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Recently Issued Accounting Pronouncements | 12 Months Ended
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Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract] |
Recently Issued Accounting Pronouncements | Note 19. Recently Issued Accounting Pronouncements In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 requires companies to present the service cost component of net benefit cost in the same line items in which they report compensation cost. All other components of net benefit cost are presented outside operating income. The new standard is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Adopting the new standard on January 1, 2018 has resulted in a restatement of the prior period comparatives with a reduction to operating income for the year ending December 31, 2017 and 2016 of $4.7 million and $7.2 million, respectively and a corresponding increase in other non-operating income. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Revision to Lease Accounting, ASC Topic 842 which amends ASC Topic 840, Leases. The ASU requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU 2018-11: Leases – Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02. Innospec has evaluated ASU 2018-11 and intends to use the optional transitional method, which allows companies to use the effective date as the date of the initial application on transition and not adjust comparative financial information or make the new required disclosures for periods prior to the effective date. Due to the number of leases the Company has, we believe the Standard will have a material impact on our consolidated balance sheet. The most significant impact will be the recognition of Right-of-use assets and lease liabilities for operating leases. The Company does not believe adoption of the standard will have a significant impact on its consolidated statements of income, equity and cash flows. The Company is still assessing the effect of the standard on its ongoing financial reporting.

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- Definition The entire disclosure for a new accounting pronouncement that has been issued but not yet adopted. + 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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