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Recent Accounting Pronouncements
3 Months Ended
Mar. 31, 2020
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements

Note 3 – Recent Accounting Pronouncements



In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform, which provides companies with optional guidance, including expedients and exceptions for applying generally accepted accounting principles to contracts and other transactions affected by reference rate reform, such as the London Interbank Offered Rate (LIBOR). This new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04 on its consolidated financial statements.



In August 2018, the FASB ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software, which requires capitalization of certain implementation costs incurred in a cloud computing arrangement that is a service contract.  ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.  Adoption of this standard on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements.



In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General, which modifies the disclosure requirements for defined benefit and other postretirement plans.  ASU 2018-14 eliminates certain disclosures related to accumulated other comprehensive income, plan assets, related parties and the effects of interest rate basis point changes on assumed health care costs, and adds disclosures to address significant gains and losses related to changes in benefit obligations.  ASU 2018-14 also clarifies disclosure requirements for projected benefit and accumulated benefit obligations.  ASU 2018-14 is effective for fiscal years ending after December 15, 2020.  Early adoption is permitted.  Adoption on a retrospective basis for all periods presented is required.  The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures.