to our financial statements for the three and nine months ended September 30, 2018.

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- Definition The entire 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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