XML 31 R14.htm IDEA: XBRL DOCUMENT
v3.20.4

Allowance and Other Reserves | 12 Months Ended
--- | ---
Dec. 31, 2020
Credit Loss [Abstract] |
Allowance and Other Reserves | Allowances and Other Reserves The Company reduces recorded amounts for accounts receivable and other financial assets by various allowances and reserve accounts. Effective January 1, 2020, the Company adopted ASC 326 and certain amounts previously recorded in the allowance for doubtful accounts or in other allowances for financing receivables were reclassified to an allowance for credits losses. Also, effective January 1, 2019, the Company adopted guidance under the new lease standards ("ASC 842") and reclassified certain amounts previously in the allowance for doubtful accounts into a reserve for cash basis tenants (i.e., reserves on receivables for which the Company assessed that the tenant's future payment of amounts due under leases is not probable). The following table presents the balances and activity (including reclassifications) in the various allowance and reserve accounts related to the Company's accounts receivable and financial assets for the three years ended December 31, 2020, 2019 and 2018 (in millions):
|  | Balance at beginning of year |  | Impact of adoption of ASC 326 1 |  | Impact of adoption of ASC 326 2 |  | Additions 3 |  | Deductions or other 4 |  | Balance at end of year
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Deducted from assets |  |  |  |  |  |  |  |  |  |  |  |
Reserve for cash basis tenants |  | $ | 0.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.6 |  |  | $ | 1.2 |  |  | $ | 12.7 |
Allowance for doubtful accounts |  | $ | 0.6 |  |  | (0.3) |  |  | — |  |  | 3.6 |  |  | (1.3) |  |  | $ | 2.6 |
Reserve for contract credits |  | $ | 2.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | 2.3 |
Allowance for credit losses - financing receivables |  | $ | — |  |  | 1.6 |  |  | 2.7 |  |  | (0.4) |  |  | — |  |  | $ | 3.9 |
Allowance for credit losses - contract assets |  | $ | — |  |  | 0.3 |  |  | 1.4 |  |  | (0.9) |  |  | (0.1) |  |  | $ | 0.7 |
Loans allowance |  | $ | 1.6 |  |  | (1.6) |  |  | — |  |  | — |  |  | — |  |  | $ | — |
Other reserves |  | $ | 0.4 |  |  | — |  |  | — |  |  | — |  |  | (0.4) |  |  | $ | — |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Deducted from assets |  |  |  |  |  |  |  |  |  |  |  |
Reserve for cash basis tenants |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | 0.9 |  |  | $ | 0.9 |
Allowance for doubtful accounts |  | $ | 2.0 |  |  | — |  |  | — |  |  | (0.4) |  |  | (1.0) |  |  | $ | 0.6 |
Reserve for contract credits |  | $ | — |  |  | — |  |  | — |  |  | 2.3 |  |  | — |  |  | $ | 2.3 |
Loans allowance |  | $ | 1.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | 1.6 |
Other reserves |  | $ | 0.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | 0.4 |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Deducted from assets |  |  |  |  |  |  |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 1.4 |  |  | — |  |  | — |  |  | 1.3 |  |  | (0.7) |  |  | $ | 2.0 |
Loans allowance |  | $ | 1.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | 1.6 |
Other reserves |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |
1 Reclassifications from other reserves or allowances that fall into the scope of ASC 326. 2 Impact of adoption of ASC 326 recorded against total equity. 3 Net provisions charged against income. 4 Write offs or other activity (e.g., reclassifications for movement of allowances to cash basis reserves). During the year ended December 31, 2020, additional tenants were identified and designated as cash basis tenants and amounts for such tenants previously accounted for in the allowance for doubtful accounts were reclassified into the reserve for cash basis tenants. Refer to Note 14 for further discussion on current period charges related to the Company's assessment of collectability on amounts due under leases. Note that under ASC 842, such charges and reserve activity reflect a reversal of the revenue and receivable balance originally recorded. The allowance for credit losses for financing receivables relates to three assets that originated as part of transactions in the Land Operations segment. The credit quality of the Company's financing receivables is monitored each reporting period on an individual asset basis using specific information on the counterparties in these transactions. The first originated in 2008 and had an amortized cost basis of $1.6 million as of both the adoption date of January 1, 2020 and December 31, 2020. Based on individual credit quality indicators of the counterparty as of the adoption date and December 31, 2020, the most likely outcome of expected cash flows for the asset in a range of possible outcomes (i.e., the single best estimate) was zero and, as a result, the Company recorded a full allowance for credit losses for the financing receivable on adoption of ASC 326 as of January 1, 2020 and as of December 31, 2020. The second financing receivable within Land Operations was generated in 2016 and had an amortized cost basis of $13.5 million and $11.1 million as of the adoption date of January 1, 2020 and December 31, 2020, respectively. The third financing receivable within Land Operations was generated in 2017 and had an amortized cost basis of $2.6 million and $2.7 million as of the adoption date of January 1, 2020 and December 31, 2020, respectively. The second and third financing receivables were evaluated based on the credit quality indicators of the respective counterparties (as well as reasonable and supportable forecasts of future conditions that are relevant to determining the expected collectability of the receivable) as of the adoption date and December 31, 2020 and the estimated allowance for credit losses was calculated using a discounted cash flow approach. The allowance for credit losses for contract assets relates to trade receivables in the M&C segment that are due in one year or less and resulted from revenue transactions from contracts with customers. For allowance for credit losses estimated using the discounted cash flow approach, changes in present value attributable to the passage of time are reported as an adjustment to credit loss expense. As a result, the provision for expected credit losses in any given period may be impacted by changes in expected credit losses on future payments or current period collections for receivables on which allowances were recorded in previous periods, both of which may be further impacted or offset by changes in present value attributable to the passage of time.

X
- References No definition available. + Details
Name: | us-gaap_CreditLossAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922895-210455 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919272-210447 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919236-210447 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919269-210447 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919244-210447 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 + Details
Name: | us-gaap_CreditLossFinancialInstrumentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration