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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Allowance For Credit Losses The following table presents the allowance for credit losses activity (in millions):
Year Ended
December 31, 2023December 31, 2022December 31, 2021
Balance at beginning of period$6.8 $7.2 $6.5 
Provision for credit losses, net1.1 3.2 4.0 
Receivables written-off(0.6)(4.0)(0.7)
Recoveries collected0.3 — — 
Transfer to held for sale— — (1.4)
Currency translation adjustment0.2 0.4 (1.2)
Balance at end of period$7.8 $6.8 $7.2 
Schedule of Advertising Expense Advertising costs were as follows (in millions):
Year Ended
December 31, 2023December 31, 2022December 31, 2021
$138.5 $119.3 $130.9 
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
StandardDescriptionEffective DateEffect on the Financial Statements or Other Significant Matters
ASU 2021-08: Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with CustomersThis guidance amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. Under current GAAP, an acquirer generally recognizes such items at fair value at acquisition date. January 1, 2023
As of January 1, 2023 we adopted ASU 2021-8. There was no impact from applying the recognition and measurement principles of Topic 606 to contract assets or liabilities acquired as part of a business combination.
ASU 2023-09: Income Taxes Topic 740: Improvements to Income Tax Disclosures
This guidance requires entities to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate).
January 1, 2025
The guidance dictates the standard to be applied on a prospective basis with the option to apply retrospectively. As of December 31, 2023 we are currently evaluating the potential disclosure impact of adopting the standard including whether to adopt retrospectively.
ASU 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
This guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements.
January 1, 2024 for annual periods, January 1, 2025 for interim periods
The guidance will be applied on a retrospective basis. As of December 31, 2023 we are currently evaluating the potential disclosure impact of adopting the standard.
We do not believe that any other recently issued accounting standards could have a material effect on our Consolidated Financial Statements.