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NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended
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Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract] |
NEW ACCOUNTING PRONOUNCEMENTS | Accounting Standards Adopted During 2021 ASU No. 2019-12 – In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. This standard addresses several specific areas of accounting for income taxes. We adopted this standard on January 1, 2021. Portions of the standard were adopted prospectively and certain aspects were required to be adopted using the modified retrospective approach. Adoption of this standard did not require an adjustment to retained earnings and did not have a significant impact on our results of operations or financial position. ASU No. 2021-08 – In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This standard requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers. Previously, contract assets and contract liabilities were recognized at fair value in a business combination. We early adopted this standard on October 1, 2021, applying the guidance to our accounting for the acquisition of First American Payment Systems, L.P. (First American) in June 2021. Adoption of this standard resulted in an increase in deferred revenue recognized as of the acquisition date of $3,027. Certain Accounting Standards Adopted During Prior Years ASU No. 2018-15 – In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The accounting for the service element of a hosting arrangement that is a service contract is not affected by the new standard. We adopted this standard on January 1, 2020, applying it prospectively to eligible costs incurred on or after this date. Adoption of this standard did impact our results of operations and financial position, as we previously expensed these implementation costs as incurred. Cloud computing implementation costs are included in other non-current assets on the consolidated balance sheets and were $63,806 as of December 31, 2021 and $29,242 as of December 31, 2020. These costs primarily relate to the implementation of an enterprise resource planning system. Our policy regarding the accounting for these implementation costs can be found in Note 1. ASU No. 2016-02 – In February 2016, the FASB issued ASU No. 2016-02, Leasing. This standard was intended to increase transparency and comparability among organizations by requiring the recognition of lease right-of-use assets and lease liabilities for virtually all leases and by requiring the disclosure of key information about leasing arrangements. In July 2018, the FASB issued two amendments to this standard: ASU No. 2018-10, Codification Improvements to Topic 842, Leases, which amended narrow aspects of the guidance in ASU No. 2016-02, and ASU No. 2018-11, Targeted Improvements, which provided an optional transition method under which comparative periods presented in financial statements in the period of adoption would not be restated. In March 2019, the FASB issued ASU No. 2019-01, C odification Improvements. This standard addressed areas identified as companies prepared to implement ASU No. 2016-02. We adopted all of these standards on January 1, 2019, using a modified retrospective approach and the optional transition method under ASU No. 2018-11. As such, prior periods were not restated to reflect the new guidance. We elected the practical expedient package outlined in ASU No. 2016-02 under which we did not have to reassess whether an arrangement contains a lease, we carried forward our previous classification of leases as either operating or capital leases, and we did not reassess previously recorded initial direct costs. Additionally, we made the following policy elections: •we excluded leases with original terms of 1 year or less from lease assets and lease liabilities; •we separated nonlease components, such as common area maintenance charges and utilities, from the associated lease component for real estate leases, based on their estimated fair values; and •we used the accounting lease term when determining the incremental borrowing rate for leases with renewal options. Adoption of the standards had a material impact on our consolidated balance sheet, but did not have a significant impact on our consolidated statement of loss or our consolidated statement of cash flows for the year ended December 31, 2019. The most significant impact was the recognition of operating lease assets of $50,803, current operating lease liabilities of $13,611 and non-current operating lease liabilities of $37,440 as of January 1, 2019. Our accounting for finance leases remained substantially unchanged. Our policy regarding accounting for leases can be found in Note 1.

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